---
title: "Adial Pharmaceuticals (ADIL) news: going concern"
url: "https://aibio.space/companies/adial-pharmaceuticals/"
publisher: "aibio.space (Biotech Investor Relations News)"
summary: "ADIL going concern, convertible notes and Nasdaq notice news: Adial Pharmaceuticals gets Nasdaq minimum bid price deficiency notice, has until September 1…"
---

ADIL Adial Pharmaceuticals, Inc NASDAQ · United States

# Adial Pharmaceuticals (ADIL) news ADIL going concern and convertible notes news

Financings · 2026-10-28

## [Adial Pharmaceuticals renames itself Azora Therapeutics after preferred stock vote](https://aibio.space/news/adial-pharmaceuticals-renames-itself-azora-therapeutics-after/)

Adial Pharmaceuticals becomes Azora Therapeutics and is expected to trade as AZR from October 29, 2026, after stockholders approved converting the preferred stock issued in its June 2026 acquisition of Azora. The October release does not mention AD04, the drug the company's March 2026 annual report called its lead asset.

## Latest Adial Pharmaceuticals news

1. 2026-10-15 Company Updates [Adial adjourns annual meeting again as Nasdaq approval is pending](https://aibio.space/news/adial-adjourns-annual-meeting-again-nasdaq-approval-pending/) Adial reconvened its 2026 Annual Meeting on October 15, 2026 for four proposals and adjourned it a second time to October 26, 2026, while its Nasdaq listing application remains without approval.
2. 2026-09-17 Company Updates [Adial stockholders approve equity plans and a larger share authorization](https://aibio.space/news/adial-stockholders-approve-equity-plans-larger-share-authorization/) Stockholders approved a 2017 plan amendment, a 2026 equity plan, a 2026 employee stock purchase plan and an increase in authorized shares to 500,000,000 at the September 17, 2026 meeting.
3. 2026-08-21 Listings [Adial Pharmaceuticals gets Nasdaq stockholders' equity notice, plan due October 2, 2026](https://aibio.space/news/adial-pharmaceuticals-gets-nasdaq-stockholders-equity-notice-plan-due/) Nasdaq told Adial on August 18, 2026 that it no longer meets the $2,500,000 stockholders' equity requirement. The company says it anticipates regaining compliance once holders approve conversion of its Series A Non-Voting Convertible Preferred Stock.
4. 2026-08-10 Company Updates [Adial expects CEO and CFO to leave after its September annual meeting](https://aibio.space/news/adial-expects-ceo-cfo-leave-after-september-annual-meeting/) Adial anticipates that Cary Claiborne and Vinay Shah will leave after stockholders approve the proposals at the annual meeting, and that Matthew Davidson will become president and chief executive officer.
5. 2026-06-11 Mergers [Adial acquires Azora Therapeutics and announces up to $64 million financing](https://aibio.space/news/adial-acquires-azora-therapeutics-announces-up-64-million-financing/) The deal adds AT177, a colon-targeted AhR agonist for ulcerative colitis, to Adial's pipeline, with about $32 million in initial gross proceeds and up to $32 million more tied to Phase 1 initiation.
6. 2026-05-11 Company Updates [Adial reports first quarter 2026 results and an AD04 business update](https://aibio.space/news/adial-reports-first-quarter-2026-results-ad04-business-update/) Cash was $4.6 million at March 31, 2026, and Adial says it can fund operating expenses into the second half of 2026 on its committed development plans.
7. 2026-04-07 Company Updates [Adial grants restricted stock awards to executives and directors](https://aibio.space/news/adial-grants-restricted-stock-awards-executives-directors/) The compensation committee approved restricted stock awards on April 7, 2026 for Cary Claiborne, Vinay Shah, Tony Goodman and other directors, vesting on the first anniversary or on a change of control.
8. 2025-09-03 Listings [Adial Pharmaceuticals gets 180-day Nasdaq extension on $1.00 bid price rule](https://aibio.space/news/adial-pharmaceuticals-gets-180-day-nasdaq-extension-1-00-bid-price/) Adial Pharmaceuticals has until March 2, 2026 to hold its shares at $1.00 or more for ten consecutive business days. Its 10-K for 2024 said current cash would not cover the next twelve months, and its accumulated deficit reached $82.0 million.
9. 2025-03-07 Listings [Adial Pharmaceuticals gets Nasdaq minimum bid price deficiency notice, has until September 1, 2025](https://aibio.space/news/adial-pharmaceuticals-gets-nasdaq-minimum-bid-price-deficiency-notice/) Nasdaq told Adial Pharmaceuticals on March 5, 2025 that its stock had closed below $1.00 for 30 consecutive business days. The company has until September 1, 2025 to regain compliance, and its annual report carries a going-concern warning.

