Adial Pharmaceuticals (ADIL) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on developing therapeutics for addiction and related disorders, with lead candidate AD04 targeting alcohol use disorder (AUD) in genetically defined subgroups.

• AD04 has completed a Phase 3 trial (ONWARD) and future development is focused on regulatory approval in the U.S. and Europe/U.K.

• The company seeks to expand its addiction-focused portfolio through internal development and acquisitions.

Financial performance and metrics

• Accumulated deficit of approximately $84.2 million as of March 31, 2025; net loss of $2.2 million for Q1 2025 and $13.2 million for FY 2024.

• Cash and cash equivalents are only expected to fund operations into Q4 2025; additional capital will be required to continue operations and development.

• No product revenues to date; commercialization of AD04 not expected before 2027.

Use of proceeds and capital allocation

• Estimated net proceeds of $4.325 million (assuming full sale at $0.6585/share), primarily for working capital and general corporate purposes.

• No minimum offering amount; actual proceeds may be significantly less depending on investor demand.

• Proceeds may be invested in short-term, interest-bearing securities pending use.