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]