Aardvark Therapeutics Reports First Quarter 2025 Financial Results and Provides Business Highlights

Core Viewpoint - Aardvark Therapeutics is focused on developing innovative small-molecule therapeutics aimed at activating innate homeostatic pathways to treat metabolic diseases, with a particular emphasis on addressing hunger signaling in rare metabolic diseases and obesity [2][5]. Business Highlights - Aardvark completed its initial public offering (IPO) in February 2025, raising $97.9 million in gross proceeds, resulting in approximately$87.5 million in net proceeds after expenses [3]. - The company's stock began trading under the symbol "AARD" on February 13, 2025 [3]. Financial Highlights - As of March 31, 2025, Aardvark reported cash, cash equivalents, and short-term investments totaling $151.3 million, which is expected to support operations into 2027 [6][7]. - Research and development expenses for the first quarter of 2025 were$7.8 million, a significant increase from $1.2 million in the same quarter of 2024, primarily due to higher development costs related to ARD-101 [7]. - General and administrative expenses rose to$2.7 million in the first quarter of 2025 from $0.9 million in the same quarter of 2024, attributed to increased professional fees and costs associated with being a public company [7]. - The net loss for the first quarter of 2025 was$9.3 million, compared to a net loss of $2.2 million in the first quarter of 2024 [7][10]. Clinical Development - Aardvark's lead candidate, ARD-101, is in Phase 3 clinical development for treating hyperphagia associated with Prader-Willi Syndrome (PWS), with data readout expected in early 2026 [6][2]. - The company is also developing ARD-201, a fixed-dose combination of ARD-101 with a DPP-4 inhibitor, aimed at addressing limitations of existing GLP-1 therapies for obesity [5].