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Aardvark Therapeutics (AARD)


Market Price (5/23/2026): $4.53 | Market Cap: $98.8 Mil
Sector: Health Care | Industry: Biotechnology

Aardvark Therapeutics (AARD)


Market Price (5/23/2026): $4.53
Market Cap: $98.8 Mil
Sector: Health Care
Industry: Biotechnology

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -92%

Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.

Weak multi-year price returns
2Y Excs Rtn is -109%, 3Y Excs Rtn is -148%

Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -75 Mil

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75%

High stock price volatility
Vol 12M is 111%

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -92%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Biopharmaceutical R&D, Targeted Therapies, Show more.
2 Weak multi-year price returns
2Y Excs Rtn is -109%, 3Y Excs Rtn is -148%
3 Very low revenue
Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
4 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -75 Mil
5 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -75%
6 High stock price volatility
Vol 12M is 111%

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

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Aardvark Therapeutics (AARD) stock has lost about 65% since 1/31/2026 because of the following key factors:

1. Full Clinical Hold by FDA on Lead Drug Candidate ARD-101.

The primary reason for Aardvark Therapeutics' stock decline is the full clinical hold placed by the U.S. Food and Drug Administration (FDA) on its investigational new drug (IND) application for ARD-101 on May 14-15, 2026. This hold effectively halted all ongoing studies for ARD-101, including the Phase 3 HERO trial for hyperphagia in Prader-Willi Syndrome and its open-label extension. This is a significant setback for the company's lead program, which had already dosed 68 patients in the HERO trial and 19 in the OLE trial as of February 27, 2026.

2. Prior Voluntary Pauses in Clinical Trials Due to Cardiac Safety Concerns.

Preceding the FDA's full clinical hold, Aardvark Therapeutics voluntarily paused enrollment and dosing in its Phase 3 HERO and open-label extension (OLE) trials for ARD-101 in February 2026. This decision was made following unexpected reversible cardiac observations identified in a separate healthy volunteer study. Additionally, in March 2026, the company voluntarily paused the development of ARD-201, a fixed-dose combination involving ARD-101, pending the safety assessment of ARD-101. These voluntary pauses signaled early safety concerns that significantly impacted investor confidence.

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Stock Movement Drivers

Fundamental Drivers

The -65.1% change in AARD stock from 1/31/2026 to 5/22/2026 was primarily driven by a -0.5% change in the company's Shares Outstanding (Mil).
(LTM values as of)13120265222026Change
Stock Price ($)12.994.54-65.1%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2222-0.5%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 5/22/2026
ReturnCorrelation
AARD-65.1% 
Market (SPY)8.1%34.4%
Sector (XLV)-2.7%32.3%

Fundamental Drivers

The -57.5% change in AARD stock from 10/31/2025 to 5/22/2026 was primarily driven by a -0.6% change in the company's Shares Outstanding (Mil).
(LTM values as of)103120255222026Change
Stock Price ($)10.694.54-57.5%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2222-0.6%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

10/31/2025 to 5/22/2026
ReturnCorrelation
AARD-57.5% 
Market (SPY)9.9%32.9%
Sector (XLV)4.8%27.1%

Fundamental Drivers

The -59.1% change in AARD stock from 4/30/2025 to 5/22/2026 was primarily driven by a -2.0% change in the company's Shares Outstanding (Mil).
(LTM values as of)43020255222026Change
Stock Price ($)11.114.54-59.1%
Change Contribution By: 
Total Revenues ($ Mil)000.0%
P/S Multiple0.0%
Shares Outstanding (Mil)2122-2.0%
Cumulative Contribution0.0%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2025 to 5/22/2026
ReturnCorrelation
AARD-59.1% 
Market (SPY)36.0%26.7%
Sector (XLV)8.6%26.7%

Fundamental Drivers

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Market Drivers

4/30/2023 to 5/22/2026
ReturnCorrelation
AARD  
Market (SPY)86.3%25.7%
Sector (XLV)18.0%26.6%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AARD Return-----8%-66%-68%
Peers Return-42%135%415%5%172%3%1961%
S&P 500 Return27%-19%24%23%16%9%98%

Monthly Win Rates [3]
AARD Win Rate----36%20% 
Peers Win Rate40%48%50%43%48%40% 
S&P 500 Win Rate75%42%67%75%67%60% 

Max Drawdowns [4]
AARD Max Drawdown------78% 
Peers Max Drawdown-68%-71%-59%-55%-49%-36% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: SLNO, RYTM, VKTX, ALT, RLMD.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)

