AARD Aardvark Therapeutics, Inc. - Common Stock
NASDAQ · Pharmaceuticals · View on SEC EDGAR ↗ close Oct 2, 2026 10-K/10-Q Aug 11, 2026
$4.99
· of 52w range
· above low
· to high
$3.3552w low
$17.9452w high
Market Cap (MRQ)
$109M
P/E (TTM)
-1.6
EPS (TTM)
$-3.21
Revenue (TTM)
$0
your badges
52W Range
$3–$18
Analyst Rating
BUY
Price Target
$11
P/E
-1.6
ROE
-66.0%
Net Profit Margin
·
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AARD Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
Price
$4.99
Market Cap (MRQ)
$109M
P/E (TTM)
-1.6
EPS (TTM)
$-3.21
Revenue (TTM)
$0
ROE (TTM)
-66.0%
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$02025-12-31 → 2025-12-31
EPS$-2.932024-12-31 → 2025-12-31
Free Cash Flow$-54M2025-12-31 → 2025-12-31
Valuation & Ratios
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | AARD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | -1.6 | · | · | · | |
| P/B (MRQ) | 1.5 | · | 3.2 | Undervalued | |
| Price / FCF | -2.0 | · | · | · | |
| Price / Cash Flow | -2.0 | · | · | · | |
| Price / Tangible Book | 1.0 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | AARD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| ROA (TTM) | -61.1% | · | -59.5% | In line | |
| ROE (TTM) | -66.0% | · | -80.5% | Top tier |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | AARD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Current Ratio (MRQ) | 12.6 | · | 5.3 | Strong liquidity | |
| Quick Ratio | 10.4 | · | 1.4 | Strong liquidity |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
No data for this ratio group yet
Not enough fundamentals data to compute this ratio group yet.
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | AARD | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.0 | · | 0.1 | Weak | |
| Revenue / Employee | ≈$0.00 | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
Avg Surprise
2.8%
Next Report
Nov 11, 2026
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Aug 19, 2026 | $-0.66 | $-0.89 | 26.0% |
| March 31, 2026 | May 20, 2026 | $-0.99 | $-0.89 | -10.6% |
| Dec. 31, 2025 | $-0.81 | $-0.85 | 4.6% | |
| Sept. 30, 2025 | $-0.75 | $-0.81 | 7.9% | |
| June 30, 2025 | $-0.66 | $-0.61 | -7.8% | |
| March 31, 2025 | $-0.71 | $-0.69 | -3.4% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| 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
| 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
| 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
| Metric | Trend | 2025 |
|---|---|---|
| ROA | -59.2% | |
| ROE | -47.3% |
Liquidity & Solvency
| Metric | Trend | 2025 |
|---|---|---|
| Current Ratio | 10.6 | |
| Quick Ratio | 10.4 |
Efficiency
| Metric | Trend | 2025 |
|---|---|---|
| Asset Turnover | 0.0 |
Per Share
| Metric | Trend | 2025 |
|---|---|---|
| Book Value / Share | $4.89 | |
| Revenue / Share | $0.00 | |
| Cash Flow / Share | $-2.76 | |
| Cash / Share | $2.16 | |
| EPS (TTM) | $-2.93 |
Valuation (TTM)
| 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
| 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 | · | 21,713,858 | 21,690,275 | 13,194,718 | |
| Shares (Diluted) | 21,846,251 | 21,815,995 | · | 21,713,858 | 21,690,275 | 13,194,718 | |
| EBITDA | $-15M | · | · | $-18M | $-16M | $-10M |
Balance Sheet
| 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
| 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
| 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
| 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
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Asset Turnover | · | · | · | · | · | 0.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Book Value / Share | $3.42 | · | · | $5.63 | $6.31 | $6.95 | |
| Revenue / Share | · | · | · | · | · | $0.00 | |
| Cash Flow / Share | · | · | · | · | · | $-0.86 | |
| Cash / Share | $3.37 | · | · | $1.81 | $1.20 | $1.22 | |
| EPS (TTM) | $-3.21 | $-3.11 | · | $-4.30 | $-4.60 | $-5.31 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|---|---|---|
| Revenue TTM | $0 | · | · | · | · | · | |
| Net Income TTM | $-70M | $-62M | · | $-49M | $-37M | $-28M | |
| Market Cap | $126M | · | · | $289M | $293M | $163M | |
| P/E | -1.8 | -1.2 | · | -3.1 | -2.9 | -1.4 | |
| 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 | |
| Earnings Yield | -55.7% | -82.5% | · | -32.4% | -34.0% | -70.7% |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $0 | · |
| Net Income | $-58M | $-21M |
| Diluted EPS | $-2.93 | $-5.15 |
| Metric | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Current Ratio | 10.6 | · |
| Quick Ratio | 10.4 | · |
| Metric | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Free Cash Flow | $-54M | · |
Institutional owners (13F) 78 filers · $64.7M 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.
