Aardvark Therapeutics Inc 2024年度报告

Indicate by check mark if the Registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☐NO☒ Indicate by check mark if the Registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filingrequirements for the past 90 days. YES☐NO☒ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 ofRegulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or anemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growthcompany” in Rule 12b-2 of the Exchange Act. Large accelerated filer☐Non-accelerated filer☒Emerging growth company☒ Accelerated filer☐ Smaller reporting company☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any newor revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal controlover financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared orissued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in thefiling reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation receivedby any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant, based on the closing price of the shares ofcommon stock as reported on the Nasdaq Global Select Market on February 21, 2025, was $160.5 million. The Registrant has elected to use February 21,2025, which was the date of the closing of the partial exercise by the underwriters of their over-allotment option related to the Registrant’s initial publicoffering, as the calculation date because, as of June 28, 2024 (the last business day of the registrant’s most recently completed second fiscal quarter), theregistrant was a privately held company. The number of shares of Registrant’s common stock outstanding as of March 20, 2025 was 21,695,920.DOCUMENTS INCORPORATED BY REFERENCE None. Table of Contents PART IItem 1.BusinessItem 1A.Risk Factors Item 1B.Unresolved Staff Comments97Item 1C.Cybersecurity97Item 2.Properties98Item 3.Legal Proceedings98Item 4.Mine Safety Disclosures98 PART II Item 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities99Item 6.[Reserved]100Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations101Item 7A.Quantitative and Qualitative Disclosures About Market Risk111Item 8.Financial Statements and Supplementary Data111Item 9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure112Item 9A.Controls and Procedures112Item 9B.Other Information113Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections113 PART III Item 10.Directors, Executive Officers and Corporate Governance114Item 11.Executive Compensation121Item 12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters129Item 13.Certain Relationships and Related Transactions, and Director Independence132Item 14.Principal Accounting Fees and Services136 PART IV Item 15.Exhibits, Financial Statement Schedules137Item 16.Form 10-K Summary139 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (Annual Report) contains forward-looking statements about us and ourindustry within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the ExchangeAct), and Section 27A of the Securities Act of 1933, as amended (the Securities Act), which statements involvesubstantial risks and uncertainties. Forward-looking statements generally relate to future events or our futurefina