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Aardvark Therapeutics

AARD on Nasdaq. Market value $114m.

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Should I look at this?

We have not checked this company yet

This is not advice.

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Who owns it

None of the long-term investors we follow own it. 72 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

4 investors own more than 5%.

  • Xiangmin Cui
    Passive investor
    at least 18.3%
    (filed with 4 related holders)
    Since 14 February 2025
  • Tien-Li Lee
    Passive investor
    at least 13.7%
    (filed with 1 related holder)
    Since 31 March 2025
  • Vickers Venture Fund VI Pte. Ltd.
    Passive investor
    at least 9.6%
    (filed with 2 related holders)
    Since 12 February 2025
  • Kenneth Griffin
    Passive investor
    at least 5.6%
    (filed with 6 related holders)
    Since 14 February 2025

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

In the last 12 months, 2 insiders bought $144,630 of shares on the open market. 1 sold $394,957, $394,957 of it under preset trading plans.

  • Sun Nelson
    See Remarks
    Sold
    under a preset trading plan
    Date
    11 September 2026
    Shares
    62,000
    Price
    $5.18
    Value
    $321,179
  • Sun Nelson
    See Remarks
    Sold
    under a preset trading plan
    Date
    10 September 2026
    Shares
    14,754
    Price
    $5.00
    Value
    $73,779
  • Sun Nelson
    Chief Financial Officer
    Bought
    Date
    11 December 2025
    Shares
    3,000
    Price
    $14.40
    Value
    $43,200
  • Lee Tien-Li
    Chief Executive Officer, Director
    Bought
    Date
    11 December 2025
    Shares
    7,000
    Price
    $14.49
    Value
    $101,430

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 23 Mar 2026, plus the 10-Q filed 11 Aug 2026 and 6 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.