Adial Pharmaceuticals filings document the regulatory record of a Nasdaq-listed, clinical-stage biopharmaceutical company developing AD04 for alcohol use disorder and related addiction indications. Its Form 8-K filings include financial-result releases, Regulation FD disclosures on AD04 commercialization frameworks, Nasdaq compliance notices, certificate and securityholder-rights matters, and governance updates.
Proxy and governance filings describe stockholder voting matters, including warrant-related share issuance approvals under Nasdaq rules, board matters, and equity-incentive compensation. The filing record also covers restricted stock awards, director changes, private-placement warrant mechanics, common stock capital structure, and public-company disclosure controls relevant to Adial’s development-stage operating model.
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.
Goodman Tony reported acquisition or exercise transactions in this Form 4 filing.
Adial Pharmaceuticals Chief Operating Officer Tony Goodman received a grant of 26,510 restricted shares of common stock. The award was reported at a price of $0.00 per share, indicating it is a compensation grant rather than an open-market purchase. Following this grant, Goodman directly holds 26,523 common shares. The restricted shares vest in full on the earlier of the one-year anniversary of the April 7, 2026 grant date or a Change of Control under Adial’s 2017 Equity Incentive Plan, as long as he continues serving the company through the vesting date.
ADIAL PHARMACEUTICALS, INC. director Anderson J. Kermit received a grant of stock options covering 9,185 shares of common stock at an exercise price of $1.64 per share. The options expire on April 6, 2036 and fully vest on the earlier of one year from grant or a Change of Control, subject to his continued service. Following this grant, he holds 9,185 options directly.
Adial Pharmaceuticals, Inc. reported that its Compensation Committee approved new equity compensation for leadership. On April 7, 2026, the committee granted restricted stock awards to the company’s named executive officers and additional awards to certain directors.
Directors Kevin Schuyler and Robertson H. Gilliland each received 9,185 restricted stock awards, and director Kermit Anderson received options to purchase 9,185 shares of common stock at an exercise price of $1.64 per share. These awards vest in full on the earlier of one year from the grant date or a Change of Control as defined in Adial’s 2017 Equity Incentive Plan. The Board also approved a standard Restricted Stock Award Agreement form to govern such grants under that plan.
Schuyler Kevin reported acquisition or exercise transactions in this Form 4 filing.
ADIAL PHARMACEUTICALS, INC. director Kevin Schuyler received a grant of 9,185 shares of common stock as restricted stock compensation. These restricted shares vest in full on the earlier of the one-year anniversary of the grant date or a Change of Control, subject to his continued service. Following the grant, he holds 9,213 common shares directly, plus 4 shares owned by his wife and 230 shares owned by MVA 151 Investors, LLC, which he controls.
Shah Vinay reported acquisition or exercise transactions in this Form 4 filing.
Adial Pharmaceuticals Chief Financial Officer Vinay Shah received an equity award of 17,325 shares of common stock. The shares were granted at no cash cost to him and represent his entire reported direct holding after the transaction. These are restricted shares that vest in full on the earlier of one year from the grant date or a Change of Control under the company’s 2017 Equity Incentive Plan, as long as he continues serving the company through the vesting date.
Gilliland Robertson H. reported acquisition or exercise transactions in this Form 4 filing.
ADIAL PHARMACEUTICALS director receives stock grant
Director Robertson H. Gilliland was awarded 9,185 shares of ADIAL PHARMACEUTICALS common stock as equity compensation. The grant was reported at a price of $0.00 per share, and following this award the director holds 9,185 shares directly.
The shares are restricted and will vest in full on the earlier of one year from the grant date or a Change of Control as defined in the company’s 2017 Equity Incentive Plan, as long as the director continues to serve the company through the vesting date.
Claiborne Cary J reported acquisition or exercise transactions in this Form 4 filing.
Adial Pharmaceuticals Chief Executive Officer Claiborne J. Cary received a grant of 37,985 restricted shares of common stock. The award carries a grant price of $0.00 per share, indicating it is compensation rather than an open-market purchase.
The restricted shares vest in full on the earlier of the one-year anniversary of the grant date or a Change of Control, as defined in Adial’s 2017 Equity Incentive Plan, subject to his continued service through the vesting date. Following this grant, Cary directly holds 40,417 shares of Adial common stock.
Adial Pharmaceuticals reported its 2025 fiscal year results and gave a broad business update centered on its lead addiction therapy candidate, AD04. The company highlighted positive pharmacokinetic data from study AD04-103, a productive End-of-Phase 2 FDA meeting, and supportive FDA feedback on its in vitro bridging strategy, all backing plans for a rigorous Phase 3 program.
Adial cited evolving U.S. policy discussions that may allow a single pivotal trial plus confirmatory evidence for approval in some cases, which it believes could lower Phase 3 costs and shorten timelines for AD04. The company also outlined a collaboration framework with Molteni Farmaceutici for exclusive commercialization of AD04 in Europe, with an anticipated definitive agreement including upfront and milestone payments and royalties, and total potential value estimated at nearly $60 million if AD04 successfully launches.
Additional updates included regaining compliance with Nasdaq’s minimum bid price requirement, publication of an international patent application that is expected to extend AD04 protection through at least 2045 once granted, and a six-figure milestone payment from Adovate tied to a Phase 1 asthma trial. Adial describes itself as a clinical-stage company developing genetically targeted treatments for Alcohol Use Disorder and other addictions.
Adial Pharmaceuticals, Inc. is a clinical-stage biopharma focused on AD04, a low-dose ondansetron-based therapy for alcohol use disorder in genetically defined patients, supported by a companion diagnostic test. AD04 showed statistically significant benefits in a pre-specified heavy-drinking subgroup in the ONWARD Phase 3 trial, with a safety profile similar to placebo.
The company reported net losses of about $8.0 million in 2025 and had an accumulated deficit of about $90.0 million, and its current cash is not expected to fund operations for twelve months from this report’s filing date. Adial is planning an adaptive Phase 3 program aligned with FDA feedback and executed a non-binding collaboration framework with Molteni Farmaceutici for potential AD04 commercialization in Europe, with an estimated long-term milestone and royalty opportunity of nearly $60 million, though no payments are assured.