AARD revenueQ2 2026$695.0K
- Quarter YoY
- -53.3%
- FY YoY
- -100.0%
AARD revenue was $695.0K in fiscal Q2 2026 (ended Jun 30, 2026), down 53.3% from a year earlier. For the full fiscal 2025 it was $0, down 100.0% from fiscal 2024.
Aardvark Therapeutics Inc. (AARD) financials
For the twelve months ended Jun 30, 2026, Aardvark Therapeutics Inc. reported $2.05M of revenue and -$69.89M of net income.
- Revenue, TTM
- $2.05M
- Revenue growth, YoY
- -36.2%
- Net income, TTM
- -$69.89M
- Net margin
- -3415.9%
- Cash
- $73.85M
- P/S
- 12.51
- Market cap
- $25.6M
FY2024FY2025
FY2024FY2025
FY2024FY2025
AARD revenue and earnings growth
AARD net incomeQ2 2026-$14.39M
AARD net income was -$14.39M in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$14.37M a year earlier. For the full fiscal 2025 it was -$57.59M, compared with -$20.59M in fiscal 2024.
AARD EPSQ2 2026-$0.66
AARD diluted EPS was -$0.66 in fiscal Q2 2026 (ended Jun 30, 2026), compared with -$0.66 a year earlier. For the full fiscal 2025 it was -$2.93.
AARD free cash flowQ4 2025-$16.81M
AARD free cash flow was -$16.81M in fiscal Q4 2025 (ended Dec 31, 2025), compared with -$7.73M a year earlier. For the full fiscal 2025 it was -$54.27M, compared with -$18.20M in fiscal 2024.
Income statement
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Revenue | $0 | $2.41M |
| Research and development | $48.94M | $17.36M |
| Selling, general and admin | $13.79M | $5.30M |
| Operating income | -$62.73M | -$22.79M |
| Income tax | $0 | $0 |
| Net income | -$57.59M | -$20.59M |
| EPS, basic | -$2.93 | -$5.15 |
| EPS, diluted | -$2.93 | -$5.15 |
| Diluted shares | 19.6M | 4.0M |
Balance sheet
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Cash and equivalents | $47.05M | $61.64M |
| Short-term investments | $62.98M | $12.02M |
| Current assets | $111.89M | $74.14M |
| Total assets | $117.18M | $77.51M |
| Current liabilities | $10.55M | $4.93M |
| Total liabilities | $10.55M | $5.39M |
| Shareholders' equity | $106.63M | -$54.64M |
Cash flow
| Line item | Dec 31, 2025 | Dec 31, 2024 |
|---|---|---|
| Operating cash flow | -$54.17M | -$18.09M |
| Capital expenditures | $95.0K | $109.0K |
| Free cash flow | -$54.27M | -$18.20M |
| Investing cash flow | -$49.67M | -$12.00M |
| Financing cash flow | $89.25M | $81.99M |
| Stock-based compensation | $3.95M | $439.0K |
| Depreciation and amortization | $36.0K | $16.0K |
Key ratios
Income statement
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $695.0K | $0 | $0 | $1.35M | $1.49M | $0 | $717.0K | $1.00M | $594.0K | $103.0K |
| Research and development | $10.46M | $16.57M | $14.30M | $13.74M | $13.14M | $7.75M | $8.06M | $4.07M | $4.03M | $1.21M |
| Selling, general and admin | $4.63M | $5.90M | $4.41M | $3.97M | $2.70M | $2.71M | $1.39M | $1.03M | $2.03M | $861.0K |
| Operating income | -$15.08M | -$22.46M | -$18.70M | -$17.70M | -$15.85M | -$10.47M | -$9.45M | -$5.09M | -$6.07M | -$2.17M |
| Net income | -$14.39M | -$21.59M | -$17.60M | -$16.32M | -$14.37M | -$9.31M | -$8.78M | -$4.18M | -$5.45M | -$2.18M |
| EPS, basic | -$0.66 | -$0.99 | - | -$0.75 | -$0.66 | -$0.71 | -$2.18 | -$1.05 | -$1.37 | -$0.55 |
| EPS, diluted | -$0.66 | -$0.99 | - | -$0.75 | -$0.66 | -$0.71 | -$2.18 | -$1.05 | -$1.37 | -$0.55 |
| Diluted shares | 21.8M | 21.8M | - | 21.7M | 21.7M | 13.2M | - | 4.0M | 4.0M | 4.0M |
Balance sheet
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $73.85M | $62.44M | $47.05M | $39.28M | $26.00M | $26.50M | $61.64M | $82.28M | $86.17M | $7.54M |
| Short-term investments | $21.0K | $28.76M | $62.98M | $87.06M | $115.82M | $124.76M | $12.02M | - | - | - |
