{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-038128","form_type":"8-K","ticker":"ADIL","cik":"0001513525","company_name":"ADIAL PHARMACEUTICALS, INC.","filed_at":"2023-05-10T23:59:59+00:00","discovered_at":"2026-05-14T18:03:39.179317+00:00","generated_at":"2026-06-15T06:16:37.534233+00:00","sec_items":["1.01","7.01","9.01"],"event_type":"m_and_a","sentiment":"positive","materiality_score":0.75,"calibrated_materiality_score":0.75,"confidence":"high","headline":"Adial receives $450K upfront, 19.9% stake in Adovate, and up to $83M milestones for Purnovate sale","bullets":["Adovate exercised irrevocable option to acquire Purnovate assets effective May 16, 2023.","Adial received $450,000 non-refundable fee and will be reimbursed ~$0.9M for prior Purnovate expenses.","Eligible for up to $33M development/approval milestones (first three compounds) plus $50M commercial milestones.","Adial receives 19.9% equity in Adovate and ongoing low single-digit royalties on net sales.","William Stilley (former CEO) departs active management; will remain on Adial board and lead Adovate."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-038128","json":"https://secwatch.observer/filing/0001213900-23-038128.json","markdown":"https://secwatch.observer/filing/0001213900-23-038128.md","text":"https://secwatch.observer/filing/0001213900-23-038128.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023038128/0001213900-23-038128-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023038128/ea178264-8k_adialpharm.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-15T06:16:37.534233+00:00"},"review":{"review_status":"machine_generated","human_reviewed":false,"corrected":false,"correction_note":null,"correction_timestamp":null,"superseded_by":null,"related_filings":[]},"source_grounded_claims":[{"claim_id":"202b3872486b8c7c2c16ad5da812c0ac365b1208","claim":"ADIAL PHARMACEUTICALS, INC. entered into Option Exercise Agreement with Adovate, LLC valued at $450,000 (effective 2023-05-08).","evidence_excerpt":"In connection with exercise of the Option, Adial Pharmaceuticals, Inc. (the “Company”) received from Adovate a non-refundable option exercise fee and upfront payment of $450,000 and entered into an option exercise agreement with Adovate (the “Option Exercise Agreement”)","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023038128/0001213900-23-038128-index.htm","confidence":0.9,"family_label":"Material Agreements","details":[{"label":"Action","value":"entry"},{"label":"Agreement","value":"asset purchase"},{"label":"Counterparty","value":"Adovate, LLC"},{"label":"Value","value":"$450,000"},{"label":"Effective","value":"2023-05-08"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}