# EDGAR Filing Document

**Accession Number:** 0001774857
**File Stem:** 0000950170-25-108176
**Filing Date:** 2025-8
**Character Count:** 36561
**Document Hash:** a32de0bccb00361ec39e1de4e9e53046
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950170-25-108176.hdr.sgml**: 20250813

**ACCESSION NUMBER**: 0000950170-25-108176

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 14

**FILED AS OF DATE**: 20250813

**DATE AS OF CHANGE**: 20250813

**EFFECTIVENESS DATE**: 20250813

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aardvark Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001774857
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 821606367
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-289592
- **FILM NUMBER:** 251213128

**BUSINESS ADDRESS:**
- **STREET 1:** 4370 LA JOLLA VILLAGE DRIVE
- **STREET 2:** SUITE 1050
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122
- **BUSINESS PHONE:** (858) 225-7696

**MAIL ADDRESS:**
- **STREET 1:** 4370 LA JOLLA VILLAGE DRIVE
- **STREET 2:** SUITE 1050
- **CITY:** SAN DIEGO
- **STATE:** CA
- **ZIP:** 92122

As filed with the Securities and Exchange Commission on August 13, 2025 Registration No. 333-

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM S-8**

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

**Aardvark Therapeutics, Inc.**

(Exact name of registrant as specified in its charter)

<u>Delaware</u>   <u>82-1606367</u> <br> (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

4370 La Jolla Village Drive, Suite 1050

San Diego, CA 92122

(Address of Principal Executive Offices) (Zip Code)

Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan

(Full title of the plan)

Tien-Li Lee, M.D.

Chief Executive Officer

Aardvark Therapeutics, Inc.

4370 La Jolla Village Drive, Suite 1050

San Diego, CA 92122

(858) 225-7696

(Name, address and telephone number, including area code, of agent for service)

Copies to:

---

| |
|:---|
| &nbsp;&nbsp;Jeffrey T. Hartlin<br>Samantha H. Eldredge |
| &nbsp;&nbsp;Paul Hastings LLP |
| &nbsp;&nbsp;1117 S. California Avenue |
| &nbsp;&nbsp;Palo Alto, California 94304<br>(650) 320-1800 |

---

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☐ | Accelerated filer | ☐ |
| Non-accelerated filer | ☒ | Smaller reporting company | ☒ |
|  |  | Emerging growth company | ☒ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act. ☐

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**PART I<br>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS**

The document(s) containing the information specified in Part I will be sent or given to employees as specified by Rule 428(b)(1) of the Securities Act of 1933, as amended (the "Securities Act"). Such documents are not being filed with the Securities and Exchange Commission (the "Commission") either as part of this Registration Statement or as prospectuses or prospectus supplements pursuant to Rule 424 of the Securities Act. Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II hereof, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

**PART II<br>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.** 

The following documents filed by the Registrant with the Commission are hereby incorporated by reference into this Registration Statement:

(a) The Registrant's [<u>Annual Report on Form 10-K for the year ended December 31, 2024</u>](https://www.sec.gov/Archives/edgar/data/1774857/000095017025047835/aard_10k_20241231.htm) , filed with the Commission on March 31, 2025;

(b) The Registrant's [<u>Quarterly Report on Form 10-Q for the quarter ended March 31, 2025</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001774857/000095017025071560/ck0001774857-20250331.htm) , filed with the Commission on May 14, 2025;

(c) The Registrant's [<u>Quarterly Report on Form 10-Q for the quarter ended June 30, 2025</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001774857/000095017025108116/ck0001774857-20250630.htm) , filed with the Commission on August 13, 2025;

(d) The Registrant's [<u>Current Report on Form 8-K filed with the Commission on February 14, 2025</u>](https://www.sec.gov/ix?doc=/Archives/edgar/data/0001774857/000119312525027245/d890894d8k.htm) ; and

(e) The description of the Registrant's common stock set forth in the [<u>Registration Statement on Form 8-A</u>](https://www.sec.gov/Archives/edgar/data/1774857/000119312525023571/d912100d8a12b.htm) filed with the Commission on February 10, 2025 (File No. 001-42513) pursuant to Section 12(b) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including any amendments or reports filed for the purpose of updating such description, including the description of the Registrant's securities included as [<u>Exhibit 4.2</u>](https://www.sec.gov/Archives/edgar/data/1774857/000095017025047835/ck0001774857-ex4_2.htm) to the Registrant's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Commission on March 31, 2025.

