Adial Pharmaceuticals Files Q2 2024 10-Q

TL;DR

Adial Pharma filed its Q2 10-Q. Check financials.

AI Summary

Adial Pharmaceuticals, Inc. filed its 10-Q for the quarterly period ended June 30, 2024. The company, incorporated in Delaware, is based in Charlottesville, VA, and operates in the pharmaceutical preparations sector. Its principal executive offices are located at 4870 Sadler Road, Suite 300, Glen Allen, VA.

Why It Matters

This filing provides investors with the latest financial and operational updates for Adial Pharmaceuticals, Inc. for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and operational information.

Key Players & Entities

• ADIAL PHARMACEUTICALS, INC. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• 001-38323 (other) — Commission File Number
• Delaware (other) — State of Incorporation
• 82-3074668 (other) — I.R.S. Employer Identification No.
• 4870 Sadler Road , Suite 300 Glen Allen , VA 23060 (address) — Address of Principal Executive Offices

FAQ

Key Financial Figures

• $2,662,074 — of taxes, including gain on disposal of $2,662,074 — 2,597,674 — 1,931,721 Net Incom

Filing Documents

• ea0210867-10q_adial.htm (10-Q) — 530KB
• ea0210867ex31-1_adial.htm (EX-31.1) — 12KB
• ea0210867ex31-2_adial.htm (EX-31.2) — 13KB
• ea0210867ex32-1_adial.htm (EX-32.1) — 5KB
• ea0210867ex32-2_adial.htm (EX-32.2) — 5KB
• 0001213900-24-068262.txt ( ) — 4122KB
• adil-20240630.xsd (EX-101.SCH) — 40KB
• adil-20240630_cal.xml (EX-101.CAL) — 35KB
• adil-20240630_def.xml (EX-101.DEF) — 213KB
• adil-20240630_lab.xml (EX-101.LAB) — 386KB
• adil-20240630_pre.xml (EX-101.PRE) — 208KB
• ea0210867-10q_adial_htm.xml (XML) — 375KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item l. Condensed Consolidated Unaudited Financial Statements 1 Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Consolidated Statements of Shareholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 4 Notes to the Unaudited Condensed Consolidated Financial Statements 5 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 22 Item 4.

Controls and Procedures

Controls and Procedures 22

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25 Item 3. Defaults Upon Senior Securities 26 Item 4. Mine Safety Disclosures 26 Item 5. Other Information 26 Item 6. Exhibits 26

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Unaudited Financial Statements

Item 1. Condensed Consolidated Unaudited Financial Statements ADIAL PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) June 30, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 3,288,048 $ 2,827,082 Prepaid research and development 346,754 — Prepaid expenses and other current assets 188,600 371,597 Total Current Assets 3,823,402 3,198,679 Intangible assets, net 3,631 3,913 Equity method investment 1,121,670 1,534,013 Total Assets $ 4,948,703 $ 4,736,605 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $ 316,726 $ 103,325 Accounts payable, related party — 24,062 Accrued expenses 335,156 477,747 Accrued expenses, related party 20,000 47,942 Total Current Liabilities 671,882 653,076 Total Liabilities $ 671,882 $ 653,076 Commitments and contingencies – see Note 9 Stockholders' Equity Preferred Stock, 5,000,000 shares authorized with a par value of $ 0.001 per share, 0 shares outstanding at June 30, 2024 and December 31, 2023 — — Common Stock, 50,000,000 shares authorized with a par value of $ 0.001 per share, 4,293,681 and 1,663,421 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 4,292 1,663 Additional paid in capital 82,005,259 72,879,738 Accumulated deficit ( 77,732,730 ) ( 68,797,872 ) Total Stockholders' Equity 4,276,821 4,083,529 Total Liabilities and Stockholders' Equity $ 4,948,703 $ 4,736,605 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 ADIAL PHARMACEUTICALS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended For the Six Months Ended June 30, June 30, 2024 2023 2024 2023 Operating Expenses: Research and development expenses $ 1,012,522 $ 429,896 $ 1,466,800 $ 795,512 General and administrative expenses 1,274,708 1,047,499 2,665,452

financial statements

financial statements. 5 Other Uncertainties Generally, the industry in which the Company operates subjects the Company to a number of other risks and uncertainties that can affect its operating results and financial condition. Such factors include, but are not limited to: the timing, costs and results of clinical trials and other development activities versus expectations; the ability to obtain regulatory approval to market product candidates; the ability to manufacture products successfully; competition from products sold or being developed by other companies; the price of, reimbursement of, and demand for, Company products once approved; the ability to negotiate favorable licensing or other manufacturing and marketing agreements for its products. 3 — BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of these unaudited condensed consolidated financial statements in conformity with GAAP requires Company management to make estimates and assumptions that affect the amounts of assets and liabilities at the date of these consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results might differ from these estimates. Significant items subject to such estimates and assumptions include accruals associated with third party providers supporting clinical trials and income tax asset realization. Basis of Presentation and Principals of Consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with GAAP as determined by the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") for interim financial information and with the instructions to Form 10-Q of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, these unaudited interim condensed consolidated

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View this 10-Q filing on SEC EDGAR