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Regulatory hold and trial terminations typically prompt a near-term stock reaction as visibility and milestones shift; while a cash runway eases liquidity concerns, the loss of core trials and the regulatory setback materially dampen near-term upside unless Q3 2026 data catalyzes a clear path forward.
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With ARD-101 under an FDA hold and HERO/OLE trials terminated, Aardvark will study unblinded Q3 2026 data to decide next steps. The cash runway extends into late 2027, but a regulatory setback complicates near-term milestones and funding needs.
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