Income statement, balance sheet and cash flow statement for the last 2 fiscal years, taken from the XBRL data Aardvark Therapeutics, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2025
FY2025
Revenue
0
Research and development
17.4
48.9
General and administrative
5.31
13.8
Operating expenses
22.8
62.7
Operating income
-22.8
-62.7
Interest income
2.41
5.14
Other non-operating income
2.2
5.13
Income tax
0
0
Net income
-20.6
-57.6
EBITDA
-22.8
-62.7
EPS, basic
-5.15
-2.93
EPS, diluted
-5.15
-2.93
Shares, basic (weighted)
4
19.6
Shares, diluted (weighted)
4
19.6
Balance sheet
FY2025
FY2025
Cash and equivalents
61.6
47.1
Short-term investments
12
63
Other current assets
0.47
1.86
Total current assets
74.1
112
Lease right-of-use assets
0.74
0.36
Other non-current assets
2.64
4.94
Total assets
77.5
117
Accounts payable
2.3
2.07
Accrued liabilities
2.29
8.04
Total current liabilities
4.93
10.5
Lease liabilities
0.44
0
Other non-current liabilities
0.03
0
Total liabilities
5.39
10.5
Paid-in capital
3.68
222
Retained earnings
-58.3
-116
Other comprehensive income
0
0.08
Shareholders' equity
-54.6
107
Total equity
-54.6
107
Total liabilities and equity
77.5
117
Shares outstanding
4.07
21.8
Cash flow statement
FY2025
FY2025
Net income
-20.6
-57.6
Depreciation and amortization
0.02
0.04
Stock-based compensation
0.44
3.95
Change in payables
0.8
0.24
Cash from operations
-18.1
-54.2
Capital expenditures
-0.11
-0.1
Purchases of investments
-11.9
-130
Cash from investing
-12
-49.7
Stock issued
0
0.2
Cash from financing
82
89.2
Net change in cash
51.9
-14.6
Free cash flow
-18.2
-54.3
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.06 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-93.4%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-85.8%
Net income / average total assets.
Return on invested capital (ROIC)
-6,163.0%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Total assets growth, 1y
51.2%
Total assets vs the same period a year earlier. Only from a positive base.
Share count change, 1y
391.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
12.6x
Current assets / current liabilities.
Quick ratio
11.6x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
11.6x
(Cash + short-term investments) / current liabilities.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share
$0.00
Revenue / diluted weighted shares.
Operating cash flow per share
-$3.18
Cash from operations / diluted weighted shares.
Book value per share
$3.42
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
1.48x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
1.48x
Market cap / tangible book value, when positive.
Earnings yield
-63.1%
Net income / market cap (the inverse of P/E).
What was Aardvark Therapeutics, Inc.'s revenue in fiscal 2025?
Aardvark Therapeutics, Inc. reported revenue of $0.0 for fiscal 2025.
Was Aardvark Therapeutics, Inc. profitable in fiscal 2025?
No. It reported a net loss of $57.6M.
How much free cash flow did Aardvark Therapeutics, Inc. generate in fiscal 2025?
Cash from operations of $54.2M minus capital expenditures of $95.0K left free cash flow of -$54.3M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.