Aardvark Therapeutics, Inc. (AARD) Investors with Substantial Losses Have Opportunity to Lead Aardvark Class Action Lawsuit

Investors who purchased or acquired Aardvark common stock pursuant and/or traceable to the offering documents issued in connection with the Company's initial public offering ( IPO ) on or about February 13, 2025 , and/or purchased or acquired Aardvark securities between February 13, 2025 and May 14, 2026 (the Class Period ), are encouraged to contact our firm now .

The complaint alleges that Aardvark Therapeutics, a clinical-stage biopharmaceutical company focused on developing small-molecule therapies targeting bitter taste receptors (TAS2Rs) such as ARD-101 for the treatment of hyperphagia in Prader-Willi Syndrome (PWS), made materially false and misleading statements and/or failed to disclose critical information.

Specifically, the action points out that the offering documents and defendants failed to disclose: That ARD-101 was significantly less safe than defendants had led investors to believe; That unexpected, reversible cardiac observations (such as QRS prolongation) occurred during trials at above-target doses; and Consequently, Aardvark's clinical, regulatory, and commercial prospects—including the Phase 3 Hunger Elimination or Reduction Objective (HERO) trial and open-label extension (OLE)—were materially overstated.

Voluntarily Pause and FDA Clinical Hold February 27, 2026 : Aardvark announced it was voluntarily pausing its Phase 3 HERO trial due to "reversible cardiac observations at above target therapeutic doses found during routine safety monitoring in a healthy volunteer study." Following this news, Aardvark's stock price plummeted over 56% .

May 14, 2026 : Aardvark announced that the U.S. Food and Drug Administration (FDA) placed a full clinical hold on its investigational new drug application (IND) for ARD-101, halting all ongoing studies under the IND, including the Phase 3 HERO trial and OLE trial. Aardvark's stock price fell another 32.1% .

"We're investigating the suit's allegations, including that Aardvark allegedly misled investors about ARD-101's development, its safety and efficacy," said Reed Kathrein , the Hagens Berman partner leading the firm's investigation of the claims in the pending suit.

If you are a class member who suffered losses on Aardvark securities, you have until October 13, 2026 , to ask the Court to appoint you as Lead Plaintiff for the class.