AARD Aardvark Therapeutics, Inc. - Common Stock
AARD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
AARD Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
Profitability Gross, operating and net margins; ROE, ROA, ROIC
Financial Health Debt, liquidity, solvency — balance sheet strength
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
AARD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
- Strong Buy 5 27.8%
- Buy 6 33.3%
- Hold 5 27.8%
- Sell 2 11.1%
- Strong Sell 0 0.0%
12-Month Price Target
10 analysts · 2026-08-19Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| 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 (GICS sub-industry) Key metrics vs sector peers
| Ticker | Market Cap | P/E | Rev YoY | Net Margin | ROE | Gross Margin |
|---|---|---|---|---|---|---|
| AARD | $286M | -4.5 | — | — | -47.3% | — |
| DERM | — | -16.4 | 10.2% | -18.5% | -44.7% | — |
| ORMP | $112M | 1.9 | -50.4% | 3202.5% | 37.0% | 0.65% |
| LENZ | $502M | -5.6 | — | -430.2% | -33.5% | — |
| NRXP | — | — | — | — | — | — |
| NTHI | — | -2.6 | -51.8% | — | — | — |
| CPIX | $60M | -20.9 | 17.6% | -6.4% | -11.9% | — |
| LLY | — | 46.8 | 44.7% | 31.7% | 101.2% | — |
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 | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| R&D Expense | $10M | $17M | $14M | $14M | $13M | $8M | |
| SG&A Expense | $5M | $6M | $4M | $4M | $3M | $3M | |
| Operating Expenses | $15M | $22M | $19M | $18M | $16M | $10M | |
| Operating Income | $-15M | $-22M | $-19M | $-18M | $-16M | $-10M | |
| Interest Income | $695.0K | $889.0K | $1M | $1M | $1M | $1M | |
| Other Non-op | $697.0K | $876.0K | $1M | $1M | $1M | $1M | |
| Net Income | $-14M | $-22M | $-18M | $-16M | $-14M | $-9M | |
| EPS (Basic) | $-0.66 | $-0.99 | $-0.81 | $-0.75 | $-0.66 | $-0.71 | |
| EPS (Diluted) | $-0.66 | $-0.99 | $-0.81 | $-0.75 | $-0.66 | $-0.71 | |
| Shares (Basic) | 21,846,251 | 21,815,995 | -36,974,225 | 21,713,858 | 21,690,275 | 13,194,718 | |
| Shares (Diluted) | 21,846,251 | 21,815,995 | -36,974,225 | 21,713,858 | 21,690,275 | 13,194,718 | |
| EBITDA | $-15M | · | · | $-18M | $-16M | $-10M |
Balance Sheet 18
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $74M | $62M | $47M | $39M | $26M | $27M | |
| Short-term Investments | $21.0K | $29M | $63M | $87M | $116M | $125M | |
| Prepaid Expense | $7M | $2M | $2M | $3M | $3M | $3M | |
| Current Assets | $81M | $94M | $112M | $129M | $145M | $155M | |
| Other Non-current Assets | $173.0K | $5M | $5M | $4M | $2M | $2M | |
| Total Assets | $81M | $99M | $117M | $133M | $147M | $157M | |
| Accounts Payable | $2M | $4M | $2M | $4M | $5M | $3M | |
| Accrued Liabilities | $4M | $7M | $8M | $6M | $5M | $3M | |
| Current Liabilities | $6M | $12M | $11M | $11M | $10M | $6M | |
| Capital Leases | $276.0K | · | $0 | $116.0K | $228.0K | $336.0K | |
| Other Non-current Liabilities | · | · | $0 | $0 | $12.0K | $24.0K | |
| Total Liabilities | $7M | $12M | $11M | $11M | $11M | $6M | |
| Common Stock | $0 | $0 | $0 | $0 | $0 | $0 | |
| Retained Earnings | $-152M | $-138M | $-116M | $-98M | $-82M | $-68M | |
