Adial Pharmaceuticals Q2 net income $1.1M; plans two Phase 3 trials for AD04

ADIAL PHARMACEUTICALS, INC.

2023-Q2 EPS reported -$1.66

Net income of $1.1M vs net loss of $3.8M in Q2 2022; includes $2.66M gain from Purnovate sale.
Cash and equivalents $1.2M at June 30, 2023, down from $4.0M at Dec 31, 2022; runway into Q1 2024.
Sale of Purnovate subsidiary reduces cash burn; Adial received $450K upfront, up to $83M in milestones plus 19.9% equity stake in Adovate.
FDA confirmed primary endpoint (Percentage No Heavy Drinking Days) for AD04; planning two parallel Phase 3 trials.
R&D expense down 37%, G&A down 59% YoY due to lower trial activities and cost reductions.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

ADIAL PHARMACEUTICALS, INC. reported second quarter of 2023 results: net income $1.1 million.

Period: second quarter of 2023
Net income: $1.1 million
Result: reported results

Exact text from the filing

Adial Pharmaceuticals Reports Second Quarter 2023 Financial Results

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Source: SEC EDGAR

accession 0001213900-23-069142

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