Adial Pharmaceuticals (ADIL) Registration filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company focused on treatments for serious inflammatory diseases and addiction-related disorders, with a lead program targeting ulcerative colitis using a proprietary AhR agonist, AT177.

• Completed acquisition of Azora Therapeutics, adding AT177 to the pipeline and shifting focus to inflammatory diseases.

• AT177 is in IND-enabling studies, with an IND filing planned for Q2 2027 and Phase 1 trials in the second half of 2027.

Financial performance and metrics

• Raised approximately $24.3 million in net proceeds from a PIPE financing in June 2026.

• Retired $5.5 million in Azora Notes through exchange agreements.

Use of proceeds and capital allocation

• No proceeds from the resale of shares by selling stockholders; company will only receive nominal exercise price if pre-funded warrants are exercised for cash.

• Company bears registration and listing expenses, while selling stockholders pay their own selling commissions and related costs.