AARD

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.

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.

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.

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.

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.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $9.93 to $9.9798 per share, inclusive. The reporting person undertakes to provide Aardvark, any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.9045 to $9.89 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.4199 to $8.69 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $7.8135 to $7.825 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $7.84 to $7.95 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

The price reported in Column 4 is a weighted average price. The shares were purchased in multiple transactions at prices ranging from $8.00 to $8.20 per share, inclusive. The reporting person undertakes to provide Aardvark Therapeutics, Inc. ("Aardvark"), any security holder of Aardvark, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

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.

1/4th of the shares subject to the option shall vest on June 11, 2026, 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.

1/4th of the shares subject to the option shall vest on June 11, 2026, 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.

1/4th of the shares subject to the option shall vest on June 11, 2026, 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.

The option shall vest in full on June 11, 2026, subject to the Reporting Person's continuous service through the vesting date, inclusive.

1/4th of the shares subject to the option shall vest on June 11, 2026, 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.

1/3rd of the shares subject to the option will vest on June 11, 2026, and 1/36th 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.

1/3rd of the shares subject to the option will vest on June 11, 2026, and 1/36th 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.

The option shall vest in full on June 11, 2026, subject to the Reporting Person's continuous service through the vesting date, inclusive.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

Vickers Venture Co-investment LLC ("Vickers Co-investment") is managed by Vickers Venture Partners (S) Pte. Ltd. which is in turn managed by its directors, being Dr. Jeffrey Chi and Dr. Finian Tan, who collectively exercise sole voting and dispositive power over the securities held by Vickers Co-investment. Each of Vickers Venture Partners (S) Pte. Ltd., Dr. Jeffrey Chi and Dr. Finian Tan disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

The Series B Convertible Preferred Stock of the Issuer automatically converted on an 8.474-for-1 basis into shares of Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series B Convertible Preferred Stock had no expiration date.

These securities are held directly by Vickers Venture Fund VI Pte. Ltd. ("Vickers Fund VI"). The sole shareholders of Vickers Fund VI are Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF and Vickers Venture Global Deep-tech Fund II (CI) L.P. Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF is managed by its general partner Vickers Venture Partners VI (EU) S.A.R.L. which is in turn managed by its managers, Dr. Jeffrey Chi (a member of the Issuer's Board of Directors), Dr. Finian Tan, Popescu Alexandru Ionut and Zorzetto Riccardo, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI. Vickers Venture Global Deep-tech Fund II (CI) L.P. is managed by its general partner Vickers Venture Partners VI (CI) Ltd. which is in turn managed by its directors, being Dr. Finian Tan and Christopher Ho, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI.

(Continued from footnote 2) Each of Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF, Vickers Venture Global Deep-tech Fund II (CI) L.P., Vickers Venture Partners VI (EU) S.A.R.L., Dr. Jeffrey Chi, Dr. Finian Tan, Popescu Alexandru Ionut, Zorzetto Riccardo, Vickers Venture Partners VI (CI) Ltd. and Christopher Ho disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series A Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series A Convertible Preferred Stock had no expiration date.

The Series B Convertible Preferred Stock of the Issuer automatically converted on an 8.474-for-1 basis into shares of Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series B Convertible Preferred Stock had no expiration date.

These securities are held directly by Vickers Venture Fund VI Pte. Ltd. ("Vickers Fund VI"). The sole shareholders of Vickers Fund VI are Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF and Vickers Venture Global Deep-tech Fund II (CI) L.P. Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF is managed by its general partner Vickers Venture Partners VI (EU) S.A.R.L. which is in turn managed by its managers, Dr. Jeffrey Chi (a member of the Issuer's Board of Directors), Dr. Finian Tan, Popescu Alexandru Ionut and Zorzetto Riccardo, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI. Vickers Venture Global Deep-tech Fund II (CI) L.P. is managed by its general partner Vickers Venture Partners VI (CI) Ltd. which is in turn managed by its directors, being Dr. Finian Tan and Christopher Ho, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI.

(Continued from footnote 2) Each of Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF, Vickers Venture Global Deep-tech Fund II (CI) L.P., Vickers Venture Partners VI (EU) S.A.R.L., Dr. Jeffrey Chi, Dr. Finian Tan, Popescu Alexandru Ionut, Zorzetto Riccardo, Vickers Venture Partners VI (CI) Ltd. and Christopher Ho disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

Represents 298,486 and 689,203 shares of Common Stock beneficially owned by the Master Fund and Fund V, respectively.

Upon the closing of the Issuer's initial public offering of Common Stock on February 14, 2025, the Series C Convertible Preferred Stock automatically converted into Common Stock at a 1-for-8.474 conversion ratio, after giving effect to a reverse stock split effected by the Issuer on February 5, 2025, for an aggregate of 800,189 shares of Common Stock. The Series C Convertible Preferred Stock had no expiration date.

