Aardvark Therapeutics Inc(AARD) - 2024 Q4 - Annual Results

Financial Performance - Aardvark Therapeutics reported a net loss of $20.6 million for the year ended December 31, 2024, compared to a net loss of$7.2 million in 2023, representing an increase of 186%[10] - Research and development expenses increased to $17.4 million in 2024 from$4.5 million in 2023, marking a rise of 184%[10] - General and administrative expenses rose to $5.3 million in 2024, up from$2.2 million in 2023, reflecting an increase of 141%[10] - Cash, cash equivalents, and short-term investments totaled $73.7 million as of December 31, 2024, excluding IPO proceeds[10] - As of December 31, 2024, total assets were reported at$77.5 million, a significant increase from $10.5 million in 2023[15] Clinical Trials and Development - The lead candidate ARD-101 showed a meaningful reduction in hyperphagia of up to 16 points in a Phase 2 trial for Prader-Willi Syndrome, with an average reduction of approximately 8 points among compliant subjects[5] - The ongoing Phase 3 HERO trial for ARD-101 is expected to generate topline data in early 2026[6] - Aardvark plans to initiate the Phase 2 HONOR trial for ARD-101 in the second half of 2025, targeting hyperphagia associated with acquired hypothalamic obesity[10] - The company is also set to begin the Phase 2 EMPOWER trial for ARD-201 in the second half of 2025, focusing on obesity and obesity-related conditions[10] IPO and Funding - Aardvark completed its IPO in February 2025, raising$97.9 million in gross proceeds to support ongoing and future pipeline development[6]