Biotechnology company Aardvark Therapeutics submitted an IPO application for the US stock market, aiming to raise USD 100 million
Biotechnology company Aardvark Therapeutics has submitted an IPO application to the U.S. Securities and Exchange Commission, planning to raise $100 million. The company focuses on developing novel small molecule therapies for metabolic diseases, with its main candidate drug ARD-101 currently undergoing Phase III clinical trials, with data expected to be released in early 2026. Aardvark was founded in 2017 and plans to list on NASDAQ under the ticker symbol AARD. Morgan Stanley and others are the joint bookrunners for this transaction
According to Zhitong Finance APP, Aardvark Therapeutics is a Phase III biotechnology company developing novel small molecule therapies for metabolic diseases. The company submitted an IPO application to the U.S. Securities and Exchange Commission on Thursday to raise up to $100 million.
Aardvark's wholly-owned main candidate drug ARD-101 (denatonium acetate monohydrate) is an oral gut-restricted small molecule agonist that inhibits certain bitter taste receptors (TAS2Rs) expressed in the intestinal lumen. The company has initiated a potentially pivotal Phase III trial of ARD-101 for the treatment of hyperphagia associated with Prader-Willi syndrome, with data expected to be released in early 2026. The company also plans to evaluate ARD-101 in a Phase II clinical trial for the treatment of hyperphagia associated with acquired hypothalamic obesity resulting from craniopharyngioma treatment (including surgery or radiotherapy).
Founded in 2017, the company plans to list on NASDAQ under the ticker symbol AARD. Aardvark Therapeutics submitted its application confidentially on October 24, 2024. Morgan Stanley, Bank of America Securities, Cantor Fitzgerald, and RBC Capital Markets are the joint bookrunners for the transaction. Pricing terms have not been disclosed