Aardvark Therapeutics Inc(US:AARD)2025-11-13 21:20Financial Performance - Aardvark Therapeutics reported a net loss of $16.3 million for Q3 2025, compared to a net loss of $4.2 million in Q3 2024, reflecting a significant increase in operating expenses[5]. - Total operating expenses for Q3 2025 were $17.7 million, compared to $5.1 million in Q3 2024, indicating a substantial increase in operational costs[9]. Research and Development - Research and development expenses rose to $13.7 million in Q3 2025 from $4.1 million in Q3 2024, primarily due to increased development costs related to ARD-101[5]. - Aardvark plans to advance ARD-201 into two Phase 2 trials, POWER and STRENGTH, to evaluate its effectiveness in weight management and glucose control[2]. - Preclinical data indicated that ARD-201 achieved approximately 19% weight reduction after 30 days and around 30% weight loss when combined with low-dose tirzepatide[5]. - The Phase 3 HERO trial for ARD-101 has expanded eligibility to pediatric patients aged 10 and above, increasing the potential target market for Prader-Willi Syndrome treatment[3]. - Topline data from the Phase 3 HERO trial is expected in Q3 2026, while preliminary data from the Phase 2 POWER trial is anticipated in the second half of 2026[5]. Financial Position - As of September 30, 2025, Aardvark had cash, cash equivalents, and short-term investments totaling $126.4 million, sufficient to fund operations into 2027[5]. - Aardvark's total assets as of September 30, 2025, were $133.2 million, up from $77.5 million at the end of 2024, reflecting growth in current assets[11]. General and Administrative Expenses - General and administrative expenses increased to $4.0 million in Q3 2025 from $1.0 million in Q3 2024, attributed to higher personnel-related costs and professional fees[5].