| AOCI | $0 | $14.0K | $81.0K | $82.0K | $-3.0K | $44.0K | |
| Stockholders' Equity | $75M | $87M | $107M | $122M | $137M | $151M | |
| Liabilities + Equity | $81M | $99M | $117M | $133M | $147M | $157M | |
| Shares Outstanding | 21,884,158 | 21,816,385 | 21,815,353 | 21,745,265 | 21,693,016 | 21,688,172 |
Cash Flow 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| D&A | $11.0K | $11.0K | $10.0K | $10.0K | $11.0K | $5.0K | |
| Stock-based Comp | $2M | $2M | $2M | $2M | $634.0K | $233.0K | |
| Other Non-cash | · | · | · | · | · | $-2M | |
| Operating Cash Flow | $-18M | $-19M | $-17M | $-16M | $-10M | $-11M | |
| CapEx | · | · | $0 | $4.0K | $91.0K | $0 | |
| Investing Cash Flow | $29M | $34M | $24M | $29M | $9M | $-113M | |
| Financing Cash Flow | $262.0K | $4.0K | $274.0K | $171.0K | $-71.0K | $89M | |
| Free Cash Flow | · | · | · | · | · | $-11M |
Profitability 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| ROA | -12.6% | · | · | -24.5% | -19.5% | -11.9% | |
| ROE | -13.6% | · | · | -26.7% | -21.0% | -12.4% |
Liquidity & Solvency 2
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Current Ratio | 12.6 | · | · | 12.0 | 14.0 | 25.9 | |
| Quick Ratio | 11.6 | · | · | 11.8 | 13.8 | 25.3 |
Efficiency 1
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | 0.0 |
Valuation (TTM) 8
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Net Income TTM | $-67M | $-62M | · | $-44M | $-33M | $-21M | |
| Market Cap | $126M | · | · | $289M | $293M | $163M | |
| P/E | -1.9 | -1.2 | · | -4.2 | -3.6 | -2.0 | |
| P/B | 1.7 | · | · | 2.4 | 2.1 | 1.1 | |
| P / Tangible Book | 1.7 | 0.9 | · | 2.4 | 2.1 | 1.1 | |
| P / Cash Flow | · | · | · | · | · | -14.3 | |
| P / FCF | · | · | · | · | · | -14.3 | |
| Earnings Yield | -53.1% | -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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Institutional owners (13F) 80 filers · $51.2M total · As of June 30, 2026
Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 23 (-7 vs prior Q) | 22 (+6 vs prior Q) | 20 (+4 vs prior Q) | 22 (+2 vs prior Q) | +203K |
Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.
| Institution | Value | Shares | % of tracked 13F | Type |
|---|---|---|---|---|
| Decheng Capital LLC | $22,563,642 | 3,917,299 | 44.07% | Shares |
| CITADEL ADVISORS LLC | $7,155,516 | 1,242,277 | 13.98% | Shares |
| Laurion Capital Management LP | $5,958,484 | 1,034,459 | 11.64% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,242,172 | 562,877 | 6.33% | Shares |
| EcoR1 Capital, LLC | $2,282,077 | 396,194 | 4.46% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $1,728,000 | 300,000 | 3.37% | Shares |
| VANGUARD GROUP INC | $1,092,643 | 83,249 | 2.13% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $703,010 | 121,976 | 1.37% | Shares |
| TWO SIGMA INVESTMENTS, LP | $624,252 | 108,377 | 1.22% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $432,991 | 75,172 | 0.85% | Shares |
| Woodline Partners LP | $417,191 | 72,429 | 0.81% | Shares |
| MILLENNIUM MANAGEMENT LLC | $402,900 | 69,948 | 0.79% | Shares |
