Aardvark Therapeutics, Inc. (AARD) - Dilution Analysis

Visualizing historical and potential share dilution over time

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Dilution Analysis

Medium Risk

Moderate dilution risk

Last updated: May 07, 2026

Risk Assessment Details

Potential Dilution: 168.94% of current shares

Recent Dilution: 0.56% (2 years)

Historical Dilution Factor: minimal recent dilution

Outstanding Shares

22M

Potential Supply

37M

Additional shares possible

Splits

None

Past 2 years

Summary

AARD currently has 21.8M outstanding shares. with significant dilution risk as 36.9M authorized shares could dilute existing holders by 168.9%. The company has minimally diluted shareholders by 0.56% over the past 2 years.

Share Structure Timeline

Outstanding Shares

Total Supply

Historical Data Points

Date	Event	Outstanding	Supply
May 07, 2026	10-Q filing \| 21.8M shares outstanding	22M	37M
Mar 23, 2026	S-3 filing: Aardvark Therapeutics, Inc. files an S-3 registration statement for a combination offering of common stock, preferred stock, debt securities, and depositary shares, with an aggregate offering price not to exceed $400,000,000.	22M	37M
Mar 23, 2026	10-K filing \| 21.8M shares outstanding	22M	0
May 14, 2025	10-Q filing \| 21.7M shares outstanding	22M	0
Jan 23, 2025	S-1 filing: This is an S-1 filing for an initial public offering of common stock. The underwriters may engage in transactions to stabilize, maintain or otherwise affect the price of the common stock, including short sales and open market purchases.	N/A	0

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