All other reports and other documents subsequently filed by the Registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act subsequent to the filing of this Registration Statement and prior to the filing of a post-effective amendment which indicates that all securities offered hereby have been sold or which deregisters all securities then remaining unsold, shall be deemed to be incorporated by reference into this Registration Statement and to be a part of this Registration Statement from the date of the filing of such reports and documents, except as to any portion of any future annual or quarterly report to stockholders or document or current report furnished under Items 2.02 or 7.01 of Form 8-K that is not deemed filed under such provisions.

For the purposes of this Registration Statement, any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded to the extent that a statement contained herein or in any other subsequently filed document that also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any such statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.

You should rely only on the information provided or incorporated by reference in this Registration Statement or any related prospectus. The Registrant has not authorized anyone to provide you with different information. You should not assume that the information in this Registration Statement or any related prospectus is accurate as of any date other than the date on the front of the document.

You may contact the Registrant in writing or orally to request copies of the above-referenced filings, without charge (excluding exhibits to such documents unless such exhibits are specifically incorporated by reference into the information incorporated into this Registration Statement). Requests for such information should be directed to:

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Aardvark Therapeutics, Inc.

4370 La Jolla Village Drive, Suite 1050

San Diego, CA 92122

(858) 225-7696

Attn: Chief Executive Officer

**ITEM 4. DESCRIPTION OF SECURITIES.**

Not applicable.

**ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.** 

Not applicable.

**ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.** 

Section 145 of the General Corporation Law of the State of Delaware (the "DGCL") authorizes a corporation's board of directors to grant, and authorizes a court to award, indemnity to officers, directors and other corporate agents.

Our amended and restated certificate of incorporation and amended and restated bylaws contain provisions that limit the liability of the Registrant's directors and officers for monetary damages to the fullest extent permitted by Delaware law. Consequently, the Registrant's directors and officers will not be personally liable to the Registrant or the Registrant's stockholders for monetary damages for any breach of fiduciary duties as directors or officers, except liability for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to directors, any breach of their duty of loyalty to the Registrant or the Registrant's stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to directors, unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of the DGCL;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•with respect to officers, derivative claims brought on behalf of the Registrant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•any transaction from which they derived an improper personal benefit.

Any amendment to, or repeal of, these provisions will not eliminate or reduce the effect of these provisions in respect of any act, omission or claim that occurred or arose prior to that amendment or repeal. If the DGCL is amended to provide for further limitations on the personal liability of directors or officers of corporations, then the personal liability of the Registrant's directors and officers will be further limited to the greatest extent permitted by the DGCL.

The Registrant's amended and restated certificate of incorporation also provides that the Registrant will indemnify, to the fullest extent permitted by law, each person who was or is a party or threatened to be made a party to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative by reason of the fact that he or she is or was, or has agreed to become, a director or officer of the Registrant, or is or was serving, or has agreed to serve, at the request of the Registrant, as a director, officer, incorporator, employee or agent of, or in a similar capacity with, another corporation, partnership, joint venture, trust or other enterprise, or by reason of any action alleged to have been taken or omitted in such capacity. In addition, the Registrant's amended and restated certificate of incorporation provides that the Registrant must advance expenses incurred by or on behalf of a director or officer in advance of the final disposition of any action or proceeding, subject to very limited exceptions.

Further, the Registrant has entered into, and expects to continue to enter into, indemnification agreements with each of its directors and executive officers that may be broader than the specific indemnification provisions contained in the DGCL. These indemnification agreements require the Registrant, among other things, to indemnify its directors and executive officers against liabilities that may arise by reason of their status or service. These indemnification agreements also require the Registrant to advance all expenses incurred by the directors and executive officers in investigating or defending any such action, suit or proceeding, subject to certain exceptions. The Registrant believes that these agreements are necessary to attract and retain qualified individuals to serve as directors and executive officers.

