Aardvark (AARD) Director Susan Graf Receives Option Award

What Happened

• Susan E. Graf, a director of Aardvark Therapeutics, received a derivative award (an option) for 44,964 shares on August 14, 2026. The Form 4 reports $0 immediate acquisition value for the grant (typical for option awards when no cash changed hands).

Key Details

• Transaction date: 2026-08-14; Form 4 filed: 2026-08-21 (filed 7 days after the transaction; Form 4s are normally due within two business days, so this appears late).
• Reported acquisition: 44,964 derivative shares (option grant) at $0.00 reported value.
• Shares owned after transaction: not disclosed in the filing.
• Footnote: the option vests in full on the earlier of (i) August 14, 2027, or (ii) immediately prior to the registrant’s next Annual Meeting of Stockholders following the grant date, subject to Graf’s continuous service through the vesting date.
• No exercise price or immediate cash value for exercised shares is provided in the reported fields.

Context

• This was an option award (derivative grant), not an open-market purchase or sale — it does not represent an immediate cash transaction or share sale. Options typically convert to shares only after vesting and any exercise; that future event could be disclosed later.
• Because the filing was submitted several days after the transaction date, investors tracking insider timing should note the late filing; late Form 4s can reduce the real-time usefulness of insider signals.