Aardvark Therapeutics, Inc. · NASDAQ:AARD
Aardvark Therapeutics — Investor Presentation (September 2025)
22 slides from Aardvark Therapeutics's investor presentation, Sep 3, 2025
Slide 1: Corporate Presentation September 2025
Corporate Presentation September 2025
Slide 2: Disclaimer
Disclaimer Aardvark Therapeutics, Inc. (the “Company”) does not (nor their respective affiliates, directors, members, officers, employees or agents) make any representation or warranty, express or implied, as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctnes
Slide 3: Positioned for Execution & Growth
Positioned for Execution & Growth Suppressing Hunger to Treat Rare Metabolic Diseases and Obesity Rare Disease Hyperphagia in Prader-Willi Syndrome Obesity Epidemic Goal to address limitations of existing therapies Validated Market Opportunities Populations with severe unmet medical needs Balance Sh
Slide 4: Expert Leadership Spans Clinical, Scientific, & Commercial
Expert Leadership Spans Clinical, Scientific, & Commercial Tien Lee Bryan Jones Our Team Our Board Founder and Chief Executive Officer Chief Operating Officer Manasi Jaiman Chief Medical Officer Nelson Sun Chief Financial Officer Zhenhuan Zheng Chief Research Officer Timothy Kieffer Chief Scientific
Slide 5: Hunger vs Appetite: Distinct Neural Pathways
Hunger vs Appetite: Distinct Neural Pathways Appetite Hunger Penalty avoidance Mediated by local gut hormones like CCK Signaling through the Gut-Brain Axis Reward-based Mediated by circulating hormones like GLP-1 Targeted systemically through the bloodstream CCK, cholecystokinin; GLP-1, glucagon-lik
Slide 6: Driving Innovation Across Indications
HERO TRIAL Hyperphagia ARD-101 Population & Indication Prader-Willi Syndrome PHASE 3 Trial Ongoing Key Goals Expand treatment options Treat high unmet medical need POWER TRIAL Weight Maintenance ARD-201 Population & Indication Obesity PHASE 2 Trial Development Key Goals Weight rebound prevention Imp
Slide 7: ARD-101 for Hyperphagia: Prader-Willi Syndrome
ARD-101 for Hyperphagia: Prader-Willi Syndrome
Slide 8: Prader-Willi Syndrome: Unmet Medical Need
Prader-Willi Syndrome: Unmet Medical Need PWS is a rare genetic disorder characterized by hyperphagia (insatiable hunger) and abnormalities in hormone regulation Building on a Proven Precedent Currently, only one FDA-approved product to treat hyperphagia 10,000-20,000 Initially Addressable PWS Patie
Slide 9: ARD-101 is Designed to Address Root Cause of Hyperphagia
ARD-101 is Designed to Address Root Cause of Hyperphagia Activation of Gut-Localized Hormone Secretion ARD-101 binds to intestinal TAS2Rs Endogenous release of key gut-hormones like CCK Activates gut-brain signaling to inhibit hunger (1) Moran, T. H., and S. Bi. 2006. Hyperphagia and obesity in OLET
Slide 10: PWS Program in Advanced Development
- PWS Program in Advanced Development PHASE 2 Hunger reduction observed 13 patients on a fixed dose and 6 patients on a dose escalation were enrolled(2) 4 patients on dose escalation protocol were naïve to ARD-101, 2 were re-dosed from the fixed dose cohort Hunger was assessed by the Hyperphagia Que
Slide 11: Hyperphagia Severity Correlates with Drug Exposure
Baseline Day 15 200 mg BID Day 28 200 mg BID Baseline Day 8 400 mg BID Day 15 600 mg BID Day 28 800 mg BID Fixed Dose Cohort(1, 2) Dose Escalation Cohort(3) Withdrawal -9 -7.8 (1)Only HQ-CT 9 is plotted, similar findings for HQ-CT 13 were recorded (2)Day 15 n=6 as subject 100-103 did not have day 15
