Adial Pharma Q1 net loss $2M; cash $4.6M; FDA policy shift may aid AD04 path

ADIAL PHARMACEUTICALS, INC.

• Cash $4.6M as of Mar 31, 2026, down from $5.9M at Dec 31, 2025; runway into H2 2026.
• Net loss $2.0M vs $2.2M YoY; R&D expenses down 42% to $433K; G&A up 3% to $1.6M.
• FDA signals possible single pivotal trial for AD04; bipartisan AUD legislation introduced.
• Established collaboration framework with Molteni Farmaceutici for European commercial pathway.
• International patent application published; if granted, AD04 protection extended to 2045.

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