Aardvark Therapeutics, Inc. (NASDAQ:AARD) Chief Financial and Operating Officer Nelson Sun filed a Form 4 on November 10, 2026, disclosing the repricing of three stock option grants on November 6, 2026, reducing their exercise prices to $1.26 per share.

Key Highlights

  • Three options repriced: Stock options originally priced at $13.48, $11.29, and $4.24 per share were each reduced to a new exercise price of $1.26 per share on November 6, 2026.
  • Total shares affected: The repricing covers 70,549 shares, 209,826 shares, and 23,719 shares across the three option grants, respectively.
  • Stockholder approval: According to the filing, stockholders of Aardvark Therapeutics approved the repricing proposal on August 14, 2026.
  • Retention Period condition: The new $1.26 exercise price applies only if Nelson Sun remains in continuous service from November 6, 2026 until the earlier of November 6, 2027 or a qualifying Change in Control.
  • Original exercise prices preserved during Retention Period: If any repriced option is exercised before the end of the Retention Period, the original exercise price, not $1.26, applies to that exercise.
  • Vesting schedules and expiration dates unchanged: The filing states that each repriced option retains its respective original vesting schedule and expiration date following the repricing.

Aardvark Therapeutics Reprices Nelson Sun's Stock Options Following Stockholder Vote

According to the Form 4 filing, Nelson Sun, identified in the remarks section as Chief Financial and Operating Officer of Aardvark Therapeutics, Inc. (NASDAQ:AARD), reported changes in beneficial ownership of derivative securities resulting from a stockholder-approved option repricing. The earliest transaction date reported is November 6, 2026. The filing records each of the three original options as disposed of at their prior exercise prices and simultaneously records the acquisition of replacement options at the new $1.26 exercise price.

The filing discloses that Aardvark Therapeutics stockholders approved the repricing of certain eligible outstanding stock options on August 14, 2026. On November 6, 2026, the exercise price of the three eligible options held by Sun was reduced to $1.26 per share, described in the filing as the "New Exercise Price." However, the filing specifies that the New Exercise Price is conditional: if Sun exercises any repriced option before the end of what the filing calls the "Retention Period," defined as the period from November 6, 2026 until the earlier of November 6, 2027 or a Change in Control during Sun's continuous service, the original exercise price for that grant applies to that exercise instead.

The three repriced grants carry expiration dates of July 20, 2034, June 11, 2035, and February 9, 2036. Their respective vesting schedules, as described in the filing's footnotes, remain in effect. Following the reported transactions, Sun holds 23,719, 209,826, and 70,549 derivative securities under those three options, each held directly.

What Was Disclosed

Nelson Sun's Form 4 discloses the November 6, 2026 repricing of three stock option grants from exercise prices of $4.24, $11.29, and $13.48 to $1.26 per share, subject to a one-year continuous service condition, as approved by Aardvark Therapeutics stockholders on August 14, 2026.