AARD

Business Context and Reporting Period

This Form 8-K Current Report was filed by Aardvark Therapeutics, Inc. on June 10, 2026. The filing discloses the execution of retention bonus agreements with two key executive officers: Nelson Sun (Chief Financial Officer and Chief Operating Officer) and Manasi Jaiman, M.D., M.P.H. (Chief Medical Officer).

Key Financial Metrics

The filing does not provide standard financial performance metrics such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial data disclosed relates to specific executive compensation obligations:

• Nelson Sun Retention Bonus: Total aggregate amount of $346,500 (comprised of a $198,000 guaranteed annual bonus and a $148,500 retention bonus).
• Manasi Jaiman Retention Bonus: Total aggregate amount of $357,000 (comprised of a $204,000 guaranteed annual bonus and a $153,000 retention bonus).
• Total Disclosed Compensation Liability: $703,500.

Material Changes

The material change reported is the establishment of new contractual obligations for executive retention. These agreements were entered into on June 10, 2026, creating a liability for future cash payments contingent upon continued employment or specific termination events.

Guidance, Outlook, and Risks

Payment Terms and Conditions:

• Both bonuses are scheduled for full payment on January 1, 2027, subject to the executives' continued employment through that date.
• Acceleration Clause: If the Company terminates employment without Cause or the executive resigns for Good Reason prior to January 1, 2027, the full bonus amount becomes payable immediately, subject to the execution of a release of claims.

Management Commentary: The filing contains no forward-looking guidance regarding business operations, clinical trials, or financial outlook beyond the specific terms of these retention agreements. Risks: The primary risk disclosed is the potential for accelerated cash outflow if either executive departs under qualifying conditions before the scheduled payment date.

Investor Verification Checklist

• Verify the Company's current cash position to assess the ability to fund the $703,500 liability in January 2027 or upon potential acceleration.
• Review the full text of the "Sun Retention Agreement" and "Jaiman Retention Agreement" (to be filed in the Form 10-Q for the quarter ending June 30, 2026) for specific definitions of "Cause" and "Good Reason."
• Monitor subsequent filings for any changes in executive leadership that might trigger the acceleration of these bonuses.