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Side-by-side financial comparison of Aardvark Therapeutics, Inc. (AARD) and Alpha Cognition Inc. (ACOG). Click either name above to swap in a different company.
Aardvark Therapeutics, Inc. is a clinical-stage biopharmaceutical company focused on developing novel targeted therapies for inflammatory, metabolic, and orphan diseases. It advances G-protein coupled receptor-targeting pipeline candidates, serving patient populations primarily in North America and global markets via R&D partnerships.
AARD vs ACOG — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $0 | $2.8M |
| Net Profit | $-17.6M | $-6.9M |
| Gross Margin | — | — |
| Operating Margin | — | -283.7% |
| Net Margin | — | -245.5% |
| Revenue YoY | — | — |
| Net Profit YoY | — | — |
| EPS (diluted) | $-0.81 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $0 | $2.8M | ||
| Q3 25 | $0 | $2.8M | ||
| Q2 25 | $0 | $1.7M | ||
| Q1 25 | $0 | $2.9M |
| Q4 25 | $-17.6M | $-6.9M | ||
| Q3 25 | $-16.3M | $-1.3M | ||
| Q2 25 | $-14.4M | $-10.5M | ||
| Q1 25 | $-9.3M | $-2.0M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 96.7% | ||
| Q1 25 | — | 99.6% |
| Q4 25 | — | -283.7% | ||
| Q3 25 | — | -187.0% | ||
| Q2 25 | — | -346.1% | ||
| Q1 25 | — | -125.9% |
| Q4 25 | — | -245.5% | ||
| Q3 25 | — | -46.4% | ||
| Q2 25 | — | -632.7% | ||
| Q1 25 | — | -68.5% |
| Q4 25 | $-0.81 | $-0.10 | ||
| Q3 25 | $-0.75 | $-0.30 | ||
| Q2 25 | $-0.66 | $-0.65 | ||
| Q1 25 | $-0.71 | $-0.13 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $110.0M | $66.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $106.6M | $62.5M |
| Total Assets | $117.2M | $79.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $110.0M | $66.0M | ||
| Q3 25 | $126.3M | $35.4M | ||
| Q2 25 | $141.8M | $39.4M | ||
| Q1 25 | $151.3M | $45.5M |
| Q4 25 | $106.6M | $62.5M | ||
| Q3 25 | $122.4M | $33.9M | ||
| Q2 25 | $136.9M | $31.9M | ||
| Q1 25 | $150.7M | $40.8M |
| Q4 25 | $117.2M | $79.7M | ||
| Q3 25 | $133.2M | $46.3M | ||
| Q2 25 | $147.5M | $45.1M | ||
| Q1 25 | $157.0M | $48.6M |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-16.8M | $-6.9M |
| Free Cash FlowOCF − Capex | — | $-7.1M |
| FCF MarginFCF / Revenue | — | -252.6% |
| Capex IntensityCapex / Revenue | — | 5.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-20.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-16.8M | $-6.9M | ||
| Q3 25 | $-16.1M | $-5.3M | ||
| Q2 25 | $-9.8M | $-6.1M | ||
| Q1 25 | $-11.4M | $-2.0M |
| Q4 25 | — | $-7.1M | ||
| Q3 25 | $-16.1M | $-5.4M | ||
| Q2 25 | $-9.9M | $-6.1M | ||
| Q1 25 | — | $-2.1M |
| Q4 25 | — | -252.6% | ||
| Q3 25 | — | -188.8% | ||
| Q2 25 | — | -370.9% | ||
| Q1 25 | — | -72.0% |
| Q4 25 | — | 5.3% | ||
| Q3 25 | — | 2.6% | ||
| Q2 25 | — | 0.5% | ||
| Q1 25 | — | 2.2% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
