secwatch.observer — SEC 8-K summary
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Issuer:     Aardvark Therapeutics, Inc. (AARD)
CIK:        0001774857
Form:       8-K
Filed at:   2026-03-23T23:59:59+00:00
Accession:  0001193125-26-119727
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Aardvark Therapeutics reports FY2025 net loss $57.6M; pauses all clinical trials after cardiac signal
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- Net loss $57.6M for FY2025 vs $20.6M in FY2024; cash $110.0M supports operations into Q2 2027.
- Voluntary pause of Phase 3 HERO and OLE trials for ARD-101 in PWS after reversible QRS prolongation in healthy volunteers.
- ARD-201 obesity trials (POWER, STRENGTH) also voluntarily paused; further guidance expected Q2 2026.
- Clinical and preclinical data published in Molecular Metabolism showing ARD-101 reduced hunger and increased gut hormones.
- R&D spend $48.9M in FY2025 up from $17.4M; G&A $13.8M up from $5.3M.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1774857/000119312526119727/0001193125-26-119727-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1774857/000119312526119727/ck0001774857-20260323.htm
  HTML page:      https://secwatch.observer/filing/0001193125-26-119727

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer