AARD Aardvark Therapeutics, Inc.

Overview and Growth

Aardvark Therapeutics, Inc. generated $0.00 of revenue in fiscal 2025, with net loss of $57.59M and an operating cash outflow of $54.17M. Diluted earnings per share were -$2.93, translating the period’s attributable earnings into the amount reported for each diluted share. A diluted share base of 19.62M links the aggregate earnings figure to diluted EPS and helps frame the per-share comparison. The diluted share count was 391.1% higher than fiscal 2024, when diluted shares averaged 4.00M, adding context to the EPS comparison. Total assets stood at $117.18M, showing the scale of resources supporting revenue, earnings, liquidity, and financing.

Profitability

Operations produced a $62.73M operating loss before non-operating and tax effects. After all below-operating-line items, the company recorded a net loss of $57.59M for the fiscal year. Negative EBITDA totaled $62.69M, confirming that the earnings deficit remained before depreciation and amortization. The company recognized $0.00 of income tax for the period, completing the transition from pretax income to net income. The net loss equaled 54.0% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 49.1%, placing the bottom-line deficit against the company’s resource base. The bottom-line deficit increased from $20.59M in fiscal 2024 to $57.59M.

Liquidity and Capital Structure

Total assets were $117.18M, supported by $10.55M of liabilities and $106.63M of shareholder equity. The near-term balance sheet paired $111.89M of current assets with $10.55M of current liabilities at the reporting date. Current assets covered current liabilities by 10.61x, leaving a positive buffer for near-term obligations. The company held $47.05M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 446.1% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Book equity represented 91.0% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 9.0% of total assets, quantifying the liability-funded share of the company’s resource base. Measured against total assets, cash and equivalents represented 40.2%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 51.2% from $77.51M in fiscal 2024, leaving current total assets higher year over year. The reported cash balance changed 23.7% from $61.64M in fiscal 2024, ending lower year over year.

Cash Flow and Earnings Quality

Operating activities used $54.17M of cash, resulting in an operating cash outflow for the year. Capital expenditures used $95.00K in addition to the operating cash outflow, increasing the total cash consumed by operations and investment during the period. Negative free cash flow was $54.27M, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 46.3% of total assets, placing the cash shortfall against the company’s resource base. Compared with a $18.09M operating cash outflow in fiscal 2024, the current outflow increased to $54.17M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.