0001193125-26-210675 | 10-Q | XBRL Viewer | Aardvark Therapeutics INC

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Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ (21,588)	$ (9,310)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Short-Term Investments

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

The following tables summarize the available-for-sale investment debt securities held at March 31, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury obligations	$	28,731	$	14	$	—	$	28,745
Total	$	28,731	$	14	$	—	$	28,745

The following table summarizes the available-for-sale debt investment securities held at December 31, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury obligations	$	62,863	$	81	$	—	$	62,944
Total	$	62,863	$	81	$	—	$	62,944

As of March 31, 2026, the available-for-sale investment debt securities by contractual maturity were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	28,731	$	28,745
Total	$	28,731	$	28,745

Balance Sheet Details (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Research and development costs	$	4,502	$	4,700
Compensation-related expenses		1,518		2,913
Other		755		422
Total accrued liabilities	$	6,775	$	8,035

Net Loss Per Share - Additional Information (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Weighted-average shares subject to repurchase or forfeiture	0	8,618

Short-Term Investments - Summary of Available-For-Sale Investment Debt Securities by Contractual Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]
Amortized Cost, Due in one year or less	$ 28,731
Amortized Cost	28,731	$ 62,863
Fair Value, Due in one year or less	28,745
Total short-term investments	$ 28,745	$ 62,944

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

Aardwolf Spinoff - Additional Information (Details) - USD ($)	Mar. 31, 2026	Dec. 31, 2025
Aardwolf Tx, LLC
Aardwolf Spinoff [Line Items]
Maximum exposure to loss amount	$ 0	$ 0

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended
	Mar. 31, 2026	Feb. 28, 2025	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025	May 31, 2025	Feb. 14, 2025	Feb. 11, 2025
Class of Stock [Line Items]
Net proceeds from sale of IPO			$ 0	$ 91,075
Offering-related transaction costs			$ 0	$ 2,310
Authorize shares of common stock	490,000,000		490,000,000		490,000,000
Undesignated preferred stock	10,000,000		10,000,000		10,000,000
Maximum \| Stock Options Granted
Class of Stock [Line Items]
Maximum term of options granted			ten years
2025 Plan
Class of Stock [Line Items]
Shares reserved for issuance								2,150,000
2025 Plan \| Tranche One
Class of Stock [Line Items]
Vesting percentage			25.00%
Vesting period			1 year
2025 Plan \| Tranche Two
Class of Stock [Line Items]
Vesting percentage			25.00%
Vesting period			36 months
2025 Employee Stock Purchase Plan
Class of Stock [Line Items]
Shares reserved for issuance								215,000
Unrecognized compensation cost	$ 700		$ 700
Expected to recognize weighted-average period			1 year
Percentage of common stock purchase through payroll deductions								100.00%
Time-based Options
Class of Stock [Line Items]
Unrecognized compensation cost	25,900		$ 25,900
Expected to recognize weighted-average period			3 years 2 months 12 days
2025 Inducement Plan
Class of Stock [Line Items]
Shares reserved for issuance						900,000
IPO
Class of Stock [Line Items]
Convertible preferred stock converted into shares of common stock							11,439,838
Authorize shares of common stock							490,000,000
Undesignated preferred stock							10,000,000
ATM Facility
Class of Stock [Line Items]
Sale of shares			0
Aggregate offering price	$ 150,000
Commission rate pay gross	3.00%
Common Stock \| IPO
Class of Stock [Line Items]
Sale of shares		6,120,661
Offering price per share		$ 16
Option to purchase additional shares				6,120,661
Net proceeds from sale of IPO		$ 87,500
Underwriting discounts and commissions		6,900
Offering-related transaction costs		$ 3,500
Common Stock \| Underwriters
Class of Stock [Line Items]
Option to purchase additional shares		232,661

Balance Sheet Details - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Accrued Liabilities, Current [Abstract]
Research and development costs	$ 4,502	$ 4,700
Compensation-related expenses	1,518	2,913
Other	755	422
Total accrued liabilities	$ 6,775	$ 8,035

