Aardvark Therapeutics, Inc. (AARD) Balance Sheet
AARD balance sheet, 2025
December 31, 2025 · U.S. dollars$117.2M assets = $10.5M liabilities + $106.6M equity
Both columns are drawn to the same scale: what AARD owns equals what it owes plus shareholders’ equity. Hover a block for its value.
AARD financial health
Descriptive bands, not a rating. Fiscal 2025.
AARD balance sheet trends, 2022–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $16.8M2022 | $117.2M2025 | +91.2%/yr | |
| Total liabilities | $44.7M2022 | $10.5M2025 | −38.2%/yr | |
| Shareholders’ equity | −$27.9M2022 | $106.6M2025 | — | |
| Cash & short-term investments | $16.1M2022 | $110.0M2025 | +89.7%/yr | |
| Total debt | $262,0002022 | $441,0002025 | +19.0%/yr | |
| Net cash (debt) | $15.8M2022 | $109.6M2025 | +$93.7M | |
| Working capital | $15.9M2022 | $101.3M2025 | +$85.4M | |
| Book value per share | −$1.312022 | $4.892025 | — | |
| Shares outstanding | 21.4M2022 | 21.8M2025 | +0.7%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AARD assets
AARD liabilities and equity
AARD debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
AARD balance sheet
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Assets | ||||
| Cash & short-term investments | $110.0M | $73.7M | $10.0M | $16.1M |
| Cash & equivalents | $47.1M | $61.6M | $9.7M | $15.6M |
| Short-term investments | $63.0M | $12.0M | $254,000 | $546,000 |
| Receivables | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 |
| Other current assets | $1.9M | $474,000 | $379,000 | $386,000 |
| Total current assets | $111.9M | $74.1M | $10.4M | $16.5M |
| Property, plant & equipment (net) | $355,000 | $735,000 | $155,000 | $252,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 |
| Other non-current assets | $4.9M | $2.6M | $13,000 | $14,000 |
| Total assets | $117.2M | $77.5M | $10.5M | $16.8M |
| Liabilities | ||||
| Accounts payable | $2.1M | $2.3M | $1.0M | $259,000 |
| Short-term debt | $441,000 | $338,000 | $112,000 | $100,000 |
| Total current liabilities | $10.5M | $4.9M | $1.4M | $595,000 |
| Long-term debt | $0 | $0 | $0 | $0 |
| Lease obligations | $441,000 | $779,000 | $162,000 | $262,000 |
| Other long-term liabilities | $0 | $127.2M | $44.0M | $44.1M |
| Total liabilities | $10.5M | $132.2M | $45.3M | $44.7M |
| Shareholders' equity | ||||
| Retained earnings (deficit) | −$115.9M | −$58.3M | −$37.7M | −$30.5M |
| Accumulated other comprehensive income | $81,000 | — | — | — |
| Total shareholders' equity | $106.6M | −$54.6M | −$34.8M | −$27.9M |
| Key figures | ||||
| Total debt | $441,000 | $779,000 | $162,000 | $262,000 |
| Net cash (debt) | $109.6M | $72.9M | $9.8M | $15.8M |
| Working capital | $101.3M | $69.2M | $9.0M | $15.9M |
| Tangible book value | $106.6M | −$54.6M | −$34.8M | −$27.9M |
| Book value per share | $4.89 | −$2.52 | −$1.63 | −$1.31 |
| Shares outstanding | 21.8M | 21.7M | 21.4M | 21.4M |
| Current ratio | 10.61 | 15.05 | 7.50 | 27.72 |
| Quick ratio | 10.43 | 14.95 | 7.23 | 27.07 |
| Debt / equity | 0.00 | — | — | — |
| Equity / assets | 91.0% | −70.5% | −330.3% | −166.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $73.9M | $91.2M | $110.0M | $126.3M | $141.8M | $151.3M | $73.7M | $82.4M | $86.3M | $10.0M |
| Cash & equivalents | $73.8M | $62.4M | $47.1M | $39.3M | $26.0M | $26.5M | $61.6M | $82.3M | $86.2M | $9.7M |
| Short-term investments | $21,000 | $28.8M | $63.0M | $87.1M | $115.8M | $124.8M | $12.0M | $83,000 | $174,000 | $254,000 |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $6.8M | $2.4M | $1.9M | $2.9M | $2.9M | $3.3M | $474,000 | $306,000 | $642,000 | $379,000 |
| Total current assets | $80.7M | $93.6M | $111.9M | $129.2M | $144.8M | $154.6M | $74.1M | $82.7M | $87.0M | $10.4M |
| Property, plant & equipment (net) | $626,000 | $269,000 | $355,000 | $439,000 | $522,000 | $628,000 | $735,000 | $841,000 | $105,000 | $155,000 |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $173,000 | $4.7M | $4.9M | $3.6M | $2.2M | $1.8M | $2.6M | $232,000 | $108,000 | $13,000 |
