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Aardvark Therapeutics, Inc. (AARD) stock

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NASDAQ: AARD Nasdaq Biotechnology Next results ~November 12, 2026

Aardvark Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

Not valued: the figures our models need are missing or failed our data-quality checks.

Price vs value

No model value: limited reported history: available models are shown without a Buy/Hold/Sell rating. How we value companies.

Aardvark Therapeutics, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders2 buying, 1 selling2 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds39 adding, 48 cuttingOf 13 active managers that changed their stake, 7 added; quarter to June 30, 2026Fund buyers and sellers

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 110.2% while net income fell 90.8%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Aardvark Therapeutics, Inc.'s latest figures clears our strength thresholds.

Things to watch

  • Results due soon. Results are expected around 12 November; the share price can move sharply on the day.
  • Share dilution. Diluted shares rose 103.3% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 147% and a beta of 3.8 against the S&P 500.

Latest results: FY2026 Q2

Filed August 11, 2026
Earnings per share
-$0.66 against an average estimate of -$0.88: beat by 25.1%
Share reaction
-13.1% in the first session after the results on August 11, 2026, against -0.1% for the S&P 500
Next report
November 12, 2026; average EPS estimate -$0.75

Aardvark Therapeutics' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-11.8%
  • 1 week+11.1%
  • 1 month-76.0%
  • This year-90.9%
  • 1 year-88.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$0
EPS (TTM, diluted)
$-3.20

Growth

Share count change
+103.3%

Cash

Free cash flow (TTM)
-$69.4M

Earnings

Last results
August 11, 2026
Next results (est.)
November 12, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Leadership
  4. Shareholder vote
  5. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Aardvark Therapeutics, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: limited reported history: available models are shown without a Buy/Hold/Sell rating.

Valuation models

We value Aardvark Therapeutics, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. — Does not apply: revenue and margins don't support a positive value
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. — Does not apply: no positive revenue in the latest twelve months
Combined value Weighted average of the models that apply: the primary model (price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. — No model applies: the filings don’t yet support a value.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Aardvark Therapeutics, Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2025Now
Share price$13.12$1.20
Market value$258m$26m
+ Net debt (− = net cash)−$47m−$74m
Enterprise value$211m−$48m
Multiples
Price / sales ——
Price / earnings ——
Price / free cash flow ——
EV / EBITDA ——

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, after the close. Analysts expect revenue of $0 and EPS of −$0.75 (range −$1.13 to −$0.55) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.12 −6% — 0%
Next −$2.30 +26% — 0%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −15.1% on 90 days ago. In the last 30 days, 6 analysts raised Aardvark Therapeutics, Inc.'s forecast and 1 cut it.

Consensus EPS forecast Aardvark Therapeutics, Inc., last 90 days
−$4.00 −$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$3.67 Current fiscal year, 60 days ago: −$3.17 Current fiscal year, 30 days ago: −$3.17 Current fiscal year, 7 days ago: −$3.03 Current fiscal year, Now: −$3.12 −$3.12 Next fiscal year, 90 days ago: −$3.10 Next fiscal year, 60 days ago: −$2.78 Next fiscal year, 30 days ago: −$2.38 Next fiscal year, 7 days ago: −$2.35 Next fiscal year, Now: −$2.30 −$2.30

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$3.67−$3.10
60 days ago −$3.17−$2.78
30 days ago −$3.17−$2.38
7 days ago −$3.03−$2.35
Now −$3.12−$2.30

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.88 −$0.66 +25.1%
Mar 2026 −$0.91 −$0.99 −8.9%
Dec 2025 −$0.83 −$0.81 +2.1%
Sept 2025 −$0.80 −$0.75 +6.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 11, 2026

No numeric guidance in Aardvark Therapeutics, Inc.'s latest earnings release (filed August 11, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

11 analysts, Oct 2026
Buy545%
Hold436%
Sell218%

Monthly trend

  1. Oct 2026541111
  2. Sep 2026641112
  3. Aug 2026641112
  4. Jul 2026641112

Counts of recommendations published by analysts covering Aardvark Therapeutics, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.8%
of tradable shares
Days to cover
4.62
at average volume
Short interest, 1 month
+30%
to October 15, 2026
Held by institutions
53%
of shares
Held by insiders
15.8%
of shares
Employees
28
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 2026 to date
Return
AARD−91%
Industry peers (median)−26%
S&P 500+11%
Months that ended higher
AARD27%
S&P 50046%
Largest fall from a high during the year
AARD−93%
S&P 500−9%

Worst fall since February 13, 2025: 94% from October 7, 2025 to October 26, 2026. Getting back needed a 1512% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$1.08 – $15.82
From 52-week high
−92.4%
vs 50-day average
−74.3%
vs 200-day average
−80.8%
Volatility (1 year)
147%
Beta vs S&P 500
3.77

