AARDNasdaqPharmaceutical PreparationsFiscal year ends December 31
Aardvark Therapeutics, Inc.
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 11, 2026
$3.74−0.04 (-1.06%)
Close on Oct 19, 2026
- Market cap
- $81.70M
- P/E (TTM)
- –
- Dividend yield
- –
Ownership
Institutional holdings as of Jun 30, 2026, from 13F filings
Held by institutions
43.6%
10M of 22M shares
Institutional holders
72
19 new, 24 sold out
Net institutional buying
-1M
In Q2 2026
Insider trades, 12 months
2 buys · 2 sales
Net sold $250.30K
Shares held by institutions
Holders of more than 5%
Latest Schedule 13D (active) or 13G (passive) filed by each holder
| Holder | Shares | % of class | Filing | As of |
|---|---|---|---|---|
| Xiangmin Cui | 3,917,299 | 18.30% | 13G (passive) | Feb 14, 2025 |
| Jane Wu Lee | 2,983,724 | 13.70% | 13G (passive) | Mar 31, 2025 |
| Vickers Venture Fund VI Pte. Ltd. | 2,050,902 | 9.58% | 13G (passive) | Feb 12, 2025 |
| Kenneth Griffin | 1,192,971 | 5.60% | 13G (passive) | Feb 14, 2025 |
Top institutional holders
13F holdings as of Jun 30, 2026
| Holder | Shares | % of AARD | Value | Change | % of portfolio |
|---|---|---|---|---|---|
| Decheng Capital LLC | 3,917,299 | 17.90% | $22.56M | – | 3.08% |
| Citadel Advisors LLC | 1,283,166 | 5.86% | $7.39M | +40,389 | 0.00% |
| Laurion Capital Management LP | 1,034,459 | 4.73% | $5.96M | – | 0.15% |
| Vanguard Capital Management LLC | 562,877 | 2.57% | $3.24M | +8,776 | 0.00% |
| Aqr Capital Management LLC | 480,249 | 2.19% | $2.77M | +345,754 | 0.00% |
| EcoR1 Capital, LLC | 396,194 | 1.81% | $2.28M | New | 0.11% |
| Adage Capital Partners Gp, L.L.C. | 300,000 | 1.37% | $1.73M | – | 0.00% |
| Cantor Fitzgerald, L. P. | 233,164 | 1.07% | $1.34M | +166,482 | 0.01% |
| BlackRock, Inc. | 187,045 | 0.85% | $1.08M | −605,526 | 0.00% |
| Geode Capital Management, LLC | 149,844 | 0.68% | $863.53K | −159,605 | 0.00% |
| Two Sigma Investments, LP | 108,377 | 0.50% | $624.25K | −54,978 | 0.00% |
| Raymond James Financial Inc | 79,284 | 0.36% | $456.68K | +68,394 | 0.00% |
| Vanguard Fiduciary Trust Co | 75,172 | 0.34% | $432.99K | −8,038 | 0.00% |
| Woodline Partners LP | 72,429 | 0.33% | $417.19K | – | 0.00% |
| Millennium Management LLC | 69,948 | 0.32% | $402.90K | −28,386 | 0.00% |
| State Street Corp | 59,273 | 0.27% | $341.41K | −140,049 | 0.00% |
| J. Goldman & Co LP | 40,500 | 0.19% | $233.28K | New | 0.01% |
| Ieq Capital, LLC | 38,382 | 0.18% | $221.08K | +21,897 | 0.00% |
| UBS Group AG | 35,639 | 0.16% | $205.28K | −122,249 | 0.00% |
| Morgan Stanley | 30,177 | 0.14% | $173.82K | +12,615 | 0.00% |
Institutional buying and selling by quarter
Positions opened, added to, reduced and closed by 13F filers
| Quarter | Holders | Shares held | % of shares | New / added | Reduced / closed | Shares bought | Shares sold |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 72 | 10M | 43.6% | 19 / 20 | 24 / 24 | 1M | 2M |
| Q1 2026 | 79 | 10M | 46.6% | 32 / 17 | 23 / 18 | 2M | 2M |
| Q4 2025 | 66 | 11M | 49.1% | 23 / 27 | 9 / 6 | 2M | 1M |
| Q3 2025 | 49 | 9M | 43.2% | 15 / 20 | 7 / 1 | 1M | 1M |
| Q2 2025 | 35 | 9M | 40.7% | 17 / 13 | 3 / 9 | 1M | 1M |
| Q1 2025 | 27 | 9M | 39.7% | 27 / 0 | 0 / 0 | 9M | 0M |
Top mutual fund and ETF holders
Latest monthly portfolio reports (Form N-PORT)
| Fund | Shares | % of AARD | Value | % of fund | As of |