Cormorant Asset Management, LP ("Cormorant") serves as the investment manager of Cormorant Global Healthcare Master Fund, LP (the "Master Fund") and Cormorant Private Healthcare Fund V, LP ("Fund V"). Cormorant Global Healthcare GP, LLC ("GP LLC") serves as general partner of the Master Fund, and Cormorant Private Healthcare V GP, LLC ("GP V LLC") serves as general partner of Fund V. Bihua Chen serves as the managing member of GP LLC, GP V LLC and the general partner of Cormorant. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or her pecuniary interest therein, and the filing of this Form 4 shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any such shares for purposes of Section 16(a) of the Securities Exchange Act of 1934 or for any other purpose.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

These securities are held directly by Decheng Capital Global Life Sciences Fund IV, L.P. ("Fund IV"). Decheng Capital Management IV (Cayman), LLC ("GP IV") is the general partner of Fund IV. Xiangmin Cui is the manager of GP IV. Each of Fund IV, GP IV and Dr. Cui may be deemed to beneficially own the securities held by Fund IV. Each of GP IV and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series A Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series A Convertible Preferred Stock had no expiration date.

These securities are held directly by Vickers Venture Fund VI Pte. Ltd. ("Vickers Fund VI"). The sole shareholders of Vickers Fund VI are Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF and Vickers Venture Global Deep-tech Fund II (CI) L.P. Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF is managed by its general partner Vickers Venture Partners VI (EU) S.A.R.L. which is in turn managed by its managers, Dr. Jeffrey Chi (a member of the Issuer's Board of Directors), Dr. Finian Tan, Popescu Alexandru Ionut and Zorzetto Riccardo, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI. Vickers Venture Global Deep-tech Fund II (CI) L.P. is managed by its general partner Vickers Venture Partners VI (CI) Ltd. which is in turn managed by its directors, being Dr. Finian Tan and Christopher Ho, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI.

(Continued from footnote 2) Each of Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF, Vickers Venture Global Deep-tech Fund II (CI) L.P., Vickers Venture Partners VI (EU) S.A.R.L., Dr. Jeffrey Chi, Dr. Finian Tan, Popescu Alexandru Ionut, Zorzetto Riccardo, Vickers Venture Partners VI (CI) Ltd. and Christopher Ho disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Xiangmin Cui is the indirect managing member and ultimate beneficial owner of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series A Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series A Convertible Preferred Stock had no expiration date.

These securities are held directly by Vickers Venture Fund VI Pte. Ltd. ("Vickers Fund VI"). The sole shareholders of Vickers Fund VI are Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF and Vickers Venture Global Deep-tech Fund II (CI) L.P. Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF is managed by its general partner Vickers Venture Partners VI (EU) S.A.R.L. which is in turn managed by its managers, Dr. Jeffrey Chi (a member of the Issuer's Board of Directors), Dr. Finian Tan, Popescu Alexandru Ionut and Zorzetto Riccardo, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI. Vickers Venture Global Deep-tech Fund II (CI) L.P. is managed by its general partner Vickers Venture Partners VI (CI) Ltd. which is in turn managed by its directors, being Dr. Finian Tan and Christopher Ho, who collectively exercise shared voting and dispositive power over the securities held by Vickers Fund VI.

(Continued from footnote 2) Each of Vickers Venture Global Deep-tech Fund II (EU) SCSP-RAIF, Vickers Venture Global Deep-tech Fund II (CI) L.P., Vickers Venture Partners VI (EU) S.A.R.L., Dr. Jeffrey Chi, Dr. Finian Tan, Popescu Alexandru Ionut, Zorzetto Riccardo, Vickers Venture Partners VI (CI) Ltd. and Christopher Ho disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series A Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series A Convertible Preferred Stock had no expiration date.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

These securities are held directly by Decheng Capital Global Life Sciences Fund IV, L.P. ("Fund IV"). Decheng Capital Management IV (Cayman), LLC ("GP IV") is the general partner of Fund IV. Xiangmin Cui is the manager of GP IV. Each of Fund IV, GP IV and Dr. Cui may be deemed to beneficially own the securities held by Fund IV. Each of GP IV and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Xiangmin Cui is the indirect managing member and ultimate beneficial owner of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Common Stock immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

Vickers Venture Co-investment LLC ("Vickers Co-investment") is managed by Vickers Venture Partners (S) Pte. Ltd. which is in turn managed by its directors, being Dr. Jeffrey Chi and Dr. Finian Tan, who collectively exercise sole voting and dispositive power over the securities held by Vickers Co-investment. Each of Vickers Venture Partners (S) Pte. Ltd., Dr. Jeffrey Chi and Dr. Finian Tan disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

These securities are held directly by Decheng Capital Global Healthcare Fund (Master), LP ("Healthcare"). Decheng Capital Global Healthcare GP, LLC ("Healthcare GP") is the general partner of Healthcare. Xiangmin Cui is the indirect managing member and ultimate beneficial owner of Healthcare GP. Each of Healthcare GP and Dr. Cui may be deemed to beneficially own the securities held by Healthcare. Each of Healthcare GP and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.

The Series C Convertible Preferred Stock of Aardvark Therapeutics, Inc. (the "Issuer") automatically converted on an 8.474-for-1 basis into shares of the Issuer's common stock ("Common Stock") immediately prior to the closing of the Issuer's initial public offering of its Common Stock. The Series C Convertible Preferred Stock had no expiration date.

These securities are held directly by Decheng Capital Global Life Sciences Fund IV, L.P. ("Fund IV"). Decheng Capital Management IV (Cayman), LLC ("GP IV") is the general partner of Fund IV. Xiangmin Cui is the manager of GP IV. Each of Fund IV, GP IV and Dr. Cui may be deemed to beneficially own the securities held by Fund IV. Each of GP IV and Dr. Cui disclaims beneficial ownership of these securities, except to the extent of its or his proportionate pecuniary interest therein.