| Total assets | $81.5M | $98.6M | $117.2M | $133.2M | $147.5M | $157.0M | $77.5M | $83.7M | $87.2M | $10.5M |
| Liabilities | ||||||||||
| Accounts payable | $2.1M | $4.5M | $2.1M | $4.4M | $5.1M | $2.6M | $2.3M | $666,000 | $1.2M | $1.0M |
| Short-term debt | $401,000 | $336,000 | $441,000 | $429,000 | $417,000 | $390,000 | $338,000 | $323,000 | $108,000 | $112,000 |
| Total current liabilities | $6.4M | $11.6M | $10.5M | $10.7M | $10.3M | $6.0M | $4.9M | $2.6M | $2.7M | $1.4M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $677,000 | $336,000 | $441,000 | $545,000 | $645,000 | $726,000 | $779,000 | $868,000 | $108,000 | $162,000 |
| Other long-term liabilities | $276,000 | $0 | $0 | $116,000 | $240,000 | $360,000 | $127.2M | $127.3M | $126.8M | $44.0M |
| Total liabilities | $6.7M | $11.6M | $10.5M | $10.9M | $10.6M | $6.3M | $132.2M | $129.9M | $129.5M | $45.3M |
| Shareholders' equity | ||||||||||
| Retained earnings (deficit) | −$151.9M | −$137.5M | −$115.9M | −$98.3M | −$82.0M | −$67.6M | −$58.3M | −$49.5M | −$45.4M | −$37.7M |
| Accumulated other comprehensive income | — | $14,000 | $81,000 | $82,000 | −$3,000 | $44,000 | — | — | — | — |
| Total shareholders' equity | $74.8M | $87.0M | $106.6M | $122.4M | $136.9M | $150.7M | −$54.6M | −$46.2M | −$42.3M | −$34.8M |
| Key figures | ||||||||||
| Total debt | $677,000 | $336,000 | $441,000 | $545,000 | $645,000 | $726,000 | $779,000 | $868,000 | $108,000 | $162,000 |
| Net cash (debt) | $73.2M | $90.9M | $109.6M | $125.8M | $141.2M | $150.5M | $72.9M | $81.5M | $86.2M | $9.8M |
| Working capital | $74.3M | $82.0M | $101.3M | $118.5M | $134.5M | $148.6M | $69.2M | $80.1M | $84.3M | $9.0M |
| Tangible book value | $74.8M | $87.0M | $106.6M | $122.4M | $136.9M | $150.7M | −$54.6M | −$46.2M | −$42.3M | −$34.8M |
| Book value per share | $3.42 | $3.99 | $4.89 | $5.63 | $6.31 | $6.95 | −$2.52 | −$2.16 | −$1.98 | −$1.63 |
| Shares outstanding | 21.8M | 21.8M | 21.8M | 21.7M | 21.7M | 21.7M | 21.7M | 21.4M | 21.4M | 21.4M |
| Current ratio | 12.63 | 8.06 | 10.61 | 12.03 | 14.04 | 25.86 | 15.05 | 31.65 | 32.67 | 7.50 |
| Quick ratio | 11.57 | 7.86 | 10.43 | 11.77 | 13.76 | 25.31 | 14.95 | 31.53 | 32.42 | 7.23 |
| Debt / equity | 0.01 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — | — |
| Equity / assets | 91.8% | 88.2% | 91.0% | 91.9% | 92.8% | 96.0% | −70.5% | −55.1% | −48.5% | −330.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 23, 2026); data from EODHD.
AARD financial position
At the end of fiscal 2025 (December 31, 2025), Aardvark Therapeutics had total assets of $117.2 million (up 51.2% from a year earlier), total liabilities of $10.5 million and shareholders' equity of $106.6 million. It held $110.0 million in cash and short-term investments against $0.4 million of debt, a net cash position of $109.6 million. Its current ratio was 10.61. In the latest quarter (ended June 30, 2026) total assets were $81.5 million and equity $74.8 million.
Related: AARD income statement, AARD cash flow statement, AARD key metrics. See the AARD stock overview for the latest quote and news.
AARD balance sheet FAQ
What are Aardvark Therapeutics's total assets?
Aardvark Therapeutics reported total assets of $117.2 million at the end of fiscal 2025 (December 31, 2025), compared with $77.5 million a year earlier.
How much debt does Aardvark Therapeutics have?
Aardvark Therapeutics had $0.4 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Aardvark Therapeutics have?
Aardvark Therapeutics held $110.0 million in cash and short-term investments at the end of fiscal 2025; with $0.4 million of debt that is net cash of $109.6 million.
What is Aardvark Therapeutics's book value?
Aardvark Therapeutics's shareholders' equity (book value) was $106.6 million at the end of fiscal 2025, or $4.89 per share.
What is Aardvark Therapeutics's current ratio?
Aardvark Therapeutics had current assets of $111.9 million and current liabilities of $10.5 million, a current ratio of 10.61 (it can cover its short-term obligations).