Aardvark Therapeutics Inc. made its public market debut Thursday, securing $94 million in its initial public offering (IPO). The obesity-focused biotech firm priced its shares at the bottom of its projected range, marking its entry into a surging biotech IPO market.
The San Diego-based company, advised by Paul Hastings LLP, sold 5.9 million shares at $16 apiece, landing at the lower end of its $16 to $18 marketing range. The offering values Aardvark at approximately $342 million, based on its 21.4 million outstanding shares, according to regulatory filings.
Aardvark Targets Metabolic Breakthroughs
Aardvark is entering the public sphere with the goal of advancing novel treatments for metabolic disorders, including ARD-101, a lead therapy currently undergoing clinical trials. The company is also developing ARD-201, a drug designed to combat obesity and aid weight loss.
“We are focused on targeting biological pathways linked to hunger suppression, which we believe can lead to transformative results for patients,” the company stated in its U.S. Securities and Exchange Commission (SEC) filing.
The pre-revenue biotech firm is backed by health-focused private investors, including Decheng Capital and Vickers Venture Fund. Aardvark’s last private financing round, a Series C preferred stock sale, raised $85 million in May 2024.
