AARD Aardvark Therapeutics, Inc. - Common Stock
$4.31
Price · May 20, 2026
Fundamentals as of May 7, 2026
52W Range
$3–$18
7% of range
Analyst Rating
STRONG BUY
18 analysts
Price Target
$15
+258% upside
P/E (TTM)
-4.5
ROE
-47.3%
Net Profit Margin
—
AARD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.31
Market Cap
$286M
P/E (TTM)
-4.5
EPS (TTM)
$-2.93
Revenue (TTM)
$0
Div Yield
—
ROE
-47.3%
Debt/Equity
—
52W Range
$3 – $18
AARD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
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10-Year Performance Revenue, net income, margins and EPS trends
Revenue & Net Income
$0
2025-12-31
→
2025-12-31
EPS
$-2.93
2024-12-31
→
2025-12-31
Free Cash Flow
$-54M
2025-12-31
→
2025-12-31
Margins
—
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Metric
5Y trend
AARD
Peer Median
P/E (TTM)
-4.5
22.6
P/B
2.7
3.5
Price / FCF
-5.3
—
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Metric
5Y trend
AARD
Peer Median
ROA
-59.2%
-62.6%
ROE
-47.3%
-59.0%
Financial Health Debt, liquidity, solvency — balance sheet strength
Metric
5Y trend
AARD
Peer Median
Current Ratio
10.6
2.7
Quick Ratio
10.4
—
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Metric
5Y trend
AARD
Peer Median
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
Metric
5Y trend
AARD
Peer Median
AARD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
BUY
18 analysts
- Strong Buy 7 38.9%
- Buy 6 33.3%
- Hold 5 27.8%
- Sell 0 0.0%
- Strong Sell 0 0.0%
12-Month Price Target
9 analysts · 2026-05-20
Median
$7.00
Mean
$15.44
Now
$4.31
Low
$3.00
High
$45.00
Median target
$7.00
+62.4%
Mean target
$15.44
+258.3%
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
-0.01%
| Period | EPS Actual | EPS Est | Surprise |
|---|---|---|---|
| March 31, 2026 | $-0.99 | $-0.89 | -0.10% |
| Dec. 31, 2025 | $-0.81 | $-0.85 | 0.04% |
| Sept. 30, 2025 | $-0.75 | $-0.81 | 0.06% |
| June 30, 2025 | $-0.66 | $-0.61 | -0.05% |
| March 31, 2025 | $-0.71 | $-0.69 | -0.02% |
Peer Comparison Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AARD | $286M | -4.5 | — | — | -47.3% | — |
| CGTX | $120M | -4.2 | — | — | -113.7% | — |
| NRXP | — | — | — | — | — | — |
| VRCA | $143M | -4.9 | 370.2% | -50.3% | -492.8% | — |
| LONA | $71M | -0.3 | — | — | -353.4% | — |
| TELO | $46M | -4.0 | — | — | -325.7% | — |
| CPIX | $60M | -20.9 | 17.6% | -6.4% | -11.9% | — |
| BTMD | — | 3.5 | -2.5% | 14.1% | -32.9% | — |
| PLRX | $75M | -0.5 | -83.7% | — | -74.4% | — |
| RFL | — | -1.6 | 44.0% | -3328.2% | -34.6% | — |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement 14
| Metric | Trend | 2025 |
|---|---|---|
| Revenue | $0 | |
| R&D Expense | $49M | |
| SG&A Expense | $14M | |
| Operating Expenses | $63M | |
| Operating Income | $-63M | |
| Interest Income | $5M | |
| Other Non-op | $5M | |
| Income Tax | $0 | |
| Net Income | $-58M | |
| EPS (Basic) | $-2.93 | |
| EPS (Diluted) | $-2.93 | |
| Shares (Basic) | 19,624,626 | |
| Shares (Diluted) | 19,624,626 | |
| EBITDA | $-63M |
Balance Sheet 18
| Metric | Trend | 2025 |
|---|---|---|
| Cash & Equivalents | $47M | |
| Short-term Investments | $63M | |
| Prepaid Expense | $2M | |
| Current Assets | $112M | |
| Other Non-current Assets | $5M | |
| Total Assets | $117M | |
| Accounts Payable | $2M | |
| Accrued Liabilities | $8M | |
| Current Liabilities | $11M | |
| Capital Leases | $0 | |
| Other Non-current Liabilities | $0 | |
| Total Liabilities | $11M | |
| Common Stock | $0 | |
| Retained Earnings | $-116M | |
| AOCI | $81.0K | |
| Stockholders' Equity | $107M | |
| Liabilities + Equity | $117M | |
| Shares Outstanding | 21,815,353 |
Cash Flow 10
| Metric | Trend | 2025 |
|---|---|---|
| D&A | $36.0K | |
| Stock-based Comp | $4M | |
| Other Non-cash | $-565.0K | |
| Operating Cash Flow | $-54M | |
| CapEx | $95.0K | |
| Investing Cash Flow | $-50M | |
| Stock Issued | $195.0K | |
| Net Stock Activity | $195.0K | |
| Financing Cash Flow | $89M | |
| Free Cash Flow | $-54M |
Profitability 2
| Metric | Trend | 2025 |
|---|---|---|
| ROA | -59.2% | |
| ROE | -47.3% |
Liquidity & Solvency 2
| Metric | Trend | 2025 |
|---|---|---|
| Current Ratio | 10.6 | |
| Quick Ratio | 10.4 |