The limitation of liability and indemnification provisions that are included in the Registrant's amended and restated certificate of incorporation, amended and restated bylaws and in indemnification agreements that the Registrant enters into with its directors and executive officers may discourage stockholders from bringing a lawsuit against its directors and executive officers for breach of their fiduciary duties. They may also reduce the likelihood of derivative litigation against the Registrant's directors and executive officers even though an action, if successful, might benefit the Registrant and other stockholders. Further, a stockholder's investment may be adversely affected to the extent that the Registrant pays the costs of settlement and damage awards against directors and executive officers as required by these indemnification provisions. At present, the Registrant is not aware of any pending litigation or proceeding involving any person who is or was one of its directors, officers, employees or other agents or is or was serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, for which indemnification is sought, and the Registrant is not aware of any threatened litigation that may result in claims for indemnification.

------

The Registrant's amended and restated bylaws provide that the Registrant may purchase and maintain insurance, at its expense, to protect itself and any person who is or was a director, officer, employee or agent of the Registrant or is or was serving at its request as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss, whether or not the Registrant would have the power to indemnity such person against such expense, liability or loss under the DGCL. The Registrant has obtained insurance under which, subject to the limitations of the insurance policies, coverage is provided to the Registrant's directors and executive officers against loss arising from claims made by reason of breach of fiduciary duty or other wrongful acts as a director or executive officer, including claims relating to public securities matters, and to the Registrant with respect to payments that may be made by the Registrant to these directors and executive officers pursuant to the Registrant's indemnification obligations or otherwise as a matter of law.

**ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED.**

Not applicable.

**ITEM 8. EXHIBITS.**

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exhibit Number** | &nbsp;&nbsp;**Description**  |
| &nbsp;&nbsp;3.1 | &nbsp;&nbsp;[<u>Fourth Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 of our Current Report on Form 8-K (File No. 001-42513), filed on February 14, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000119312525027245/d890894dex31.htm) |
| &nbsp;&nbsp;3.2 | &nbsp;&nbsp;[<u>Amended and Restated Bylaws (incorporated by reference to Exhibit 3.4 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000119312525021764/d882459dex34.htm) |
| &nbsp;&nbsp;4.1 | &nbsp;&nbsp;[<u>Form of Common Stock Certificate (incorporated by reference to Exhibit 4.1 of Amendment No. 1 of our Registration Statement on Form S-1/A (File No. 333-284440), filed on February 6, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000119312525021764/d882459dex41.htm) |
| &nbsp;&nbsp;5.1\* | &nbsp;&nbsp;[<u>Opinion of Paul Hastings LLP</u>](ck0001774857-ex5_1.htm).  |
| &nbsp;&nbsp;10.1 | &nbsp;&nbsp;[<u>2025 Inducement Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000095017025108116/ck0001774857-ex10_1.htm) |
| &nbsp;&nbsp;10.2 | &nbsp;&nbsp;[<u>2025 Inducement Equity Incentive Plan Form of Stock Option Agreement (incorporated by reference to Exhibit 10.2 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000095017025108116/ck0001774857-ex10_2.htm) |
| &nbsp;&nbsp;10.3 | &nbsp;&nbsp;[<u>2025 Inducement Equity Incentive Plan Form of Restricted Stock Unit Agreement (incorporated by reference to Exhibit 10.3 of our Quarterly Report on Form 10-Q (File No. 001-42513), filed on August 13, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1774857/000095017025108116/ck0001774857-ex10_3.htm) |
| &nbsp;&nbsp;23.1\* | &nbsp;&nbsp;[<u>Consent of BDO USA, P.C., Independent Registered Public Accounting Firm</u>](ck0001774857-ex23_1.htm). |
| &nbsp;&nbsp;23.2\* | &nbsp;&nbsp;[<u>Consent of Paul Hastings LLP (included in Exhibit 5.1)</u>](ck0001774857-ex5_1.htm). |
| &nbsp;&nbsp;24.1\* | &nbsp;&nbsp;Power of Attorney is contained on the signature page. |
| &nbsp;&nbsp;107\* | &nbsp;&nbsp;[<u>Filing Fee Table</u>](ck0001774857_exfilingfees.htm). |
| &nbsp;&nbsp;\* Filed herewith. | &nbsp;&nbsp;\* Filed herewith. |