How Low Can It Go

EventAARDS&P 500
2025 US Tariff Shock
  % Loss-53.0%-18.8%
  % Gain to Breakeven112.9%23.1%
  Time to Breakeven68 days79 days

Compare to SLNO, RYTM, VKTX, ALT, RLMD

In The Past

Aardvark Therapeutics's stock fell -53.0% during the 2025 US Tariff Shock. Such a loss loss requires a 112.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventAARDS&P 500
2025 US Tariff Shock
  % Loss-53.0%-18.8%
  % Gain to Breakeven112.9%23.1%
  Time to Breakeven68 days79 days

Compare to SLNO, RYTM, VKTX, ALT, RLMD

In The Past

Aardvark Therapeutics's stock fell -53.0% during the 2025 US Tariff Shock. Such a loss loss requires a 112.9% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Aardvark Therapeutics (AARD)

MB Financial, Inc. operates as a bank holding company for MB Financial Bank, N.A. that provides various financial services to small and middle market businesses, and individuals in the United States. The company's Banking segment offers commercial banking products, including working capital loans and lines of credit; accounts receivable financing; inventory and equipment financing; industrial revenue bond financing; ESOP financing; business acquisition loans; owner occupied real estate loans; asset-based loans; and financial, performance, and commercial letters of credit. Its commercial banking products also comprise deposit and treasury management products and services, such as Internet banking products, investment sweep and zero balance accounts, automated tax payments, ATM access, telephone banking, lockboxes, automated clearing house transactions, account reconciliation, controlled disbursement, information reporting, wire transfers, vault services, remote deposit capture, and checking accounts; capital markets and international banking services; and credit, deposit, and treasury management services for real estate operators and investors. In addition, this segment offers loans to equipment lessors; retail banking services; and wealth management solutions. The company's Leasing segment provides lease originations and related services. This segment's lease portfolio consists of computer systems, satellite equipment, and medical equipment, as well as general manufacturing, industrial, construction, and transportation equipment. Its Mortgage Banking segment originates and services residential mortgage loans for sale to investors. The company offers its products and services through 95 banking offices in the Chicago metropolitan area; 1 banking office in Philadelphia, Pennsylvania; and 140 ATMs. MB Financial, Inc. was founded in 1911 and is headquartered in Chicago, Illinois.

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  • Commercial Banking Services: Provides working capital loans, lines of credit, equipment financing, and other specialized lending products for businesses.
  • Deposit and Treasury Management: Offers checking accounts, internet banking, payment processing, and cash management solutions for commercial clients.
  • Retail Banking: Delivers general banking services to individual customers.
  • Wealth Management: Provides financial planning and investment advisory services.
  • Equipment Leasing: Originates and manages leases for a diverse range of equipment, including computer systems and industrial machinery.
  • Mortgage Banking: Specializes in originating and servicing residential mortgage loans for sale to investors.
  • Real Estate Financing and Services: Offers loans, deposit services, and treasury management solutions specifically for real estate operators and investors.

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Aardvark Therapeutics (AARD) is a clinical-stage biopharmaceutical company primarily focused on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. The company's main product candidate, ARD-101, is an oral investigational drug in Phase 3 clinical development for the treatment of hyperphagia associated with Prader-Willi Syndrome (PWS).

Addressable Markets:

  • ARD-101 for Prader-Willi Syndrome (PWS): The global market for Prader-Willi Syndrome treatment is estimated to be USD 0.98 billion in 2025 and is projected to reach USD 1.59 billion by 2032, growing at a compound annual growth rate (CAGR) of 7.2%. Another estimate values the global market at USD 599.81 million in 2023, expected to reach USD 1,131.94 million by 2033, with a CAGR of approximately 6.56%. In the U.S. alone, there are an estimated 10,000 to 20,000 individuals with Prader-Willi.
  • ARD-201 for Obesity and obesity-related conditions: Aardvark Therapeutics is also developing ARD-201, a planned fixed-dose combination of ARD-101 with a DPP-4 inhibitor, for obesity and obesity-related conditions. Specific addressable market sizes in dollar amounts for this product were not available in the provided information.

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Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1Aardvark Therapeutics Earnings Notes12/16/2025
Title
0ARTICLES

Trade Ideas

Select ideas related to AARD.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
GEHC_4302026_Dip_Buyer_FCFYield04302026GEHCGE HealthCare TechnologiesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
IQV_4302026_Dip_Buyer_FCFYield04302026IQVIQVIADip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
UHS_4302026_Dip_Buyer_FCFYield04302026UHSUniversal Health ServicesDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
0.0%0.0%0.0%
ABT_4302026_Dip_Buyer_ValueBuy04302026ABTAbbott LaboratoriesDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
0.0%0.0%0.0%
ZBIO_4302026_Insider_Buying_45D_2Buy_200K04302026ZBIOZenas BioPharmaInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
0.0%0.0%0.0%
AARD_2282025_Insider_Buying_45D_2Buy_200K02282025AARDAardvark TherapeuticsInsiderInsider Buys 45DStrong Insider Buying
Companies with multiple insider buys in the last 45 days
-34.8%-1.9%-45.0%

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AARDSLNORYTMVKTXALTRLMDMedian
NameAardvark.Soleno T.Rhythm P.Viking T.AltimmuneRelmada . 
Mkt Price4.54-87.8430.892.907.047.04
Mkt Cap0.1-6.03.60.40.60.6
Rev LTM0-2170000
Op Inc LTM-75--197-502-97-60-97
FCF LTM-62--120-340-72-43-72
FCF 3Y Avg---140-176-75-49-107
CFO LTM-62--120-340-72-43-72
CFO 3Y Avg---124-176-75-49-100

Growth & Margins

AARDSLNORYTMVKTXALTRLMDMedian
NameAardvark.Soleno T.Rhythm P.Viking T.AltimmuneRelmada . 
Rev Chg LTM--58.7%-80.0%-69.3%
Rev Chg 3Y Avg--93.7%-201.3%-147.5%
Rev Chg Q--83.8%--100.0%--8.1%
QoQ Delta Rev Chg LTM--14.4%--12.2%-1.1%
Op Inc Chg LTM-141.4%--14.3%-191.3%1.3%23.7%-14.3%
Op Inc Chg 3Y Avg---9.9%-98.4%-2.7%26.1%-6.3%
Op Mgn LTM---90.9%--269,216.7%--134,653.8%
Op Mgn 3Y Avg---170.9%--260,592.7%--130,381.8%
QoQ Delta Op Mgn LTM--10.3%--38,755.7%--19,372.7%
CFO/Rev LTM---55.0%--198,991.7%--99,523.3%
CFO/Rev 3Y Avg---96.9%--206,131.0%--103,114.0%
FCF/Rev LTM---55.0%--199,052.8%--99,553.9%
FCF/Rev 3Y Avg---113.4%--206,151.4%--103,132.4%

Valuation

AARDSLNORYTMVKTXALTRLMDMedian
NameAardvark.Soleno T.Rhythm P.Viking T.AltimmuneRelmada . 
Mkt Cap0.1-6.03.60.40.60.6
P/S--27.5-10,026.1-5,026.8
P/Op Inc-1.3--30.3-7.1-3.7-10.1-7.1
P/EBIT-1.3--32.8-7.1-4.1-10.1-7.1
P/E-1.4--29.5-7.6-4.0-10.4-7.6
P/CFO-1.6--50.0-10.5-5.0-14.2-10.5
Total Yield-70.5%--3.4%-13.2%-25.2%-9.7%-13.2%
Dividend Yield0.0%-0.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg---4.2%-4.9%-16.7%-244.4%-10.8%
D/E0.0-0.00.00.10.00.0
Net D/E-0.9--0.1-0.2-0.8-0.4-0.4

Returns

AARDSLNORYTMVKTXALTRLMDMedian
NameAardvark.Soleno T.Rhythm P.Viking T.AltimmuneRelmada . 
1M Rtn-17.9%-3.1%-9.8%-16.4%-0.3%-9.8%
3M Rtn-63.1%--12.0%-0.5%-33.8%70.5%-12.0%
6M Rtn-51.5%--13.7%-9.8%-39.7%64.9%-13.7%
12M Rtn-54.6%-41.7%11.4%-49.7%1,044.7%11.4%
3Y Rtn-68.3%-431.1%35.6%-34.5%124.9%35.6%
1M Excs Rtn-20.6%--2.0%-11.0%-4.8%-8.0%-8.0%
3M Excs Rtn-73.2%--18.1%-19.7%-45.1%65.4%-19.7%
6M Excs Rtn-69.1%--27.4%-26.8%-49.3%55.9%-27.4%
12M Excs Rtn-87.0%-12.9%-14.5%-76.0%1,227.8%-14.5%
3Y Excs Rtn-148.0%-353.6%-53.2%-116.7%47.4%-53.2%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil202520242023
Discovery and development of novel therapies for the treatment of metabolic diseases  0
Total  0


