Aardvark Therapeutics, Inc. Common Stock
AARDHealthcare|Biotechnology|US
$1.17
+0.06 (+5.41%)
DCF Value
$2.06
Tangible Book / Share
$3.42
Cash / Share
$3.38
Financials
Financial Snapshot
Market Cap
$25.6M
Enterprise Value
-$47.6M
Revenue (TTM)
$0.00
Net Income (TTM)
-$69.9M
Cash & Investments
$73.9M
Net Cash
$73.2M
Free Cash Flow (TTM)
-$69.4M
Operating CF (TTM)
-$69.4M
Debt/Equity
0.01
Cash Runway & Burn Rate
Cash on Hand
$73.9M
Quarterly Burn
$17.4M
Monthly Burn
$5.8M
Est. Runway
~4.3 quarters
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Investments | $16.1M | $10.0M | $73.7M | $110.0M | $73.9M | |
| Operating Cash Flow | -$10.5M | -$5.8M | -$18.1M | -$54.2M | -$69.4M | |
| Free Cash Flow | -$10.5M | -$5.8M | -$18.2M | -$54.3M | -$69.4M | |
| Capital Expenditure | $0.00 | $0.00 | -$109.0K | -$95.0K | -$4.0K | |
| Financing Cash Flow | $225.0K | $0.00 | $82.0M | $89.2M | $711.0K |
R&D Spending
R&D (TTM)
$55.1M
R&D Intensity
—
R&D Growth vs Prior
+12.5%
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $7.2M | $4.5M | $17.4M | $48.9M | $55.1M | |
| SG&A | $2.7M | $2.2M | $5.3M | $13.8M | $18.9M |
Income Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $7.2M | $4.5M | $17.4M | $48.9M | $55.1M | |
| SG&A | $2.7M | $2.2M | $5.3M | $13.8M | $18.9M | |
| Operating Income | -$11.4M | -$7.4M | -$22.8M | -$62.7M | -$74.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M | -$69.9M | |
| Net Income | -$13.6M | -$7.2M | -$20.6M | -$57.6M | -$69.9M | |
| EPS (Diluted) | -0.63 | -0.34 | -0.95 | -2.64 | -3.21 | |
| EBITDA | -$10.8M | -$6.6M | -$22.7M | -$57.6M | -$69.8M | |
| Shares Out. (M) | 21.38 | 21.38 | 21.70 | 21.82 | 21.85 |
Balance Sheet
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $15.6M | $9.7M | $61.6M | $47.1M | $73.8M | |
| Short-Term Investments | $546.0K | $254.0K | $12.0M | $63.0M | $21.0K | |
| Total Current Assets | $16.5M | $10.4M | $74.1M | $111.9M | $80.7M | |
| Total Assets | $16.8M | $10.5M | $77.5M | $117.2M | $81.5M | |
| Total Current Liabilities | $595.0K | $1.4M | $4.9M | $10.5M | $6.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $276.0K | |
| Total Liabilities | $44.7M | $45.3M | $132.2M | $10.5M | $6.7M | |
| Stockholders' Equity | -$27.9M | -$34.8M | -$54.6M | $106.6M | $74.8M | |
| Retained Earnings | -$30.5M | -$37.7M | -$58.3M | -$115.9M | -$151.9M |
Cash Flow Statement
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Operating Cash Flow | -$10.5M | -$5.8M | -$18.1M | -$54.2M | -$69.4M | |
| Capital Expenditure | $0.00 | $0.00 | -$109.0K | -$95.0K | -$4.0K | |
| Free Cash Flow | -$10.5M | -$5.8M | -$18.2M | -$54.3M | -$69.4M | |
| Investing Cash Flow | -$1.0M | $0.00 | -$12.0M | -$49.7M | $116.5M | |
| Financing Cash Flow | $225.0K | $0.00 | $82.0M | $89.2M | $711.0K | |
| Issuance of Stock | $225.0K | $0.00 | $332.0K | $89.2M | $711.0K | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | -$1.0M | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $412.0K | $313.0K | $439.0K | $3.9M | $4.0M | |
| Net Change in Cash | -$11.3M | -$5.8M | $51.9M | -$14.6M | $47.9M |
Dilution Tracker
Shares Outstanding
22M
5-Year Share Growth
+2.0%
Stock Issuance (TTM)
$711.0K
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| Shares Out. (M) | 21.38 | 21.38 | 21.70 | 21.82 | 21.85 | |
| Change vs Prior % | — | 0.0% | 1.5% | 0.6% | 0.1% | |
| Stock Issuance | $225.0K | $0.00 | $332.0K | $89.2M | $711.0K | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $412.0K | $313.0K | $439.0K | $3.9M | $4.0M |
Margins & Profitability
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| ROE % | 48.6% | 20.7% | 37.7% | -54.0% | -71.5% | |
| ROA % | -80.9% | -68.4% | -26.6% | -49.1% | -85.8% | |
| ROIC % | -69.9% | -80.0% | -31.2% | -58.6% | -98.0% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 34.7% | -207.3% | -175.3% | |
| Net Income | 0.0% | 46.9% | -185.6% | -179.7% | |
| EPS (Diluted) | 0.0% | 46.0% | -179.4% | -177.9% | |
| Operating Cash Flow | 0.0% | 44.8% | -210.6% | -199.5% | |
| Free Cash Flow | 0.0% | 44.8% | -212.4% | -198.2% | |
| R&D Expense | 0.0% | -37.5% | 287.6% | 181.8% | |
| SG&A Expense | 0.0% | -19.6% | 144.1% | 159.9% | |
| Total Assets | 0.0% | -37.1% | 635.6% | 51.2% | |
| Book Value / Share | 0.0% | -24.6% | -54.8% | 294.1% | |
| Debt | 0.0% | -38.2% | 380.9% | -43.4% | |
| Diluted Shares | 0.0% | 0.0% | 1.5% | 0.6% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B0.34
EV/EBITDA0.68
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$2.06
Tangible Book / Share
$3.42
Net Current Assets / Share
$3.38
Graham Net-Net
$3.08
Cash / Share
$3.38
| Metric | Trend | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|
| P/E Ratio | -22.71 | -42.09 | -15.06 | -4.97 | -0.36 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -10.96 | -8.79 | -5.68 | 2.69 | 0.34 | |
| EV/EBITDA | -27.01 | -45.22 | -11.02 | -4.17 | 0.68 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-2.04
Distress
Piotroski F-Score
1
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $300.0K | $1.0M | $2.3M |
| Net Income | -$67.8M | -$54.1M | -$46.0M |
| EPS | $-3.08 | $-2.36 | $-2.21 |
| # Analysts (EPS) | 9 | 9 | 6 |