Financial Statements — AARD
Balance Sheet
(in millions USD)| Metric | Q1
2026 | Q3
2025 | Q2
2025 | Q1
2025 |
|---|
| Cash & Equivalents | 62.44 | 39.28 | 26.00 | 26.50 |
| Short-term Investments | 28.76 | 87.07 | 115.82 | 124.76 |
| Total Current Assets | 93.58 | 129.21 | 144.77 | 154.55 |
| Total Non-current Assets* | 5.01 | 4.02 | 2.71 | 2.47 |
| Total Assets | 98.59 | 133.23 | 147.48 | 157.03 |
| Accounts Payable | 4.49 | 4.44 | 5.06 | 2.56 |
| Total Current Liabilities | 11.60 | 10.74 | 10.31 | 5.98 |
| Total Non-current Liabilities* | 0.00 | 0.12 | 0.24 | 0.36 |
| Total Liabilities | 11.60 | 10.85 | 10.55 | 6.34 |
| Retained Earnings | (137.51) | (98.32) | (82.00) | (67.64) |
| Total Stockholder Equity | 86.99 | 122.38 | 136.93 | 150.69 |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 |
|---|
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Research & Development | 16.57 | 14.30 | 13.74 | 13.15 | 7.76 |
| Selling, General & Admin | 5.90 | 4.41 | 3.97 | 2.70 | 2.72 |
| Total Operating Expenses | 22.46 | 18.70 | 17.70 | 15.85 | 10.47 |
| Operating Income | (22.46) | (18.70) | (17.70) | (15.85) | (10.47) |
| Net Income | (21.59) | (17.60) | (16.32) | (14.37) | (9.31) |
| Basic EPS | (0.99) | (0.81) | (0.75) | (0.66) | (0.71) |
| Diluted EPS | (0.99) | (0.81) | (0.75) | (0.66) | (0.71) |
Cash Flow Statement
(in millions USD)| Metric | Q1
2026 | Q4
2025 | Q3
2025 | Q2
2025 | Q1
2025 |
|---|
| Operating Cash Flow | (18.87) | (16.81) | (16.13) | (9.84) | (11.39) |
| Capital Expenditures | -- | 0.00 | 0.00 | 0.09 | 0.00 |
| Free Cash Flow* | -- | (16.81) | (16.13) | (9.93) | (11.39) |
| Investing Cash Flow | 34.25 | 24.30 | 29.25 | 9.41 | (112.62) |
| Financing Cash Flow | 0.00 | 0.27 | 0.17 | (0.07) | 88.88 |
* Derived from reported values
