Aardvark Therapeutics Inc., a clinical-stage biopharmaceutical company, has announced its financial results for the first quarter ending March 31, 2025. During this period, the company reported a net loss of $9.3 million, a significant increase from the $2.2 million net loss recorded in the same quarter of the previous year. This rise in net loss is primarily attributed to a $6.6 million increase in research and development expenses, which totaled $7.8 million for the quarter. The increase in R&D costs largely stemmed from expenses related to the development of ARD-101 and personnel-related expenses. General and administrative expenses also saw a substantial increase, rising to $2.7 million from $0.9 million in the previous year, driven by higher professional fees, facilities costs, and other personnel-related expenses associated with the company's transition to a public entity. Aardvark's cash position was reported at $151.3 million as of March 31, 2025. The company believes this cash, bolstered by the proceeds from its February 2025 initial public offering $(IPO.UK)$, will support projected operations into 2027. The IPO raised $97.9 million in gross proceeds, with approximately $87.5 million net after deductions. In addition to financial results, Aardvark highlighted ongoing progress in its pipeline, specifically the Phase 3 HERO trial of their lead candidate, ARD-101, intended for the treatment of hyperphagia in Prader-Willi Syndrome. The data readout for this trial is expected in early 2026.