Aardvark Therapeutics, Inc. · NASDAQ:AARD
Aardvark Therapeutics — Investor Presentation (January 2026)
29 slides from Aardvark Therapeutics's investor presentation, Jan 12, 2026
Slide 1: Corporate Presentation January 2026
Corporate Presentation January 2026 Exhibit 99.1
Slide 2: Disclaimer
Disclaimer Aardvark Therapeutics, Inc. (the “Company”) does not (nor its 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 correctness
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 CCK, cholecystokinin; GLP-1, glucagon-like peptide-1 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
Slide 6: Driving Innovation Across Indications
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 Initiated Key Goals
Slide 7: ARD-101 for Hyperphagia: Prader-Willi Syndrome
ARD-101 for Hyperphagia: Prader-Willi Syndrome
Slide 8: Prader-Willi Syndrome: Unmet Medical Need
(1)Numbers rounded to nearest 1,000.(2)Butler, M. G., and T. Thompson. 2000. Prader-Willi Syndrome: Clinical and Genetic Findings, Endocrinologist, 10:3S-16S. (3)Managed Healthcare Executive, March 2025. (4)Calculated by diagnosed PWS patients and expected annual cost of only approved therapy. Prade
Slide 9: ARD-101 is Designed to Address Root Cause of Hyperphagia
(1)Moran, T. H., and S. Bi. 2006. Hyperphagia and obesity in OLETF rats lacking CCK-1 receptors, Philos Trans R Soc Lond B Biol Sci, 361: 1211-8. (2)Cleveland Clinic, “Cholecystokinin.” 2024. (3)Br J Pharmacol. 2004 Apr;141(8):1275-84. doi: 10.1038/sj.bjp.0705769. (4)Physiol Behav. 2015 Nov 1;151:19
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(1) 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: PWS Hyperphagia Severity Correlates with Drug Exposure
(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 HQ-CT. (3)2 subjects were found to have protocol deviations related to the endpoint and were removed from Per Protocol analysis. Both graphs are the mean point change in HQ-C
Slide 12: Directional Consistency in Dose Response
(1)Percent change from baseline to Day 28 was calculated to enable direct comparison between subjects. One subject completed a longer version of the assessment, and normalization by percent change ensured comparability across dose levels. ARD-101 CLINICAL PHASE 2 PWS Directional Consistency in Dose
Slide 13: Currently Enrolling: Phase 3 HERO Trial
Primary endpoint: change in HQ-CT 9 score from baseline to Week 12, analyzed by MMRM in ITT patients with HQ-CT ≥13. >50% of Targeted Enrollment Completed ARD-101 CLINICAL PHASE 3 Currently Enrolling: Phase 3 HERO Trial PRADER-WILLI SYNDROME HERO: Hunger Elimination or Reduction Objective PWS Patien
Slide 14: Limitations in Current Treatment Landscape Call for Innovation
Limitations in Current Treatment Landscape Call for Innovation Currently Approved Hyperphagia Treatment RENAL & HEPATIC RESTRICTIONS Not recommended in ~20% of adults with PWS(2) SAFETY RISKS Risk of hyperglycemia and ketoacidosis; ~10-25% already have T2D(5) ADVERSE REACTIONS 36% experience hypertr
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 (1)Issue Brief (Real-World Trends in GLP-1 Treatment Persistence and Prescribing for Weight Management, May 2024) (2)STEP 1 Trial Extension (Weight Regain after Semaglutide Withdrawal, Aug 2022) Limitations of GLP-1RA Therapies LONG-TERM COMPLIANCE ~50% of p
Slide 17: Differentiating ARD-201 in Obesity
- Differentiating ARD-201 in Obesity ARD-201 Planned 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 Tra
Slide 18: ARD-101's Clinical Experience Informs ARD-201 Obesity Program