Slide 12: Directional Consistency in Dose Response
Directional Consistency in Dose Response ARD-101 CLINICAL PHASE 2 PWS Within-Subject Comparison Two subjects were enrolled in both cohorts 800 mg BID Dose Rationale Maximize target engagement Minimize potential food dilution Dose Escalation Produces Greater Day 28 Response(1) (1)Percent change from
Slide 13: HERO Phase 3 Design
HERO Hunger Elimination or Reduction Objective EVALUATING Change in Hyperphagia Questionnaire for Clinical Trials (HQ-CT) Score RANDOMIZATION SCREENING OLE PWS Patients W/ Hyperphagia 13 years & older Open-Label Extension BASELINE MEASUREMENT WEEK 12 N=45 Treatment Arm A ARD-101 Treatment Arm B Plac
Slide 14: Challenges Highlight Need for Additional Options
Challenges Highlight Need for Additional Options (1) Soleno Phase 3 data (DCCR, Prader-Willi Syndrome): ≥7-point clinically meaningful HQ-CT threshold achieved at 26 weeks (~6 months) (2) Butler MG et al., Front Endocrinol (2023). doi: 10.3389/fendo.2023.1168648 (3) Prescribing Information, VYKAT XR
Slide 15: ARD-201 for Obesity
A: aardvark 7° therapeutics ARD-201 for Obesity
Slide 16: Real-World Challenge in Obesity Treatment
Real-World Challenge in Obesity Treatment The global GLP-1RA weight loss drugs market size was estimated at USD 13.84B in 2024 and is projected to reach USD 48.84B by 2030, growing at a CAGR of 18.54% from 2025 to 2030(1) Limitations of GLP-1RA Therapies LONG-TERM COMPLIANCE ~50% of patients discont
Slide 17: Differentiating ARD-201 in Obesity
- Differentiating ARD-201 in Obesity ARD-201 Fixed-dose combination of the TAS2R agonist in ARD-101 and a DPP-4 inhibitor TAS2R activation stimulates gut-brain satiety signals (e.g., CCK, GLP-1) to reduce hunger Sitagliptin extends the biological activity of gut hormones, including GLP-1 Translation
Slide 18: ARD-201 Induces Transformational Weight Loss
ARD-201 Induces Transformational Weight Loss ~19% WEIGHT LOSS Gold-standard diet-induced obesity mouse model ARD-201 induced ~19% weight loss in 30 days Relative potency translationally predictive(1) ARD-201 PRECLINICAL (1)DIO-B6 Mouse Model (Diet-Induced Obese B6 Mouse Model, Taconic Biosciences) D
Slide 19: ARD-201 Prevents Weight Regain & Enhances GLP-1RA Efficacy
ARD-201 Prevents Weight Regain & Enhances GLP-1RA Efficacy Off Drug Weight Regain ARD-201 is comparable to continued tirzepatide treatment Combination with ARD-201 exceeds effect of tirzepatide alone ~30% WEIGHT LOSS TIRZEPATIDE INDUCED WEIGHT LOSS* TIRZEPATIDE WITHDRAWAL* ARD-201 PRECLINICAL (*)DIO
Slide 20: Positioning ARD-201 Across the Obesity Paradigm
POWER Trial Potential maintenance-phase solution as an off-ramp for GLP-1RA therapy responders Target high-risk window when patients are vulnerable to weight regain and metabolic reversal Weight Maintenance STRENGTH Trial Potential oral alternative for patients who are hesitant, intolerant, and/or u
Slide 21: Advancing a De-Risked, Multi-Indication Pipeline
Advancing a De-Risked, Multi-Indication Pipeline Differentiated Approach Targeting biological pathways to alleviate hunger Strategic Deployment Core IP unlocks both single agent and combination approach Key Data Readout PWS Phase 3 trial topline data expected Q3 2026 Significant Unmet Need Demonstra
Slide 22: Thank you
Thank you Contact InvestorRelations@AardvarkTherapeutics.com
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