Aardvark Therapeutics, Inc. filed its quarterly report on Form 10-Q with the SEC on November 13, 2026, covering the fiscal quarter and nine months ended September 30, 2026.

Key Highlights

  • Net loss of $55.161 million for the nine months ended September 30, 2026, compared to $39.993 million for the same period in 2025, according to the filing.
  • Third-quarter net loss of $19.186 million for the three months ended September 30, 2026, versus $16.316 million in the prior-year quarter.
  • Cash and cash equivalents of $60.335 million as of September 30, 2026, down from $47.051 million at December 31, 2025, with short-term investments declining to $13 thousand from $62.976 million.
  • Total assets of $64.800 million as of September 30, 2026, compared to $117.181 million at December 31, 2025.
  • Research and development expenses of $42.692 million for the nine months ended September 30, 2026, up from $34.637 million in the same period of 2025.
  • Accumulated deficit of $171.079 million as of September 30, 2026, versus $115.918 million at December 31, 2025.
  • 21,889,271 shares of common stock issued and outstanding as of September 30, 2026, with 21,891,271 shares outstanding as of November 2, 2026.

Aardvark Therapeutics Financial Results: Third Quarter and Nine Months Ended September 30, 2026

Aardvark Therapeutics, Inc. (NASDAQ:AARD), a Delaware-incorporated biopharmaceutical company headquartered in San Diego, California, reported its unaudited financial results for the three and nine months ended September 30, 2026 in a 10-Q filing. The company disclosed a net loss of $19.186 million for the third quarter of 2026, compared to a net loss of $16.316 million for the same period in 2025. For the nine-month period, the net loss was $55.161 million, widening from $39.993 million in the first nine months of 2025. Net loss per share, basic and diluted, was $0.88 for the quarter and $2.52 for the nine-month period, according to the filing.

The filing reported total operating expenses of $19.717 million for the third quarter of 2026, consisting of research and development expenses of $15.670 million and general and administrative expenses of $4.047 million. For the nine months ended September 30, 2026, total operating expenses reached $57.265 million, with research and development at $42.692 million and general and administrative at $14.573 million. Other income, net, partially offset these expenses, totaling $531 thousand for the quarter and $2.104 million for the nine-month period, primarily from interest and dividend income of $539 thousand and $2.123 million, respectively.

As of September 30, 2026, the company reported total assets of $64.800 million, down from $117.181 million at December 31, 2025. Cash and cash equivalents stood at $60.335 million, while short-term investments had declined to $13 thousand from $62.976 million at year-end 2025. Total stockholders' equity was $57.607 million at September 30, 2026, compared to $106.633 million at December 31, 2025. Stock-based compensation expense for the nine months ended September 30, 2026 was $5.928 million. The company reported that the registrant is classified as a non-accelerated filer, smaller reporting company, and emerging growth company.

What Was Disclosed

Aardvark Therapeutics filed a 10-Q for the quarter ended September 30, 2026, disclosing a nine-month net loss of $55.161 million, total assets of $64.800 million, cash and cash equivalents of $60.335 million, and an accumulated deficit of $171.079 million.