Holders
78
Value held
$64.7M
New positions
19
Exited positions
24
Institutional activity — Q2 2026 vs prior quarter
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 19 (-15 vs prior Q) | 24 (+8 vs prior Q) | 22 (+4 vs prior Q) | 24 (+2 vs prior Q) | -745K |
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 | 34.89% | Shares |
| VANGUARD GROUP INC | $9,416,269 | 717,430 | 14.56% | Shares |
| CITADEL ADVISORS LLC | $7,391,037 | 1,283,166 | 11.43% | Shares |
| Laurion Capital Management LP | $5,958,484 | 1,034,459 | 9.21% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $3,242,172 | 562,877 | 5.01% | Shares |
| AQR CAPITAL MANAGEMENT LLC | $2,766,234 | 480,249 | 4.28% | Shares |
| EcoR1 Capital, LLC | $2,282,077 | 396,194 | 3.53% | Shares |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | $1,728,000 | 300,000 | 2.67% | Shares |
| BlackRock, Inc. | $1,077,378 | 187,045 | 1.67% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $863,529 | 149,844 | 1.34% | Shares |
| CANTOR FITZGERALD, L. P. | $671,512 | 116,582 | 1.04% | Shares |
| TWO SIGMA INVESTMENTS, LP | $624,252 | 108,377 | 0.97% | Shares |
| RAYMOND JAMES FINANCIAL INC | $456,676 | 79,284 | 0.71% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $432,991 | 75,172 | 0.67% | Shares |
| Woodline Partners LP | $417,191 | 72,429 | 0.65% | Shares |
| MILLENNIUM MANAGEMENT LLC | $402,900 | 69,948 | 0.62% | Shares |
| TWO SIGMA ADVISERS, LP | $343,875 | 26,200 | 0.53% | Shares |
| STATE STREET CORP | $341,412 | 59,273 | 0.53% | Shares |
| CITADEL ADVISORS LLC | $340,416 | 59,100 | 0.53% | Put option |
| J. Goldman & Co LP | $233,280 | 40,500 | 0.36% | Shares |
| IEQ CAPITAL, LLC | $221,080 | 38,382 | 0.34% | Shares |
| UBS Group AG | $205,281 | 35,639 | 0.32% | Shares |
| MORGAN STANLEY | $173,820 | 30,177 | 0.27% | Shares |
| NORTHERN TRUST CORP | $161,741 | 28,080 | 0.25% | Shares |
| CITIGROUP INC | $151,482 | 26,299 | 0.23% | Shares |
| Cresset Asset Management, LLC | $138,430 | 24,033 | 0.21% | Shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | $138,384 | 24,025 | 0.21% | Shares |
| BRIDGEWAY CAPITAL MANAGEMENT, LLC | $138,240 | 24,000 | 0.21% | Shares |
| JANE STREET GROUP, LLC | $133,632 | 23,200 | 0.21% | Put option |
| Point72 Asset Management, L.P. | $131,743 | 22,872 | 0.20% | Shares |
| JANE STREET GROUP, LLC | $129,392 | 22,464 | 0.20% | Shares |
| Mariner, LLC | $125,408 | 21,784 | 0.19% | Shares |
| SMITH, MOORE & CO. | $115,200 | 20,000 | 0.18% | Shares |
| XTX Topco Ltd | $114,555 | 19,888 | 0.18% | Shares |
| MARSHALL WACE, LLP | $109,879 | 19,076 | 0.17% | Shares |