| Current assets | $80.66M | $93.58M | $111.89M | $129.21M | $144.77M | $154.55M | $74.14M | - | - | - |
| Total assets | $81.46M | $98.59M | $117.18M | $133.23M | $147.47M | $157.03M | $77.51M | - | - | - |
| Current liabilities | $6.39M | $11.60M | $10.55M | $10.74M | $10.31M | $5.98M | $4.93M | - | - | - |
| Total liabilities | $6.66M | $11.60M | $10.55M | $10.85M | $10.55M | $6.34M | $5.39M | - | - | - |
| Shareholders' equity | $74.80M | $86.99M | $106.63M | $122.38M | $136.93M | $150.69M | -$54.64M | -$46.17M | -$42.31M | -$36.91M |
Cash flow
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$17.60M | -$18.87M | -$16.81M | -$16.13M | -$9.84M | -$11.39M | -$7.73M | -$3.96M | -$4.21M | -$2.19M |
| Capital expenditures | - | - | $0 | $4.0K | $91.0K | $0 | $6.0K | $5.0K | $93.0K | $5.0K |
| Free cash flow | - | - | -$16.81M | -$16.13M | -$9.94M | -$11.39M | -$7.73M | -$3.96M | -$4.31M | -$2.19M |
| Investing cash flow | $28.75M | $34.25M | $24.30M | $29.25M | $9.41M | -$112.62M | -$11.89M | -$5.0K | -$93.0K | -$5.0K |
| Financing cash flow | $262.0K | $4.0K | $274.0K | $171.0K | -$71.0K | $88.88M | -$1.01M | $64.0K | $82.94M | $0 |
| Stock-based compensation | $1.95M | $2.00M | $1.58M | $1.50M | $634.0K | $233.0K | $173.0K | $145.0K | $54.0K | $67.0K |
| Depreciation and amortization | $11.0K | $11.0K | $10.0K | $10.0K | $11.0K | $5.0K | $8.0K | $8.0K | -$2.0K | $2.0K |
Key ratios
| Line item | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -53.3% | - | -100.0% | 35.1% | 150.5% | -100.0% | - | - | - | - |
| Operating margin | -2170.4% | - | - | -1310.4% | -1065.1% | - | -1318.0% | -509.1% | -1022.4% | -2107.8% |
| Net margin | -2070.1% | - | - | -1207.7% | -965.5% | - | -1224.4% | -418.2% | -917.3% | -2114.6% |
| Free cash flow margin | - | - | - | -1194.2% | -667.7% | - | -1078.5% | -396.0% | -725.3% | -2131.1% |
| Current ratio | 12.63 | 8.06 | 10.61 | 12.03 | 14.04 | 25.86 | 15.05 | - | - | - |
Source: XBRL data Aardvark Therapeutics Inc. files with the SEC, latest filing dated Aug 11, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
AARD peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| AARD | $2.05M | -36.2% | -$69.89M | -3415.9% | $25.6M |
| LLY | $86.46B | +45.5% | $27.58B | 31.9% | $1.27T |
| JNJ | $99.33B | +7.8% | $16.09B | 16.2% | $664.95B |
| ABBV | $66.01B | +10.7% | $10.34B | 15.7% | $514.92B |
| MRK | $67.38B | +4.9% | $2.45B | 3.6% | $361.71B |
| NVS | $54.53B | +8.4% | $13.98B | 25.6% | $310.17B |
| AZN | $58.74B | +8.6% | $10.22B | 17.4% | $289.10B |
| ABT | $48.23B | +10.0% | $4.70B | 9.7% | $190.39B |
| NVO | DKK 309.06B | +6.4% | DKK 102.43B | 33.1% | $178.51B |
AARD FAQ
6 questionsWhat is AARD revenue?
Aardvark Therapeutics Inc. (AARD) reported $2.05M of revenue for the twelve months ended Jun 30, 2026. That is down 36.2% from the year before. Revenue for fiscal 2025 was $0.Is AARD profitable?
No. Aardvark Therapeutics Inc. reported a net loss of $69.89M for the twelve months ended Jun 30, 2026.How much cash and debt does AARD have?
Aardvark Therapeutics Inc. reported $73.85M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is AARD revenue growing?
Aardvark Therapeutics Inc.'s revenue changed -100.0% in fiscal 2025, to $0.When did AARD last report financial results?
The latest statements here come from Aardvark Therapeutics Inc.'s 10-Q filed on Aug 11, 2026, covering the period ended Jun 30, 2026.Where does this AARD financial data come from?
Quantisnow builds these statements from the structured XBRL data Aardvark Therapeutics Inc. files with the SEC. It is provided for information only and is not investment advice.