Aardvark Therapeutics, Inc. Announces \$150 Million At-the-Market Equity Offering Agreement with Piper Sandler

Key Points Investors Should Know

• Aardvark Therapeutics, Inc. (NASDAQ: AARD) has entered into a significant Equity Distribution Agreement with Piper Sandler & Co. on March 23, 2026.
• The agreement enables Aardvark to offer and sell up to \$150 million worth of its common stock, par value \$0.00001 per share, from time to time via at-the-market (ATM) offerings.
• The shares will be issued under the Company’s shelf registration statement on Form S-3 (Registration No. 333-294537), filed on the same date.
• Piper Sandler will act as the sales agent and will receive a commission of 3.0% of the gross sales price per share sold through the program.
• The agreement provides Aardvark the flexibility to raise capital as needed, but does not obligate the company to sell any shares.
• Aardvark has also agreed to indemnify Piper Sandler against certain liabilities, including those under the Securities Act of 1933.

Details of the Equity Distribution Agreement

Under the newly signed agreement, Aardvark Therapeutics can, at its discretion, sell shares of its common stock directly into the market through Piper Sandler, acting as agent. The ATM structure is designed to give the company capital raising flexibility and the ability to respond to market conditions. The shares will be registered and sold in accordance with the company’s shelf registration filed with the Securities and Exchange Commission.

Piper Sandler is entitled to a 3% commission on the gross proceeds of any shares sold. The company is not required to sell any shares, and there is no minimum amount that must be sold. This means the board and management have control over if, when, and how much capital is raised under the arrangement.

The agreement also requires Aardvark to provide indemnification and contribution to Piper Sandler for certain liabilities that may arise, including those under the Securities Act.

Material and Potentially Price-Sensitive Information

• Potential Share Dilution: If Aardvark chooses to issue and sell shares up to the \$150 million maximum, existing shareholders may experience dilution of their ownership percentage.
• Capital Flexibility: The ability to raise significant capital on an as-needed basis could fund new growth initiatives, research, or other corporate purposes, potentially accelerating the company’s strategic objectives.
• Market Impact: The timing and amount of shares sold under the ATM could affect the company’s share price, depending on market demand and investor perception.
• No Immediate Dilution: Because the company is not obligated to sell any shares, there is no immediate impact, but investors should monitor future disclosures for updates on share issuance.

What Should Shareholders Watch For?

• Announcements regarding actual sales under the Equity Distribution Agreement, as these could result in increased share count and impact share price.
• Updates on how proceeds from any sales are being used, which could signal new initiatives or financial needs.
• The company’s ongoing communications about its capital strategy, as the ATM facility provides a tool for opportunistic financing.
• Market reaction to the announcement and any subsequent share issuances.

Conclusion

The activation of a \$150 million at-the-market equity offering program is a significant development for Aardvark Therapeutics, Inc. It provides the company with financial flexibility to support its operations and growth but also introduces the potential for share dilution. Investors should closely monitor the company’s disclosures regarding any sales under this program, as well as strategic uses of the potential capital raised.

Disclaimer: This article is for informational purposes only and is not financial advice. Investors should conduct their own research or consult with a qualified financial advisor before making investment decisions. The information herein is based on filings made by Aardvark Therapeutics, Inc. on March 23, 2026, and may be subject to change.

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