Lee Tien-Li 4

What Happened
Lee Tien‑Li, CEO of Aardvark Therapeutics (AARD), received a derivative award reported as 203,851 shares on February 9, 2026. The Form 4 shows $0.00 exchange value for the transaction because this was a grant of an option-like award rather than an open‑market purchase or sale. The filing does not report proceeds from any sale.

Key Details

• Transaction date: 2026-02-09; Form 4 filed: 2026-02-11 (filed within the SEC two-business-day window).
• Transaction type/code: A — Grant/award (derivative). Reported amount: 203,851 shares; price recorded $0.00.
• Vesting (per footnote): 1/4 of the option vests on Feb 9, 2027, then 1/48th vests monthly thereafter, subject to continuous service through each vesting date.
• Shares owned after transaction: not specified in the filing.
• No indication of a sale, tax withholding, 10b5‑1 plan, or late filing in this Form 4.

Context
This was a derivative grant (the filing language and footnote refer to "shares subject to the option"), meaning no new tradable shares were delivered immediately. Such awards are commonly part of executive compensation and vest over time to align retention and performance incentives; they do not, by themselves, indicate the CEO is buying or selling stock. Retail investors should note the future economic value depends on company stock performance and the grant’s strike/exercise terms (not detailed in this summary).