Organization and Basis of Presentation	3 Months Ended
Organization and Basis of Presentation	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	1. Organization and Basis of Presentation Description of Business Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) was incorporated in the State of Delaware on May 17, 2017 and its principal offices are located in San Diego, California. The Company is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. The Company targets biological pathways associated with alleviating hunger. In October 2024, the Company incorporated a wholly-owned subsidiary, Artisan Therapeutics, Inc., in the State of Delaware and contributed certain assets to the new entity. In February 2026, the Company incorporated a wholly-owned subsidiary, Ardia Therapeutics, Inc., in the State of Delaware and contributed certain assets to the new entity. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Artisan Therapeutics, Inc. and Ardia Therapeutics, Inc., and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation. Reverse Stock Split On February 5, 2025, the Company effected a one-for-8.474 reverse stock split of its common stock (the "Reverse Stock Split"). The par value and the authorized shares of the common stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemable convertible preferred stock have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented. Liquidity As of March 31, 2026, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital, discovering ARD-101, establishing and maintaining its intellectual property portfolio, conducting research, preclinical studies and clinical trials, manufacturing of ARD-101 and related raw materials, and providing general and administrative support for these operations. The Company does not have any products approved for sale and has not generated any revenue to date. In addition, the Company has a limited operating history, has incurred significant net losses and negative cash flows from operations since its inception and expects that its expenses and operating losses will increase substantially for the foreseeable future. As of March 31, 2026, the Company had an accumulated deficit of $137.5 million. The Company believes its cash, cash equivalents and short-term investments of $91.2 million as of March 31, 2026 will be sufficient for the Company to continue as a going concern for at least one year following the date that the unaudited condensed consolidated financial statements are available to be issued. The Company will be required to raise additional capital and plans to finance its cash needs through public or private equity or debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. However, there can be no assurance that the Company will be able to obtain additional funding on acceptable terms, or at all. If the Company is not able to secure adequate additional funding, it may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or delay or reduce the scope of its planned development programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. Unaudited Condensed Consolidated Interim Financial Information The unaudited condensed consolidated balance sheet as of March 31, 2026, the unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the unaudited condensed consolidated statements of convertible preferred stock and stockholders’ equity for the three months ended March 31, 2026 and 2025, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s consolidated financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the unaudited condensed consolidated financial statements related to the three months ended March 31, 2026 and 2025 are also unaudited. The consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on March 23, 2026. Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and accompanying notes. Such estimates include the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use assets, valuation of stock-based awards and the accrual of research and development expenses. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Assets
Short-term investments	$ 28,745	$ 62,944
Recurring
Assets
Total cash equivalents	52,404	34,378
Recurring \| Short-term investments
Assets
Total short-term investments	28,764	62,976
Recurring \| Money market mutual funds
Assets
Total cash equivalents	52,404	29,379
Recurring \| Scilex Holding Company common stock \| Short-term investments
Assets
Short-term investments	17	30
Recurring \| Sorrento Therapeutics, Inc. Common Stock \| Short-term investments
Assets
Short-term investments	2	2
Recurring \| U.S. Treasury obligations
Assets
Total cash equivalents		4,999
Recurring \| U.S. Treasury obligations \| Short-term investments
Assets
Short-term investments	28,745	62,944
Level 1 \| Recurring
Assets
Total cash equivalents	52,404	29,379
Level 1 \| Recurring \| Short-term investments
Assets
Total short-term investments	19	32
Level 1 \| Recurring \| Money market mutual funds
Assets
Total cash equivalents	52,404	29,379
Level 1 \| Recurring \| Scilex Holding Company common stock \| Short-term investments
Assets
Short-term investments	17	30
Level 1 \| Recurring \| Sorrento Therapeutics, Inc. Common Stock \| Short-term investments
Assets
Short-term investments	2	2
Level 2 \| Recurring
Assets
Total cash equivalents		4,999
Level 2 \| Recurring \| Short-term investments
Assets
Total short-term investments	28,745	62,944
Level 2 \| Recurring \| U.S. Treasury obligations
Assets
Total cash equivalents		4,999
Level 2 \| Recurring \| U.S. Treasury obligations \| Short-term investments
Assets
Short-term investments	$ 28,745	$ 62,944

Segment Reporting - Additional Information (Details)	3 Months Ended
Segment Reporting - Additional Information (Details)	Mar. 31, 2026 USD ($) Segment
Segment Reporting [Abstract]
Segment Reporting, Expense Information Used by CODM, Description	As the Company does not currently generate revenue, the CODM assesses Company performance through the achievement of pre-clinical and clinical research goals. In addition to the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	Chief Executive Officer [Member]
Product revenue \| $	$ 0
Number of operating segments \| Segment	1

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Temporary Equity [Line Items]
Unrealized loss on short-term investments	$ (13,000)	$ (15,000)
Impairment or credit losses recognized related to investments in available-for-sale debt securities	$ 0	$ 0

Short-Term Investments (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

Summary of Available-For-Sale Investment Debt Securities Held

The following tables summarize the available-for-sale investment debt securities held at March 31, 2026 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury obligations	$	28,731	$	14	$	—	$	28,745
Total	$	28,731	$	14	$	—	$	28,745

The following table summarizes the available-for-sale debt investment securities held at December 31, 2025 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
U.S. Treasury obligations	$	62,863	$	81	$	—	$	62,944
Total	$	62,863	$	81	$	—	$	62,944

Summary of Available-For-Sale Investment Debt Securities by Contractual Maturity

As of March 31, 2026, the available-for-sale investment debt securities by contractual maturity were as follows (in thousands):


	Amortized Cost		Fair Value
Due in one year or less	$	28,731	$	28,745
Total	$	28,731	$	28,745

Commitments and Contingencies - Additional Information (Details)	Mar. 31, 2026 USD ($) Claim
Commitments and Contingencies Disclosure [Abstract]
Potential development and commercial milestone payments	$ 180,500,000
Number of claims exist under indemnification arrangements \| Claim	0
Amounts accrued under indemnification arrangements	$ 0

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Acquisition-Related Liabilities

The Company has previously acquired the rights to certain intellectual property in exchange for upfront cash payments and the sellers’ right to receive additional consideration upon the achievement of specified regulatory and commercial milestones associated with products developed by the Company utilizing the acquired in-process research and development. At March 31, 2026, potential future regulatory and commercial milestone payments under these agreements totaled an aggregate of approximately $180.5 million.

Contingencies

From time to time, the Company may become subject to claims or suits arising in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. As of March 31, 2026, the Company’s management is not aware of any legal proceedings or matters that could have a material adverse effect on the Company’s financial position, results of operations or cash flows.

