Aardvark Therapeutics has raised $94.2 million in an initial public offering to fund the development of its small molecule therapeutics that activate innate homeostatic pathways for the treatment of metabolic diseases.
The San Diego-based biotech’s lead product candidate, ARD-101, targets bitter taste receptors (TAS2Rs) expressed in the gut lumen, inducing secretion of endogenous signaling molecules, including the satiety hormone cholecystokinin, which in turn activates gut-brain signals to suppress the sensation of hunger.
The potential first-in-class oral drug demonstrated clinical activity and was well-tolerated in phase 2 trials and has entered phase 3 development for hyperphagia (constant hunger) associated with Prader-Willi Syndrome, a rare disease that often leads to obesity and type 2 diabetes. Additionally, Aardvark intends to advance ARD-101 into phase 2 development for hyperphagia associated with hypothalamic obesity, a type of obesity that occurs when the hypothalamus doesn’t function normally.
Aardvark is also developing ARD-201, which will be a fixed-dose combination of ARD-101 with a dipeptidyl peptidase-4 inhibitor, with a goal of addressing some of the limitations of currently marketed GLP-1 therapies for the treatment of obesity and obesity-related conditions
Aardvark announced the pricing of its initial public offering of 5,888,000 shares of its common stock at a price of $16.00 per share. The company’s common stock is expected to begin trading on the Nasdaq Global Select Market on February 13, 2025 under the ticker symbol ‘AARD.’