Aardvark Therapeutics, a clinical-stage biopharmaceutical company, will debut it’s initial public offering (IPO) this week, on the Nasdaq Global Market under the ticker symbol AARD. The company plans to offer approximately 5.9 million shares, with an anticipated price range of $16.00 to $18.00 per share. At the midpoint of the range the offering value will be slightly above $100 million. Morgan Stanley, BofA Securities, Cantor Fitzgerald & Co., and RBC Capital Markets, LLC are acting as joint bookrunners for the offering.
Specializing in metabolic and inflammatory diseases, Aardvark Therapeutics utilizes a proprietary drug discovery platform focusing on targeted mechanisms of action. The company aims to use the proceeds from the IPO to advance research and development, expand clinical trials, and explore potential acquisitions. Aardvark's lead candidate, ARD-101, is an oral, gut-restricted small-molecule agonist targeting specific bitter taste receptors in the gut. The company has initiated a Phase 3 trial of ARD-101 for hyperphagia associated with Prader-Willi Syndrome, with topline data expected in early 2026. Additionally, a Phase 2 trial is planned for hyperphagia associated with acquired hypothalamic obesity resulting from craniopharyngioma treatment.
The following tables set forth AARD summary historical financial data as of, and for the periods ended on, the periods indicated:
Some of Aardvark’s comparable companies in the biopharmaceutical sector, focusing on metabolic and inflammatory diseases that have recently successfully IPO’d:
- MBX Biosciences: Specializing in peptide therapies for endocrine and metabolic disorders, MBX Biosciences raised $163.2 million in its U.S. IPO in September 2024. The company sold 10.2 million shares at $16 each, valuing it at approximately $482.5 million.
- BioAge Labs: Focused on developing treatments for obesity and metabolic diseases, BioAge Labs raised $189 million in its IPO in September 2024. The company offered 10.5 million shares priced at $18.
- Zenas BioPharma: Concentrating on immunology and inflammation, Zenas BioPharma filed for a U.S. IPO in August 2024. The company has raised $358.3 million from investors, including Bristol-Myers Squibb
Post-IPO, Aardvark Therapeutics intends to focus on expanding its clinical trials, pursuing strategic partnerships, and exploring licensing deals. The company's ability to execute its growth initiatives and maintain financial stability will be crucial for delivering long-term value to shareholders.