---

**ITEM 9. UNDERTAKINGS.** 

(a) The Registrant hereby undertakes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) To include any prospectus required by Section 10(a)(3) of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) To reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if,

------

in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the "Calculation of Registration Fee" table in the effective registration statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) To include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement;

*Provided, however, that:* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) paragraphs (a)(1)(i) and (a)(1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

(b) The Registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the Registrant's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee bonus plan's annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in this Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial *bona fide* offering thereof.

(c) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

****

<br> ------

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in San Diego, California, on August 13, 2025.

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| | |
|:---|:---|
| **AARDVARK THERAPEUTICS, INC.** | **AARDVARK THERAPEUTICS, INC.** |
| By:  | /s/ Tien-Li Lee, M.D. |
| Name: | Tien-Li Lee, M.D. |
| Title: | Chief Executive Officer |

---

**POWER OF ATTORNEY**

**Know All Persons By These Presents**, that each person whose signature appears below constitutes and appoints Tien-Li Lee, M.D. and Nelson Sun, and each or any one of them, as his or her true and lawful attorneys-in-fact and agent, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments (including post-effective amendments) to this Registration Statement, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection therewith, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, or their or his substitutes or substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| SIGNATURE | TITLE | DATE |
| /s/ Tien-Li Lee, M.D. | Chief Executive Officer and Director | August 13, 2025 |
| Tien-Li Lee, M.D. | (*Principal Executive Officer*) |  |
| /s/ Nelson Sun | Chief Financial Officer | August 13, 2025 |
| Nelson Sun | (*Principal Financial and Accounting Officer*) |  |
| /s/ Jeffrey Chi, Ph.D. | Director | August 13, 2025 |
| Jeffrey Chi, Ph.D. |  |  |
| /s/ Roy D. Baynes, M.D., Ph.D. | Director | August 13, 2025 |
| Roy D. Baynes, M.D., Ph.D. |  |  |
| /s/ Susan E. Graf | Director | August 13, 2025 |
| Susan E. Graf |  |  |
| /s/ Victor Tong, Jr.  | Director | August 13, 2025 |
| Victor Tong, Jr.  |  |  |

---

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## Exhibit 5.1

**Exhibit 5.1**

August 13, 2025 96254.00001

Aardvark Therapeutics, Inc.

4370 La Jolla Village Drive, Suite 1050

San Diego, CA 92122

Re: Registration Statement on Form S-8

Ladies and Gentlemen:

We have acted as counsel to Aardvark Therapeutics, Inc., a Delaware corporation (the "***Company***"), in connection with the registration statement on Form S-8 to be filed by the Company with the U.S. Securities and Exchange Commission (the "***Commission***") on or about the date hereof (the "***Registration Statement***") to effect registration under the Securities Act of 1933, as amended (the "***Securities Act***"), of an aggregate of 900,000 shares (the "***Shares***") of the Company's common stock, $0.00001 par value per share ("***Common Stock***"), comprised of (i) 147,872 shares of Common Stock issuable upon the vesting and exercise of outstanding options granted by the Company pursuant to the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan (the "***Inducement Plan***"); and (ii) 752,128 shares of Common Stock reserved for awards available for future issuance under the Inducement Plan.

As such counsel and for purposes of our opinion set forth below, we have examined and relied upon originals or copies, certified or otherwise identified to our satisfaction, of such documents, resolutions, certificates and instruments of the Company and corporate records furnished to us by the Company, and have reviewed certificates of public officials, statutes, records and such other instruments and documents as we have deemed necessary or appropriate as a basis for the opinion set forth below, including, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registration Statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the Fourth Amended and Restated Certificate of Incorporation of the Company, as amended from time to time, as certified as of August 13, 2025 by the Office of the Secretary of State of the State of Delaware;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the Amended and Restated Bylaws of the Company as presently in effect, as certified by an officer of the Company on August 13, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the Inducement Plan and the forms of award agreements related thereto that were attached as exhibits to the Registration Statement or otherwise incorporated by reference into the Registration Statement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the resolutions adopted by the compensation committee of the board of directors of the Company regarding the Inducement Plan and other matters related thereto, as certified by an officer of the Company on August 13, 2025.

