---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-25-047769"
form_type: "8-K"
ticker: "AARD"
cik: "0001774857"
company_name: "Aardvark Therapeutics, Inc."
filed_at: "2025-03-31T23:59:59+00:00"
generated_at: "2026-05-24T02:05:37.714772+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-25-047769
- form_type: 8-K
- ticker: AARD
- cik: 0001774857
- company_name: Aardvark Therapeutics, Inc.
- filed_at: 2025-03-31T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1774857/000095017025047769/0000950170-25-047769-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1774857/000095017025047769/ck0001774857-20250331.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-25-047769
- JSON: https://secwatch.observer/filing/0000950170-25-047769.json
- Plain text: https://secwatch.observer/filing/0000950170-25-047769.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.