Adial reports FDA agreement on Phase 3 design for AD04; Q2 net loss $2.0M, cash $5.9M

ADIAL PHARMACEUTICALS, INC.

2025-Q2 EPS reported -$0.49 vs consensus -$6.38 ▲ beat (+92.3%)

Completed End of Phase 2 meeting with FDA; agreement on key Phase 3 protocol elements for AD04 in Alcohol Use Disorder.
Cash and equivalents $5.9M as of June 30, 2025 (up from $2.4M at March 31); cash runway into Q2 2026.
Public offering closed June 17, 2025 raised net proceeds ~$3.0M from 11.1M shares and warrants at $0.3251.
Entered manufacturing agreements with Thermo Fisher Scientific and Cambrex for AD04 drug product and substance.
Regained Nasdaq compliance on July 14, 2025 for minimum stockholders' equity of $2.5M.

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