Aardvark Therapeutics, a Phase 3 biotech developing novel small molecule therapies for metabolic diseases, filed on Thursday with the SEC to raise up to $100 million in an initial public offering.
Aardvark's wholly-owned lead candidate, ARD-101 (denatonium acetate monohydrate), is an oral gut-restricted small-molecule agonist of certain Bitter Taste Receptors (TAS2Rs) expressed in the gut lumen. The company has initiated a potentially pivotal Phase 3 trial of ARD-101 for hyperphagia associated with Prader-Willi Syndrome, with topline data expected in early 2026. It also intends to evaluate ARD-101 in a Phase 2 trial for hyperphagia associated with acquired hypothalamic obesity resultant from treatment of craniopharyngioma, including surgery or radiation.
The San Diego, CA-based company was founded in 2017 and plans to list on the Nasdaq under the symbol AARD. Aardvark Therapeutics filed confidentially on October 24, 2024. Morgan Stanley, BofA Securities, Cantor Fitzgerald, and RBC Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.