Every 10-Q that Adial Pharmaceuticals, Inc (ADIL) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow ADIL and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full ADIL filings page.
Adial Pharmaceuticals, Inc. amended its second-quarter report to restate certain sections after SEC staff comments and incorporate subsequent transaction amendments. It completed the June 11, 2026 acquisition of Azora Therapeutics, shifting its lead program to AT177 for ulcerative colitis; the June 12, 2026 initial private-placement closing produced approximately $24.3 million in net proceeds. For the six months ended June 30, 2026, net loss was $54.012 million versus $4.188 million a year earlier, including $46.185 million of acquired in-process research and development expense; cash and equivalents were $28.712 million at June 30, 2026.
Management reported substantial doubt about continued operations, assuming Series A preferred-stock cash-settlement obligations are triggered. If Adial fails to timely deliver common shares upon conversion, holders may require cash equal to the fair value of undelivered shares after the earlier of stockholder approval or December 11, 2026. September amendments removed warrant-purchase penalty provisions and added transfer restrictions, subject to exceptions, on certain shares; they also changed milestone warrant rights to equity classification. Adial plans to submit an IND for AT177 in the first half of 2027 and, subject to regulatory agencies allowing studies to proceed, begin Phase 1a followed by Phase 1b studies.
Adial Pharmaceuticals, Inc. reported a sharp expansion of its balance sheet in the six months ended June 30, 2026 driven by the acquisition of Azora Therapeutics and a concurrent private placement, while recording a large non‑cash R&D charge and maintaining substantial going‑concern risk.
Total assets rose to $29.1 million from $6.7 million, with cash and equivalents increasing to $28.7 million, funded mainly by $26.8 million of pre‑funded warrant financing. The Azora transaction added a lead inflammatory bowel disease candidate, AT177, but resulted in $46.2 million of acquired in‑process R&D expense, contributing to a six‑month net loss of $54.0 million and a stockholders’ deficit of $38.4 million.
The company now carries a $23.8 million milestone warrant rights liability and $38.5 million of Series A preferred stock classified as temporary equity, which may require cash settlement if shareholder approval for conversion and timely share delivery is not obtained. Management explicitly concludes there is substantial doubt about Adial’s ability to continue as a going concern over the next 12 months without additional financing.
Adial Pharmaceuticals reported a net loss of $2.0 million for the three months ended March 31, 2026, compared with $2.2 million a year earlier, as operating expenses fell to $2.0 million on lower research and development spending.
Cash and cash equivalents were $4.6 million at March 31, 2026, and Adial disclosed that this balance is only expected to fund operations into the second half of 2026, raising substantial doubt about its ability to continue as a going concern. The company is advancing AD04 for alcohol use disorder and signed a collaboration framework with Molteni Farmaceutici for a potential exclusive commercialization partnership in Europe, while continuing to rely on equity financing, including its at-the-market program.
Adial Pharmaceuticals (ADIL) filed its Q3 2025 report, showing a net loss of $1.79 million for the quarter and $5.98 million for the nine months. Operating expenses fell as R&D declined to $521k (down ~50% year over year) while G&A was $1.24 million. Interest income was modest and losses from its Adovate equity method investment continued.
Cash and equivalents were $4.61 million at September 30, 2025. Year-to-date financing included roughly $2.2 million from a May warrant inducement and $3.0 million net from a June offering; the company also raised about $478k via its ATM in Q3. Management states cash is expected to fund operations into the second quarter of 2026, and the filing notes substantial doubt about continuing as a going concern absent additional capital.
Operationally, Adial received final FDA End of Phase 2 meeting minutes in September guiding the Phase 3 adaptive trial design for AD04 in alcohol use disorder. Common shares outstanding were 23,836,383 as of September 30, 2025; 23,987,587 as of November 7, 2025.
Adial Pharmaceuticals (ADIL) is a clinical-stage biopharmaceutical company developing AD04 for alcohol use disorder with a precision‑medicine genetic focus. At June 30, 2025 the company held $5.9 million in cash and cash equivalents and reported a $4.19 million net loss for the six months ended June 30, 2025, leaving an accumulated deficit of $86.2 million.
Management received approximately $5.3 million of net proceeds from warrant exercises and equity issuances in May–June 2025 and completed a June 2025 best efforts offering that generated about $3.0 million net. The company states these funds are sufficient to meet current commitments into the second quarter of 2026 but explicitly notes substantial doubt about its ability to continue as a going concern and that additional capital will be required for planned Phase 3 trials.
Key operational positives disclosed include a favorable FDA response on an in‑vitro bridging strategy and an issued U.S. patent (April 15, 2025) covering AD04 administration for patients with specified genetic markers. The filing also discloses material weaknesses in internal controls and multiple warrant programs and shareholder approvals that create meaningful potential dilution.