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what it is
Aardvark is a clinical-stage biotech building pills that target gut taste receptors to reduce extreme hunger tied to metabolic disease.
how it gets paid
There is no product revenue yet—R&D is funded from the balance sheet and capital markets. Check the latest 10-Q for any small non-product accounting lines (collaboration, interest, etc.).
what just happened
Feb 2026: the company voluntarily paused Phase 3 HERO/OLE for ARD-101 and obesity trials for ARD-201 after reversible cardiac observations in healthy volunteers—follow IR for updated timelines.
At a glance
n/a balance sheet
-$2.65 fy2025 eps est
pre-revenue — clinical stage
~$111M market cap
small cap
What they do
Aardvark is a clinical-stage biotech building pills that target gut taste receptors to reduce extreme hunger tied to metabolic disease.
Aardvark's edge is focus, not scale. It has 22 employees and one lead asset, ARD-101, already in Phase 3 for hyperphagia in Prader-Willi Syndrome. Phase 3 means the last big human test before a possible filing, so your upside is concentrated in one program instead of spread across a bloated pipeline.
How they make money
$0
product revenue (pre-commercial)
Drug product sales
$0
0%
ard-101 pws program
$0M
0%
ard-201 program
$0M
0%
dia-615 dermatology program
$0M
0%
The products that matter
obesity drug candidate
ARD-101
Phase 3 · paused
the HERO trial was voluntarily paused in february 2026 after a safety signal. with the stock down 56% in one day, you do not need management to tell you this is the number that matters.
paused trial
weight-loss follow-on candidate
ARD-201
Obesity trials paused · Feb 2026
management paused POWER/STRENGTH and related ARD-201 work alongside the ARD-101 pause. timing for restart is TBD pending data review—single-asset risk is higher until programs clear.
next catalyst
dermatology pipeline
DIA-615
preclinical / early-stage
announced in february 2026 through Ardia Therapeutics. it gives the company another program, but not another near-term revenue source. call it diversification, not rescue.
very early
Key numbers
n/a
2026 revenue est.
That single forecast is driving the upside case. Translation: revenue estimate → what one source thinks sales can become → so what, the stock trades on belief more than results.
$2.65
2025 EPS est.
Loss per share means the company is still consuming capital. So what: you are funding a science project, not buying a mature profit engine.
$0M
long-term debt
No long-term debt means no lender is first in line if things get messy. So what: balance-sheet pressure is lower, but equity dilution can still happen.
22
employees
This is a very small team for a public biotech with a Phase 3 program. So what: one delay hits harder when the bench is thin.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $0M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for AARD right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Latest-quarter revenue reached $4M, up 197% vs. prior year, while reported EPS remained deeply negative.
EDGAR shows latest-quarter revenue of $4M and EPS of -$2.12. A separate earnings source said the company reported -$0.75 versus a -$0.81 estimate, so the scorecard depends on which figure you use, but the bigger truth is simple: revenue is small and losses are still large.
$4M
revenue
$2.12
eps
+197%
revenue growth
the number that mattered
$4M of quarterly revenue matters because it is real reported sales, but it still sits against a company valued on a much larger future story.
source: SEC filing / company earnings report, 2026
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What could go wrong
the #1 risk is the safety pause on ARD-101’s Phase 3 HERO trial.
high
ARD-101 does not resume cleanly
the voluntary pause in february 2026 already wiped 56% off the stock in a single session.
if the issue proves serious enough to delay, redesign, or end the trial, most of the remaining $111M equity value is exposed.
high
financing risk hits before data de-risks the story
Aardvark has $0 revenue and a $48.77M annual net loss, with ongoing cash burn around $49M per year.
that means dilution is not a theoretical risk. it is the funding model until a drug is approved or partnered.
med
the backup pipeline is too early to help
DIA-615 is preclinical / early-stage, and ARD-201 was only planned for Phase 2 initiation in the first half of 2026.
if ARD-101 stalls, there is no near-term commercial fallback. you are left waiting on much earlier science.
med
street support can keep moving lower
Stifel cut its target to $6 from $24 and BTIG cut to $9 from $26 after the pause.
targets do not drive fundamentals, but they do shape sentiment and can reduce the pool of willing buyers in a thinly followed stock.
one paused trial already erased 56% of the stock in a day. that tells you 100% of the current story still runs through ARD-101.
source: institutional data · regulatory filings · risk analysis
Pay attention to
critical risk
whether the HERO pause is lifted
this is the main event. you are not tracking a routine update. you are tracking whether the lead Phase 3 program remains viable.
calendar
ARD-201 Phase 2 start in the first half of 2026
if management starts the STRENGTH trial on time, you get a second obesity asset moving forward. if not, the pipeline stays effectively one-deep.
financial
cash burn versus market value
with an annual net loss of $48.77M against a $111M market cap, every quarter of spending matters more than it would at a larger biotech.
sentiment
whether analyst cuts stabilize
Stifel at $6 and BTIG at $9 tell you the street reset hard after the pause. what matters next is whether that reset stops or keeps sliding.
Analyst rankings
coverage depth
limited
few published datapoints and no broad ranking set. in human-speak, this name is too thinly covered to lean on consensus like you would with a large cap.
earnings view
- $0.75 vs -$0.81
the company beat the EPS estimate by 7.41%, but for a pre-revenue biotech that is a secondary datapoint next to clinical safety.
target trend
down sharply
Stifel cut to $6 from $24. BTIG cut to $9 from $26. the direction matters more than the exact target.
source: institutional data
Institutional activity
institutional ownership data for AARD is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$13
current price
n/a
target midpoint · n/a from current
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