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Dilution profile // every instrument, one screen, from SEC filings

Aardvark Therapeutics, Inc. (AARD)

CIK 1774857 · all EDGAR filings →

Overall dilution risk
HIGHworst of 3 computed signals (offering ability)
= the worst band among the computed sub-ratings, no hidden weighting
not every sub-rating was computable; treat as a floor
Offering ability
HIGH$400M registered
= total registered offering amount from the fee exhibits of live registrations (bands: $1M / $20M)
one or more live registrations had no structured fee data, so the true total is AT LEAST this
Overhead supply
NOT COMPUTEDno warrant count tagged in XBRL
= warrant shares outstanding divided by current shares outstanding
absence of a tag is not proof of absence of warrants
Historical dilution
LOW+1% O/S in 3y
= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative
Cash need
MEDIUM~16.4 months of runway
= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

2025-05-012026-07-31

Latest: 21.9M shares as of Jul 31, 2026 (10-Q).

Cash runway

Funded — but tight

~16 months of cash · watch

Full breakdown: cash runway tool · source filing →

Warrants

No warrant figures tagged in this filer’s XBRL facts. That means the company has not reported them in structured form; it does not prove no warrants exist. The exhibits are the ground truth.

Convertible notes

No convertible-note facts tagged in the 10-Q filed Aug 11, 2026. If convertible notes exist, their terms live in exhibit prose for this filer and are not parsed; absence of a tag is not proof of absence. The exhibits are the ground truth.

Registrations and offerings

Registered offering capacity on live registrations: $400.0Mfrom the structured fee exhibits; registered is not remaining, takedowns are not subtracted

S-3Mar 23, 2026$400.0M registeredfiling →
S-1Jan 23, 2025no structured fee exhibit in this filing (predates fee-data XBRL or fee deferred)filing →

Last 12 months: 1 executed · 1 registered.

EXECUTEDApr 3, 2026Shelf takedown priced — shares or notes (small-caps: usually shares; open the filing to confirm)424B5 →
EFFECTIVEApr 3, 2026SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDMar 23, 2026S-3 registration — capacity to sell shares, not a sale yetS-3 →
EXECUTEDFeb 13, 2025Final prospectus — offering priced (typical for IPOs and marketed share deals)424B4 →
EFFECTIVEFeb 12, 2025SEC declared a registration effective — selling can beginEFFECT →
REGISTEREDFeb 6, 2025S-1/A registration — capacity to sell shares, not a sale yetS-1/A →
REGISTEREDJan 23, 2025S-1 registration — capacity to sell shares, not a sale yetS-1 →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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