Aardvark Therapeutics, a Phase 3 biotech developing novel small molecule therapies for metabolic diseases, raised $94 million by offering 5.9 million shares at $16, the low end of the range of $16 to $18.
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.
Aardvark Therapeutics plans to list on the Nasdaq under the symbol AARD. Morgan Stanley, BofA Securities, Cantor Fitzgerald, and RBC Capital Markets acted as joint bookrunners on the deal.
