Aardvark Therapeutics (AARD) Cash Flow: Operating & Free Cash Flow

Aardvark Therapeutics Cash Flow Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Cash flow statement showing operating, investing, and financing activities for Aardvark Therapeutics, Inc. (AARD) - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2024	FY 2023	FY 2022
Period ending	Dec 2025	Mar 2025	Dec 2024	Dec 2023	Dec 2022
Operating Activities
Net Income	-57.59	-20.59	-20.59	-7.21	-13.56
Depreciation & Amortization	-1.31	0.02	0.02	0.10	0.11
Stock Based Compensation	3.95	0.44	0.44	0.31	0.41
Change in Working Capital	0.36	1.57	1.57	-0.08	-1.31
Change in Accounts Payable	0.24	0.80	0.80	0.78	0.03
Change in Other Working Capital	0.12	0.78	0.24	-0.86	-1.34
Other Operating Activities	0.42	0.47	0.24	1.15	3.81
Net Cash from Operating Activities	-54.17	-18.09	-18.09	-5.82	-10.54
Investing Activities
Capital Expenditures	-0.10	-0.11	-0.11	0.00	0.00
Purchases of Investments	-129.60	-11.89	-11.89	0.00	0.00
Sales/Maturities of Investments	80.03	0.00	-	0.00	0.00
Other Investing Activities	0.00	0.00	-	0.00	-1.00
Net Cash from Investing Activities	-49.67	-12.00	-12.00	0.00	-1.00
Financing Activities
Debt Repayment	0.00	0.00	-	0.00	-1.00
Common Stock Issued	89.25	0.33	0.33	0.00	0.23
Other Financing Activities	0.00	81.66	-3.34	0.00	1.00
Net Cash from Financing Activities	89.25	81.99	81.99	0.00	0.23
Summary
Net Change in Cash	-14.59	51.91	51.91	-5.82	-11.32
Cash at Beginning of Period	61.64	9.74	9.74	15.56	26.88
Cash at End of Period	47.05	61.64	61.64	9.74	15.56
Free Cash Flow	-54.27	-18.20	-18.20	-5.82	-10.54

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Aardvark Therapeutics Cash Flow

What is Aardvark Therapeutics's free cash flow?

Aardvark Therapeutics had negative free cash flow of $54.27M in fiscal 2025 (fiscal year ended Dec 31, 2025), operating cash flow of −$54.17M minus $95.00K of capital expenditures.

How much does Aardvark Therapeutics spend on capital expenditures?

Aardvark Therapeutics spent $95.00K on capital expenditures in fiscal 2025, compared with $109.00K a year earlier.

Does Aardvark Therapeutics pay dividends or buy back shares?

Aardvark Therapeutics's cash flow statement for fiscal 2025 shows no dividend payments or share repurchases.

What is free cash flow?

Free cash flow is operating cash flow minus capital expenditures. It is the cash a company has left for dividends, buybacks, debt repayment or acquisitions after funding its operations and investment. Full definition