$Aardvark Therapeutics(AARD.US)

AARD: Cash Cushion or Clinical Cliff?

Aardvark Therapeutics is becoming a high-risk, binary biotech play. Q2 net loss held at $14.4 million, while cash, equivalents and short-term investments stood at $73.9 million, which management expects to fund operations into late 2027.

The bigger issue is ARD-101. A full FDA clinical hold remains in place, while the Phase 3 HERO and OLE trials were terminated in June. Aardvark is now assessing unblinded data in Q3 to determine the programme’s next step.

At $6.82, AARD trades above its 50-day ($5.89) and 100-day ($5.31) moving averages but below its 200-day ($8.17). RSI at 52.7 is neutral, with $5.32 as near-term support and $7.90 resistance.

The cash position offers some cushion, but it does not eliminate clinical or regulatory risk. Until the Q3 data and FDA discussions provide clearer direction, HOLD / SPECULATIVE WATCH looks appropriate. If ARD-101 finds a viable path forward, the upside could be significant—but failure could quickly erase the cash cushion.

Not financial advice.