Finance Watch: Investors’ Appetite For Aardvark Wanes After $94.2m IPO

GH Research, Oculis Price Follow-On Offerings

Public Company Edition: Aardvark Therapeutics’ US IPO – the fifth of 2025 – will fund a Phase III trial in Prader-Willi syndrome and other studies. Also, Sarepta closed on a $600m revolving credit facility and Biogen entered into a funding agreement with Royalty Pharma for up to $250m.

Finance Watch Public Company — • Source: Alamy

Aardvark Therapeutics’ drug candidates are designed to reduce hunger, but the company worked up enough of an appetite among investors to support the company’s initial public offering – the fifth biopharmaceutical IPO in the US in 2025. Cravings subsided after the offering, however, with Aardvark’s $16 share price from the IPO falling in the two days after the offering to close at $13.30 on 14 February.

San Diego-based Aardvark launched its offering late on 12 February with 5.89 million shares priced at $16 each to gross $94.2m. The IPO went to market at the bottom of...

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