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
2 up, 5 down
typical move ±9.3%
After a week
3 up, 4 down
typical move ±10.2%
After a month
4 up, 3 down
typical move ±29.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 11, 2026 −13.1% −0.1% −18.7% −33.7%
May 7, 2026 −7.6% +0.5% +14.3% −39.0%
March 23, 2026 −7.4% +0.7% −10.6% +35.9%
November 13, 2025 −7.5% −1.7% −12.1% +34.9%
August 13, 2025 +12.2% +0.4% −3.7% −14.4%
May 14, 2025 −10.4% +0.6% +9.7% +5.9%
March 31, 2025 +7.1% +1.0% +2.6% +43.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Fundamentals

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0
EBITDA −63 −74
Operating income −63 −74
Net income −58 −70
Diluted EPS −$2.93 −$3.20
Cash flow
Cash from operations −54 −69
Capital spending 0 0
Free cash flow −54 −69
Stock-based pay 4 7
Free cash flow after stock pay −58 −76
Balance sheet
Cash 47 74
Total debt 0 0
Net debt (negative = net cash) −47 −74
Diluted shares 20m 22m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $81m
Short-term assets $81mLonger-term assets $1m
What it owes, and who funded it · $81m
Short-term liabilities $6mLonger-term liabilities $0mShareholders' equity $75m
  • Short-term assets cover short-term liabilities $81m of assets due within a year against $6m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $81m short-term assets against $276,000 of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Aardvark Therapeutics, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+103.3%
year over year

Who owns it

Funds buying and selling
Reported value
$55M
Institutions reporting
72
Shares held vs prior quarter
▼ 6.4%
Positions opened / closed
19 / 24

Top buyers and sellers, Q2 2026: 39 institutions bought and 48 sold ; the biggest buyer was Ecor1 Capital, LLC (+396K shares) and the biggest seller Blackrock, Inc (−606K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Decheng Capital LLC $22.6M 3.9M 41.0% 0.0%
Citadel Advisors LLC $7.4M 1.3M 13.4% ▲ 3.2%
Laurion Capital Management LP $6M 1.0M 10.8% 0.0%
Vanguard Capital Management LLC $3.2M 563K 5.9% ▲ 1.6%
AQR Capital Management LLC $2.8M 480K 5.0% ▲ 257.1%
Ecor1 Capital, LLC $2.3M 396K 4.1% New
Adage Capital Partners Gp, L.L.C. $1.7M 300K 3.1% 0.0%
Cantor Fitzgerald, L. P. $1.3M 233K 2.4% ▲ 249.7%
Blackrock, Inc. $1.1M 187K 2.0% ▼ 76.4%
Geode Capital Management, LLC $863,529 150K 1.6% ▼ 51.6%
Two Sigma Investments, LP $624,252 108K 1.1% ▼ 33.7%
Raymond James Financial Inc $456,676 79K 0.8% ▲ 628.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Aardvark Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $144,630 2 trades by 2 insiders, last 12 months Insider sales History → $394,930 2 trades by 1 insider · 100% under pre-set plans
Net ▼ $250,300 net selling
Insider Date Trade Shares Price Value
Sun Nelson See Remarks September 11, 2026 Sell pre-set plan 62,000 $5.18 $321,160
Sun Nelson See Remarks September 10, 2026 Sell pre-set plan 14,754 $5.00 $73,770
Lee Tien-Li Chief Executive Officer December 11, 2025 Buy 7,000 $14.49 $101,430
Sun Nelson Chief Financial Officer December 11, 2025 Buy 3,000 $14.40 $43,200

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around November 12, 2026 estimated from the company's past filing pattern, not announced

  • August 11, 2026
  • May 7, 2026
  • March 23, 2026
  • November 13, 2025
  • August 13, 2025
  • May 14, 2025

Recent SEC filings

Data status

When each part of this page on Aardvark Therapeutics, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Aardvark Therapeutics, Inc. in brief

What does Aardvark Therapeutics, Inc. do?
Aardvark Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Aardvark Therapeutics, Inc.'s stock ticker?
Aardvark Therapeutics, Inc. trades under the ticker AARD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
Who are Aardvark Therapeutics, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Decheng Capital LLC, Citadel Advisors LLC and Laurion Capital Management LP. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Aardvark Therapeutics, Inc.'s market cap?
On November 2, 2026, Aardvark Therapeutics, Inc.'s market capitalisation was about $26.2M and net debt of -$73.8M. Market figures come from third-party market data and may be delayed.
Are insiders buying or selling Aardvark Therapeutics, Inc. stock?
Over the last 12 months, Aardvark Therapeutics, Inc.'s directors and officers reported 2 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Aardvark Therapeutics, Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Aardvark Therapeutics, Inc. announces its own schedule.