Decheng Capital Global Life Sciences Fund IV, L.P. - Feb 14, 2025 Form 4 Insider Report for Aardvark Therapeutics, Inc. (AARD)

Role: 10%+ Owner
Signature: Decheng Capital Global Life Sciences Fund IV, L.P., By Decheng Capital Management IV (Cayman), LLC, its General Partner, By /s/ Xiangmin Cui, Manager
Stock symbol: AARD
Transactions as of: Feb 14, 2025
Transactions value $: $20,000,000
Form type: 4
Date filed: 2/19/2025, 05:44 PM
Previous filing: Feb 12, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AARD	Common Stock	Conversion of derivative security		+2.33M			2.33M	Feb 14, 2025	By Decheng Capital Global Life Sciences Fund IV, L.P.	F1, F2
transaction	AARD	Common Stock	Conversion of derivative security		+333K			333K	Feb 14, 2025	By Decheng Capital Global Healthcare Fund (Master), LP	F1, F3
transaction	AARD	Common Stock	Purchase	$10M	+625K	+26.78%	$16.00	2.96M	Feb 14, 2025	By Decheng Capital Global Life Sciences Fund IV, L.P.	F2
transaction	AARD	Common Stock	Purchase	$10M	+625K	+187.46%	$16.00	958K	Feb 14, 2025	By Decheng Capital Global Healthcare Fund (Master), LP	F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	AARD	Series C Convertible Preferred Stock	Conversion of derivative security	$0	-19.8M	-100%	$0.00	0	Feb 14, 2025	Common Stock	2.33M		By Decheng Capital Global Life Sciences Fund IV, L.P.	F1, F2
transaction	AARD	Series C Convertible Preferred Stock	Conversion of derivative security	$0	-2.83M	-100%	$0.00	0	Feb 14, 2025	Common Stock	333K		By Decheng Capital Global Healthcare Fund (Master), LP	F1, F3

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.
F2	These securities are held directly by Decheng Capital Global Life Sciences Fund IV, L.P. ("Fund IV"). Decheng Capital Management IV (Cayman), LLC ("GP IV") is the general partner of Fund IV. Xiangmin Cui is the manager of GP IV. Each of Fund IV, GP IV and Dr. Cui may be deemed to beneficially own the securities held by Fund IV. Each of GP IV and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.
F3	These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Xiangmin Cui is the indirect managing member and ultimate beneficial owner of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.