Aardvark Therapeutics Inc 2026年季度报告

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period thatthe 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, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Table of Contents PagePART IFINANCIAL INFORMATION1Item 1.Condensed Consolidated Financial Statements1Condensed Consolidated Balance Sheets as of June 30, 2026 (unaudited) and December 31, 20251Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for thethree and six months ended June 30, 2026 and 20252Unaudited Condensed Consolidated Statements of Stockholders’ Equity for the three and sixmonths ended June 30, 2026 and 20253Unaudited Condensed Consolidated Statements of Cash Flows for the six months ended June 30,2026 and 20255Notes to Unaudited Condensed Consolidated Financial Statements6Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations14Item 3.Quantitative and Qualitative Disclosures About Market Risk25Item 4.Controls and Procedures25PART IIOTHER INFORMATION27Item 1.Legal Proceedings27Item 1A.Risk Factors27Item 2.Unregistered Sales of Equity Securities and Use of Proceeds87Item 3.Defaults Upon Senior Securities88Item 4.Mine Safety Disclosures88Item 5.Other Information88Item 6.Exhibits89Signatures90 AARDVARK THERAPEUTICS, INC.UNAUDITEDCONDENSED CONSOLIDATED STATEMENTS OFCASH FLOWS(in thousands) AARDVARK THERAPEUTICS, INC.NOTES TOUNAUDITEDCONDENSED CONSOLIDATED FINANCIAL STATEMENTS 1.Organization and Basis of Presentation Description of Business Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) was incorporated in the State of Delaware onMay 17, 2017 and its principal offices are located in San Diego, California. The Company is a clinical-stagebiopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innatehomeostatic pathways for the treatment of metabolic diseases. The Company targets biological pathways associatedwith alleviating hunger. In October 2024, the Company incorporated a wholly-owned subsidiary, Artisan Therapeutics, Inc., in theState of Delaware and contributed certain assets to the new entity. In February 2026, the Company incorporated awholly-owned subsidiary, Ardia Therapeutics, Inc., in the State of Delaware and contributed certain assets to thenew entity. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and itswholly-owned subsidiaries, Artisan Therapeutics, Inc. and Ardia Therapeutics, Inc., and have been prepared inconformity with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts andtransactions have been eliminated in consolidation. Reverse Stock Split On February 5, 2025, the Company effected a one-for-8.474 reverse stock split of its common stock (the"Reverse Stock Split"). The par value and the authorized shares of the common stock were not adjusted as a result ofthe Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemableconvertible preferred stock have been retroactively adjusted to reflect the Reverse Stock Split for all periodspresented. Liquidity As of June 30, 2026, the Company has devoted substantially all of its resources to organizing and staffing theCompany, business planning, raising capital, discovering ARD-101, establishing and maintaining its intellectualproperty portfolio, conducting research, preclinical studies and clinical trials, manufacturing ARD-101 and relatedraw materials, and providing general and administrative support for these operations. The Company does not haveany products approved for sale and has not generated any revenue to date. In addition, the Company has a limitedoperating history, has incurred significant net losses and negative cash flows from operations since its inception andexpects that its operating losses and negative cash flows from operations will continue for the foreseeable future. Asof June 30, 2026, the Company had an accumulated deficit of $151.9 million. The Company believes its cash, cash equivalents and short-term investments of $73.9 million as of June 30,2026 will be sufficient for the Company to continue as a going concern for at least one year following the date thatthe unaudited condensed consolidated financial statements are available to be issued. The Company will be required to raise additional capital and plans to finance its cash needs through public orprivate equity or debt financings or other