Aardvark Therapeutics Inc 2025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☐ 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☒ 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).☐ Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES☐NO☒ The aggregate market value of the voting and non-voting common equity held by non-affiliates of the Registrant was approximately $162.9 millionon June30, 2025, the last business day of the registrant’s most recently completed second fiscal quarter based on the closing price of $13.52 per share, which was the closingprice of the registrant’s common stock as reported on the Nasdaq Global Select Market on such date. Shares of common stock held by each executive officer anddirector and by each other person who may be deemed to be an affiliate of the registrant on such date have been excluded from this computation. The determination ofaffiliate status for this purpose is not necessarily a conclusive determination for other purposes.The number of shares of Registrant’s common stock outstanding as of February 28, 2026 was 21,816,041. DOCUMENTS INCORPORATED BY REFERENCE None. Table of Contents PART IItem 1.Business1Item 1A.Risk Factors40Item 1B.Unresolved Staff Comments99Item 1C.Cybersecurity99Item 2.Properties101Item 3.Legal Proceedings101Item 4.Mine Safety Disclosures101 PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities102Item 6.[Reserved]102Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations103Item 7A.Quantitative and Qualitative Disclosures About Market Risk113Item 8.Financial Statements and Supplementary Data115Item 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 StockholderMatters128Item 13.Certain Relationships and Related Transactions, and Director Independence131Item 14.Principal Accounting Fees and Services134 Item 15.Exhibits, Financial Statement Schedules136Item 16.Form 10-K Summary138 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 Securiti