Tien-Li Lee - 06 Nov 2026 Form 4 Insider Report for Aardvark Therapeutics, Inc. (AARD)

Reporting relationship: Chief Executive Officer, Director, 10%+ Owner
Issuer ticker: AARD
Reported as of: 06 Nov 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 10 Nov 2026, 17:18:25 UTC
Prior SEC filing: 11 Feb 2026
Source filing: View source filing
Reporting owner signature: /s/ Nelson Sun, as Attorney-in-Fact

Filing notes and source

Key filing fact

Tien-Li Lee filed Form 4 for Aardvark Therapeutics, Inc. (AARD) on 10 Nov 2026.

Key facts

This page summarizes Tien-Li Lee's Form 4 filing for Aardvark Therapeutics, Inc. (AARD).
6 reported transactions and 6 derivative rows are listed below.
Accepted by SEC: 10 Nov 2026, 17:18.

Change

Previous filing in this sequence was filed on 11 Feb 2026.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001940120 Primary reporting owner

Lee Tien-Li

Relationship: Chief Executive Officer, Director, 10%+ Owner
Address: C/O AARDVARK THERAPEUTICS, INC., 4370 LA JOLLA VILLAGE DRIVE, SUITE 1050, SAN DIEGO
Signature: /s/ Nelson Sun, as Attorney-in-Fact
Signature date: 10 Nov 2026

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

AARD transaction Derivative

Stock Option (right to buy)

Award

Transaction value
Shares: +203,851
Change %
Price
Shares after: 203,851
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 203,851
Exercise price: $1.26
Footnotes: F1, F2, F3, F4

AARD transaction Derivative

Stock Option (right to buy)

Disposed to Issuer

Transaction value
Shares: -203,851
Change %: -100%
Price
Shares after: 0
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 203,851
Exercise price: $13.48
Footnotes: F2, F3, F4

AARD transaction Derivative

Stock Option (right to buy)

Award

Transaction value
Shares: +549,534
Change %
Price
Shares after: 549,534
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 549,534
Exercise price: $1.26
Footnotes: F3, F4, F5, F6

AARD transaction Derivative

Stock Option (right to buy)

Disposed to Issuer

Transaction value
Shares: -549,534
Change %: -100%
Price
Shares after: 0
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 549,534
Exercise price: $11.29
Footnotes: F3, F4, F6

AARD transaction Derivative

Stock Option (right to buy)

Award

Transaction value
Shares: +40,566
Change %
Price
Shares after: 40,566
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 40,566
Exercise price: $1.26
Footnotes: F3, F4, F7, F8

AARD transaction Derivative

Stock Option (right to buy)

Disposed to Issuer

Transaction value
Shares: -40,566
Change %: -100%
Price
Shares after: 0
Date: 06 Nov 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 40,566
Exercise price: $4.24
Footnotes: F3, F4, F8

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 8 footnotes

Footnote F1

If this option is exercised prior to the end of the Retention Period (as defined in footnote (3)), the exercise price per share for such exercise shall be $13.48, the original exercise price per share, and not the New Exercise Price (as defined in footnote (3)) reflected in Column 2.

Footnote F2

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.

Footnote F3

On August 14, 2026, the stockholders of the Issuer approved a proposal to reprice certain eligible outstanding stock options, including the stock options with exercise prices of $13.48, $11.29 and $4.24 listed in Table II (the "Repriced Options"). In accordance with this approval, on November 6, 2026, the exercise price of each Repriced Option was reduced to $1.26 (the "New Exercise Price"); provided that, for the New Exercise Price to apply, the Reporting Person must remain in Continuous Service (as defined in the applicable equity plan governing such option) with the Issuer from November 6, 2026 until the earlier of (i) November 6, 2027 and (ii) a Change in Control (as defined in the applicable equity plan governing such option) during the Reporting Person's Continuous Service with the Issuer (upon which such option shall accelerate in full) (such period, the "Retention Period").

Footnote F4

(Continued from footnote 3) Following the repricing, each Repriced Option retains its respective original vesting schedule and expiration date.

Footnote F5

If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $11.29, the original exercise price per share, and not the New Exercise Price reflected in Column 2.

Footnote F6

1/4th of the shares subject to the option vested on June 11, 2026, and 1/48th of the 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.

Footnote F7

If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $4.24, the original exercise price per share, and not the New Exercise Price reflected in Column 2.

Footnote F8

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.