Detailed financial statements for None (AARD): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aardvark Therapeutics, Inc. is a biopharmaceutical firm in its clinical development phase, concentrating on developing small-molecule treatments. These therapies are designed to stimulate the body's natural regulatory systems (innate homeostatic pathways) to combat metabolic disorders. The company's primary experimental drug, ARD-101, is an orally administered, gut-specific small molecule.
Analysis Summary
Balance sheet quality for AARD: current ratio of 10.6, net cash position of $109.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Cost of Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Research & Development | $7.2M | $4.5M | $17.4M | $48.9M |
| Selling, General & Admin | $2.7M | $2.2M | $5.3M | $13.8M |
| Operating Expenses | $11.4M | $7.4M | $22.8M | $62.7M |
| Operating Income | -$11.4M | -$7.4M | -$22.8M | -$62.7M |
| EBITDA | -$10.8M | -$6.6M | -$22.7M | -$57.6M |
| Interest Expense | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M |
| Income Tax | 0 | 0 | 0 | 0 |
| Net Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M |
| EPS | $-0.63 | $-0.34 | $-0.95 | $-2.64 |
| EPS (Diluted) | $-0.63 | $-0.34 | $-0.95 | $-2.64 |
| Shares Outstanding (Diluted) | $21.4M | $21.4M | $21.7M | $21.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | 0 | 0 | 0 | 0 |
| Operating Income | -$17.7M | -$18.7M | -$22.5M | -$15.1M |
| EBITDA | -$16.3M | -$17.6M | -$21.6M | -$14.4M |
| Net Income | -$16.3M | -$17.6M | -$21.6M | -$14.4M |
| EPS | $-0.75 | $-0.81 | $-0.99 | $-0.66 |
| EPS (Diluted) | $-0.75 | $-0.81 | $-0.99 | $-0.66 |
Balance Sheet (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $15.6M | $9.7M | $61.6M | $47.1M |
| Short-term Investments | $546000 | $254000 | $12.0M | $63.0M |
| Receivables | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 |
| Total Current Assets | $16.5M | $10.4M | $74.1M | $111.9M |
| Property, Plant & Equipment | $252000 | $155000 | $735000 | $355000 |
| Goodwill | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 |
| Total Assets | $16.8M | $10.5M | $77.5M | $117.2M |
| Accounts Payable | $259000 | $1.0M | $2.3M | $2.1M |
| Short-term Debt | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $595000 | $1.4M | $4.9M | $10.5M |
| Long-term Debt | 0 | 0 | 0 | 0 |
| Total Liabilities | $44.7M | $45.3M | $132.2M | $10.5M |
| Retained Earnings | -$30.5M | -$37.7M | -$58.3M | -$115.9M |
| Total Equity | -$27.9M | -$34.8M | -$54.6M | $106.6M |
| Total Debt | $262000 | $162000 | $779000 | $441000 |
| Net Debt | -$15.8M | -$9.8M | -$72.9M | -$109.6M |
| Working Capital | $15.9M | $9.0M | $69.2M | $101.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $39.3M | $47.1M | $62.4M | $73.8M |
| Total Assets | $133.2M | $117.2M | $98.6M | $81.5M |
| Total Liabilities | $10.9M | $10.5M | $11.6M | $6.7M |
| Total Equity | $122.4M | $106.6M | $87.0M | $74.8M |
| Total Debt | $545000 | $441000 | $336000 | $677000 |
Cash Flow (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M |
| Depreciation & Amortization | $110000 | $97000 | $16000 | -$1.3M |
| Stock-based Compensation | $412000 | $313000 | $439000 | $3.9M |
| Change in Working Capital | -$1.3M | -$81000 | $1.6M | $356000 |
| Operating Cash Flow | -$10.5M | -$5.8M | -$18.1M | -$54.2M |
| Capital Expenditure | 0 | 0 | -$109000 | -$95000 |
| Acquisitions | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$10.5M | -$5.8M | -$18.2M | -$54.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$18.5M | -$14.4M | -$18.9M | -$17.6M |
| Capital Expenditure | -$4000 | 0 | 0 | 0 |
| Free Cash Flow | -$18.5M | -$14.4M | -$18.9M | -$17.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | $2.0M | $1.9M |
Growth & Margins (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | +46.9% | -185.6% | -179.7% |
| EPS Growth (YoY) | | +46.0% | -179.4% | -177.9% |
| Shares Change (YoY) | | +0.0% | +1.5% | +0.6% |
| FCF Growth (YoY) | | +44.8% | -212.4% | -198.2% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.49 | $-0.27 | $-0.84 | $-2.49 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $21.4M | $21.4M | $21.7M | $21.8M |
Key Ratios (10y)
| Year | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -22.71 | -42.09 | -15.06 | -4.97 |
| P/B | -10.96 | -8.79 | -5.68 | 2.69 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% |