Highest-materiality recent filing
Adial completes reverse merger with Azora, issues ~87% of shares to Azora holders, raises $26.8M
Former Azora equityholders will hold ~51.0% of pro forma fully diluted common stock; pre-merger Adial holders ~7.7%.
Adial Pharma Q1 net loss $2M; cash $4.6M; FDA policy shift may aid AD04 path
Cash $4.6M as of Mar 31, 2026, down from $5.9M at Dec 31, 2025; runway into H2 2026.
Adial grants RSAs to CEO, CFO, COO, and directors; options to director
CEO Cary Claiborne receives 37,985 RSAs (28,800 as CEO, 9,185 as director).
Adial Pharmaceuticals FY2025 net loss $8M, cash $5.9M; advancing AD04 toward Phase 3
Net loss of $8.0M in FY2025 vs $13.2M in FY2024, driven by lower R&D and 2024 one-time $4.5M inducement expense.
Collaboration framework with Molteni Farmaceutici for exclusive AD04 commercialization in Europe; definitive agreement pending.
Received Nasdaq notice on Feb. 23, 2026 that closing bid price was ≥$1.00 for 10 consecutive business days (Feb. 6-20, 2026).
Adial Pharmaceuticals announces 1-for-25 reverse stock split to meet Nasdaq $1 minimum bid price
Reverse split reduces shares from ~27.8M to ~1.1M; effective 11:59 p.m. ET on Feb 5, 2026.
Adial Pharmaceuticals director James W. Newman Jr. resigns from Board effective Jan 5, 2026
James W. Newman Jr. resigned as director and member of Audit and Compensation Committees, effective January 5, 2026.
Holder exercised 9,215,675 existing Series C-1 and E warrants at $0.31/share, generating gross proceeds of $2.86M.
Adial reports Q3 net loss $1.8M, cash $4.6M; FDA provides Phase 3 guidance for AD04
Net loss $1.8M for Q3 2025 vs $2.2M in Q3 2024; R&D expenses down 50% YoY.
FDA End-of-Phase 2 meeting held July 29, 2025; final minutes received confirming alignment on adaptive Phase 3 design.
Adial Pharmaceuticals granted 180-day Nasdaq extension to meet $1.00 bid price rule by March 2, 2026
Received Nasdaq extension until March 2, 2026 to regain compliance with minimum $1.00 bid price requirement.
Adial reports FDA agreement on Phase 3 design for AD04; Q2 net loss $2.0M, cash $5.9M
Completed End of Phase 2 meeting with FDA; agreement on key Phase 3 protocol elements for AD04 in Alcohol Use Disorder.
Approved increase in authorized common stock from 50M to 100M shares, effective August 1, 2025.
Adial enters new ATM facility for up to $4.98M; terminates prior HCW Wainwright ATM
New ATM sales agreement with A.G.P./Alliance Global Partners for up to $4,983,000 of common stock.
Nasdaq confirmed compliance with Listing Rule 5550(b)(1) as of July 14, 2025.
Adial Pharmaceuticals regains Nasdaq equity compliance after $3.6M offering
Received Nasdaq deficiency notice on May 23, 2025 for stockholders' equity of $2,126,662, below $2.5M minimum.
Gross proceeds of ~$3.6M from sale of 11.1M shares (or equivalents) plus Series D and E warrants at $0.3251/unit.
Adial Pharmaceuticals postpones 2025 Annual Meeting to August 1, 2025
Annual Meeting date moved from prior schedule to August 1, 2025; record date remains June 4, 2025.
Adial Pharmaceuticals receives Nasdaq delisting notice for equity below $2.5M minimum
Stockholders' equity of $2,126,662 as of March 31, 2025, below Nasdaq's $2.5M requirement.
Adial Pharma Q1 net loss $2.2M; warrants raise $2.75M; AD04 Phase 2 meeting set for July
Cash $2.4M at March 31; with $2.75M warrant proceeds, runway into Q4 2025.
Adial Pharmaceuticals sets 2025 Annual Meeting for July 24; proposal deadlines revised
Annual meeting scheduled for July 24, 2025; record date June 4, 2025.
Adial raises $2.75M via warrant inducement; existing warrants exercised at $0.74
Existing Series B and C warrants for 3,718,440 shares exercised at reduced price of $0.74 per share.
Adial Pharmaceuticals replaces auditor Marcum with CBIZ CPAs effective April 28, 2025
Marcum resigned as independent auditor; CBIZ CPAs engaged for FY 2025, effective immediately.
Adial Pharmaceuticals appoints Tony Goodman as COO with $300K base salary, three-year term
Tony Goodman appointed Chief Operating Officer effective April 1, 2025, under three-year employment agreement.
Adial Pharma receives Nasdaq bid price deficiency notice; compliance deadline Sept 1, 2025
Received Nasdaq notice March 5, 2025 for failing minimum bid price of $1.00 for 30 consecutive business days (Jan 17 - Mar 4, 2025).
Adial Pharma FY2024 net loss $13.2M, cash $3.8M; FDA confirms AD04 505(b)(2) path
Net loss $13.2M in FY2024 versus $5.1M in FY2023; widened primarily on $4.5M non-cash inducement charge.
Adial gets FDA nod for AD04 in vitro bridging strategy; Phase 3 path clear
FDA agreed with proposed 505(b)(2) bridging strategy for AD04, leveraging AD04-103 study and in vitro data.
Adial Pharmaceuticals updates business development presentation for upcoming meetings
Company will hold business development meetings over the next several weeks.
