Aardvark Therapeutics, Inc. 8-K

What Happened
Aardvark Therapeutics, Inc. announced on March 23, 2026 that it entered into an Equity Distribution Agreement with Piper Sandler & Co. under which the company may, at its discretion, offer and sell shares of its common stock pursuant to a Form S-3 shelf registration. The shelf allows aggregate sales of up to $150,000,000. The company is not obligated to sell any shares.

Key Details

• Agreement date: March 23, 2026; sales agent: Piper Sandler & Co.
• Aggregate offering capacity: up to $150,000,000 of common stock under Registration Statement No. 333-294537 (Form S-3, filed March 23, 2026).
• Agent commission: 3.0% of the gross sales price per share sold.
• Company retains sole discretion to determine timing/amount of any sales; the agreement includes customary indemnification and contribution provisions for the Agent.

Why It Matters
This agreement provides Aardvark with a flexible, at‑the‑market mechanism to raise capital as needed. If the company chooses to sell shares under the agreement, those sales would increase the number of shares outstanding (dilution) and net proceeds would be reduced by the Agent's commission and any related costs. The filing does not commit Aardvark to sell shares or specify use of proceeds.