## Adial Pharmaceuticals at a glance

- **Ticker**: ADIL

- **Listing**: NASDAQ

- **Country**: United States

- **Cash, Jun 30, 2026**: $28.7 million

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## What Adial Pharmaceuticals does

Adial Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company developing therapeutics for addiction and related disorders. Its investigational drug candidate, AD04, is being developed to treat alcohol use disorder (AUD). AD04 was studied in the Phase 3 ONWARD trial, which enrolled 302 patients at 25 clinical sites in six countries. The trial missed its primary endpoint but showed statistical significance in a pre-defined patient group. Adial is now focused on completing the clinical development program for AD04 in the specified genetic subgroups to meet regulatory requirements, primarily in the US and secondarily in Europe and the UK. On March 3, 2026, Adial entered a collaboration framework with Molteni Farmaceutici for a proposed exclusive partnership covering commercialization of AD04 in Europe. The framework is subject to execution of a final definitive agreement, which is expected to include an upfront payment, milestone payments and tiered royalties. Adial has no approved products, and its current cash is not expected to be sufficient to fund operations for the next twelve months. The company has funded its operations through private and public placements of debt and equity, and an equity line.

| Product or program | What it is | Stage |
|---|---|---|
| AD04 | Investigational drug candidate for alcohol use disorder | Investigated in Phase 3 ONWARD trial; completing program in genetic subgroups |

Summarised from the company's [10-K filed Mar 5, 2026](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/ea0279150-10k_adial.htm).

## Adial Pharmaceuticals annual financials

| Line | FY2025 | FY2024 |
|---|---|---|
| Research and development | [$2.6 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) | [$3.2 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) |
| Net income (loss) | [-$8.0 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) | [-$13.2 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) |
| Cash from operations | [-$6.5 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) | [-$6.9 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) |
| Cash and equivalents | [$5.9 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) | [$3.8 million](https://www.sec.gov/Archives/edgar/data/1513525/000121390026024175/) |

Latest balance sheet, Jun 30, 2026 (10-Q/A): cash and equivalents $28.7 million.

Figures as reported to the SEC in XBRL; each one links to its filing. Not adjusted, not investment advice.

## Questions about Adial Pharmaceuticals

Has Adial Pharmaceuticals issued a going-concern warning?

Our latest story on this, dated Mar 7, 2025: "Adial Pharmaceuticals gets Nasdaq minimum bid price deficiency notice, has until September 1, 2025". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/adial-pharmaceuticals-gets-nasdaq-minimum-bid-price-deficiency-notice/).

Has Adial Pharmaceuticals sold convertible notes?

Our latest story on this, dated Aug 21, 2026: "Adial Pharmaceuticals gets Nasdaq stockholders' equity notice, plan due October 2, 2026". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/adial-pharmaceuticals-gets-nasdaq-stockholders-equity-notice-plan-due/).

Has Adial Pharmaceuticals received a Nasdaq deficiency notice?

