AARD NASDAQ

Of US companies ranked in the riskiest tenth, about 1 in 20 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $0.02 (down 99%), Aardvark Therapeutics, Inc. Common Stock would be worth roughly what it owes.
Total debt $677K against a stock market value of $28.5M.
Distance to default 1.51 (Merton model): prices to 2026-10-27, balance sheet 2026-06-30, debt counted $539K (short-term plus half of long-term), stock volatility 173.6%; Altman Z'' 5.92. A ranking and a back-test, not a forecast.
US fund filings (SEC N-PORT) show under $25M of this company's bonds, so there is no bond page. Its debt may be bank loans or privately placed. How these are computed.