---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-23-039032"
form_type: "8-K"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2023-05-12T23:59:59+00:00"
generated_at: "2026-06-15T02:27:19.103028+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Adial Q1 net loss $2.9M; cash $2.3M; sells Purnovate for up to $83M milestones

## Summary
- Q1 2023 net loss $2.9 million, flat YoY; cash $2.3M vs $4.0M at Dec 2022.
- Sold Purnovate assets to Adovate for $0.45M upfront + up to $83M milestones + 19.9% equity stake.
- Engaged The Keswick Group for partnering; awaiting regulatory meeting minutes from FDA, EMA agencies.
- Closed ATM offering of 1.83M shares at $0.41 for gross $750K.
- Cash runway expected into Q1 2024, helped by non-dilutive Purnovate sale proceeds.

## SEC filing metadata
- accession: 0001213900-23-039032
- form_type: 8-K
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2023-05-12T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000121390023039032/0001213900-23-039032-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000121390023039032/ea178472-8k_adialpharma.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-23-039032
- JSON: https://secwatch.observer/filing/0001213900-23-039032.json
- Plain text: https://secwatch.observer/filing/0001213900-23-039032.txt

## Key facts
- Earnings Releases
  ADIAL PHARMACEUTICALS, INC. reported financial results for first quarter of 2023.
  - Period: first quarter of 2023
  - Result: reported results
  source text: Adial Pharmaceuticals, Inc., a Delaware corporation (the “Company”), issued a press release that included financial information for the fiscal quarter ended March 31, 2023.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1513525/000121390023039032/0001213900-23-039032-index.htm

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