AARD · Aardvark Therapeutics, Inc. Common Stock

Aardvark Therapeutics reported significantly wider Q1 2026 losses of $21.6 million compared to $9.3 million in Q1 2025, primarily driven by a $8.8 million increase in R&D expenses to $16.6 million, reflecting $7.1 million more in external costs for ARD-101 development and $1.7 million in higher personnel expenses. G&A expenses rose $3.2 million to $5.9 million due to public company costs, including $2.1 million more in personnel and $0.6 million in professional services. Cash burn reduced the position to $91.2 million from $110.0 million at year-end 2025, but supports operations into mid-2027. CEO Tien Lee emphasized close FDA collaboration on reversible cardiac observations from a healthy volunteer safety study, which prompted voluntary pauses in February for the Phase 3 HERO trial in PWS hyperphagia and open-label extension, and in March for ARD-201 obesity program. No prior cardiac signals appeared in Phase 1/2 trials or preclinical work. Positive Phase 2 data published in Molecular Metabolism confirmed ARD-101 reduced hunger scores and modulated gut hormones like PYY and GLP-1. Investors await Q2 guidance on resuming these lead programs, critical for the company's PWS and obesity pipeline focused on hunger suppression pathways.