{"schema_version":"secwatch.filing_event.v1","accession":"0001213900-23-078339","form_type":"8-K","ticker":"ADIL","cik":"0001513525","company_name":"ADIAL PHARMACEUTICALS, INC.","filed_at":"2023-09-21T23:59:59+00:00","discovered_at":"2026-05-14T18:03:34.157104+00:00","generated_at":"2026-06-10T10:37:42.163488+00:00","sec_items":["1.01","5.02","9.01"],"event_type":"m_and_a","sentiment":"neutral","materiality_score":0.65,"calibrated_materiality_score":0.65,"confidence":"high","headline":"Adial finalizes Purnovate asset sale to Adovate; director Stilley resigns","bullets":["Final acquisition agreement with Adovate for Purnovate assets effective June 30, 2023.","Reimbursable expenses of $1.05M: $350K paid June 30, $350K paid Sept 20, $350K due by Dec 2, 2023.","Adial receives 3.46M Class A units (15% equity) in Adovate with anti-dilution until $4M cumulative funding.","Potential milestone payments per compound (development, approval, commercial) and royalties on net sales; amounts redacted.","Board member William B. Stilley resigned effective Sept 18, 2023, not related to any disagreement."],"urls":{"canonical":"https://secwatch.observer/filing/0001213900-23-078339","json":"https://secwatch.observer/filing/0001213900-23-078339.json","markdown":"https://secwatch.observer/filing/0001213900-23-078339.md","text":"https://secwatch.observer/filing/0001213900-23-078339.txt","edgar_index":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-index.htm","edgar_primary_document":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/ea185524-8k_adialpharma.htm"},"model":{"generated_by":"deepseek-v4-flash:cloud@v2","generated_at":"2026-06-10T10:37:42.163488+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":"9b015c915e","claim":"William B. Stilley resigned as member of the Board of Directors at ADIAL PHARMACEUTICALS, INC..","evidence_excerpt":"On September 18, 2023, William B. Stilley, a member of the Company’s Board of Directors (the “Board”), notified the Company of his decision to resign, effective as such date, from his position as a member of the Board and any other executive positions with the Company and its subsidiaries.","evidence_source":"SEC 8-K Item 5.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-index.htm","confidence":0.95,"family_label":"Executive change","details":[{"label":"Action","value":"resigned"},{"label":"Role","value":"member of the Board of Directors"}],"fact_type":"executive_change"},{"claim_id":"7f4a523d1bb769c13d16052ec11bb5f8bdbcc3fa","claim":"ADIAL PHARMACEUTICALS, INC. entered into final acquisition agreement with Adovate, LLC valued at $1,050,000 (effective 2023-09-18).","evidence_excerpt":"On September 18, 2023, Adial Pharmaceuticals, Inc. (the “Company”) entered into a final acquisition agreement (the “FAA”) with Adovate, LLC (formerly known as Adenomed, LLC), a Virginia limited liability company (“Adovate”), to memorialize the sale effective on June 30, 2023 (the “Sale”) to Adovate of the assets and business of Purnovate, Inc.","evidence_source":"SEC 8-K Item 1.01/1.02","evidence_url":"https://www.sec.gov/Archives/edgar/data/1513525/000121390023078339/0001213900-23-078339-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":"$1,050,000"},{"label":"Effective","value":"2023-09-18"}],"fact_type":"material_agreement"}],"license":"Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer"}