Yes. The flying squirrel is a real animal and we were surprised, as well as a little disappointed that this is actually a common question. Although its name may conjure up images of squirrels flying majestically through the air like the Red Arrows, flying squirrels cannot actually fly.
Instead, they simply glide from treetop to treetop. They are able to accomplish this due to having a thin membrane of skin on either side of their bodies. Think less bird and more guy in a wingsuit.