AARD

SEC source: 0001193125-26-418022 · ownership.xml · derivative · entry 1

Zhang Zhongwei · CIK 0002122235 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 127,061

Underlying: Common Stock · 127,061 shares

Expires 2036-10-07

F1 · derivative.exercise_date: The option will vest in 36 equal installments on each monthly anniversary of the date of grant such that the shares subject to the option are fully vested on the third anniversary of the date of grant, subject to the Reporting Person's continuous service through each applicable vesting date, inclusive.

SEC source: 0001193125-26-389564 · ownership.xml · nonDerivative · entry 2

Sun Nelson · CIK 0002045377 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 35,475

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.

SEC source: 0001193125-26-389564 · ownership.xml · nonDerivative · entry 1

Sun Nelson · CIK 0002045377 · See Remarks

10b5-1 filing: Plan reported

Ownership: Direct

Disclosed balance after: 97,475

F1 · kind: The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person on June 11, 2026.

F2 · price: The price reported in Column 4 reflects the weighted-average sales price. These shares were sold in multiple transactions at prices ranging from $5.00 to $5.0007, inclusive. The Reporting Person undertakes to provide to the Issuer, any security holder of the Issuer, or the Staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote.

F3 · balance_after: Includes 3,745 shares of common stock acquired pursuant to the Issuer's 2025 Employee Stock Purchase Plan on May 22, 2026.

SEC source: 0001193125-26-361486 · ownership.xml · derivative · entry 1

Graf Susan E · CIK 0001577637 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,964

Underlying: Common Stock · 44,964 shares

Expires 2036-08-14

F1 · derivative.exercise_date: The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

SEC source: 0001193125-26-361482 · ownership.xml · derivative · entry 1

Baynes Roy D. · CIK 0001680739 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,964

Underlying: Common Stock · 44,964 shares

Expires 2036-08-14

F1 · derivative.exercise_date: The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

SEC source: 0001193125-26-361489 · ownership.xml · derivative · entry 1

Chi Jeffrey · CIK 0001839163 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,964

Underlying: Common Stock · 44,964 shares

Expires 2036-08-14

F1 · derivative.exercise_date: The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

SEC source: 0001193125-26-361481 · ownership.xml · derivative · entry 1

Tong Victor Edward Jr · CIK 0002007923 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 44,964

Underlying: Common Stock · 44,964 shares

Expires 2036-08-14

F1 · derivative.exercise_date: The option shall vest in full on the earlier of (i) August 14, 2027, and (ii) immediately prior to the Registrant's next Annual Meeting of Stockholders following the date of grant, subject to the Reporting Person's continuous service through the applicable vesting date, inclusive.

SEC source: 0001193125-26-047315 · ownership.xml · derivative · entry 1

Jaiman Manasi · CIK 0002045686 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,549

Underlying: Common Stock · 70,549 shares

Expires 2036-02-09

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-26-047317 · ownership.xml · derivative · entry 1

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 70,549

Underlying: Common Stock · 70,549 shares

Expires 2036-02-09

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-26-047316 · ownership.xml · derivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 203,851

Underlying: Common Stock · 203,851 shares

Expires 2036-02-09

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-25-318070 · ownership.xml · nonDerivative · entry 1

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 108,484

SEC source: 0001193125-25-318069 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,551,613

SEC source: 0001193125-25-241643 · ownership.xml · derivative · entry 2

Jones Bryan · CIK 0002045615 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,052

Underlying: Common Stock · 1,250 shares

Expires 2034-07-20

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: 1/48th of the original number of shares subject to the option vested on July 27, 2024, and 1/48th of the original number of shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-25-241643 · ownership.xml · nonDerivative · entry 1

Jones Bryan · CIK 0002045615 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,250

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001193125-25-241647 · ownership.xml · derivative · entry 3

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 40,566

Underlying: Common Stock · 1,229 shares

Expires 2034-07-20

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: 1/48th of the original number of shares subject to the option vested on July 27, 2024, and 1/48th of the original number of shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-25-241647 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,544,613

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0001193125-25-204233 · ownership.xml · nonDerivative · entry 2

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,543,384

F2 · price: 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.

