NASDAQ : AARD
Aardvark Therapeutics, Inc. — Financial statements
Healthcare · Biotechnology · United States
Last price 1.36 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 29.76M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Selling, General & Admin | 18.90M | 13.79M | 5.30M | 2.17M | 2.70M |
| Research & Development | 55.06M | 48.94M | 17.36M | 4.48M | 7.17M |
| Operating Expenses | 73.95M | 62.73M | 22.79M | 7.42M | 10.36M |
| Operating Income | -73.95M | -62.73M | -22.79M | -7.42M | -10.36M |
| Interest & Investment Income | 4.06M | 5.14M | 2.41M | 1.42M | 120.00K |
| EBT Excluding Unusual Items | -69.89M | -57.59M | -20.37M | -5.99M | -10.24M |
| Gain (Loss) on Sale of Investments | 6.00K | -5.00K | -217.00K | -1.22M | -2.32M |
| Asset Writedown | -1.00M | ||||
| Pretax Income | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Net Income | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Net Income to Common | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Shares Outstanding (Basic) | 21.81M | 19.62M | 4.00M | 3.96M | 3.89M |
| Shares Outstanding (Diluted) | 21.81M | 19.62M | 4.00M | 3.96M | 3.89M |
| EPS (Basic) | -3.20 | -2.93 | -5.15 | -1.82 | -3.49 |
| EPS (Diluted) | -3.20 | -2.93 | -5.15 | -1.82 | -3.49 |
| Free Cash Flow | -69.41M | -54.27M | -18.20M | -5.82M | -10.54M |
| Free Cash Flow Per Share | -3.18 | -2.77 | -4.55 | -1.47 | -2.71 |
| EBITDA | -73.91M | -62.69M | -22.77M | ||
| D&A For EBITDA | 42.00K | 36.00K | 16.00K | ||
| EBIT | -73.95M | -62.73M | -22.79M | -7.42M | -10.36M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Cash & Equivalents | 73.85M | 47.05M | 61.64M | 9.73M | 15.56M |
| Short-Term Investments | 21.00K | 62.98M | 12.02M | 254.00K | 546.00K |
| Cash & Short-Term Investments | 73.87M | 110.03M | 73.66M | 9.99M | 16.11M |
| Prepaid Expenses | 5.61M | 1.86M | 474.00K | 252.00K | 316.00K |
| Other Current Assets | 1.18M | 127.00K | 70.00K | ||
| Total Current Assets | 80.66M | 111.89M | 74.14M | 10.37M | 16.49M |
| Property, Plant & Equipment | 626.00K | 355.00K | 735.00K | 155.00K | 252.00K |
| Other Long-Term Assets | 173.00K | 4.94M | 2.63M | 13.00K | 14.00K |
| Total Assets | 81.46M | 117.18M | 77.51M | 10.54M | 16.76M |
| Accounts Payable | 2.09M | 2.07M | 2.30M | 1.03M | 259.00K |
| Accrued Expenses | 3.90M | 8.04M | 2.29M | 235.00K | 236.00K |
| Current Portion of Leases | 401.00K | 441.00K | 338.00K | 112.00K | 100.00K |
| Total Current Liabilities | 6.39M | 10.55M | 4.93M | 1.38M | 595.00K |
| Long-Term Leases | 276.00K | 441.00K | 50.00K | 162.00K | |
| Other Long-Term Liabilities | 26.00K | 2.00K | 19.00K | ||
| Total Liabilities | 6.66M | 10.55M | 5.39M | 1.43M | 776.00K |
| Additional Paid-In Capital | 226.69M | 222.47M | 3.68M | 2.94M | 2.61M |
| Retained Earnings | -151.89M | -115.92M | -58.33M | -37.74M | -30.53M |
| Comprehensive Income & Other | 81.00K | ||||
| Total Common Equity | 74.80M | 106.63M | -54.64M | -34.80M | -27.92M |
| Shareholders' Equity | 74.80M | 106.63M | 72.11M | 9.10M | 15.98M |
| Total Liabilities & Equity | 81.46M | 117.18M | 77.51M | 10.54M | 16.76M |
