Statement of Changes in Beneficial Ownership (Form 4)

FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person * Lee Tien-Li 2. Issuer Name and Ticker or Trading Symbol Aardvark Therapeutics, Inc. [AARD] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director __X__ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Executive Officer (Last) (First) (Middle) C/O AARDVARK THERAPEUTICS, INC., 4370 LA JOLLA VILLAGE DRIVE, SUITE 1050 3. Date of Earliest Transaction (Month/Day/Year) 11/06/2026 (Street) SAN DIEGO, CA 92122 4. If Amendment, Date Original Filed (Month/Day/Year) 6. Individual or Joint/Group Filing (Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Stock Option (right to buy)

$1.26(1)

11/06/2026

A

203,851

(2)

02/09/2036

Common Stock

203,851

(3)(4)

203,851

D

Stock Option (right to buy)

$13.48

11/06/2026

D

203,851

(2)

02/09/2036

Common Stock

203,851

(3)(4)

0

D

Stock Option (right to buy)

$1.26(5)

11/06/2026

A

549,534

(6)

06/11/2035

Common Stock

549,534

(3)(4)

549,534

D

Stock Option (right to buy)

$11.29

11/06/2026

D

549,534

(6)

06/11/2035

Common Stock

549,534

(3)(4)

0

D

Stock Option (right to buy)

$1.26(7)

11/06/2026

A

40,566

(8)

07/20/2034

Common Stock

40,566

(3)(4)

40,566

D

Stock Option (right to buy)

$4.24

11/06/2026

D

40,566

(8)

07/20/2034

Common Stock

40,566

(3)(4)

0

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Lee Tien-Li C/O AARDVARK THERAPEUTICS, INC. 4370 LA JOLLA VILLAGE DRIVE, SUITE 1050 SAN DIEGO, CA 92122	X	X	Chief Executive Officer

Signatures

/s/ Nelson Sun, as Attorney-in-Fact		11/10/2026
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	If this option is exercised prior to the end of the Retention Period (as defined in footnote (3)), the exercise price per share for such exercise shall be $13.48, the original exercise price per share, and not the New Exercise Price (as defined in footnote (3)) reflected in Column 2.
(2)	1/4th of the shares subject to the option shall vest on February 9, 2027, and 1/48th of the shares subject to the option shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.
(3)	On August 14, 2026, the stockholders of the Issuer approved a proposal to reprice certain eligible outstanding stock options, including the stock options with exercise prices of $13.48, $11.29 and $4.24 listed in Table II (the "Repriced Options"). In accordance with this approval, on November 6, 2026, the exercise price of each Repriced Option was reduced to $1.26 (the "New Exercise Price"); provided that, for the New Exercise Price to apply, the Reporting Person must remain in Continuous Service (as defined in the applicable equity plan governing such option) with the Issuer from November 6, 2026 until the earlier of (i) November 6, 2027 and (ii) a Change in Control (as defined in the applicable equity plan governing such option) during the Reporting Person's Continuous Service with the Issuer (upon which such option shall accelerate in full) (such period, the "Retention Period").
(4)	(Continued from footnote 3) Following the repricing, each Repriced Option retains its respective original vesting schedule and expiration date.
(5)	If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $11.29, the original exercise price per share, and not the New Exercise Price reflected in Column 2.
(6)	1/4th of the shares subject to the option vested on June 11, 2026, and 1/48th of the shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.
(7)	If this option is exercised prior to the end of the Retention Period, the exercise price per share for such exercise shall be $4.24, the original exercise price per share, and not the New Exercise Price reflected in Column 2.
(8)	1/48th of the original number of shares subject to the option vested on July 27, 2024, and 1/48th of the original number of shares subject to the option vested or shall vest in monthly installments thereafter, subject to the Reporting Person's continuous service through each vesting date, inclusive.

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