SEC source: 0001193125-25-204233 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,539,884

F1 · price: 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.

SEC source: 0001193125-25-202490 · ownership.xml · nonDerivative · entry 3

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,533,384

F3 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.4199 to $8.69 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.

SEC source: 0001193125-25-202490 · ownership.xml · nonDerivative · entry 2

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,528,384

F2 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $7.8135 to $7.825 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.

SEC source: 0001193125-25-202490 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,522,384

F1 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $7.84 to $7.95 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.

SEC source: 0001193125-25-200226 · ownership.xml · nonDerivative · entry 1

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 105,484

F1 · price: The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.00 to $8.20 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.

SEC source: 0001193125-25-192747 · ownership.xml · derivative · entry 3

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 41,795

Underlying: Common Stock · 17,209 shares

Expires 2034-07-20

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_date: 1/48th of the original number of shares subject to the option vested on July 27, 2024, and 1/48th of the original number of shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0001193125-25-192747 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,513,384

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

SEC source: 0000950170-25-086145 · ownership.xml · derivative · entry 1

Jaiman Manasi · CIK 0002045686 · Chief Medical Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 126,999

Underlying: Common Stock · 126,999 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on June 11, 2026, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-086143 · ownership.xml · derivative · entry 1

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 209,826

Underlying: Common Stock · 209,826 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on June 11, 2026, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-086139 · ownership.xml · derivative · entry 1

Jones Bryan · CIK 0002045615 · Chief Operating Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 122,033

Underlying: Common Stock · 122,033 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on June 11, 2026, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-086147 · ownership.xml · derivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 549,534

Underlying: Common Stock · 549,534 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/4th of the shares subject to the option shall vest on June 11, 2026, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-086138 · ownership.xml · derivative · entry 1

Graf Susan E · CIK 0001577637 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,508

Underlying: Common Stock · 30,508 shares

Expires 2035-06-11

F1 · derivative.exercise_date: The option shall vest in full on June 11, 2026, subject to the Reporting Person's continuous service through the vesting date, inclusive.

SEC source: 0000950170-25-086141 · ownership.xml · derivative · entry 1

Baynes Roy D. · CIK 0001680739 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 30,508

Underlying: Common Stock · 30,508 shares

Expires 2035-06-11

F1 · derivative.exercise_date: The option shall vest in full on June 11, 2026, subject to the Reporting Person's continuous service through the vesting date, inclusive.

SEC source: 0000950170-25-086146 · ownership.xml · derivative · entry 1

Chi Jeffrey · CIK 0001839163 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 61,017

Underlying: Common Stock · 61,017 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/3rd of the shares subject to the option will vest on June 11, 2026, and 1/36th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-086140 · ownership.xml · derivative · entry 1

Tong Victor Edward Jr · CIK 0002007923 · Director

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 61,017

Underlying: Common Stock · 61,017 shares

Expires 2035-06-11

F1 · derivative.exercise_date: 1/3rd of the shares subject to the option will vest on June 11, 2026, and 1/36th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

SEC source: 0000950170-25-023243 · ownership.xml · derivative · entry 3

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 7,001 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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.

F1 · derivative.exercise_date: 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.

F1 · derivative.expiration_date: 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.

SEC source: 0000950170-25-023243 · ownership.xml · nonDerivative · entry 2

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 99,484

SEC source: 0000950170-25-023243 · ownership.xml · nonDerivative · entry 1

Sun Nelson · CIK 0002045377 · Chief Financial Officer

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 89,484

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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.

SEC source: 0000950170-25-023253 · ownership.xml · derivative · entry 4

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 0

Underlying: Common Stock · 41,303 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: The Series A 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 A Convertible Preferred Stock had no expiration date.

