Aardvark Therapeutics Q3 net loss $16.3M; cash $126.4M; FDA expands PWS trial age to 10 years

Aardvark Therapeutics, Inc.

2025-Q3 EPS reported -$2.12

Cash, equivalents, and short-term investments of $126.4M as of Sep 30, 2025; expected to fund operations into 2027.
Net loss of $16.3M for Q3 2025 vs $4.2M for Q3 2024, driven by increased R&D and G&A expenses.
R&D expenses $13.7M (vs $4.1M) and G&A expenses $4.0M (vs $1.0M) due to ARD-101 development and public company costs.
FDA agreed to reduce minimum age for HERO Phase 3 trial (ARD-101 for PWS) from 13 to 10 years, broadening eligibility.
Preclinical ARD-201 data showed preserved lean mass, glucose control vs tirzepatide, and weight management post-GLP-1.

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