ARD-101 CLINICAL ARD-101’s Clinical Experience Informs ARD-201 Obesity Program GENERAL OBESITY & POST-BARIATRIC SURGERY Hunger-Reducing Signals(1) Visual Analog Score (VAS) ARD-101 Placebo p = 0.0153 p = 0.003 p = 0.0003 Statistically significant hunger reduction vs. placebo in general obesity trial
Slide 19: ARD-201: Essential Combination for Weight Loss Potential
ARD-201: Essential Combination for Weight Loss Potential EEC Gut-Peptides ARD-101 DPP-4 TAS2R DPP-4 Inhibitor ARD-101 ARD-201 = ARD-101 + DPP-4i ARD-101 is an agonist of TAS2Rs, located on enteroendocrine cells in the gastrointestinal tract DPP-4 is an enzyme that degrades gut-peptide hormones, such
Slide 20: ARD-201 Induces Transformational Weight Loss
~19% WEIGHT LOSS 20 Gold-standard diet-induced obesity mouse model ARD-201 induced ~19% weight loss in 30 days Relative potency translationally predictive(1) Change in Body Weight from Baseline (%) Day of Dosing VEHICLE SITAGLIPTIN ARD-201 ARD-201 PRECLINICAL ARD-201 Induces Transformational Weight
Slide 21: ARD-201 Weight Loss is Associated With Metabolic Benefit
(1)DIO-B6 Mouse Model (Diet-Induced Obese B6 Mouse Model, Taconic Biosciences) (2)Bars represent model-estimated mean differences vs vehicle with 95% confidence intervals. Mixed-effects model (REML) with mouse as a random effect; Dunnett’s test vs vehicle. (3)IPGTT performed at Day 28. Bars represen
Slide 22: ARD-201 Prevents Weight Regain & Enhances GLP-1RA Efficacy
22 Off tirzepatide Weight Regain ARD-201 is comparable to continued tirzepatide treatment Combination with ARD-201 exceeds effect of tirzepatide alone ARD-201 PRECLINICAL ARD-201 Prevents Weight Regain & Enhances GLP-1RA Efficacy DIO-B6 MOUSE MODEL (*)DIO-B6 Mouse Model (Diet-Induced Obese B6 Mouse
Slide 23: ARD-201 Delivers Outcomes Comparable to GLP-1 Therapy
(1)DIO-B6 Mouse Model (Diet-Induced Obese B6 Mouse Model, Taconic Biosciences) (2)Bars represent model-estimated mean differences vs vehicle with 95% confidence intervals. Mixed-effects model (REML) with mouse as a random effect; Dunnett’s test vs vehicle; exploratory Tukey-adjusted pairwise compari
Slide 24: Unmet Weight Maintenance Needs in Post-GLP-1RA Setting
Unmet Weight Maintenance Needs in Post-GLP-1RA Setting(1-6) (1)Norwood, P. et al. 2025. SURMOUNT-4 Post-Hoc Analysis: Weight Regain and Cardiometabolic Outcomes After Tirzepatide Withdrawal. JAMA Internal Medicine. (2)Wilding, J.P.H. et al. 2022. STEP-1 Extension: Weight Regain Following Semaglutide
Slide 25: POWER: Evaluating ARD-201 in Weight Maintenance
Abbreviation: EOS, end of study; EOT, end of treatment; GIP, glucose-dependent insulinotropic polypeptide; GLP-1RA, Glucagon-like-peptide 1 receptor agonist, QD, once daily; QW, once weekly. Doses are as follows: GLP-1RA semaglutide 1-2.4 mg QW or GIP/GLP-1RA tirzepatide 7.5-15 mg QW ARD-201: ARD-10
Slide 26: Positioning ARD-201 Across the Obesity Paradigm
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
Slide 27: Advancing our Hunger-Targeting Programs
Advancing our Hunger-Targeting Programs PROGRAM ARD-101 INDICATION Prader-Willi Syndrome PRECLINICAL PHASE 1 PHASE 2 PHASE 3 HERO Trial Potentially Pivotal Phase 3 Strength Trial Phase 2(1) POWER Trial Phase 2 WE-868 Obesity ARD-201 Obesity (Weight Loss) Obesity (Weight Maintenance) Preclinical (1)E
Slide 28: Advancing Our De-Risked, Multi-Indication Pipeline
Advancing Our De-Risked, Multi-Indication Pipeline Preclinical 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
Slide 29: Thank you
Thank you Contact InvestorRelations@AardvarkTherapeutics.com
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