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 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).
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 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.
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 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 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 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 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.
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.
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 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.
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 finalizes Purnovate asset sale to Adovate; director Stilley resigns
Final acquisition agreement with Adovate for Purnovate assets effective June 30, 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