Biotechnology company Aardvark Therapeutics has submitted an initial public offering (IPO) application to the U.S. Securities and Exchange Commission, aiming to raise up to $100 million to advance its novel therapeutic pipeline focused on metabolic diseases. The company plans to list on NASDAQ under the ticker symbol "AARD."
The company's flagship candidate, ARD-101 (denatonium acetate monohydrate), represents a novel approach to treating metabolic disorders through its unique mechanism of action. As an oral gut-restricted small molecule agonist, ARD-101 targets specific bitter taste receptors (TAS2Rs) expressed in the intestinal lumen, offering a potentially groundbreaking treatment option for patients with hyperphagia-related conditions.
Clinical Development Program
Aardvark has initiated a pivotal Phase III clinical trial evaluating ARD-101 for the treatment of hyperphagia associated with Prader-Willi syndrome, a rare genetic disorder characterized by insatiable appetite and severe obesity. The company expects to release trial data in early 2026, marking a significant milestone in addressing this challenging condition.
Building on their development strategy, Aardvark is also preparing to launch a Phase II clinical trial investigating ARD-101's efficacy in treating hyperphagia associated with acquired hypothalamic obesity. This condition specifically affects patients who have undergone treatment for craniopharyngioma, including surgery or radiotherapy, representing an important expansion of the drug's potential therapeutic applications.
Market Position and Financial Details
The IPO is being managed by a strong consortium of investment banks, with Morgan Stanley, Bank of America Securities, Cantor Fitzgerald, and RBC Capital Markets serving as joint bookrunners. The company, founded in 2017, submitted its confidential IPO application on October 24, 2024, though specific pricing terms remain undisclosed.
This public offering represents a significant step forward for Aardvark Therapeutics, potentially providing the necessary capital to advance its innovative therapeutic approach in addressing serious metabolic disorders with significant unmet medical needs.
