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

Reporting relationship: Former 10% Owner
Issuer ticker: AARD
Reported as of: 14 Feb 2025
Net transaction value: +$3,000,000
SEC form: 4
Accepted by SEC: 19 Feb 2025, 16:02:07 UTC
Prior SEC filing: 12 Feb 2025
Next SEC filing: 14 May 2025
Source filing: View source filing
Reporting owner signature: CORMORANT ASSET MANAGEMENT, LP By: /s/ Bihua Chen, Managing Member

Key filing fact

Cormorant Asset Management, LP filed Form 4 for Aardvark Therapeutics, Inc. (AARD) on 19 Feb 2025.

Key facts

This page summarizes Cormorant Asset Management, LP's Form 4 filing for Aardvark Therapeutics, Inc. (AARD).
3 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 19 Feb 2025, 16:02.

Change

Previous filing in this sequence was filed on 12 Feb 2025.
Current net transaction value: +$3,000,000.

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

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

AARD transaction

Common Stock

Conversion of derivative security

Transaction value
Shares: +800,189
Change %
Price
Shares after: 800,189
Date: 14 Feb 2025
Ownership: See Footnote
Footnotes: F1, F2

AARD transaction

Common Stock

Purchase

Transaction value: $3,000,000
Shares: +187,500
Change %: +23%
Price: $16.00
Shares after: 987,689
Date: 14 Feb 2025
Ownership: See Footnote
Footnotes: F2, F3

Reported derivative securities

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

AARD transaction Derivative

Series C Convertible Preferred Stock

Conversion of derivative security

Transaction value
Shares: -6,780,810
Change %: -100%
Price
Shares after: 0
Date: 14 Feb 2025
Ownership: See Footnotes
Underlying class: Common Stock
Underlying amount: 800,189
Exercise price
Footnotes: F1, F2

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

Additional SEC filing notes

Filing notes and footnotes

Section 16 status

Cormorant Asset Management, LP is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may still apply in specific circumstances.

Explanation of responses 3 footnotes

Footnote 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.

Footnote 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.

Footnote F3

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