In addition to the foregoing, we have made such investigations of law as we have deemed necessary or appropriate as a basis for the opinion set forth in this opinion letter.

In such examination and in rendering the opinion expressed below, we have assumed, without independent investigation or verification: (i) the genuineness of all signatures on all agreements, instruments, corporate records, certificates and other documents submitted to us; (ii) the authenticity and completeness of all agreements, instruments, corporate records, certificates and other documents submitted to us as originals; (iii) that all agreements, instruments, corporate records, certificates and other documents submitted to us as certified, electronic, facsimile, conformed, photostatic or other copies conform to originals thereof, and that such originals are authentic and complete; (iv) the legal capacity and authority of all persons or entities (other than the Company) executing all agreements, instruments, corporate records, certificates and other documents submitted to us; (v) the due authorization, execution and delivery of all agreements, instruments, corporate records, certificates and other documents by all parties thereto (other than the Company); (vi) that no documents submitted to us have been amended or terminated orally or in writing except as has been disclosed to us in writing; (vii) that the statements contained in the certificates and comparable documents of public officials, officers and representatives of the Company and other persons on which we have relied for the purposes of this opinion letter are true and correct; (viii) that the Company is in good standing in the State of Delaware and the State of California as of the date hereof; and (ix) that each of the officers and directors of the Company has properly exercised his or her fiduciary duties. As to all questions of

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Aardvark Therapeutics, Inc.

August 13, 2025

fact material to this opinion letter, and as to the materiality of any fact or other matter referred to herein, we have relied (without independent investigation or verification) upon representations and certificates or comparable documents of officers and representatives of the Company. Our knowledge of the Company and its legal and other affairs is limited by the scope of our engagement, which scope includes the delivery of this opinion letter. We do not represent the Company with respect to all legal matters or issues. The Company may employ other independent counsel and, to our knowledge, handles certain legal matters and issues without the assistance of independent counsel. We have also assumed that the individual issuances, grants, awards or grants of purchase rights under the Inducement Plan will be duly authorized by all necessary corporate action of the Company and duly issued, granted or awarded and exercised in accordance with the requirements of law, the Inducement Plan and the agreements, forms of instrument, awards and grants duly adopted thereunder.

Based upon the foregoing, and in reliance thereon, and subject to the assumptions, limitations, qualifications and exceptions set forth herein, we are of the opinion that the Shares are duly authorized and, when issued and sold as described in the Registration Statement and in accordance with the Inducement Plan and the applicable award agreements or forms of instrument evidencing purchase rights thereunder (including the receipt by the Company of the full consideration therefor), will be validly issued, fully paid and nonassessable.

Without limiting any of the other limitations, exceptions and qualifications stated elsewhere herein, we express no opinion with regard to the applicability or effect of the laws of any jurisdiction other than the General Corporation Law of the State of Delaware, as in effect on the date of this opinion letter.

This opinion letter deals only with the specified legal issues expressly addressed herein, and you should not infer any opinion that is not explicitly stated herein from any matter addressed in this opinion letter.

This opinion letter is rendered solely in connection with the issuance and delivery of the Shares as described in the Registration Statement and in accordance with the terms of the Inducement Plan and the applicable award agreement or form of instrument evidencing purchase rights thereunder. This opinion letter is rendered as of the date hereof, and we assume no obligation to advise you or any other person with regard to any change after the date hereof in the circumstances or the law that may bear on the matters set forth herein even if the change may affect the legal analysis or a legal conclusion or other matters in this opinion letter.

We hereby consent to the filing of this opinion letter as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not hereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act or the rules or regulations of the Commission thereunder.