Net Income by Segment
$ Mil202520242023
Discovery and development of novel therapies for the treatment of metabolic diseases-21-7 
Total-21-7 


Assets by Segment
$ Mil202520242023
Discovery and development of novel therapies for the treatment of metabolic diseases  17
Total  17


Price Behavior

Price Behavior
Market Price$4.54 
Market Cap ($ Bil)0.1 
First Trading Date12/29/2006 
Distance from 52W High-73.9% 
   50 Days200 Days
DMA Price$4.83$10.58
DMA Trenddowndown
Distance from DMA-6.1%-57.1%
 3M1YR
Volatility156.6%111.0%
Downside Capture538.18404.40
Upside Capture16.24191.17
Correlation (SPY)29.4%25.6%
AARD Betas & Captures as of 4/30/2026

 1M2M3M6M1Y3Y
Beta1.482.642.832.772.13-0.61
Up Beta0.574.994.802.441.900.78
Down Beta15.821.321.711.501.110.11
Up Capture345%-112%-17%230%197%42%
Bmk +ve Days15223166141428
Stock +ve Days14233366131155
Down Capture-56%335%297%251%193%107%
Bmk -ve Days4183056108321
Stock -ve Days8203159120146

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AARD
AARD-60.5%111.4%-0.22-
Sector ETF (XLV)16.0%14.5%0.8023.8%
Equity (SPY)29.5%12.0%1.8626.0%
Gold (GLD)35.5%26.8%1.1110.8%
Commodities (DBC)42.9%18.7%1.77-15.5%
Real Estate (VNQ)15.2%13.1%0.8220.0%
Bitcoin (BTCUSD)-29.5%41.7%-0.7314.8%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AARD
AARD-21.0%115.8%-0.19-
Sector ETF (XLV)5.7%14.7%0.2126.7%
Equity (SPY)14.0%17.0%0.6425.8%
Gold (GLD)18.8%18.0%0.857.2%
Commodities (DBC)10.4%19.4%0.42-7.4%
Real Estate (VNQ)3.8%18.8%0.1024.6%
Bitcoin (BTCUSD)12.2%55.3%0.4216.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with AARD
AARD-11.1%115.8%-0.19-
Sector ETF (XLV)9.9%16.5%0.4926.7%
Equity (SPY)15.7%17.9%0.7525.8%
Gold (GLD)13.0%16.0%0.677.2%
Commodities (DBC)7.8%17.9%0.35-7.4%
Real Estate (VNQ)5.5%20.7%0.2324.6%
Bitcoin (BTCUSD)67.2%66.9%1.0616.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date4302026
Short Interest: Shares Quantity1.3 Mil
Short Interest: % Change Since 41520269.4%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest8.8 days
Basic Shares Quantity21.8 Mil
Short % of Basic Shares5.8%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
3/23/2026-7.3%-10.5%36.0%
11/13/2025-8.7%-13.2%28.2%
8/13/20250.5%-13.7%-23.3%
3/31/202510.4%5.7%47.9%
SUMMARY STATS   
# Positive213
# Negative231
Median Positive5.5%5.7%36.0%
Median Negative-8.0%-13.2%-23.3%
Max Positive10.4%5.7%47.9%
Max Negative-8.7%-13.7%-23.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/07/202610-Q
12/31/202503/23/202610-K
09/30/202511/13/202510-Q
06/30/202508/13/202510-Q
03/31/202505/14/202510-Q
12/31/202403/31/202510-K
09/30/202402/13/2025424B4
06/30/202410/24/2024DRS

Recent Forward Guidance [BETA]

Latest: Q1 2026 Earnings Reported 5/7/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Cash Runway 2,028 0.0% RaisedGuidance: 2,027 for 2027

Prior: Q3 2025 Earnings Reported 11/13/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
2027 Cash Runway 2,027 0 AffirmedGuidance: 2,027 for 2027

Insider Activity

Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Sun, NelsonChief Financial OfficerDirectBuy1212202514.403,00043,2001,562,170Form
2Lee, Tien-LiChief Executive OfficerDirectBuy1212202514.487,000101,39522,475,114Form
3Lee, Tien-LiChief Executive OfficerDirectBuy91620259.6610,00096,62414,912,732Form
4Lee, Tien-LiChief Executive OfficerDirectBuy91220258.505,00042,51613,038,517Form
5Lee, Tien-LiChief Executive OfficerDirectBuy91220257.826,00046,92611,953,491Form