---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-087439"
form_type: "8-K/A"
ticker: "ADIL"
cik: "0001513525"
company_name: "ADIAL PHARMACEUTICALS, INC."
filed_at: "2026-08-11T01:13:05+00:00"
generated_at: "2026-08-11T10:10:52.509206+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-087439
- form_type: 8-K/A
- ticker: ADIL
- cik: 0001513525
- company_name: ADIAL PHARMACEUTICALS, INC.
- filed_at: 2026-08-11T01:13:05+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1513525/000121390026087439/0001213900-26-087439-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1513525/000121390026087439/ea0299800-8ka1_adial.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-087439
- JSON: https://secwatch.observer/filing/0001213900-26-087439.json
- Plain text: https://secwatch.observer/filing/0001213900-26-087439.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.