Core Viewpoint - Aardvark Therapeutics has established a new wholly-owned subsidiary, Ardia Therapeutics, to focus on developing a dermatology pipeline, particularly the lead asset DIA-615, aimed at treating inflammatory skin diseases like psoriasis [1][4]. Group 1: Company Overview - Aardvark Therapeutics is a clinical-stage biopharmaceutical company that develops small-molecule therapeutics targeting metabolic diseases and hunger-related conditions, with its lead compound ARD-101 in Phase 3 clinical development for Prader-Willi Syndrome [5]. - The newly formed Ardia Therapeutics will concentrate on DIA-615, a topical treatment designed to target inflammatory cells in the skin, utilizing a mechanism that involves specific G protein-coupled receptors [4]. Group 2: Leadership and Management - Bryan Jones, Ph.D., has been appointed as the CEO of Ardia, transitioning from his previous role as COO at Aardvark, bringing over 30 years of experience in biotech and specialty pharmaceuticals [2][3]. - Dr. Jones has a notable background, having held significant positions in various biotech companies and successfully leading multiple development programs throughout his career [3]. Group 3: Product Development - DIA-615 is positioned as a clinic-ready topical drug aimed at treating various inflammatory skin diseases, including psoriasis, by downregulating stressed endoplasmic reticulum in inflammatory cells [4]. - The development of DIA-615 is expected to address serious unmet needs in the treatment of severe skin diseases, with the potential for significant impact on patient care [2][3].

Company Overview - Terns Pharmaceuticals is a clinical-stage biotechnology company focused on developing innovative therapies for metabolic diseases such as non-alcoholic steatohepatitis (NASH) and obesity [6][9] - The company has a pipeline of differentiated small-molecule drug candidates with advanced liver-targeted mechanisms and metabolic stability [6][9] - Terns Pharmaceuticals reported a market capitalization of $2.3 billion and a net income of ($94.4 million) for the trailing twelve months [4] Recent Developments - Commodore Capital initiated a new position in Terns Pharmaceuticals during the third quarter, acquiring 5.7 million shares valued at approximately $42.8 million, which represents 2.1% of the fund's $2 billion in reportable U.S. equity holdings [2][11] - Terns Pharmaceuticals recently reported positive early efficacy data for its lead oncology program, TERN-701, showing a 75% cumulative major molecular response rate by 24 weeks [12] - The stock price of Terns Pharmaceuticals has increased by 319% over the past year, closing at $25.79, significantly outperforming the S&P 500, which rose by 13% in the same period [3] Financial Position - As of the end of the third quarter, Terns Pharmaceuticals had $295.6 million in cash, extending its financial runway into 2028 [13] - The new stake in Terns Pharmaceuticals by Commodore Capital is outside the fund's top five holdings, indicating a strategic but cautious investment approach [3][11]

Core Viewpoint - Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing small-molecule therapeutics aimed at treating metabolic diseases, particularly through the activation of innate homeostatic pathways [1][2]. Company Overview - Aardvark is developing novel therapeutics to suppress hunger, specifically targeting conditions like Prader-Willi Syndrome (PWS) and other metabolic diseases [2]. - The lead compound, ARD-101, is currently in Phase 3 clinical development for hyperphagia associated with PWS and is also being studied for hypothalamic obesity [2]. - Aardvark is also working on ARD-201, a fixed-dose combination of ARD-101 and a DPP-4 inhibitor, aimed at overcoming limitations of existing GLP-1 therapies for obesity and related conditions [2]. Upcoming Events - Aardvark will present at several conferences in September 2025, including: - Cantor Fitzgerald Global Healthcare Conference on September 3 at 11:30 a.m. ET [4]. - Morgan Stanley 23rd Annual Global Healthcare Conference on September 8 at 7:00 a.m. ET [4]. - H.C. Wainwright 27th Annual Global Investment Conference on September 10 at 10:30 a.m. ET [4]. - Live webcasts of these presentations will be available on the company's website, with archived recordings accessible for approximately one month post-event [1].

Company Overview - Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics for metabolic diseases [4] - The company is developing treatments specifically designed to suppress hunger, targeting conditions such as Prader-Willi Syndrome (PWS) and hypothalamic obesity [4] Recent Developments - Between July 8-14, 2025, Aardvark granted inducement awards consisting of stock options to two new employees, totaling 10,372 shares of common stock [1] - The stock options were granted under the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan, in accordance with Nasdaq Listing Rule 5635(c)(4) [2] Stock Options Details - The exercise prices for the options were set at $13.04 and $12.11, corresponding to the closing prices of Aardvark's common stock on the grant dates [3] - The options will vest over four years, with 25% vesting on the one-year anniversary of employment and the remaining shares vesting monthly thereafter, contingent on continued employment [3] Product Pipeline - Aardvark's lead compound, oral ARD-101, is currently in Phase 3 clinical development for treating hyperphagia associated with PWS [4] - 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 and related conditions [4]