Indemnification Agreements

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with officers and members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. At March 31, 2026, no claims exist under indemnification arrangements and accordingly, no amounts have been accrued in its unaudited condensed consolidated financial statements as of March 31, 2026.

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Stockholders' Equity (Deficit)

Stockholders’ Equity

Initial Public Offering and Related Transactions

In February 2025, the Company completed its initial public offering ("IPO") with the sale of 6,120,661 shares of common stock at an initial public offering price of $16.00 per share, which included the partial exercise by the underwriters of their option to purchase 232,661 additional shares, which resulted in net proceeds to the Company of approximately $87.5 million, after deducting underwriting discounts and commissions of approximately $6.9 million and offering-related transaction costs of approximately $3.5 million.

In addition, in connection with the completion of the IPO on February 14, 2025, all outstanding shares of convertible preferred stock were converted into 11,439,838 shares of the Company’s common stock and the Company’s certificate of incorporation was amended and restated to authorize 490,000,000 shares of common stock and 10,000,000 shares of undesignated preferred stock.

ATM Facility

In March 2026, the Company entered into an Equity Distribution Agreement with Piper Sandler & Co. (the “Agent”), pursuant to which the Company may, from time to time, offer and sell through the Agent shares (the “Shares”) of its common stock (the “ATM Facility”). The issuance and sale of the Shares, if any, will be made pursuant to the Company’s shelf registration statement on Form S-3 (Registration Statement No. 333-294537), filed with the Securities and Exchange Commission on March 23, 2026, including the equity distribution agreement prospectus (the “Equity Distribution Agreement Prospectus”) contained therein. Pursuant to the Equity Distribution Agreement Prospectus, the Company may offer and sell Shares having an aggregate offering price of up to $150.0 million. The Equity Distribution Agreement provides that the Company will pay the Agent a commission at a rate of 3.0% of the gross sales price per Share sold under the Equity Distribution Agreement. The Company has no obligation to sell any Shares under the Equity Distribution Agreement. As of March 31, 2026, no shares of common stock have been sold under the ATM Facility.

Equity Incentive Plans

In December 2024, the Company’s board of directors adopted the 2025 Equity Incentive Plan (the “2025 Plan”), and the Company’s stockholders approved the 2025 Plan in February 2025. The 2025 Plan, pursuant to which 2,150,000 shares were initially reserved for issuance, became effective on February 11, 2025. Upon the effectiveness of the 2025 Plan, no further grants will be made under the 2017 Stock Plan (as amended, the “Plan”). In May 2025, the Company adopted the 2025 Inducement Equity Incentive Plan (the "2025 Inducement Plan", and collectively with the 2025 Plan and the Plan, referred to as the "Plans") pursuant to which an additional 900,000 shares of common stock were reserved to be used exclusively for the grant of equity awards as a material inducement for individuals to commence employment with the Company in compliance with Nasdaq Listing Rule 5635(c)(4).

The maximum term of the options granted under the Plans is no more than ten years. Grants generally vest at 25% one year from the vesting commencement date and ratably each month thereafter for a period of 36 months, subject to continuous service. The Plans allow for the early exercise of all stock options granted if authorized by the board of directors at the time of grant. Any shares of common stock issued from the early exercise of stock options are restricted and vest over time. The Company has the option to repurchase any unvested shares at the lower of the original issue price or current fair value upon any voluntary or involuntary termination of such optionee.

Stock-Based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	792	$	160
General and administrative expense		1,212		73
Total stock-based compensation expense	$	2,004	$	233

As of March 31, 2026, the unrecognized compensation cost related to outstanding time-based options was $25.9 million and is expected to be recognized over a weighted-average period of 3.2 years.

Employee Stock Purchase Plan

In January 2025, the Company’s board of directors adopted the 2025 Employee Stock Purchase Plan (the "ESPP"), which became effective on February 11, 2025. The ESPP permits participants to purchase common stock through payroll deductions of up to 100% of their eligible compensation. Initially, a total of 215,000 shares of common stock was reserved for issuance under the ESPP. The first offering period under the ESPP commenced in April 2025. Stock compensation expense for the three months ended March 31, 2026 related to the ESPP was immaterial. As of March 31, 2026, the unrecognized compensation cost related to current offering periods under the ESPP was $0.7 million and is expected to be recognized over a weighted-average period of 1.0 year.

- Definition

The entire disclosure for equity.

+ References

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	Apr. 30, 2026
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2026
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Registrant Name	AARDVARK THERAPEUTICS, INC.
Central Index Key	0001774857
Entity File Number	001-42513
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-1606367
Entity Address, Address Line One	4370 La Jolla Village Drive
Entity Address, Address Line Two	Suite 1050
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92122
City Area Code	858
Local Phone Number	225-7696
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,816,385
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	AARD
Security Exchange Name	NASDAQ

Aardwolf Spinoff

3 Months Ended

Mar. 31, 2026

Aardwolf Spinoff [Abstract]

Aardwolf Spinoff

10.