Our latest story on this, dated Mar 7, 2025: "Adial Pharmaceuticals gets Nasdaq minimum bid price deficiency notice, has until September 1, 2025". The story links the filing or release it is based on. [Read the story](https://aibio.space/news/adial-pharmaceuticals-gets-nasdaq-minimum-bid-price-deficiency-notice/).

What is the ticker symbol of Adial Pharmaceuticals?

Adial Pharmaceuticals, Inc trades under the ticker ADIL on NASDAQ.

Where is Adial Pharmaceuticals listed?

Adial Pharmaceuticals, Inc is listed on NASDAQ.

What is the SEC CIK of Adial Pharmaceuticals?

The SEC Central Index Key (CIK) for Adial Pharmaceuticals, Inc is 1513525. Its filings are on SEC EDGAR.

How many shares does Adial Pharmaceuticals have outstanding?

2,625,890 shares as of 2026-08-12, per the cover page of its 10-Q filed 2026-08-14.

Which country or territory is Adial Pharmaceuticals listed under?

Our directory records Adial Pharmaceuticals, Inc under United States.

What does Adial Pharmaceuticals do?

Our directory classifies Adial Pharmaceuticals, Inc as: Pharmaceuticals: Major. This is a directory classification, not a description of the pipeline.

What is the ISIN of Adial Pharmaceuticals?

The ISIN recorded for Adial Pharmaceuticals, Inc is US00688A3041.

Does aibio.space cover Adial Pharmaceuticals?

aibio.space lists Adial Pharmaceuticals, Inc among 2,820 public biotech companies and publishes its news here as stories appear.

Where is Adial Pharmaceuticals incorporated?

SEC records list its state or country of incorporation as DE.

What does Adial Pharmaceuticals develop?

Adial Pharmaceuticals, Inc is a clinical-stage biopharmaceutical company developing therapeutics for addiction and related disorders. Its investigational drug candidate, AD04, is being developed to treat alcohol use disorder (AUD).

What is AD04 from Adial Pharmaceuticals?

AD04: Investigational drug candidate for alcohol use disorder Stage: Investigated in Phase 3 ONWARD trial; completing program in genetic subgroups.

Is Adial Pharmaceuticals profitable?

Adial Pharmaceuticals, Inc reported a net loss of $8.0 million for the fiscal year ended Dec 31, 2025, and used $6.5 million of cash in operations, per its annual report to the SEC.

## Investor discussion: Adial Pharmaceuticals

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## Capital-markets timeline

Financings, listing notices, splits, legal actions and other investor events at Adial Pharmaceuticals, newest first. Each line links the filing it comes from.

1. 2026-10-28 Financings Reported a financing. SEC Form 8-K (Items 5.02,5.03,5.07,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026113337/ea030997701ex99-1.htm)
2. 2026-09-18 Listings Reported a shareholder vote on a reverse stock split or more authorized shares. SEC Form 8-K (Items 5.02,5.07,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026101434/ea0305933-8k_adial.htm)
3. 2026-08-25 Financings Reported an unregistered sale of its securities. SEC Form 8-K (Items 3.02). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026093544/ea0303369-8k_adial.htm)
4. 2026-08-21 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026092690/ea0302970-8k_adial.htm)
5. 2026-06-11 Mergers Reported a merger or acquisition agreement. SEC Form 8-K (Items 1.01,2.01,2.03,3.02,5.02,5.03,7.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026067711/ea029444801ex99-1.htm)
6. 2026-02-24 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026019639/ea027811401ex99-1_adial.htm)
7. 2026-02-04 Listings Reported a reverse stock split. SEC Form 8-K (Items 3.03,5.03,8.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390026012274/ea027503301ex99-1_adial.htm)
8. 2025-09-03 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025083719/ea025574101ex99-1_adial.htm)
9. 2025-08-01 Listings Reported a reverse stock split. SEC Form 8-K (Items 5.02,5.03,5.07,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025070642/ea0251363-8k_adial.htm)
10. 2025-07-16 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 8.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025064467/ea0249089-8k_adial.htm)
11. 2025-07-10 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 8.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025062800/ea0248566-8k_adial.htm)
12. 2025-06-10 Listings Asked shareholders to approve a reverse stock split. SEC Form DEF 14A. [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025053170/ea0243378-02.htm)
13. 2025-05-30 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025049451/ea0243908-8k_adial.htm)
14. 2025-05-23 Listings Asked shareholders to approve a reverse stock split. SEC Form PRE 14A. [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025047423/ea0243378-01.htm)
15. 2025-05-01 Legal Reported a change of independent auditor. SEC Form 8-K (Items 4.01,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025038442/ea0240327-8k_adial.htm)
16. 2025-03-07 Listings Reported a notice from its stock exchange about continued listing requirements. SEC Form 8-K (Items 3.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390025021738/ea0233491-8k_adial.htm)
17. 2024-12-18 Financings Reported an unregistered sale of its securities. SEC Form 8-K (Items 1.01,1.02,3.02,9.01). [Source](https://www.sec.gov/Archives/edgar/data/1513525/000121390024110191/ea0225021-8k_adialpharm.htm)