| CANTOR FITZGERALD, L. P. | $384,088 | 66,682 | 0.75% | Shares |
| TWO SIGMA ADVISERS, LP | $343,875 | 26,200 | 0.67% | Shares |
| STATE STREET CORP | $341,412 | 59,273 | 0.67% | Shares |
| CITADEL ADVISORS LLC | $340,416 | 59,100 | 0.66% | Put option |
| J. Goldman & Co LP | $233,280 | 40,500 | 0.46% | Shares |
| IEQ CAPITAL, LLC | $221,080 | 38,382 | 0.43% | Shares |
| UBS Group AG | $179,205 | 31,112 | 0.35% | Shares |
| NORTHERN TRUST CORP | $161,482 | 28,035 | 0.32% | Shares |
| CITIGROUP INC | $151,482 | 26,299 | 0.30% | Shares |
| Cresset Asset Management, LLC | $138,430 | 24,033 | 0.27% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $138,384 | 24,025 | 0.27% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $138,240 | 24,000 | 0.27% | Shares |
| JANE STREET GROUP, LLC | $133,632 | 23,200 | 0.26% | Put option |
| Point72 Asset Management, L.P. | $131,743 | 22,872 | 0.26% | Shares |
| MORGAN STANLEY | $130,833 | 22,714 | 0.26% | Shares |
| Mariner, LLC | $125,408 | 21,784 | 0.24% | Shares |
| SMITH, MOORE & CO. | $115,200 | 20,000 | 0.22% | Shares |
| XTX Topco Ltd | $114,555 | 19,888 | 0.22% | Shares |
| FMR LLC | $108,887 | 18,904 | 0.21% | Shares |
| SIMPLEX TRADING, LLC | $91,681 | 15,917 | 0.18% | Shares |
| EcoR1 Capital, LLC | $84,672 | 14,700 | 0.17% | Call option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $79,298 | 10,434 | 0.15% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $71,574 | 12,426 | 0.14% | Shares |
| GOLDMAN SACHS GROUP INC | $70,508 | 12,241 | 0.14% | Shares |
| JANE STREET GROUP, LLC | $67,484 | 11,716 | 0.13% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $66,033 | 11,464 | 0.13% | Shares |
| Abel Hall, LLC | $57,980 | 10,066 | 0.11% | Shares |
| Arax Advisory Partners | $48,234 | 8,374 | 0.09% | Shares |
| Cerity Partners LLC | $43,246 | 7,508 | 0.08% | Shares |
| MARSHALL WACE, LLP | $38,524 | 6,688 | 0.08% | Shares |
| Vanguard Global Advisers, LLC | $33,944 | 5,893 | 0.07% | Shares |
| RAYMOND JAMES FINANCIAL INC | $27,498 | 4,774 | 0.05% | Shares |
| Steward Partners Investment Advisory, LLC | $23,904 | 4,150 | 0.05% | Shares |
| CWM, LLC | $22,752 | 6,035 | 0.04% | Shares |
| China Universal Asset Management Co., Ltd. | $19,999 | 3,472 | 0.04% | Shares |
| BlackRock, Inc. | $15,696 | 2,725 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $14,406 | 2,501 | 0.03% | Shares |
| Integrated Wealth Concepts LLC | $11,194 | 1,943 | 0.02% | Shares |
| BARCLAYS PLC | $9,072 | 1,575 | 0.02% | Shares |
| JPMORGAN CHASE & CO | $8,961 | 1,730 | 0.02% | Shares |
| BNP PARIBAS FINANCIAL MARKETS | $7,534 | 1,308 | 0.01% | Shares |
| Russell Investments Group, Ltd. | $7,137 | 1,239 | 0.01% | Shares |
| Stone House Investment Management, LLC | $5,760 | 1,000 | 0.01% | Shares |
| Mirae Asset Global Investments Co., Ltd. | $5,622 | 976 | 0.01% | Shares |
| Allworth Financial LP | $4,683 | 813 | 0.01% | Shares |
| FEDERATED HERMES, INC. | $3,721 | 646 | 0.01% | Shares |
| Essential Partners LLC | $2,932 | 509 | 0.01% | Shares |