Aardwolf Spinoff

In May 2022, through a series of transactions, the Company spun off certain assets of the Company (the "Spinoff") to Aardwolf Therapeutics, Inc. (“Aardwolf”). In accordance with authoritative guidance, the Company has determined that it holds a variable

interest in Aardwolf and Aardwolf meets the definition of a variable interest entity (“VIE”) as Aardwolf does not have the ability to finance its activities without additional subordinated financial support and its equity investors will not absorb their proportionate share of expected losses. However, as the Company does not have both (i) the power to direct the economically significant activities of Aardwolf and (ii) the obligation to absorb losses of, or the right to receive benefits from, Aardwolf, the Company is not considered the primary beneficiary of Aardwolf and has not consolidated the financial position or results of operations of Aardwolf in the accompanying unaudited condensed consolidated financial statements, although Aardwolf is considered a related party of the Company. The Company will continuously perform this assessment, as changes to existing relationships or future transactions may result in the consolidation or deconsolidation of a VIE. At March 31, 2026 and December 31, 2025, the maximum exposure to loss was zero.

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

As of March 31, 2026 and December 31, 2025, assets measured at fair value on a recurring basis were as follows (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents
Money market mutual funds	$	52,404	$	52,404	$	—	$	—
Total cash equivalents	$	52,404	$	52,404	$	—	$	—
Short-term investments
Scilex Holding Company common stock	$	17	$	17	$	—	$	—
Sorrento Therapeutics, Inc. common stock		2		2		—		—
U.S. Treasury obligations		28,745		—		28,745		—
Total short-term investments	$	28,764	$	19	$	28,745	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents
Money market funds	$	29,379	$	29,379	$	—	$	—
U.S. Treasury obligations		4,999		—		4,999		—
Total cash equivalents	$	34,378	$	29,379	$	4,999	$	—
Short-term investments
Scilex Holding Company common stock	$	30	$	30	$	—	$	—
Sorrento Therapeutics, Inc. common stock		2		2		—		—
U.S. Treasury obligations		62,944		—		62,944		—
Total short-term investments	$	62,976	$	32	$	62,944	$	—

Segment Reporting - Summar of Segment Net Loss, Including Significant Segment Expenses (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Research and development expenses:
Research expenses	$ 12,628,000	$ 5,496,000
Personnel-related (including stock-based compensation expense)	3,709,000	2,057,000
Facilities-related and other allocated costs	230,000	202,000
Total Research and development expenses	16,567,000	7,755,000
General and administrative	5,897,000	2,715,000
Interest and dividend income	(889,000)	(1,175,000)
Unrealized losses on short-term investments	13,000	15,000
Net loss	$ 21,588,000	$ 9,310,000

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment Reporting

11.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group ("CODM"), in making decisions regarding resource allocation and assessing performance. The Company’s CODM is its Chief Executive Officer. No product revenue has been generated since inception and all assets are held in the United States.

The Company views its operations and manages its business as one operating segment, focused on the discovery and development of novel therapies for the treatment of metabolic diseases. Segment profit or loss is measured as the Company’s net loss as reported on the Company’s unaudited condensed consolidated statements of operations and comprehensive loss. The Company monitors its cash and cash equivalents and short-term investments as reported on the Company’s unaudited condensed consolidated balance sheets to determine funding for its research and development. The measure of segment assets is reported on the condensed consolidated balance sheet as total assets.

As the Company does not currently generate revenue, the CODM assesses Company performance through the achievement of pre-clinical and clinical research goals. In addition to the Company’s unaudited condensed consolidated statements of operations and comprehensive loss, the CODM is regularly provided with budgeted and forecasted expense information which is used to determine the Company’s liquidity needs and cash allocation.

Segment net loss, including significant segment expenses regularly provided to the CODM, are as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and development expenses:
Research expenses	$	12,628		$	5,496
Personnel-related (including stock-based compensation expense)		3,709			2,057
Facilities-related and other allocated costs		230			202
Total Research and development expenses		16,567			7,755
General and administrative expenses		5,897			2,715
Interest and dividend income		(889	)		(1,175	)
Unrealized losses on short-term investments		13			15
Net loss	$	21,588		$	9,310

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Net Loss Per Share - Schedule of Company Excluded Potential Shares of Common Stock (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted net loss per share	3,892,174	1,131,293
Options to Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted net loss per share	3,829,482	1,123,545
Common Stock Subject to Repurchase Rights
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted net loss per share	0	7,748
Employee Stock Purchase Plan shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Diluted net loss per share	62,692	0

Net Loss Per Share

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share

Basic net loss per share of common stock attributable to common stockholders is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss by the weighted-average number of shares of common stock and potentially dilutive securities outstanding for the period. The Company has excluded zero and 8,618 weighted-average shares subject to repurchase or forfeiture from the weighted-average number of shares of common stock outstanding for the three months ended March 31, 2026 and 2025, respectively.

Basic and diluted net loss attributable to common holders per share is presented in conformity with the two-class method required for participating securities as the convertible preferred stock were considered participating securities because they participated in dividends with the common stock. The Company also considers the shares issued upon the early exercise of stock options subject to repurchase to be participating securities because holders of such shares have non-forfeitable dividend rights in the event a dividend is paid on common stock. The holders of all series of convertible preferred stock and the holders of early exercised shares subject to repurchase do not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. Because the Company has reported a net loss for all periods presented, diluted net loss per share is the same as basic net loss per share for those periods. Accordingly, for the three months ended March 31, 2026 and 2025, there is no difference in the number of shares used to calculate basic and diluted shares outstanding.