|---|---|---|---|---|---|
| Vanguard Total Stock Market Index Fund | 408,670 | 1.87% | $2.35M | 0.00% | Jun 30, 2026 |
| Vanguard Extended Market Index Fund | 140,389 | 0.64% | $808.64K | 0.00% | Jun 30, 2026 |
| iShares Biotechnology ETF | 89,124 | 0.41% | $513.35K | 0.01% | Jun 30, 2026 |
| Fidelity Extended Market Index Fund | 66,747 | 0.30% | $274.33K | 0.00% | May 31, 2026 |
| Vanguard Russell 2000 Index Fund | 64,981 | 0.30% | $267.07K | 0.00% | May 31, 2026 |
| iShares Micro-Cap ETF | 42,615 | 0.19% | $245.46K | 0.02% | Jun 30, 2026 |
| Ultra-Small Company Market Fund | 24,000 | 0.11% | $138.24K | 0.09% | Jun 30, 2026 |
| Fidelity Total Market Index Fund | 22,633 | 0.10% | $93.02K | 0.00% | May 31, 2026 |
| ALPS Medical Breakthroughs ETF | 22,439 | 0.10% | $92.22K | 0.06% | May 31, 2026 |
| Fidelity Series Total Market Index Fund | 18,735 | 0.09% | $77.00K | 0.00% | May 31, 2026 |
| Fidelity Nasdaq Composite Index Fund | 15,483 | 0.07% | $63.64K | 0.00% | May 31, 2026 |
| Vanguard Balanced Index Fund | 8,867 | 0.04% | $51.07K | 0.00% | Jun 30, 2026 |
| VIP Disciplined Small Cap Portfolio | 7,980 | 0.04% | $45.96K | 0.01% | Jun 30, 2026 |
| Vanguard Russell 2000 Growth Index Fund | 6,719 | 0.03% | $27.62K | 0.00% | May 31, 2026 |
| Vanguard Institutional Total Stock Market Index Fund | 4,951 | 0.02% | $28.52K | 0.00% | Jun 30, 2026 |
Officers, directors and major owners
People who filed Forms 3, 4 or 5 in the last two years
| Name | Role | Shares owned | % of shares | Latest filing |
|---|---|---|---|---|
| Tien-Li Lee | Chief Executive Officer, Director, 10% owner | 3,025,641 | 13.83% | Feb 11, 2026 |
| Nelson Sun | See Remarks | 35,475 | 0.16% | Sep 11, 2026 |
| Manasi Jaiman | Chief Medical Officer | – | – | Feb 11, 2026 |
| Bryan Jones | Chief Operating Officer | 1,250 | 0.01% | Oct 16, 2025 |
| Jeffrey Chi | Director | 133,364 | 0.61% | Aug 21, 2026 |
| Susan E. Graf | Director | – | – | Aug 21, 2026 |
| Roy D. Baynes | Director | – | – | Aug 21, 2026 |
| Victor Edward Tong Jr | Director | – | – | Aug 21, 2026 |
| Decheng Capital Global Life Sciences Fund IV, L.P. | 10% owner | 3,292,299 | 15.04% | Feb 19, 2025 |
| Decheng Capital Management IV (Cayman), LLC | 10% owner | – | – | Feb 19, 2025 |
| Venture Fund VI Pte Ltd Vickers | 10% owner | 2,050,902 | 9.37% | Feb 19, 2025 |
| Xiangmin Cui | 10% owner | – | – | Feb 19, 2025 |
| Decheng Capital Global Healthcare Fund (Master), LP | 10% owner | – | – | Feb 19, 2025 |
| Decheng Capital Global Healthcare GP, LLC | 10% owner | – | – | Feb 19, 2025 |
| Cormorant Asset Management, LP | – | – | – | Feb 19, 2025 |
| Bihua Chen | – | 800,189 | 3.66% | Feb 19, 2025 |
Insider trades
Common stock transactions reported on Form 4, newest first
| Insider | Date | Transaction | Shares | Price | Value | Shares after |
|---|---|---|---|---|---|---|
| Nelson Sun See Remarks | Sep 11, 2026 | Sale(10b5-1 plan) | −62,000 | $5.18 | $321.16K | 35,475 |
| Nelson Sun See Remarks | Sep 10, 2026 | Sale(10b5-1 plan) | −14,754 | $5.00 | $73.77K | 97,475 |
| Nelson Sun Chief Financial Officer | Dec 11, 2025 | Buy | +3,000 | $14.40 | $43.20K | 108,484 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Dec 11, 2025 | Buy | +7,000 | $14.49 | $101.43K | 1,551,613 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Oct 15, 2025 | Option exercise | +1,229 | $4.24 | $5.21K | 1,544,613 |
