Aardvark Therapeutics, Inc. cash flow statement

In fiscal 2025, Aardvark Therapeutics, Inc.'s operations generated −$54.2m of cash; it spent $95,000 on capital projects, leaving free cash flow of −$54.3m.

Cash flow statement

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

Aardvark Therapeutics, Inc.: cash flow statement, annual
Fiscal year	2025Dec 2025	LTMJun 2026
Cash from operations	−54	−69
Depreciation and amortisation	0	0
Stock-based pay	4	7
Capital spending	0	0
Free cash flow	−54	−69
Free cash flow after stock pay	−58	−76
Shares issued	0	—

US$ millions unless shown otherwise. Fiscal quarters.

Aardvark Therapeutics, Inc.: cash flow statement, quarterly
Quarter	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	−11	−10	−16	−17	−19	−18
Depreciation and amortisation	0	0	0	0	0	0
Stock-based pay	0	1	2	2	2	2
Capital spending	0	0	0	0	—	0
Free cash flow	−11	−10	−16	−17	—	−18
Free cash flow after stock pay	−12	−11	−18	−18	—	−20

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Aardvark Therapeutics, Inc.'s SEC filings (10-K and 10-Q), retrieved October 29, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Aardvark Therapeutics, Inc.