The Company excluded the following potential shares of its common stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect:


	March 31,
	2026		2025
Options to purchase common stock		3,829,482		1,123,545
Common stock subject to repurchase rights		—		7,748
Employee Stock Purchase Plan shares		62,692		—
Total		3,892,174		1,131,293

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 62,436	$ 47,051
Short-term investments	28,764	62,976
Prepaid expenses and other current assets	2,380	1,859
Total current assets	93,580	111,886
Operating lease right-of-use asset	269	355
Other assets	4,741	4,940
Total assets	98,590	117,181
Current liabilities:
Accounts payable	4,493	2,072
Accrued liabilities	6,775	8,035
Operating lease liability, current portion	336	441
Total current liabilities	11,604	10,548
Total liabilities	11,604	10,548
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, $0.00001 par value; 10,000,000 shares authorized at March 31, 2026 and December 31, 2025; no shares issued and outstanding at March 31, 2026 and December 31, 2025	0	0
Common stock, $0.00001 par value; 490,000,000 shares authorized at March 31, 2026 and December 31, 2025; 21,816,385 and 21,815,353 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	0	0
Additional paid-in capital	224,478	222,470
Accumulated other comprehensive income	14	81
Accumulated deficit	(137,506)	(115,918)
Total stockholders' equity	86,986	106,633
Total liabilities, convertible preferred stock and stockholders' equity	$ 98,590	$ 117,181

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Expenses [Abstract]
Research and development	$ 16,567,000	$ 7,755,000
General and administrative	5,897,000	2,715,000
Total operating expenses	22,464,000	10,470,000
Loss from operations	(22,464,000)	(10,470,000)
Other income (expense), net:
Unrealized loss on short-term investments	(13,000)	(15,000)
Interest and dividend income	889,000	1,175,000
Total other income, net	876,000	1,160,000
Net loss	$ (21,588,000)	$ (9,310,000)
Net loss per share of common stock, basic	$ (0.99)	$ (0.71)
Net loss per share of common stock, diluted	$ (0.99)	$ (0.71)
Weighted-average shares used in net loss per share calculation, basic	21,815,995	13,194,718
Weighted-average shares used in net loss per share calculation, diluted	21,815,995	13,194,718
Comprehensive income (loss):
Net loss	$ (21,588,000)	$ (9,310,000)
Unrealized (loss) gain on short-term investments	(67,000)	44,000
Comprehensive loss	$ (21,655,000)	$ (9,266,000)

Balance Sheet Details

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Balance Sheet Details

Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	March 31, 2026		December 31, 2025
Research and development costs	$	4,502	$	4,700
Compensation-related expenses		1,518		2,913
Other		755		422
Total accrued liabilities	$	6,775	$	8,035

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1—Quoted prices in active markets for identical assets or liabilities.

Level 2—Observable inputs, such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.

Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.

As of March 31, 2026 and December 31, 2025, assets measured at fair value on a recurring basis were as follows (in thousands):


	March 31, 2026
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents
Money market mutual funds	$	52,404	$	52,404	$	—	$	—
Total cash equivalents	$	52,404	$	52,404	$	—	$	—
Short-term investments
Scilex Holding Company common stock	$	17	$	17	$	—	$	—
Sorrento Therapeutics, Inc. common stock		2		2		—		—
U.S. Treasury obligations		28,745		—		28,745		—
Total short-term investments	$	28,764	$	19	$	28,745	$	—


	December 31, 2025
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents
Money market funds	$	29,379	$	29,379	$	—	$	—
U.S. Treasury obligations		4,999		—		4,999		—
Total cash equivalents	$	34,378	$	29,379	$	4,999	$	—
Short-term investments
Scilex Holding Company common stock	$	30	$	30	$	—	$	—
Sorrento Therapeutics, Inc. common stock		2		2		—		—
U.S. Treasury obligations		62,944		—		62,944		—
Total short-term investments	$	62,976	$	32	$	62,944	$	—

There were no transfers in or out of Level 3 during the three months ended March 31, 2026 and 2025.

The Company determines the fair value of its money market mutual funds and treasury bonds based upon quoted prices in active markets for identical and similar assets as applicable. At March 31, 2026 and December 31, 2025, the Company did not hold any investments, within cash equivalents, that were in a material unrealized gain or loss position.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Company Excluded Potential Shares of Common Stock


	March 31,
	2026		2025
Options to purchase common stock		3,829,482		1,123,545
Common stock subject to repurchase rights		—		7,748
Employee Stock Purchase Plan shares		62,692		—
Total		3,892,174		1,131,293

Stockholders' Equity - Schedule of Allocation of Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 2,004	$ 233
Research and Development Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	792	160
General and Administrative Expense
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 1,212	$ 73

Short-Term Investments - Summary of Available-For-Sale Investment Debt Securities Held (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	$ 28,731	$ 62,863
Gross Unrealized Gains	14	81
Gross Unrealized Losses	0	0
Fair Value	28,745	62,944
U.S. Treasury obligations
Debt Securities, Available-for-Sale [Line Items]
Amortized Cost	28,731	62,863
Gross Unrealized Gains	14	81
Gross Unrealized Losses	0	0
Fair Value	$ 28,745	$ 62,944

