Aardvark Therapeutics reports FY 2024 net loss $20.6M; advances ARD-101 Phase 3 PWS trial

Aardvark Therapeutics, Inc.

2025-Q1 EPS reported -$0.71

Net loss $20.6M in 2024 vs $7.2M in 2023; R&D expenses $17.4M (up $12.9M YoY).
Cash, equivalents, and ST investments $73.7M at Dec 31, 2024; plus $97.9M IPO gross proceeds in Feb 2025.
ARD-101 Phase 2 PWS data: up to 16-point HQ-CT reduction in hyperphagia; body fat decreased ~1.5%, lean muscle increased >2%.
Phase 3 HERO trial topline data for PWS expected early 2026; Phase 2 HONOR (hypothalamic obesity) and EMPOWER (obesity/ARD-201 combo) expected H2 2025.
Appointed Manasi Sinha Jaiman as CMO; added Roy D. Baynes and Susan E. Graf to Board.

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