Aardvark Therapeutics, Inc. (AARD) Income Statement
AARD 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAARD revenue and net income
AARD growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | — | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AARD quarterly EPS vs estimates
Aardvark Therapeutics beat the analyst EPS estimate in 3 of the last 7 quarters. Next report: November 12, 2026 (estimate $-0.74).
AARD income statement
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 |
| Cost of revenue | $36,000 | $16,000 | $97,000 | $110,000 |
| Gross profit | −$36,000 | −$16,000 | −$97,000 | −$110,000 |
| Research & development | $48.9M | $17.4M | $4.5M | $7.2M |
| Sales, general & admin | $13.8M | $5.3M | $2.2M | $2.7M |
| Total operating expenses | $62.7M | $22.8M | $7.4M | $11.4M |
| Operating income | −$62.7M | −$22.8M | −$7.4M | −$11.4M |
| Interest income | $5.1M | $2.4M | $1.4M | $120,000 |
| Income before taxes | −$57.6M | −$20.6M | −$7.2M | −$13.6M |
| Net income | −$57.6M | −$20.6M | −$7.2M | −$13.6M |
| EBITDA | −$57.6M | −$22.7M | −$6.6M | −$10.8M |
| EPS (diluted) | −$2.93 | −$0.43 | −$0.34 | −$3.39 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cost of revenue | — | $11,000 | $10,000 | $10,000 | — | $5,000 | — | $87,000 | $48,000 | $2,000 | $25,000 | $26,000 |
| Gross profit | — | −$11,000 | −$10,000 | −$10,000 | — | −$5,000 | — | −$87,000 | −$48,000 | −$2,000 | −$25,000 | −$26,000 |
| Research & development | $10.5M | $16.6M | $14.3M | $13.7M | $13.1M | $7.8M | $8.1M | $4.1M | $4.0M | $1.2M | $1.5M | $964,000 |
| Sales, general & admin | $4.6M | $5.9M | $4.4M | $4.0M | $2.7M | $2.7M | $1.4M | $1.0M | $2.0M | $861,000 | $525,000 | $538,000 |
| Total operating expenses | $15.1M | $22.5M | $18.7M | $17.7M | $15.8M | $10.5M | $9.4M | $5.1M | $6.1M | $2.2M | $2.2M | $1.7M |
| Operating income | −$15.1M | −$22.5M | −$18.7M | −$17.7M | −$15.8M | −$10.5M | −$9.4M | −$5.1M | −$6.1M | −$2.2M | −$2.2M | −$1.7M |
| Interest income | $695,000 | $889,000 | $1.1M | $1.4M | $1.5M | $1.2M | $717,000 | $1.0M | $594,000 | $103,000 | $118,000 | $135,000 |
| Income before taxes | −$14.4M | −$21.6M | −$17.6M | −$16.3M | −$14.4M | −$9.3M | −$8.8M | −$4.2M | −$5.4M | −$2.2M | −$2.0M | −$2.1M |
| Net income | −$14.4M | −$21.6M | −$17.6M | −$16.3M | −$14.4M | −$9.3M | −$8.8M | −$4.2M | −$5.4M | −$2.2M | −$2.0M | −$2.1M |
| EBITDA | −$14.4M | −$21.6M | −$17.6M | −$16.3M | −$14.4M | −$9.3M | −$8.8M | −$4.2M | −$6.0M | −$2.2M | −$2.0M | −$1.5M |
| EPS (diluted) | −$0.66 | −$0.99 | −$0.81 | −$0.75 | −$0.66 | −$0.71 | −$0.43 | — | — | — | — | — |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AARD's financial statements (latest annual report filed March 23, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AARD financial results
Aardvark Therapeutics reported no revenue in fiscal year 2025 (ended December 31, 2025). It had a net loss of $57.6 million. Diluted earnings per share came to −$2.93.
See the AARD stock overview for the latest quote and news, or the AARD chart for price history and technical indicators.
AARD income statement FAQ
Does Aardvark Therapeutics have revenue?
Aardvark Therapeutics reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is Aardvark Therapeutics profitable?
No. Aardvark Therapeutics reported a net loss of $57.6 million in fiscal 2025.
How much does Aardvark Therapeutics spend on research and development?
Aardvark Therapeutics spent $48.9 million on research and development in fiscal 2025.
What are Aardvark Therapeutics's earnings per share?
Aardvark Therapeutics earned $-2.93 per diluted share in fiscal 2025, compared with $-0.43 a year earlier.
When will Aardvark Therapeutics report its next earnings?
Aardvark Therapeutics is expected to report results for the quarter ending September 30, 2026 on November 12, 2026 after the market closes.
When does Aardvark Therapeutics's fiscal year end?
Aardvark Therapeutics's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on March 23, 2026.