Aardvark Therapeutics

Q2 FY2026 EarningsQ2 FY2026 results significantly beat consensus on the bottom line, with a Diluted EPS (GAAP) of -$0.66 vs. the -$0.88 expected. The variance was primarily driven by a sharp reduction in R&D expenses ($10.5M vs. ~$13.1M YoY) following the termination of Phase 3 HERO and OLE trials for ARD-101 and a subsequent clinical hold by the FDA. Despite the R&D pullback, G&A expenses rose 71% YoY to $4.6M due to public company costs and severance. The company maintains a cash runway into late 2027 with $73.9M in liquidity, while investors await unblinded data analysis in Q3 2026 to determine the future of the PWS program.