Cormorant Asset Management, LP - 14 Feb 2025 Form 4 Insider Report for Aardvark Therapeutics, Inc. (AARD)

Role
Former 10% Owner
Signature
CORMORANT ASSET MANAGEMENT, LP By: /s/ Bihua Chen, Managing Member
Issuer symbol
AARD
Transactions as of
14 Feb 2025
Net transactions value
+$3,000,000
Form type
4
Filing time
19 Feb 2025, 16:02:07 UTC
Previous filing
12 Feb 2025
Next filing
14 May 2025
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction AARD Common Stock Conversion of derivative security +800,189 800,189 14 Feb 2025 See Footnote F1, F2
transaction AARD Common Stock Purchase $3,000,000 +187,500 +23% $16.00 987,689 14 Feb 2025 See Footnote F2, F3

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction AARD Series C Convertible Preferred Stock Conversion of derivative security -6,780,810 -100% 0 14 Feb 2025 Common Stock 800,189 See Footnotes F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Cormorant Asset Management, LP is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 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 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 Represents 298,486 and 689,203 shares of Common Stock beneficially owned by the Master Fund and Fund V, respectively.