Aardvark Therapeutics (Ticker: AARD) is a clinical-stage biopharmaceutical company focusing on developing small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, including obesity. Their lead product candidate, ARD-101, is an oral gut-restricted small-molecule agonist of certain TAS2Rs for which they have initiated a Phase 3 clinical trial for hyperphagia associated with the genetic disorder Prader-Willi Syndrome (PWS). They also intend to evaluate ARD-101 in a Phase 2 clinical trial for hyperphagia associated with hypothalamic obesity, a rare condition that can be congenital or acquired through brain injury.

Aardvark Therapeutics will list on February 14, 2025, on NASDAQ. The firm is selling 5.9 million shares at the price range of $16.00-$18.00. The expected Market Capitalization at offer is around $363 million. The total offer size is $100 million. The offering is managed by Morgan Stanley/BofA Securities/Cantor/RBC Capital Markets.