| GF FUND MANAGEMENT CO. LTD. | $2,604 | 452 | 0.01% | Shares |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM | $2,598 | 689 | 0.01% | Shares |
| IFP Advisors, Inc | $2,575 | 447 | 0.01% | Shares |
| Hilton Head Capital Partners, LLC | $2,500 | 434 | 0.00% | Shares |
| GAMMA Investing LLC | $2,235 | 388 | 0.00% | Shares |
| PNC Financial Services Group, Inc. | $2,010 | 349 | 0.00% | Shares |
| ROTHSCHILD INVESTMENT LLC | $1,526 | 265 | 0.00% | Shares |
| EverSource Wealth Advisors, LLC | $1,025 | 178 | 0.00% | Shares |
| ROYAL BANK OF CANADA | $1,000 | 150 | 0.00% | Shares |
| True Wealth Design, LLC | $934 | 162 | 0.00% | Shares |
| Farther Finance Advisors, LLC | $867 | 153 | 0.00% | Shares |
| NISA INVESTMENT ADVISORS, LLC | $403 | 70 | 0.00% | Shares |
| Fortitude Family Office, LLC | $323 | 56 | 0.00% | Shares |
| HARBOUR INVESTMENTS, INC. | $304 | 53 | 0.00% | Shares |
| Wealth Enhancement Trust Services, Inc. | $276 | 48 | 0.00% | Shares |
| Clearstead Advisors, LLC | $226 | 39 | 0.00% | Shares |
| SJS Investment Consulting Inc. | $93 | 16 | 0.00% | Shares |
| Transamerica Financial Advisors, LLC | $80 | 14 | 0.00% | Shares |
| JPL Wealth Management, LLC | $41 | 7 | 0.00% | Shares |
| Sunbelt Securities, Inc. | $15 | 4 | 0.00% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $6 | 1 | 0.00% | Shares |
Company insiders 9 insiders · 4 officers · 5 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Tien-Li Lee | Chief Executive Officer | Feb. 9, 2026 A | 1,551,613 | 6 | 0 | $358,575 |
| Nelson Sun | Chief Financial Officer | Feb. 9, 2026 A | 108,484 | 2 | 0 | $91,620 |
| Bryan Jones | Chief Operating Officer | Oct. 15, 2025 M | 1,250 | 0 | 0 | $0 |
| Manasi Jaiman | Chief Medical Officer | Feb. 9, 2026 A | — | 0 | 0 | $0 |
| Victor Edward Tong Jr | Director | June 11, 2025 A | — | 0 | 0 | $0 |
| Jeffrey Chi | Director | June 11, 2025 A | 133,364 | 0 | 0 | $0 |
| Roy D. Baynes | Director | June 11, 2025 A | — | 0 | 0 | $0 |
| Susan E Graf | Director | June 11, 2025 A | — | 0 | 0 | $0 |
| Vickers Venture Fund VI Pte Ltd | 10% owner | Feb. 14, 2025 C | 2,050,902 | 0 | 0 | $0 |
Insiders from SEC Form 3/4/5 filings; net = open-market P/S only
ETF ownership Held by 11 ETFs
Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.
| Fund | Weight | Units | As of | Source |
|---|---|---|---|---|
| SBIO · ALPS ETF Trust | 0.06% | 22,439 NS | May 31, 2026 | N-PORT |
| IWC · iShares Trust | 0.02% | 42,615 SH | Aug. 8, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 1,175 SH | Aug. 8, 2026 | Daily |
| IBB · iShares Trust | 0.01% | 92,100 SH | Aug. 8, 2026 | Daily |
| BIB · ProShares Trust | 0.00% | 804 NS | May 31, 2026 | N-PORT |
| ITWO · ProShares Trust | 0.00% | 600 NS | May 31, 2026 | N-PORT |
| UWM · ProShares Trust | 0.00% | 469 NS | May 31, 2026 | N-PORT |
| URTY · ProShares Trust | 0.00% | 475 NS | May 31, 2026 | N-PORT |
| HDG · ProShares Trust | 0.00% | 12 NS | May 31, 2026 | N-PORT |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 140,389 SH | Aug. 8, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 408,670 SH | Aug. 8, 2026 | Daily |