F1 · derivative.exercise_date: The Series A 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 A Convertible Preferred Stock had no expiration date.

F1 · derivative.expiration_date: The Series A 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 A Convertible Preferred Stock had no expiration date.

SEC source: 0000950170-25-023253 · ownership.xml · nonDerivative · entry 2

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,496,175

SEC source: 0000950170-25-023253 · ownership.xml · nonDerivative · entry 1

Lee Tien-Li · CIK 0001940120 · Director · Chief Executive Officer · 10% owner

10b5-1 filing: No plan indicated

Ownership: Direct

Disclosed balance after: 1,479,633

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: The Series A 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 A Convertible Preferred Stock had no expiration date.

SEC source: 0000950170-25-023409 · ownership.xml · derivative · entry 6

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Healthcare Fund (Master), LP

Disclosed balance after: 0

Underlying: Common Stock · 333,412 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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.

F1 · derivative.exercise_date: 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.

F1 · derivative.expiration_date: 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.

F3 · ownership.nature: 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.

SEC source: 0000950170-25-023409 · ownership.xml · derivative · entry 5

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Life Sciences Fund IV, L.P.

Disclosed balance after: 0

Underlying: Common Stock · 2,333,887 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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.

F1 · derivative.exercise_date: 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.

F1 · derivative.expiration_date: 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 · ownership.nature: 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.

SEC source: 0000950170-25-023409 · ownership.xml · nonDerivative · entry 4

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Healthcare Fund (Master), LP

Disclosed balance after: 958,412

F3 · ownership.nature: 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.

SEC source: 0000950170-25-023409 · ownership.xml · nonDerivative · entry 3

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Life Sciences Fund IV, L.P.

Disclosed balance after: 2,958,887

F2 · ownership.nature: 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.

SEC source: 0000950170-25-023409 · ownership.xml · nonDerivative · entry 2

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Healthcare Fund (Master), LP

Disclosed balance after: 333,412

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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.

F3 · ownership.nature: 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.

SEC source: 0000950170-25-023409 · ownership.xml · nonDerivative · entry 1

Decheng Capital Global Life Sciences Fund IV, L.P. · CIK 0001834150 · 10% owner

Decheng Capital Management IV (Cayman), LLC · CIK 0001843384 · 10% owner

Decheng Capital Global Healthcare Fund (Master), LP · CIK 0001949026 · 10% owner

Decheng Capital Global Healthcare GP, LLC · CIK 0001949027 · 10% owner

Cui Xiangmin · CIK 0001487815 · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Decheng Capital Global Life Sciences Fund IV, L.P.

Disclosed balance after: 2,333,887

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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 · ownership.nature: 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.

SEC source: 0000929638-25-000822 · form4.xml · derivative · entry 3

Cormorant Asset Management, LP · CIK 0001583977 · Former 10% Owner

Chen Bihua · CIK 0001599214 · Former 10% Owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnotes

Disclosed balance after: 0

Underlying: Common Stock · 800,189 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F1 · shares: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F1 · price: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F1 · derivative.exercise_date: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F1 · derivative.expiration_date: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F1 · ownership.nature: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F2 · ownership.nature: Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

SEC source: 0000929638-25-000822 · form4.xml · nonDerivative · entry 2

Cormorant Asset Management, LP · CIK 0001583977 · Former 10% Owner

Chen Bihua · CIK 0001599214 · Former 10% Owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 987,689

F2 · ownership.nature: Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

F3 · ownership.nature: Represents 298,486 and 689,203 shares of Common Stock beneficially owned by the Master Fund and Fund V, respectively.

SEC source: 0000929638-25-000822 · form4.xml · nonDerivative · entry 1

Cormorant Asset Management, LP · CIK 0001583977 · Former 10% Owner

Chen Bihua · CIK 0001599214 · Former 10% Owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · See Footnote

Disclosed balance after: 800,189

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

F2 · ownership.nature: Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

SEC source: 0000950170-25-023311 · ownership.xml · derivative · entry 2

Chi Jeffrey · CIK 0001839163 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Vickers Venture Co-investment LLC

Disclosed balance after: 0

Underlying: Common Stock · 133,364 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · derivative.exercise_price: 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 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.