| FMR LLC | $108,887 | 18,904 | 0.17% | Shares |
| SIMPLEX TRADING, LLC | $91,681 | 15,917 | 0.14% | Shares |
| EcoR1 Capital, LLC | $84,672 | 14,700 | 0.13% | Call option |
| WEALTH ENHANCEMENT ADVISORY SERVICES, LLC | $79,298 | 10,434 | 0.12% | Shares |
| PRELUDE CAPITAL MANAGEMENT, LLC | $71,574 | 12,426 | 0.11% | Shares |
| GOLDMAN SACHS GROUP INC | $70,508 | 12,241 | 0.11% | Shares |
| MERCER GLOBAL ADVISORS INC /ADV | $66,033 | 11,464 | 0.10% | Shares |
| Cerity Partners LLC | $62,042 | 10,771 | 0.10% | Shares |
| Abel Hall, LLC | $57,980 | 10,066 | 0.09% | Shares |
| Arax Advisory Partners | $48,234 | 8,374 | 0.07% | Shares |
| Vanguard Global Advisers, LLC | $33,944 | 5,893 | 0.05% | Shares |
| Steward Partners Investment Advisory, LLC | $23,904 | 4,150 | 0.04% | Shares |
| CWM, LLC | $22,752 | 6,035 | 0.04% | Shares |
| China Universal Asset Management Co., Ltd. | $19,999 | 3,472 | 0.03% | Shares |
| Tower Research Capital LLC (TRC) | $14,406 | 2,501 | 0.02% | 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 | 1 | 0 | $101,360 |
| Bryan Jones | Chief Operating Officer | Oct. 15, 2025 M | 1,250 | 0 | 0 | $0 |
| Nelson Sun | Chief Financial & Operating Officer | Sept. 11, 2026 S | 35,475 | 1 | 2 | $-351,730 |
| Manasi Jaiman | Chief Medical Officer | Feb. 9, 2026 A | · | 0 | 0 | $0 |
| Victor Edward Tong Jr | Director | Aug. 14, 2026 A | · | 0 | 0 | $0 |
| Jeffrey Chi | Director | Aug. 14, 2026 A | 133,364 | 0 | 0 | $0 |
| Roy D. Baynes | Director | Aug. 14, 2026 A | · | 0 | 0 | $0 |
| Susan E Graf | Director | Aug. 14, 2026 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 5 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 |
|---|---|---|---|---|
| IWC · iShares Trust | 0.02% | 44,764 SH | Sept. 11, 2026 | Daily |
| IBBQ · Invesco Exchange-Traded Fund Trust … | 0.01% | 1,525 SH | Oct. 1, 2026 | Daily |
| IBB · iShares Trust | 0.00% | 94,983 SH | Sept. 11, 2026 | Daily |
| VXF · VANGUARD INDEX FUNDS | 0.00% | 140,389 SH | Aug. 19, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.00% | 408,670 SH | Aug. 19, 2026 | Daily |
AARD Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
rating · 18 analysts
BUY
Median target
$6.00
+20.2%
5 27.8%
Strong Buy
6 33.3%
Buy
5 27.8%
Hold
2 11.1%
Sell
0 0.0%
Strong Sell
12-Month Price Target
9 analysts · 2026-09-30Mean target $11.11 +122.7%
Now
Current price $4.99
Low$3.00
Mean$11.11
High$28.00
Peer comparison (GICS sub-industry) Key metrics vs sector peers
FY basis, prices as of each company's last fiscal year-end close.
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Source: SEC 10-Q filed Aug 11, 2026