---
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"
generated_at: "2026-06-15T06:16:37.534233+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Adial receives $450K upfront, 19.9% stake in Adovate, and up to $83M milestones for Purnovate sale

## Summary
- 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.

## SEC filing metadata
- 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
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 7.01, 9.01
- 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

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-038128
- JSON: https://secwatch.observer/filing/0001213900-23-038128.json
- Plain text: https://secwatch.observer/filing/0001213900-23-038128.txt

## Key facts
- Material Agreements
  ADIAL PHARMACEUTICALS, INC. entered into Option Exercise Agreement with Adovate, LLC valued at $450,000 (effective 2023-05-08).
  - Action: entry
  - Agreement: asset purchase
  - Counterparty: Adovate, LLC
  - Value: $450,000
  - Effective: 2023-05-08
  source text: 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_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390023038128/0001213900-23-038128-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.