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Side-by-side financial comparison of Aardvark Therapeutics, Inc. (AARD) and Altimmune, Inc. (ALT). 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.

Altimmune, Inc. is a clinical-stage biopharmaceutical company focused on developing innovative immunotherapies, vaccines, and peptide-based therapies. Its pipeline covers infectious disease prevention, liver disease treatments, and metabolic disorder therapies, serving global biopharmaceutical and healthcare markets while advancing candidates through clinical trials.

AARD vs ALT — Head-to-Head

Bigger by revenue
ALT
ALT
Infinity× larger
ALT
$26.0K
$0
AARD

Income Statement — Q4 FY2025 vs Q4 FY2025

Metric
AARD
AARD
ALT
ALT
Revenue
$0
$26.0K
Net Profit
$-17.6M
Gross Margin
Operating Margin
Net Margin
Revenue YoY
420.0%
Net Profit YoY
-18.0%
EPS (diluted)
$-0.81

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.

Revenue
AARD
AARD
ALT
ALT
Q4 25
$0
$26.0K
Q3 25
$0
$5.0K
Q2 25
$0
$5.0K
Q1 25
$0
$5.0K
Q4 24
$5.0K
Q3 24
$5.0K
Q2 24
$5.0K
Q1 24
$5.0K
Net Profit
AARD
AARD
ALT
ALT
Q4 25
$-17.6M
Q3 25
$-16.3M
$-19.0M
Q2 25
$-14.4M
$-22.1M
Q1 25
$-9.3M
$-19.6M
Q4 24
Q3 24
$-22.8M
Q2 24
$-24.6M
Q1 24
$-24.4M
Operating Margin
AARD
AARD
ALT
ALT
Q4 25
Q3 25
-417180.0%
Q2 25
-458440.0%
Q1 25
-436300.0%
Q4 24
Q3 24
-495340.0%
Q2 24
-534900.0%
Q1 24
-535880.0%
Net Margin
AARD
AARD
ALT
ALT
Q4 25
Q3 25
-380280.0%
Q2 25
-442920.0%
Q1 25
-391500.0%
Q4 24
Q3 24
-456900.0%
Q2 24
-492800.0%
Q1 24
-487880.0%
EPS (diluted)
AARD
AARD
ALT
ALT
Q4 25
$-0.81
Q3 25
$-0.75
$-0.21
Q2 25
$-0.66
$-0.27
Q1 25
$-0.71
$-0.26
Q4 24
Q3 24
$-0.32
Q2 24
$-0.35
Q1 24
$-0.34

Balance Sheet & Financial Strength

Snapshot of each company's liquidity, leverage and book value from the latest quarter.

Metric
AARD
AARD
ALT
ALT
Cash + ST InvestmentsLiquidity on hand
$110.0M
$273.5M
Total DebtLower is stronger
$34.3M
Stockholders' EquityBook value
$106.6M
$224.9M
Total Assets
$117.2M
$279.9M
Debt / EquityLower = less leverage
0.15×

8-quarter trend — quarters aligned by calendar period.

Cash + ST Investments
AARD
AARD
ALT
ALT
Q4 25
$110.0M
$273.5M
Q3 25
$126.3M
$210.8M
Q2 25
$141.8M
$183.1M
Q1 25
$151.3M
$149.8M
Q4 24
$131.9M
Q3 24
$139.4M
Q2 24
$164.9M
Q1 24
$182.0M
Total Debt
AARD
AARD
ALT
ALT
Q4 25
$34.3M
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
Stockholders' Equity
AARD
AARD
ALT
ALT
Q4 25
$106.6M
$224.9M
Q3 25
$122.4M
$185.6M
Q2 25
$136.9M
$161.4M
Q1 25
$150.7M
$142.2M
Q4 24
$123.5M
Q3 24
$133.4M
Q2 24
$152.5M
Q1 24
$172.9M
Total Assets
AARD
AARD
ALT
ALT
Q4 25
$117.2M
$279.9M
Q3 25
$133.2M
$218.4M
Q2 25
$147.5M
$190.3M
Q1 25
$157.0M
$157.3M
Q4 24
$139.3M
Q3 24
$147.9M
Q2 24
$173.3M
Q1 24
$188.4M
Debt / Equity
AARD
AARD
ALT
ALT
Q4 25
0.15×
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24

Cash Flow & Capital Efficiency

How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.

Metric
AARD
AARD
ALT
ALT
Operating Cash FlowLast quarter
$-16.8M
$-67.5M
Free Cash FlowOCF − Capex
$-67.5M
FCF MarginFCF / Revenue
-259792.3%
Capex IntensityCapex / Revenue
42.3%
Cash ConversionOCF / Net Profit
TTM Free Cash FlowTrailing 4 quarters

8-quarter trend — quarters aligned by calendar period.

Operating Cash Flow
AARD
AARD
ALT
ALT
Q4 25
$-16.8M
$-67.5M
Q3 25
$-16.1M
$-11.9M
Q2 25
$-9.8M
$-19.4M
Q1 25
$-11.4M
$-16.8M
Q4 24
$-79.8M
Q3 24
$-27.1M
Q2 24
$-18.1M
Q1 24
$-16.4M
Free Cash Flow
AARD
AARD
ALT
ALT
Q4 25
$-67.5M
Q3 25
$-16.1M
Q2 25
$-9.9M
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
FCF Margin
AARD
AARD
ALT
ALT
Q4 25
-259792.3%
Q3 25
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24
Capex Intensity
AARD
AARD
ALT
ALT
Q4 25
42.3%
Q3 25
0.0%
Q2 25
Q1 25
Q4 24
Q3 24
Q2 24
Q1 24

Financial Flow Comparison

Revenue → gross profit → operating profit → net profit for each company.

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