$AARD

$0.98 -$0.41 (29.85%) Live

$AARD Overview Financial Statements SEC Filings Executives News Red Flags Capital Raising Ownership Insider Transactions Congressional Trades

Ownership

13F as of Q2 2026 · 21.9M shares outstanding

Who owns AARD?

By type of holder

Institutions 43.0% Insiders 5.5% Everyone else 51.5%

Concentration Top 10 holders own 39.6%

Decheng Capital LLC 17.9% · Citadel Advisors LLC 5.9%

Institutional ownership

43.0%

-3.6 pts vs last qtr

Institutional holders

-9 vs last qtr

Net shares bought

−792.9K

by institutions in Q2 2026

New / sold out

17 / 26

positions opened vs closed

How is ownership changing?

Institutions, last 8 quarters

Biggest buyers in Q2 2026

EcoR1 Capital, LLC NEW +396.2K
Aqr Capital Management LLC +345.8K

Biggest sellers in Q2 2026

BlackRock, Inc. −605.5K
Tetragon Partners GP Ltd SOLD OUT −316.6K

Who is planning to sell?

Notices of proposed sale, last 12 months

$381K

2 notices from 1 person

Shares covered

76.8K

0.35% of the company

Arranged in advance

100%

of the value is under a 10b5-1 plan

Under a 10b5-1 plan No plan

Largest proposed sellers

Nelson Sun Officer 10b5-1 $381K

Every notice on Red Flags →

A Form 144 is notice of a planned sale, not the sale itself. What insiders actually sold is on Insider Transactions.

Is your stake being diluted?

Diluted share count, FY2024–FY2025

+391.1%

+391.06% a year

Each share's claim on the business

−79.6%

shrank without buying or selling a share

Spent on buybacks vs paid in stock

— vs $4.39M

over 2 fiscal years

Diluted shares, split-adjusted

Buybacks Stock-based comp

How patient are the owners?

Institutional shares by how long they've been held

5+ years0% 3–5 years0% 1–3 years80% Under 1 year20%

Quarterly turnover

15.3%

of institutional shares changed hands

Top 10 managers, median time held

1.3 years

Super Investors

Investment managers reporting AARD on Form 13F

Holder	Shares	% of company	Change vs last qtr	Held since	% of their book
DC Decheng Capital LLC	3.9M	17.90%	Unchanged	2025	3.1%
Shares held by quarter Peak holding3.9M (Q1'25) Change over 8 quarters+3.9M Share of the company17.900% Decheng Capital LLC's full portfolio →
CA Citadel Advisors LLC	1.3M	5.86%	+40.4K (+3.2%)	2025	0.0%
Shares held by quarter Peak holding1.4M (Q3'25) Change over 8 quarters+1.3M Share of the company5.860% Citadel Advisors LLC's full portfolio →

Decheng Capital LLC

3.9M

% of company

17.90%

Change vs last qtr

Unchanged

Held since

2025

Citadel Advisors LLC

1.3M

% of company

5.86%

Change vs last qtr

+40.4K (+3.2%)

Held since

2025

28 more super investors behind a free account

See every manager holding Aardvark Therapeutics, Inc., how their position has changed, and how long they've held it.

Institutional Funds

Mutual funds and ETFs reporting AARD on Form N-PORT; together they hold 7.5% of the company

Fund	Position value	Shares	% of company	% of the fund	As of
VT Vanguard Total Stock Market Index Fund Vanguard Index Funds	$2.35M	408.7K	1.87%	0.00%	June 30, 2026
IR iShares Russell 2000 ETF iShares Trust	$1.15M	306.3K	1.40%	0.00%	March 31, 2026

Vanguard Total Stock Market Index Fund

Vanguard Index Funds

Position value

$2.35M

% of company

1.87%

% of the fund

0.00%

As of

June 30, 2026

iShares Russell 2000 ETF

iShares Trust

Position value

$1.15M

% of company

1.40%

% of the fund

0.00%

As of

March 31, 2026

23 more funds behind a free account

See every fund holding Aardvark Therapeutics, Inc. and how much of the fund the position is.

Insiders and 5%+ holders

From Forms 3/4/5 and Schedules 13D/G

Holder	Shares	% of company	Change vs last qtr	8 quarters	Held since	% of their book
LT Lee Tien-Li Insider	357.0K	1.63%	—	—	—	—
Insider holdings come from Form 3/4/5 filings, which are not quarterly. Share of the company1.630% Lee Tien-Li's insider activity →
VV Vickers Venture Fund VI Pte Ltd Insider	242.0K	1.11%	—	—	—	—
Insider holdings come from Form 3/4/5 filings, which are not quarterly. Share of the company1.110% Vickers Venture Fund VI Pte Ltd's insider activity →

Lee Tien-Li

Insider

357.0K

% of company

1.63%

Change vs last qtr

—

Held since

—

Vickers Venture Fund VI Pte Ltd

Insider

242.0K

% of company

1.11%

Change vs last qtr

—

Held since

—

3 more holders behind a free account

See every insider and 5%+ holder of Aardvark Therapeutics, Inc..

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