Aardvark Therapeutics Inc(US:AARD)2026-03-23 20:09Financial Performance - Aardvark Therapeutics reported a net loss of $17.6 million for Q4 2025, compared to a net loss of $8.8 million for Q4 2024, and a total net loss of $57.6 million for the year ended December 31, 2025, compared to $20.6 million for 2024[10]. - The company reported a total operating expense of $62.7 million for the year ended December 31, 2025, compared to $22.8 million for 2024[10]. - General and Administrative (G&A) expenses for Q4 2025 were $4.4 million, compared to $1.4 million in Q4 2024, with total G&A expenses for 2025 at $13.8 million versus $5.3 million in 2024[10]. - Research and Development (R&D) expenses for Q4 2025 were $14.3 million, an increase from $8.1 million in Q4 2024, with total R&D expenses for 2025 reaching $48.9 million compared to $17.4 million in 2024[10]. Cash and Assets - Cash, cash equivalents, and short-term investments totaled $110.0 million as of December 31, 2025, up from $73.7 million as of December 31, 2024, providing a runway into Q2 2027[10]. - Total current assets increased to $111,886 million in 2025 from $74,137 million in 2024, representing a growth of 50.9%[19]. - Cash and cash equivalents decreased to $47,051 million in 2025 from $61,641 million in 2024, a decline of 23.6%[19]. - Short-term investments surged to $62,976 million in 2025 from $12,022 million in 2024, a remarkable increase of 424.5%[19]. - Other assets increased to $4,940 million in 2025 from $2,635 million in 2024, a growth of 87.6%[19]. Liabilities and Equity - Total liabilities rose to $10,548 million in 2025 compared to $5,394 million in 2024, marking an increase of 95.5%[19]. - The accumulated deficit increased to $(115,918) million in 2025 from $(58,327) million in 2024, reflecting a worsening of 98.5%[19]. - Total stockholders' equity improved to $106,633 million in 2025 from $(54,643) million in 2024, indicating a significant recovery[19]. - Accounts payable decreased slightly to $2,072 million in 2025 from $2,298 million in 2024, a reduction of 9.8%[19]. - Accrued liabilities increased significantly to $8,035 million in 2025 from $2,291 million in 2024, an increase of 251.5%[19]. - Operating lease right-of-use asset decreased to $355 million in 2025 from $735 million in 2024, a decline of 51.7%[19]. Clinical Trials and Programs - Aardvark announced a voluntary pause in the Phase 3 HERO and OLE trials for ARD-101 due to unexpected cardiac observations, with further guidance expected in Q2 2026[1]. - The ARD-201 obesity program is also on voluntary pause, pending next steps with ARD-101, with further updates anticipated in Q2 2026[1]. - Aardvark is conducting a comprehensive review of data related to ARD-101 and is actively engaging with the FDA to determine next steps[4]. - Clinical data published in Molecular Metabolism showed ARD-101 significantly reduced self-reported hunger by 1.63 points compared to 0.65 points with placebo at Day 28 in a Phase 2 study[7]. - Aardvark's lead compound, ARD-101, is in Phase 3 clinical development for the treatment of hyperphagia associated with Prader-Willi Syndrome (PWS)[11].