Aardvark Therapeutics (AARD) Plans to Raise $100 Million in February 14th IPO

Aardvark Therapeutics (AARD) expects to raise $100 million in an IPO on Friday, February 14th, IPO Scoop reports. The company plans to issue 5,900,000 shares at a price of $16.00-$18.00 per share.

Aardvark Therapeutics has a market cap of $363.5 million.

Morgan Stanley, BofA Securities, Cantor and RBC Capital Markets served as the underwriters for the IPO.

Aardvark Therapeutics provided the following description of their company for its IPO: ”  We are a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases, including obesity. (Incorporated in Delaware)  We target biological pathways associated with alleviating hunger that we believe have the potential to deliver transformative outcomes for patients. We have focused our efforts on developing selective compounds, targeting Bitter Taste Receptors (TAS2Rs) for hunger-associated conditions. Our initial compounds target TAS2Rs expressed in the gut lumen, which normally respond to the nutrients in food and participate in the gut-brain axis. Our research has shown that activating these receptors can induce secretion of endogenous signaling molecules, including cholecystokinin (CCK) and glucagon-like peptide-1 (GLP-1).  Our wholly owned lead product candidate, ARD-101 (denatonium acetate monohydrate), is an oral gut-restricted small-molecule agonist of certain TAS2Rs expressed in the gut lumen for which we have initiated a Phase 3 clinical trial for hyperphagia associated with Prader-Willi Syndrome (PWS). We also intend to evaluate ARD-101 in a Phase 2 clinical trial for hyperphagia associated with acquired hypothalamic obesity resultant from treatment of craniopharyngioma, including surgery or radiation (HO). In our completed Phase 2 clinical trial in subjects with hyperphagia associated with PWS, ARD-101 was shown to be well-tolerated and demonstrated clinical activity through a reduction in Hyperphagia Questionnaire for Clinical Trials (HQ-CT) score. We have aligned with the U.S. Food and Drug Administration (the FDA) on a protocol for a potentially pivotal Phase 3 clinical trial, which we initiated in December 2024, and we anticipate topline data will be available in early 2026. TAS2Rs are a family of 26 different nutrient-sensing G protein-coupled receptors (GPCRs) that are ubiquitously expressed among vertebrates. TAS2Rs are present in the oral cavity to convey bitter taste and are highly expressed in many other tissues throughout the body where they are key in regulating metabolic and inflammatory pathways. CCK has long been recognized as a promising pharmaceutical target because its release is triggered with food and helps suppress hunger, the feeling of discomfort that comes from a perception of not having eaten recently. We believe this suppression of hunger could be complementary to the suppression of appetite reported from patients on GLP-1 targeted treatment, which reduces the desirability of food. Previous approaches to directly agonize CCK receptors through exogenous molecules have been limited by safety concerns driven by systemic exposure, resulting in on-target, off-tissue toxicity, and in turn leading to adverse effects, such as pancreatitis. Besides our product candidates, we are not aware of any approved or other clinical-stage candidates targeting certain TAS2Rs.   Note: Net loss and revenue are for the 12 months that ended Sept. 30, 2024. (Note: Aardvark Therapeutics disclosed the terms for its IPO on Feb. 6, 2025, in an S-1/A filing: 5.89 million shares (5,888,000 shares) at a price range of $16.00 to $18.00 to raise $100.1 million. Background: Aardvark Therapeutics filed its S-1 to go public in January 2025. The company submitted confidential IPO documents to the SEC in October 2024.) “.

Aardvark Therapeutics was founded in 2017 and has 18 employees. The company is located at 4370 La Jolla Village Drive, Suite 1050, San Diego, CA 92122 and can be reached via phone at (858)-225-7696 or on the web at https://aardvarktherapeutics.com/.