Aardvark Therapeutics has raised $94.2m in an initial public offering (IPO) to support the development of its hunger-suppressing drug ARD-101 for the rare disease Prader-Willi syndrome.
The US-based biotech sold just under 5.9 million shares at $16 each. The pricing was at the lower end of the company’s expected range, which was between $16 and $18 apiece, according to a 6 February SEC filing. Aardvark will trade on the Nasdaq stock exchange under the ticker symbol “AARD”.
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By GlobalDataAardvark is developing hunger-suppressing treatments for Prader-Willi syndrome and obesity-related conditions. Its lead candidate, ARD-101, is an oral TAS2R agonist designed to activate bitter taste receptors in the gut to stimulate satiety signals and suppress hunger. The company expects to report topline results from its Phase III HERO trial in early 2026.
The company reported encouraging Phase II results (NCT05153434) in June 2023, showing ARD-101 led to reductions in hunger and body fat composition without significant nausea or diarrhoea – side effects commonly associated with glucagon-like peptide 1 receptor agonist (GLP-1RA) drugs like Zepbound (tirzepatide) and Wegovy (semaglutide) currently on the market for obesity. In addition to Prader-Willi syndrome, Aardvark also plans a Phase II trial to evaluate ARD-101 for hyperphagia associated with hypothalamic obesity, a condition that can be caused by brain tumours.
Prader-Willi syndrome is a rare genetic disorder affecting metabolism, growth, and behaviour. It is primarily characterised by hyperphagia – the name given to an abnormally strong sensation of hunger, often leading to overeating and obesity. There are currently no US Food and Drug Administration (FDA)-approved treatments specifically addressing hyperphagia in Prader-Willi syndrome, with treatments focusing mainly on managing symptoms of the disease.
This may not be the case for long. The FDA is set to decide on Soleno Therapeutics’ Prader-Willi therapy DCCR (diazoxide choline) at the end of March. This decision was delayed when the FDA classified responses filed by Soleno as a “major amendment” to its new drug application (NDA), requiring additional time to review. However, the agency has not raised concerns about the drug’s safety, efficacy, or manufacturing.
Aardvark’s IPO comes amid an uptick in biotech public offerings since the start of the year. Other companies that have gone public so far in 2025 include obesity drug developer Metsera, Sionna Therapeutics, kidney disease startup Maze Therapeutics, and Ascentage Pharma.
Market sentiment around IPOs has shown a sign of improvement. According to the Jefferies 2024 Temperature Check, 20% of surveyed healthcare investors expected IPOs and equity raises to drive transactional activity in 2025, up from 6% last year.
An 11 February report from Renaissance Capital stated that while 2025’s IPO activity has not had the “explosive start some had hoped for”, January and February are typically slow months for capital markets, and the company expects “a firmer IPO rebound to take shape in the spring and summer”.
