Tien-Li Lee - 15 Sep 2025 Form 4 Insider Report for Aardvark Therapeutics, Inc. (AARD)

Role: Chief Executive Officer, Director, 10%+ Owner
Signature: /s/ Tien-Li Lee
Issuer symbol: AARD
Transactions as of: 15 Sep 2025
Transactions value $: $96,624
Form type: 4
Filing time: 16 Sep 2025, 06:15:03 UTC
Previous filing: 12 Sep 2025
Next filing: 16 Oct 2025
SEC: View on sec.gov

Reporting Owners (1)

Name	Relationship	Address	Signature	Signature date	CIK
Lee Tien-Li	Chief Executive Officer, Director, 10%+ Owner	C/O AARDVARK THERAPEUTICS, INC., 4370 LA JOLLA VILLAGE DRIVE, SUITE 1050, SAN DIEGO	/s/ Tien-Li Lee	16 Sep 2025	0001940120

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	AARD	Common Stock	Purchase	$61.8K	+6.5K	+0.42%	$9.51	1.54M	15 Sep 2025	Direct	F1
transaction	AARD	Common Stock	Purchase	$34.8K	+3.5K	+0.23%	$9.94	1.54M	15 Sep 2025	Direct	F2
holding	AARD	Common Stock						1.47M	15 Sep 2025	By Spouse

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

Explanation of Responses:

Id	Content
F1	The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.9045 to $9.89 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F2	The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.93 to $9.9798 per share, inclusive. The reporting person undertakes to provide Aardvark, any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Content

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.9045 to $9.89 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.93 to $9.9798 per share, inclusive. The reporting person undertakes to provide Aardvark, any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.