No material new facts identifiable in January 2025 corporate presentation
Presentation content not reproduced in the 8-K; only forward-looking language and boilerplate visible.
Adial enters $5M equity purchase agreement with Alumni Capital, terminates prior deal
Company can sell up to $5M (option to $10M) of common stock to Alumni Capital at 97% of VWAP, with $0.55/share floor.
CEO Cary Claiborne signs new 3-year deal at Adial; bonus target raised to 50%, 350K option grant
New three-year employment agreement effective Dec 5, 2024, replaces prior agreement from Dec 2021.
Study enrolled 30 healthy volunteers in two cohorts: Cohort 1 (n=6) evaluated PK variability; Cohort 2 (n=24) assessed relative bioavailability, dose proportionality, and food effect.
Adial stockholders approve 4x increase in equity plan shares to 2M; directors re-elected
Amendment No. 6 to 2017 Equity Incentive Plan approved, raising authorized shares from 500,000 to 2,000,000.
Adial Pharmaceuticals appoints Vinay Shah as CFO effective Nov 16, 2024; Joseph Truluck resigns
CFO Joseph Truluck resigns effective Nov 15, 2024; will serve as consultant through Mar 31, 2025.
Separation agreement with Dr. Bankole Johnson signed April 22, 2024; consulting termination effective May 17, 2024.
Adial Pharmaceuticals enters ATM equity offering of up to $4.28M with H.C. Wainwright
At-the-market offering of common stock up to $4,283,650 based on Form S-3 limitations.
Adial Pharmaceuticals terminates CMO Dr. Bankole A. Johnson, effective May 17, 2024
Company provided notice to Dr. Johnson on April 10, 2024, terminating consulting agreement.
Adial raises $3.5M via warrant exercise, issues new 2.3M-share warrants
Gross proceeds of ~$3.5M from cash exercise of 1.15M existing warrants at $2.82/share; H.C. Wainwright placement agent.
Adial Pharmaceuticals appoints Tony Goodman as COO effective Jan 17, 2024
Tony Goodman appointed COO effective Jan 17, 2024; continues as board director.
Adial shareholders approve issuance of up to 3.0M shares upon warrant exercise
Proposal 1 approved: 432,915 for, 51,550 against, 6,621 abstain; enables exercise of warrants from Oct 2023 private placement.
Adial Pharmaceuticals regains compliance with Nasdaq stockholders' equity minimum
Regained compliance with Nasdaq Listing Rule 5550(b)(1) requiring at least $2.5M stockholders' equity.
Received Nasdaq letter on Nov 21, 2023 for stockholders' equity of $2.34M below $2.5M minimum.
Adial Pharma Q3 net loss narrows to $1.4M; $4M private placement extends runway into Q4 2024
Net loss $1.4M in Q3 2023, down 55% from $3.1M in Q3 2022.
Stockholders approved Amendment No. 5 to 2017 Equity Incentive Plan, increasing shares from 380,000 to 500,000.
Adial Pharmaceuticals amends 8-K to correct Purnovate sale closing date to August 17, 2023
Corrected earliest event date from June 30 to August 17, 2023 for sale of Purnovate assets to Adovate.
Adial raises $4M in private placement; issues warrants at $2.82
Gross proceeds ~$4M from sale of 1.42M shares (or pre-funded warrants) and series A/B warrants.
Adial recasts 2022 and 2021 financials to reflect Purnovate discontinued ops after sale
Completed sale of Purnovate assets and business to Adovate, LLC on June 30, 2023.
Adial finalizes Purnovate asset sale to Adovate; director Stilley resigns
Final acquisition agreement with Adovate for Purnovate assets effective June 30, 2023.
Adial Pharmaceuticals to present at H.C. Wainwright conference; no material updates disclosed
Company will present at H.C. Wainwright 25th Annual Global Investment Conference Sept 11-13, 2023.
Wendy B. Young, Ph. D. was appointed to the Board as a Class III Director, filling a standing vacancy on the Board
In connection with the Merger, effective as of the First Effective Time, Tony Goodman resigned as a Class I Director of the Company.
On June 11, 2026, effective immediately after the First Effective Time, Dr. Davidson was also appointed as the Company’s Chief Development Officer.
Matt Davidson, Ph.D., was appointed to the Board as a Class I Director, to fill the vacancy created by the resignation of Mr. Goodman
On March 20, 2025, Adial Pharmaceuticals, Inc. (the “Company”) entered into an employment agreement with Tony Goodman (the “Goodman Employment Agreement”) to employ Mr. Goodman as the Company’s Chief Operating Officer for a three-year term effective April 1, 2025 (the “Effective Date”)
he would serve until November 15, 2024 as the Company’s Chief Financial Officer
On November 1, 2024, the Company’s board of directors effective November 16, 2024 appointed Vinay Shah, age 61, as the Company’s Chief Financial Officer.
On April 24, 2024, Adial Pharmaceuticals, Inc. (the “Company”) entered into a Separation Agreement and Release, dated April 22, 2024 (the “Separation Agreement”), with Dr. Bankole A. Johnson.
As a result of the termination of the Consulting Agreement, effective as of May 17, 2024, Dr. Johnson will no longer serve as the Company’s Chief Medical Officer.
Tony Goodman, a director of the Company, is the founder and principal, pursuant to which Mr. Goodman has agreed to serve in the capacity as Chief Operating Officer of the Corporation
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.
On August 18, 2022, the Company’s board of directors also appointed Kevin Schuyler as non-executive Chairman of the board of directors.
Max materiality 0.90 · Median 0.60 · Most common event other_material