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Summary of Significant Accounting Policies	3 Months Ended
Summary of Significant Accounting Policies	Mar. 31, 2026
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash, with original maturities of three months or less when purchased, to be cash equivalents and are stated at cost, which approximates fair value. Cash equivalents are comprised of money market mutual funds and short-term debt obligations of the U.S. Treasury. Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company invests its excess cash in short-term debt obligations of the U.S. Treasury in order to mitigate credit risk and maintain principal and maximize liquidity. Short-Term Investments Short-term investments consist of investments in corporate equity securities with readily determinable fair values and short-term debt obligations of the U.S. Treasury with original maturities in excess of three months. The investments in corporate equity securities with readily determinable fair values are reported at fair value with changes in fair value recorded in the unaudited condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2026 and 2025, unrealized losses of $13,000 and $15,000, respectively, were reported in other income (expense), net in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. The Company obtains pricing information from its investment manager and generally determines the fair value of debt securities using standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers. The Company classifies its investment securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its investments in debt securities at the time of purchase. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest and dividend income in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss and accrued interest receivable is included in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheets. At each balance sheet date, the Company reviews its available-for-sale debt securities that are in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the unaudited condensed consolidated statements of operations and comprehensive loss. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented related to investments in the Company's available-for-sale debt securities. Fair Value of Financial Instruments The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of those instruments. Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist primarily of external and internal costs incurred in performing preclinical and clinical development activities. External costs include fees paid to contract research organizations and consultants in connection with product development activities, including regulatory activities, costs related to manufacturing materials for preclinical studies and clinical trials and license fees. Internal costs include personnel-related costs such as salaries and related expenses for employees involved in research and development efforts, facilities-related costs, depreciation, and other allocated expenses. Non refundable advance payments for goods and services for future research and development activities are deferred and included in other assets in the accompanying unaudited condensed consolidated balance sheets and are expensed as the goods are delivered or the related services are performed. The Company estimates its expenses resulting from its obligations under contracts with vendors, consultants, and contract research organizations in connection with the progress of research and development services performed. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which the services are provided or goods delivered under such contracts. The Company reflects research and development expenses in its unaudited condensed consolidated financial statements by matching those expenses with the period in which services are provided. The Company accounts for these expenses according to the progress of the preclinical or clinical study as measured by the timing of various aspects of the study or the progress of related activities. During the course of a study, the Company reassesses its estimate of performance prospectively based on actual results or any modification to the agreements. Historically, there have been no material differences between the Company’s estimates and the amounts actually incurred. Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on certain investments. For the three months ended March 31, 2026 and 2025, comprehensive loss includes unrealized gains and losses on short-term investments. Recent Accounting Standards From time to time, new accounting standards are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires new financial statement disclosures in tabular format, in the notes to the unaudited condensed consolidated financial statements, of specified information about certain costs and expenses. This update is effective for all entities beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this guidance on its unaudited condensed consolidated financial statements and related disclosures.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ (21,588,000)	$ (9,310,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	2,004,000	233,000
Non-cash lease expense	86,000	107,000
Unrealized loss on short-term investments	13,000	15,000
Amortization of discount on short-term investments	(118,000)	(81,000)
Depreciation expense	11,000	5,000
Changes in operating assets and liabilities:
Prepaid expenses and other assets	(333,000)	(4,362,000)
Accounts payable	2,421,000	648,000
Accrued liabilities	(1,260,000)	1,410,000
Operating lease liability	(105,000)	(53,000)
Net cash used in operating activities	(18,869,000)	(11,388,000)
Investing activities:
Purchases of short-term investments	0	(124,651,000)
Maturities/sales of short-term investments	34,250,000	12,027,000
Net cash provided by (used in) investing activities	34,250,000	(112,624,000)
Financing activities:
Proceeds from sale and issuance of common stock in initial public offering, net of underwriting discounts	0	91,075,000
Financing costs paid in connection with initial public offering	0	(2,310,000)
Proceeds from exercises of common stock options	4,000	110,000
Net cash provided by financing activities	4,000	88,875,000
Net increase (decrease) in cash and cash equivalents	15,385,000	(35,137,000)
Cash and cash equivalents at beginning of year	47,051,000	61,641,000
Cash and cash equivalents at end of year	62,436,000	26,504,000
Supplemental Cash Flow Information [Abstract]
Conversion of convertible preferred stock into common stock upon initial public offering	$ 0	$ 126,756,000

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Statement of Stockholders' Equity [Abstract]
Net of discounts and issuance costs	$ 10.4

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	490,000,000	490,000,000
Common stock, shares issued	21,816,385	21,815,353
Common stock, shares outstanding	21,816,385	21,815,353

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)
Organization and Basis of Presentation [Line Items]
Accumulated deficit	$ (137,506)	$ (115,918)
Cash, cash equivalents and short-term investments	$ 91,200
Reverse stock split, conversion ratio	0.118
Common Stock
Organization and Basis of Presentation [Line Items]
Reverse stock split description	On February 5, 2025, the Company effected a one-for-8.474 reverse stock split of its common stock

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Allocation of Stock Based Compensation Expense

The allocation of stock-based compensation expense was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Research and development expense	$	792	$	160
General and administrative expense		1,212		73
Total stock-based compensation expense	$	2,004	$	233

Related Party Transactions	3 Months Ended
Related Party Transactions	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Party Transactions	9. Related Party Transactions The Company’s Chief Executive Officer is a member of the board of directors of Aardwolf Therapeutics, Inc. (Note 10).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Segment Reporting (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Summar of Segment Net Loss, Including Significant Segment Expenses

