Adial files Azora financials: Azora net loss $744K in 2025, $1.64M in 2024; going concern doubt

ADIAL PHARMACEUTICALS, INC.

Azora net loss $744K in 2025, $1.64M in 2024; cash $282K at 12/31/25, accumulated deficit $9.4M.
Merger consideration: 437,421 Adial shares + 12,930.617 Series A preferred (1,000 common each), options for 1,177,782 common.
Concurrent PIPE raised $26.8M gross via pre-funded warrants at $2.7489/share for 9,749,345 shares.
Azora $5.5M convertible notes extinguished via exchange for pre-funded warrants for 2,031,603 shares.
Pro forma combined statements filed; Azora auditor cites substantial doubt about going concern.

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