| Bryan Jones Chief Operating Officer | Oct 15, 2025 | Option exercise | +1,250 | $4.24 | $5.30K | 1,250 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Sep 15, 2025 | Buy | +3,500 | $9.94 | $34.79K | 1,543,384 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Sep 15, 2025 | Buy | +6,500 | $9.51 | $61.82K | 1,539,884 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Sep 12, 2025 | Buy | +5,000 | $8.50 | $42.50K | 1,533,384 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Sep 11, 2025 | Buy | +6,000 | $7.82 | $46.92K | 1,528,384 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Sep 10, 2025 | Buy | +9,000 | $7.91 | $71.19K | 1,522,384 |
| Nelson Sun Chief Financial Officer | Sep 9, 2025 | Buy | +6,000 | $8.07 | $48.42K | 105,484 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Aug 28, 2025 | Option exercise | +17,209 | $4.24 | $72.97K | 1,513,384 |
| Bihua Chen – | Feb 14, 2025 | Conversion | +800,189 | – | – | 800,189 |
| Bihua Chen – | Feb 14, 2025 | Buy | +187,500 | $16.00 | $3.00M | 987,689 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Feb 14, 2025 | Conversion | +41,303 | – | – | 1,479,633 |
| Tien-Li Lee Chief Executive Officer, Director, 10% owner | Feb 14, 2025 | Buy | +16,542 | $16.00 | $264.67K | 1,496,175 |
| Venture Fund VI Pte Ltd Vickers 10% owner | Feb 14, 2025 | Conversion | +413,491 | – | – | 2,050,902 |
| Venture Fund VI Pte Ltd Vickers 10% owner | Feb 14, 2025 | Conversion | +1,637,411 | – | – | 1,637,411 |
| Jeffrey Chi Director | Feb 14, 2025 | Conversion | +133,364 | – | – | 133,364 |
| Decheng Capital Global Life Sciences Fund IV, L.P. 10% owner | Feb 14, 2025 | Conversion | +333,412 | – | – | 333,412 |
| Decheng Capital Global Life Sciences Fund IV, L.P. 10% owner | Feb 14, 2025 | Buy | +625,000 | $16.00 | $10.00M | 2,958,887 |
| Decheng Capital Global Life Sciences Fund IV, L.P. 10% owner | Feb 14, 2025 | Buy | +625,000 | $16.00 | $10.00M | 958,412 |
| Decheng Capital Global Life Sciences Fund IV, L.P. 10% owner | Feb 14, 2025 | Conversion | +2,333,887 | – | – | 2,333,887 |
| Nelson Sun Chief Financial Officer | Feb 14, 2025 | Conversion | +7,001 | – | – | 89,484 |
| Nelson Sun Chief Financial Officer | Feb 14, 2025 | Buy | +10,000 | $16.00 | $160.00K | 99,484 |
Awards, option exercises, tax withholding and gifts are shown alongside open-market buys and sales. Each name links to the filing on SEC EDGAR.
Planned insider sales
Notices of proposed sale filed on Form 144 before shares are sold
| Seller | Filed | Shares | Market value | Planned sale | Acquired through |
|---|---|---|---|---|---|
| Sun Nelson Officer | Sep 11, 2026 | 33,911 | $169.89K | Sep 11, 2026 | Previously Exercised Stock Options |
| Sun Nelson Officer | Sep 10, 2026 | 42,843 | $210.79K | Sep 10, 2026 | Open Market Purchase |
| Vent Glb Deep-Tech Fnd I. Lp Vickers Director, 10% Stockholder | Sep 15, 2025 | 10,360 | $93.41K | Sep 15, 2025 | Private Acquisition from Issuer/Affiliate |
| Vent Glb Deep-Tech Fnd I. Lp Vickers Director, 10% Stockholder | Sep 2, 2025 | 20,000 | $170.12K | Sep 2, 2025 | Private Acquisition from Issuer/Affiliate |
| Vent Glb Deep-Tech Fnd I. Lp Vickers Director, 10% Stockholder | Aug 28, 2025 | 27,691 | $241.57K | Aug 28, 2025 | Private Acquisition from Issuer/Affiliate |