Segment net loss, including significant segment expenses regularly provided to the CODM, are as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Research and development expenses:
Research expenses	$	12,628		$	5,496
Personnel-related (including stock-based compensation expense)		3,709			2,057
Facilities-related and other allocated costs		230			202
Total Research and development expenses		16,567			7,755
General and administrative expenses		5,897			2,715
Interest and dividend income		(889	)		(1,175	)
Unrealized losses on short-term investments		13			15
Net loss	$	21,588		$	9,310

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	IPO	Convertible Preferred Stock	Common Stock	Common Stock IPO	Additional Paid-In Capital	Additional Paid-In Capital IPO	Accumulated Other Comprehensive Income	Accumulated Deficit
Temporary equity beginning balance at Dec. 31, 2024			$ 126,756
Temporary equity beginning balance, shares at Dec. 31, 2024			96,941,453
Beginning balance at Dec. 31, 2024	$ (54,643)					$ 3,684			$ (58,327)
Outstanding Beginning balance, shares at Dec. 31, 2024				4,066,969
Issuance of common stock in initial public offering, net of discounts and issuance costs of $10.4 million		$ 87,495					$ 87,495
Issuance of common stock in initial public offering, net of discounts and issuance costs of $10.4 million, shares					6,120,661
Temporary Equity conversion of convertible preferred stock into common stock upon initial public offering			$ (126,756)
Temporary Equity conversion of convertible preferred stock into common stock upon initial public offering, shares			(96,941,453)
Conversion of convertible preferred stock into common stock upon initial public offering	126,756					126,756
Conversion of convertible preferred stock into common stock upon initial public offering, shares				11,439,838
Exercise of common stock options	101					101
Exercise of common stock options, shares				57,085
Vesting of restricted common stock	13					13
Vesting of restricted common stock, shares				3,619
Stock-based compensation expense	233					233
Unrealized (loss) gain on short-term investments	44							$ 44
Net loss	(9,310)								(9,310)
Temporary equity ending balance at Mar. 31, 2025			$ 0
Temporary equity ending balance, shares at Mar. 31, 2025			0
Ending balance at Mar. 31, 2025	150,689					218,282		44	(67,637)
Outstanding Ending balance, shares at Mar. 31, 2025				21,688,172
Temporary equity beginning balance at Dec. 31, 2025			$ 0
Temporary equity beginning balance, shares at Dec. 31, 2025			0
Beginning balance at Dec. 31, 2025	106,633					222,470		81	(115,918)
Outstanding Beginning balance, shares at Dec. 31, 2025				21,815,353
Exercise of common stock options	4					4
Exercise of common stock options, shares				1,032
Stock-based compensation expense	2,004					2,004
Unrealized (loss) gain on short-term investments	(67)							(67)
Net loss	(21,588)								(21,588)
Ending balance at Mar. 31, 2026	$ 86,986					$ 224,478		$ 14	$ (137,506)
Outstanding Ending balance, shares at Mar. 31, 2026				21,816,385

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value Disclosures [Abstract]
Transfers into level 3	$ 0	$ 0
Transfers out of level 3	0	$ 0
Cash and cash equivalent Investment with unrealized gain or loss	$ 0		$ 0