Efficiency 1
| Metric | Trend | 2025 |
|---|---|---|
| Asset Turnover | 0.0 |
Valuation (TTM) 9
| Metric | Trend | 2025 |
|---|---|---|
| Revenue TTM | $0 | |
| Net Income TTM | $-58M | |
| Market Cap | $286M | |
| P/E | -4.5 | |
| P/B | 2.7 | |
| P / Tangible Book | 2.7 | |
| P / Cash Flow | -5.3 | |
| P / FCF | -5.3 | |
| Earnings Yield | -22.3% |
Income Statement 13
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | |
| R&D Expense | $17M | $14M | $14M | $13M | $8M | |
| SG&A Expense | $6M | $4M | $4M | $3M | $3M | |
| Operating Expenses | $22M | $19M | $18M | $16M | $10M | |
| Operating Income | $-22M | $-19M | $-18M | $-16M | $-10M | |
| Interest Income | $889.0K | $1M | $1M | $1M | $1M | |
| Other Non-op | $876.0K | $1M | $1M | $1M | $1M | |
| Net Income | $-22M | $-18M | $-16M | $-14M | $-9M | |
| EPS (Basic) | $-0.99 | $-0.81 | $-0.75 | $-0.66 | $-0.71 | |
| EPS (Diluted) | $-0.99 | $-0.81 | $-0.75 | $-0.66 | $-0.71 | |
| Shares (Basic) | 21,815,995 | -36,974,225 | 21,713,858 | 21,690,275 | 13,194,718 | |
| Shares (Diluted) | 21,815,995 | -36,974,225 | 21,713,858 | 21,690,275 | 13,194,718 | |
| EBITDA | $-22M | · | $-18M | $-16M | $-10M |
Balance Sheet 18
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $62M | $47M | $39M | $26M | $27M | |
| Short-term Investments | $29M | $63M | $87M | $116M | $125M | |
| Prepaid Expense | $2M | $2M | $3M | $3M | $3M | |
| Current Assets | $94M | $112M | $129M | $145M | $155M | |
| Other Non-current Assets | $5M | $5M | $4M | $2M | $2M | |
| Total Assets | $99M | $117M | $133M | $147M | $157M | |
| Accounts Payable | $4M | $2M | $4M | $5M | $3M | |
| Accrued Liabilities | $7M | $8M | $6M | $5M | $3M | |
| Current Liabilities | $12M | $11M | $11M | $10M | $6M | |
| Capital Leases | · | $0 | $116.0K | $228.0K | $336.0K | |
| Other Non-current Liabilities | · | $0 | $0 | $12.0K | $24.0K | |
| Total Liabilities | $12M | $11M | $11M | $11M | $6M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-138M | $-116M | $-98M | $-82M | $-68M | |
| AOCI | $14.0K | $81.0K | $82.0K | $-3.0K | $44.0K | |
| Stockholders' Equity | $87M | $107M | $122M | $137M | $151M | |
| Liabilities + Equity | $99M | $117M | $133M | $147M | $157M | |
| Shares Outstanding | 21,816,385 | 21,815,353 | 21,745,265 | 21,693,016 | 21,688,172 |
Cash Flow 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| D&A | $11.0K | $10.0K | $10.0K | $11.0K | $5.0K | |
| Stock-based Comp | $2M | $2M | $2M | $634.0K | $233.0K | |
| Other Non-cash | $704.0K | · | · | · | $-2M | |
| Operating Cash Flow | $-19M | $-17M | $-16M | $-10M | $-11M | |
| CapEx | · | $0 | $4.0K | $91.0K | $0 | |
| Investing Cash Flow | $34M | $24M | $29M | $9M | $-113M | |
| Financing Cash Flow | $4.0K | $274.0K | $171.0K | $-71.0K | $89M | |
| Free Cash Flow | · | · | · | · | $-11M |
Profitability 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| ROA | -16.9% | · | -24.5% | -19.5% | -11.9% | |
| ROE | -18.2% | · | -26.7% | -21.0% | -12.4% |
Liquidity & Solvency 2
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Current Ratio | 8.1 | · | 12.0 | 14.0 | 25.9 | |
| Quick Ratio | 7.9 | · | 11.8 | 13.8 | 25.3 |
Efficiency 1
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | · | · | 0.0 |
Valuation (TTM) 8
| Metric | Trend | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|
| Net Income TTM | $-62M | · | $-44M | $-33M | $-21M | |
| Market Cap | $82M | · | $289M | $293M | $163M | |
| P/E | -1.2 | · | -4.2 | -3.6 | -2.0 | |
| P/B | 0.9 | · | 2.4 | 2.1 | 1.1 | |
| P / Tangible Book | 0.9 | · | 2.4 | 2.1 | 1.1 | |
| P / Cash Flow | -4.4 | · | · | · | -14.3 | |
| P / FCF | · | · | · | · | -14.3 | |
| Earnings Yield | -82.5% | · | -23.8% | -28.0% | -49.0% |
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
Income Statement
| 2025-12-31 | 2024-12-31 | |
|---|---|---|
| Revenue | $0 | — |
| Net Income | $-58M | $-21M |
| Diluted EPS | $-2.93 | $-5.15 |
Balance Sheet
| 2025-12-31 | 2024-12-31 | |
|---|---|---|
| Current Ratio | 10.6 | — |
| Quick Ratio | 10.4 | — |
Cash Flow
| 2025-12-31 | 2024-12-31 | |
|---|---|---|
| Free Cash Flow | $-54M | — |
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