Aardvark Therapeutics achieved a major milestone last week by launching its initial public offering (IPO) and joining the NASDAQ as a publicly traded company (ticker symbol AARD). This marks an exciting step forward for Aardvark and for the entire Prader-Willi syndrome (PWS) community, as the company continues advancing its lead candidate, ARD-101, through the drug development process.
Aardvark is developing small-molecule therapeutics for metabolic diseases, with its lead candidate, ARD-101, currently in Phase 3 development for hyperphagia in people with PWS. The $94.2M raised from their IPO will provide significant funding to advance ARD-101, as well as ARD-201, both of which treat hyperphagia through slightly different biochemical pathways than the GLP-1 agonists currently dominating the market.
FPWR first invested in Aardvark Therapeutics in 2021 and again in 2024 to support the clinical evaluation of ARD-101 in individuals with PWS. Our funding helped Aardvark initiate and advance its first PWS clinical trial, generating critical early-stage data. By funding promising therapies in their early stages, FPWR aims to accelerate the development of new treatments for PWS, providing companies with the support they need to reach key milestones, attract additional investment, and ultimately bring effective therapies to market.
With Aardvark’s IPO, the company is well-positioned to continue the rigorous process of drug development, gathering the necessary data to bring ARD-101 one step closer to becoming a potential treatment for PWS. This achievement highlights the power of early investment in rare disease research and underscores the importance of supporting innovative companies in their quest to develop meaningful therapies.
We congratulate Aardvark Therapeutics on this important milestone and look forward to their continued progress in advancing treatments for the PWS community!
About Aardvark Therapeutics, Inc.
Aardvark is a clinical-stage biopharmaceutical company focused on developing novel, small-molecule therapeutics to activate innate homeostatic pathways for the treatment of metabolic diseases. Its portfolio of small molecule programs targets biological pathways associated with alleviating hunger. Aardvark’s lead product candidate, ARD-101, targets Bitter Taste Receptors (TAS2Rs) expressed in the gut lumen, inducing secretion of endogenous signaling molecules, including the satiety hormone cholecystokinin (CCK), which in turn activates gut-brain signals to suppress the sensation of hunger. This potential first-in-class oral investigational drug demonstrated clinical activity and was well-tolerated in Phase 2 trials and has entered Phase 3 development for hyperphagia associated with Prader-Willi Syndrome, for which Aardvark has been granted Orphan Drug Designation. Additionally, Aardvark intends to advance ARD-101 into Phase 2 development for hyperphagia associated with hypothalamic obesity, with a goal of addressing significant unmet needs across both these rare disease indications. Aardvark is also developing ARD-201, which will be a fixed-dose combination of ARD-101 with a dipeptidyl peptidase-4 (DPP-4) inhibitor, with a goal of addressing some of the limitations of currently marketed GLP-1 therapies for the treatment of obesity and obesity-related conditions.