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Description of Business	Description of Business Aardvark Therapeutics, Inc. (“Aardvark” or the “Company”) was incorporated in the State of Delaware on May 17, 2017 and its principal offices are located in San Diego, California. The Company is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. The Company targets biological pathways associated with alleviating hunger. In October 2024, the Company incorporated a wholly-owned subsidiary, Artisan Therapeutics, Inc., in the State of Delaware and contributed certain assets to the new entity. In February 2026, the Company incorporated a wholly-owned subsidiary, Ardia Therapeutics, Inc., in the State of Delaware and contributed certain assets to the new entity.
Principles of Consolidation	Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Artisan Therapeutics, Inc. and Ardia Therapeutics, Inc., and have been prepared in conformity with U.S. generally accepted accounting principles (“GAAP”). All intercompany accounts and transactions have been eliminated in consolidation.
Reverse Stock Split	Reverse Stock Split On February 5, 2025, the Company effected a one-for-8.474 reverse stock split of its common stock (the "Reverse Stock Split"). The par value and the authorized shares of the common stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemable convertible preferred stock have been retroactively adjusted to reflect the Reverse Stock Split for all periods presented.
Liquidity	Liquidity As of March 31, 2026, the Company has devoted substantially all of its resources to organizing and staffing the Company, business planning, raising capital, discovering ARD-101, establishing and maintaining its intellectual property portfolio, conducting research, preclinical studies and clinical trials, manufacturing of ARD-101 and related raw materials, and providing general and administrative support for these operations. The Company does not have any products approved for sale and has not generated any revenue to date. In addition, the Company has a limited operating history, has incurred significant net losses and negative cash flows from operations since its inception and expects that its expenses and operating losses will increase substantially for the foreseeable future. As of March 31, 2026, the Company had an accumulated deficit of $137.5 million. The Company believes its cash, cash equivalents and short-term investments of $91.2 million as of March 31, 2026 will be sufficient for the Company to continue as a going concern for at least one year following the date that the unaudited condensed consolidated financial statements are available to be issued. The Company will be required to raise additional capital and plans to finance its cash needs through public or private equity or debt financings or other capital sources, including potential collaborations, licenses and other similar arrangements. However, there can be no assurance that the Company will be able to obtain additional funding on acceptable terms, or at all. If the Company is not able to secure adequate additional funding, it may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or delay or reduce the scope of its planned development programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
Unaudited Condensed Consolidated Interim Financial Information	Unaudited Condensed Consolidated Interim Financial Information The unaudited condensed consolidated balance sheet as of March 31, 2026, the unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2026 and 2025, the unaudited condensed consolidated statements of convertible preferred stock and stockholders’ equity for the three months ended March 31, 2026 and 2025, and the unaudited condensed consolidated statements of cash flows for the three months ended March 31, 2026 and 2025 are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments necessary to present fairly the Company’s consolidated financial position, results of operations, and cash flows for the interim period presented. The financial data and the other financial information contained in these notes to the unaudited condensed consolidated financial statements related to the three months ended March 31, 2026 and 2025 are also unaudited. The consolidated results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. The unaudited condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited consolidated financial statements as of that date. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission on March 23, 2026.
Use of Estimates	Use of Estimates The preparation of the Company’s unaudited condensed consolidated financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the unaudited condensed consolidated financial statements and accompanying notes. Such estimates include the estimated incremental borrowing rate for the determination of the Company’s operating lease right-of-use assets, valuation of stock-based awards and the accrual of research and development expenses. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments that are readily convertible into cash, with original maturities of three months or less when purchased, to be cash equivalents and are stated at cost, which approximates fair value. Cash equivalents are comprised of money market mutual funds and short-term debt obligations of the U.S. Treasury.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company invests its excess cash in short-term debt obligations of the U.S. Treasury in order to mitigate credit risk and maintain principal and maximize liquidity.
Short-Term Investments	Short-Term Investments Short-term investments consist of investments in corporate equity securities with readily determinable fair values and short-term debt obligations of the U.S. Treasury with original maturities in excess of three months. The investments in corporate equity securities with readily determinable fair values are reported at fair value with changes in fair value recorded in the unaudited condensed consolidated statements of operations and comprehensive loss. During the three months ended March 31, 2026 and 2025, unrealized losses of $13,000 and $15,000, respectively, were reported in other income (expense), net in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss. The Company obtains pricing information from its investment manager and generally determines the fair value of debt securities using standard observable inputs, including reported trades, broker/dealer quotes, and bid and/or offers. The Company classifies its investment securities as available-for-sale, as the sale of such securities may be required prior to maturity. Management determines the appropriate classification of its investments in debt securities at the time of purchase. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than 12 months from, the balance sheet date are classified as short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months. Available-for-sale securities are carried at fair value, with the unrealized gains and losses reported as accumulated other comprehensive income (loss) until realized. The amortized cost of available-for-sale debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available-for-sale are included in interest and dividend income in the accompanying unaudited condensed consolidated statements of operations and comprehensive loss and accrued interest receivable is included in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheets. At each balance sheet date, the Company reviews its available-for-sale debt securities that are in an unrealized loss position to determine whether the unrealized loss or any potential credit losses should be recognized in the unaudited condensed consolidated statements of operations and comprehensive loss. For available-for-sale debt securities in an unrealized loss position, the Company first assesses whether it intends to sell, or it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through net income (loss). For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers the severity of the impairment, any changes in interest rates, changes to the underlying credit ratings and forecasted recovery, among other factors. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in other income, net through an allowance account. There have been no impairment or credit losses recognized during any of the periods presented related to investments in the Company's available-for-sale debt securities.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The carrying amounts of cash equivalents, prepaid expenses and other current assets, accounts payable, and accrued expenses are considered to be representative of their respective fair values because of the short-term nature of those instruments.
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist primarily of external and internal costs incurred in performing preclinical and clinical development activities. External costs include fees paid to contract research organizations and consultants in connection with product development activities, including regulatory activities, costs related to manufacturing materials for preclinical studies and clinical trials and license fees. Internal costs include personnel-related costs such as salaries and related expenses for employees involved in research and development efforts, facilities-related costs, depreciation, and other allocated expenses. Non refundable advance payments for goods and services for future research and development activities are deferred and included in other assets in the accompanying unaudited condensed consolidated balance sheets and are expensed as the goods are delivered or the related services are performed. The Company estimates its expenses resulting from its obligations under contracts with vendors, consultants, and contract research organizations in connection with the progress of research and development services performed. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which the services are provided or goods delivered under such contracts. The Company reflects research and development expenses in its unaudited condensed consolidated financial statements by matching those expenses with the period in which services are provided. The Company accounts for these expenses according to the progress of the preclinical or clinical study as measured by the timing of various aspects of the study or the progress of related activities. During the course of a study, the Company reassesses its estimate of performance prospectively based on actual results or any modification to the agreements. Historically, there have been no material differences between the Company’s estimates and the amounts actually incurred.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on certain investments. For the three months ended March 31, 2026 and 2025, comprehensive loss includes unrealized gains and losses on short-term investments.
Recent Accounting Standards and Recently Issued Accounting Standards Not Yet Adopted	Recent Accounting Standards From time to time, new accounting standards are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s financial position or results of operations upon adoption. Recently Issued Accounting Standards Not Yet Adopted In November 2024, the FASB issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40) (“ASU 2024-03”), which requires new financial statement disclosures in tabular format, in the notes to the unaudited condensed consolidated financial statements, of specified information about certain costs and expenses. This update is effective for all entities beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. ASU 2024-03 can be applied prospectively or retrospectively and early adoption is permitted. The Company is currently evaluating the impact of this guidance on its unaudited condensed consolidated financial statements and related disclosures.