Aardvark Therapeutics, Inc.
For the period ended Dec 31, 2025. Filed Mar 23, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Mar 23, 2026
AARD$1.37+1.5%Stored close · as of Nov 10, 2026
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Item 15. Exhibits, Financial Statement Schedules
(a) Documents filed as part of this report.
- Financial Statements
The consolidated financial statements of Aardvark Therapeutics, Inc. listed below are set forth in Part II, Item 8 of this Annual Report:
| Page | |
| Report of Independent Registered Public Accounting Firm: BDO USA, P.C.; San Diego, California; (PCAOB ID # 243) | F-2 |
|---|---|
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | F-3 |
| Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2025 and 2024 | F-4 |
| Consolidated Statements of Convertible Preferred Stock and Stockholders’ Equity (Deficit) for the years ended December 31, 2025 and 2024 | F-5 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024 | F-6 |
| Notes to Consolidated Financial Statements | F-7 |
- Financial Statement Schedules
These schedules have been omitted because the required information is included in the consolidated financial statements or notes thereto or because they are not applicable or not required.
- Exhibits
| ExhibitNumber | Description of Document |
| 3.1 | Fourth Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K (File No. 001-42513), filed on February 14, 2025). |
| 3.2 | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025). |
| 4.1 | Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025). |
| 4.2 | Description of Securities (incorporated by reference to Exhibit 4.2 of our Annual Report on Form 10-K, filed on March 31, 2025). |
| 10.1+ | 2017 Equity Incentive Plan, as amended, and forms of agreement thereunder (incorporated by reference to Exhibit 10.1 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.2+ | 2025 Equity Incentive Plan (incorporated by reference to Exhibit 10.2 of our Registration Statement on Form S-8 (File No. 333-284915), filed on February 13, 2025). |
| 10.3+ | 2025 Equity Incentive Plan Form of Stock Option Agreement (incorporated by reference to Exhibit 10.3 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025). |
| 10.4+ | 2025 Equity Incentive Plan Form of Restricted Stock Unit Award Agreement (incorporated by reference to Exhibit 10.4 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025). |
| 10.5+ | 2025 Employee Stock Purchase Plan (incorporated by reference to Exhibit 10.5 of our Registration Statement on Form S-8 (File No. 333-284915), filed on February 13, 2025). |
| 10.6+ | 2025 Inducement Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025). |
| 10.7+ | 2025 Inducement Equity Incentive Plan Form of Stock Option Agreement (incorporated by reference to Exhibit 10.2 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025). |
| 10.8+ | 2025 Inducement Equity Incentive Plan Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.3 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025). |
| 10.9+ | Form of Indemnification Agreement (incorporated by reference to Exhibit 10.6 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.10+ | Employment Offer Letter, dated July 24, 2019, between the Registrant and Tien-Li Lee, M.D. (incorporated by reference to Exhibit 10.7 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.11+ | Employment Offer Letter, dated August 23, 2021, between the Registrant and Nelson Sun (incorporated by reference to Exhibit 10.9 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.12+ | Employment Offer Letter, dated August 23, 2024, between the Registrant and Manasi Jaiman, M.D., M.P.H. (incorporated by reference to Exhibit 10.10 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.13 | Amended and Restated Investors’ Rights Agreement, dated May 1, 2024 (incorporated by reference to Exhibit 10.11 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.14+ | Non-Employee Director Compensation Policy (incorporated by reference to Exhibit 10.12 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| 10.15+ | Aardvark Therapeutics, Inc. Severance Plan (incorporated by reference to Exhibit 10.13 of our Registration Statement on Form S-1 (File No. 333-284440), filed on January 23, 2025). |
| ExhibitNumber | Description of Document |
| 19.1* | Aardvark Therapeutics, Inc. Insider Trading Policy, as amended |
| 21.1* | Subsidiaries of the Registrant. |
| 23.1* | Consent of BDO USA, P.C. Independent Registered Public Accounting Firm. |
| 24.1* | Power of Attorney. Reference is made to the signature page hereto. |
| 31.1* | Certification of the Principal Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934. |
| 31.2* | Certification of the Principal Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934. |
| 32.1† | Certification of the Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 32.2† | Certification of the Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
| 97 | Aardvark Therapeutics, Inc. Clawback Policy (incorporated by reference to Exhibit 97 of our Annual Report on Form 10-K (File No. 001-42513), filed on March 31, 2025). |
- Filed herewith.
- Indicates management contract or compensatory plan.
† Furnished herewith.
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