| Total Debt | 677.00K | 441.00K | 779.00K | 162.00K | 262.00K |
| Net Cash (Debt) | 73.19M | 109.59M | 72.88M | 9.83M | 15.84M |
| Net Cash Per Share | 3.36 | 5.58 | 18.24 | 2.48 | 4.07 |
| Filing Date Shares Outstanding | 21.88M | 21.82M | 21.70M | 3.97M | 3.89M |
| Total Common Shares Outstanding | 21.88M | 21.82M | 4.07M | 3.97M | 3.89M |
| Working Capital | 74.27M | 101.34M | 69.21M | 8.99M | 15.90M |
| Book Value Per Share | 3.42 | 4.89 | -13.44 | -8.77 | -7.18 |
| Tangible Book Value | 74.80M | 106.63M | -54.64M | -34.80M | -27.92M |
| Tangible Book Value Per Share | 3.42 | 4.89 | -13.44 | -8.77 | -7.18 |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Net Income | -69.89M | -57.59M | -20.59M | -7.21M | -13.56M |
| Depreciation & Amortization | 42.00K | 36.00K | 16.00K | 110.00K | |
| Loss (Gain) From Sale of Investments | -748.00K | -1.30M | 121.00K | 1.22M | 2.32M |
| Stock-Based Compensation | 7.04M | 3.95M | 439.00K | 313.00K | 412.00K |
| Provision & Write-off of Bad Debts | 117.00K | 762.00K | 489.00K | ||
| Other Operating Activities | 342.00K | 380.00K | 235.00K | -826.00K | 1.00M |
| Change in Accounts Payable | -2.97M | 239.00K | 798.00K | 776.00K | 31.00K |
| Change in Other Net Operating Assets | -3.22M | 117.00K | 775.00K | -857.00K | -1.34M |
| Operating Cash Flow | -69.41M | -54.17M | -18.09M | -5.82M | -10.54M |
| Capital Expenditures | -4.00K | -95.00K | -109.00K | ||
| Investment in Securities | 116.55M | -49.57M | -11.89M | ||
| Other Investing Activities | -1.00M | ||||
| Investing Cash Flow | 116.55M | -49.67M | -12.00M | -1.00M | |
| Issuance of Common Stock | 711.00K | 91.64M | 332.00K | 225.00K | |
| Other Financing Activities | -2.39M | -3.34M | |||
| Financing Cash Flow | 711.00K | 89.25M | 81.99M | 225.00K | |
| Net Cash Flow | 47.85M | -14.59M | 51.91M | -5.82M | -11.32M |
| Free Cash Flow | -69.41M | -54.27M | -18.20M | -5.82M | -10.54M |
| Free Cash Flow Per Share | -3.18 | -2.77 | -4.55 | -1.47 | -2.71 |
| Levered Free Cash Flow | -46.90M | -31.18M | -10.67M | -3.54M | |
| Unlevered Free Cash Flow | -46.90M | -31.18M | -10.67M | -3.54M | |
| Change in Working Capital | -6.19M | 356.00K | 1.57M | -81.00K | -1.31M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Market Capitalization | 29.76M | 285.77M | |||
| Enterprise Value | -43.43M | 159.97M | |||
| Last Close Price | 1.36 | 13.12 | |||
| PB Ratio | 0.40 | 2.68 | |||
| P/TBV Ratio | 0.40 | 2.68 | |||
| Debt / Equity Ratio | 0.01 | 0.00 | 0.01 | 0.02 | 0.02 |
| Net Debt / Equity Ratio | -0.98 | -1.03 | -1.01 | -1.08 | -0.99 |
| Net Debt / EBITDA Ratio | 0.99 | 1.75 | 3.20 | ||
| Net Debt / FCF Ratio | 1.05 | 2.02 | 4.00 | 1.69 | 1.50 |
| Quick Ratio | 11.57 | 10.43 | 14.95 | 7.23 | 27.07 |
| Current Ratio | 12.63 | 10.61 | 15.05 | 7.50 | 27.72 |
| Return on Equity (ROE) | -66.02% | -64.44% | -50.70% | -57.47% | |
| Return on Assets (ROA) | -40.38% | -40.27% | -32.35% | -33.96% | |
| Return on Capital Employed (ROCE) | -98.50% | -58.80% | -31.40% | -81.00% | -64.10% |
| Earnings Yield | -235.65% | -20.15% | |||
| FCF Yield | -233.21% | -18.99% | |||
| Buyback Yield / Dilution | -102.94% | -391.06% | -0.90% | -1.78% |