F1 · derivative.exercise_date: 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 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.

F1 · derivative.expiration_date: 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 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 · ownership.nature: Vickers Venture Co-investment LLC ("Vickers Co-investment") is managed by Vickers Venture Partners (S) Pte. Ltd. which is in turn managed by its directors, being Dr. Jeffrey Chi and Dr. Finian Tan, who collectively exercise sole voting and dispositive power over the securities held by Vickers Co-investment. Each of Vickers Venture Partners (S) Pte. Ltd., Dr. Jeffrey Chi and Dr. Finian Tan disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

SEC source: 0000950170-25-023311 · ownership.xml · nonDerivative · entry 1

Chi Jeffrey · CIK 0001839163 · Director

10b5-1 filing: No plan indicated

Ownership: Indirect · By Vickers Venture Co-investment LLC

Disclosed balance after: 133,364

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F1 · price: 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 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 · ownership.nature: Vickers Venture Co-investment LLC ("Vickers Co-investment") is managed by Vickers Venture Partners (S) Pte. Ltd. which is in turn managed by its directors, being Dr. Jeffrey Chi and Dr. Finian Tan, who collectively exercise sole voting and dispositive power over the securities held by Vickers Co-investment. Each of Vickers Venture Partners (S) Pte. Ltd., Dr. Jeffrey Chi and Dr. Finian Tan disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

SEC source: 0000950170-25-023287 · ownership.xml · derivative · entry 4

Vickers Venture Fund VI Pte Ltd · CIK 0001839162 · 10% owner

10b5-1 filing: No plan indicated

Ownership: Indirect · By Vickers Venture Fund VI Pte. Ltd.

Disclosed balance after: 0

Underlying: Common Stock · 413,491 shares

Expires not disclosed

Exercise/conversion can include RSU settlement. Transaction price and option strike are different fields; a missing price is not zero. Derivative and underlying rows can describe the same event.

F4 · derivative.exercise_price: The Series B Convertible Preferred Stock of the Issuer automatically converted on an 8.474-for-1 basis into shares of Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series B Convertible Preferred Stock had no expiration date.

F4 · derivative.exercise_date: The Series B Convertible Preferred Stock of the Issuer automatically converted on an 8.474-for-1 basis into shares of Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series B Convertible Preferred Stock had no expiration date.

F4 · derivative.expiration_date: The Series B Convertible Preferred Stock of the Issuer automatically converted on an 8.474-for-1 basis into shares of Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series B Convertible Preferred Stock had no expiration date.

F2 · ownership.nature: These securities are held directly by Vickers Venture Fund VI Pte. Ltd. ("Vickers Fund VI"). The sole shareholders of Vickers Fund VI are Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF and Vickers Venture Global Deep-tech Fund II (CI) L.P. Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF is managed by its general partner Vickers Venture Partners VI (EU) S.A.R.L. which is in turn managed by its managers, Dr. Jeffrey Chi (a member of the Issuer's Board of Directors), Dr. Finian Tan, Popescu Alexandru Ionut and Zorzetto Riccardo, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI. Vickers Venture Global Deep-tech Fund II (CI) L.P. is managed by its general partner Vickers Venture Partners VI (CI) Ltd. which is in turn managed by its directors, being Dr. Finian Tan and Christopher Ho, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI.

F3 · ownership.nature: (Continued from footnote 2) Each of Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF, Vickers Venture Global Deep-tech Fund II (CI) L.P., Vickers Venture Partners VI (EU) S.A.R.L., Dr. Jeffrey Chi, Dr. Finian Tan, Popescu Alexandru Ionut, Zorzetto Riccardo, Vickers Venture Partners VI (CI) Ltd. and Christopher Ho disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.