Very truly yours,

/s/ Paul Hastings LLP

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## Exhibit 23.1

**Exhibit 23.1**

**Consent of Independent Registered Public Accounting Firm** 

We hereby consent to the incorporation by reference in this Registration Statement of our report dated March 31, 2025, relating to the consolidated financial statements of Aardvark Therapeutics, Inc. (the Company) appearing in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

/s/ BDO USA, P.C.

San Diego, California

August 13, 2025

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## Ex-Filing

?xml version='1.0' encoding='ASCII'? EX-FILING FEES

**Calculation Of** Filing Fee **Table**

**Form** S-8

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

(Form Type)

Aardvark Therapeutics, Inc.

**(Exact Name of Registrant As Specified in its Charter)**

**<u>Table 1: Newly Registered Securities</u>**

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;**Security Type** | &nbsp;&nbsp;**Security**<br>**Class Title** | &nbsp;&nbsp;**Fee**<br>**Calculation Rule** | &nbsp;&nbsp;**Amount Registered**  | &nbsp;&nbsp;**Proposed Maximum Offering Price Per Share** | &nbsp;&nbsp;**Maximum Aggregate Offering Price** | &nbsp;&nbsp;**Fee Rate** | &nbsp;&nbsp;**Amount of Registration Fee** |
| &nbsp;&nbsp;Fees to be Paid | &nbsp;&nbsp;1 | &nbsp;&nbsp;Equity | &nbsp;&nbsp;Common stock, $0.00001 par value per share, issuable pursuant to the exercise of outstanding options previously granted under the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan | &nbsp;&nbsp;Rule 457(h) | &nbsp;&nbsp;147872 | &nbsp;&nbsp;$10.08  | &nbsp;&nbsp;$1490549.76  | &nbsp;&nbsp;$0.0001531 | &nbsp;&nbsp;$228.20  |
| &nbsp;&nbsp;Fees to be Paid | &nbsp;&nbsp;2 | &nbsp;&nbsp;Equity<br>| &nbsp;&nbsp;Common stock, $0.00001 par value per share, reserved for future issuance under the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan | &nbsp;&nbsp;Rules 457(c) and 457(h) | &nbsp;&nbsp; 752128 | &nbsp;&nbsp;$10.52  | &nbsp;&nbsp;$7912386.56 | &nbsp;&nbsp; <br>$0.0001531 | &nbsp;&nbsp;$1211.39 |

---

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Fees previously paid** |  |  | &nbsp;&nbsp; <br>&nbsp;&nbsp;&nbsp;&nbsp; $0.00 |
|  | &nbsp;&nbsp;**Total Offering Amount** | &nbsp;&nbsp;$9402936.32 | &nbsp;&nbsp;$1439.59 |
|  | &nbsp;&nbsp;**Total Fee Offsets** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.00 |
|  | &nbsp;&nbsp;**Net Fees Due** |  | &nbsp;&nbsp;$1439.59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the "Securities Act"), this Registration Statement on Form S-8 shall also cover any additional shares of common stock, $0.00001 par value per share (the "Common Stock"), of Aardvark Therapeutics, Inc. (the "Registrant") that become issuable under the Aardvark Therapeutics, Inc. 2025 Inducement Equity Incentive Plan (the "Inducement Plan") by reason of any stock dividend, stock split, recapitalization or similar transaction effected without the Registrant's receipt of consideration which would increase the number of outstanding shares of Common Stock.

Represents shares of Common Stock issuable upon the exercise of outstanding stock options granted under the Inducement Plan, at a weighted-average exercise price of $10.08 per share. To the extent outstanding options under the Inducement Plan expire, lapse or are terminated, exchanged for or settled in cash, surrendered, repurchased or forfeited, such shares of Common Stock subject to such awards will be available for future issuance under the Inducement Plan

(2)Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rules 457(c) and 457(h) of the Securities Act. The proposed maximum aggregate offering price per share and the proposed maximum aggregate offering price with respect to these shares are calculated based on the average of the high and low prices of the Common Stock as reported on the Nasdaq Global Select Market on August 12, 2025, a date within five business days prior to the filing of this Registration Statement.

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