Lucide Ledger

A filing-first public record from Lucide House.

Issue 015 | U.S. Pilot | US

AARD

Aardvark Therapeutics, Inc.

Screen state: Passing Source state: Verified 10-Q | 2026-05-07 Filing currency: USD
Open Filing Back to Register Report a correction
Internal NCAV Discount 63.8%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
93,580,000USD
Total Liabilities
11,604,000USD
NCAV
81,976,000USD
Cash
62,436,000USD
NCAV per share
3.38USD/share
Evidence
2 annual | 6 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
7
Requires inspection High NCAV Burn since the previous filing 81,976,000
Latest
81,976,0002026-03-31
Comparison
101,338,0002025-12-31
Change
-19.1%

Basis: NCAV burn since previous filing >= 10%; previous NCAV must be positive

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-210675; REPORTED_FILING 10-K 2025-12-31

Requires inspection Negative OCF -18,869,000
Latest
-18,869,0002026-03-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-210675

Supporting observation Current Ratio > 1.5 8.06
Latest
8.062026-03-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 10-Q 2026-03-31 · 0001193125-26-210675

7 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Material 1Y Share Increase 1Y share change >= +2% using the same share-count source
NCAV Growing equivalent prior-year NCAV change >= +2%; both NCAV values must be positive
No Material 1Y Share Increase 1Y share change > -2% and <= +1% using the same share-count source
Non-Positive Equity ordinary shareholders equity <= 0
Share Count Reduced 1Y share change <= -2% using the same share-count source

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001193125-25-280260 2025-11-13 10-Q Missing Source Data Vault | sec/cleaned/cik=0001774857/accession=0001193125-25-280260/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 6 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
10-K
USD
2024-12-31
10-K
USD
Revenue 0 n/a
Operating Income -62,725,000 -22,785,000
Net Income -57,591,000 -20,588,000
Cash From Operations -54,172,000 -18,087,000
Capex -95,000 -109,000
Free Cash Flow -54,267,000 -18,196,000
Cash And Equivalents 47,051,000 61,641,000
Accounts Receivable n/a n/a
Inventory n/a n/a
Total Current Assets 111,886,000 74,137,000
Total Assets 117,181,000 77,507,000
Total Current Liabilities 10,548,000 4,927,000
Total Liabilities 10,548,000 5,394,000
Shareholders Equity 106,633,000 -54,643,000
Shares Outstanding 21,816,041 4,066,969
Shares Outstanding Diluted n/a n/a
Weighted Avg Shares Diluted 19,624,626 3,996,376
Weighted Avg Shares Basic 19,624,626 3,996,376
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 6 quarterly periods available from Data Vault for this company.

Metric
2026-06-30
10-Q
USD
2026-03-31
10-Q
USD
2025-12-31
10-K
USD
2025-09-30
10-Q
USD
2025-06-30
10-Q
USD
2025-03-31
10-Q
USD
Revenue 0 0 0 0 0 0
Operating Income -15,084,000 -22,464,000 -18,704,000 -17,703,000 -15,848,000 -10,470,000
Net Income -14,387,000 -21,588,000 -17,598,000 -16,316,000 -14,367,000 -9,310,000
Cash From Operations -17,599,000 -18,869,000 -16,810,000 -16,130,000 -9,844,000 -11,388,000
Capex n/a n/a 0 -4,000 -91,000 0
Free Cash Flow n/a n/a -16,810,000 -16,134,000 -9,935,000 -11,388,000
Cash And Equivalents 73,849,000 62,436,000 47,051,000 39,285,000 25,998,000 26,504,000
Total Current Assets 80,661,000 93,580,000 111,886,000 129,207,000 144,768,000 154,554,000
Total Liabilities 6,663,000 11,604,000 10,548,000 10,852,000 10,550,000 6,336,000
Shares Outstanding 21,884,846 21,816,385 21,816,041 21,773,272 21,696,893 21,695,920
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 21,846,251 21,815,995 21,782,325 21,713,858 21,690,275 13,194,718
Weighted Avg Shares Basic 21,846,251 21,815,995 21,782,325 21,713,858 21,690,275 13,194,718
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 80,661,000USD us-gaap:AssetsCurrent 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Total Liabilities 6,663,000USD us-gaap:Liabilities 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Cash 73,849,000USD us-gaap:CashAndCashEquivalentsAtCarryingValue 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Shares Outstanding 21,884,846 dei:EntityCommonStockSharesOutstanding 2026-06-30 1.00 Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
NCAV 73,998,000USD derived 2026-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 3.38USD derived 2026-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 63.8% derived 2026-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001774857
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001774857/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
7
Imported At
2026-11-01T11:32:05+00:00
Rendered At
2026-11-01T14:57:29+00:00

Run Audit

Mary Run
96f10914845d4a63bf1f2ca5985451b2
Mary As Of
2026-10-30
Accession
0001193125-26-210675
CIK
0001774857
Mary Filing Date
2026-05-07
Filing Currency
USD
Internal Discount
63.8%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=96f10914845d4a63bf1f2ca5985451b2; mary_as_of=2026-10-30; mary_filing_date=2026-05-07; mary_accession=0001193125-26-210675; mary_cik=0001774857; gnni_supporting_filing_date=2026-05-07; internal_discount=0.638061; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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