## Stock chart

Price chart and quote supplied by TradingView, delayed as the exchange requires. It loads only if you choose to show it. Information only, not investment advice. [Open NASDAQ:ADIL on TradingView](https://www.tradingview.com/symbols/NASDAQ-ADIL/).

## SEC filings and registration

- **SEC name**: Adial Pharmaceuticals, Inc.

- **CIK**: 1513525

- **Industry (SIC)**: Pharmaceutical Preparations (2834)

- **US tickers**: ADIL (Nasdaq)

- **State or country of incorporation**: DE

- **Fiscal year ends**: December 31

- **Filer category**: Non-accelerated filer<br>Smaller reporting company

- **Business address**: 1180 SEMINOLE TRAIL, CHARLOTTESVILLE, VA, 22901

- **Phone**: 434-422-9800

- **Shares outstanding**: 2,625,890 as of 2026-08-12 (10-Q filed 2026-08-14)

- **Former names**: Adial Pharmaceuticals, L.L.C.; ADial Pharmaceuticals, L.L.C.

### Recent filings (8-K and 6-K are the company's own announcements)

- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026110349/ea0308909-8k_adial.htm) filed 2026-10-16
- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026106395/ea0307576-8k_adial.htm) filed 2026-10-02
- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026101434/ea0305933-8k_adial.htm) filed 2026-09-18
- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026100574/ea0305675-8k_adial.htm) filed 2026-09-16
- [S-3](https://www.sec.gov/Archives/edgar/data/1513525/000121390026095122/ea0303591-s3_adial.htm) filed 2026-08-28
- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026093544/ea0303369-8k_adial.htm) filed 2026-08-25
- [DEF 14A](https://www.sec.gov/Archives/edgar/data/1513525/000121390026093019/ea0299259-03.htm) filed 2026-08-24
- [8-K](https://www.sec.gov/Archives/edgar/data/1513525/000121390026092690/ea0302970-8k_adial.htm) filed 2026-08-21

Source: [SEC EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001513525), retrieved October 23, 2026. Shares outstanding is the cover-page figure from the latest periodic report. The SEC does not publish share prices.

## Listing details

Adial Pharmaceuticals, Inc is a public biotech or pharmaceutical company listed on NASDAQ under the ticker ADIL, recorded under United States. The directory classifies it as Pharmaceuticals: Major. aibio.space tracks 2,820 public biotech companies worldwide and publishes investor news on them.

- **Company**: Adial Pharmaceuticals, Inc

- **Ticker**: ADIL

- **Listing**: NASDAQ

- **Country or territory**: United States

- **Business scope**: Pharmaceuticals: Major

- **ISIN**: US00688A3041

- **Last quote in directory**: 2026-10-21

- **Directory source**: [Listing page](https://www.tradingview.com/symbols/NASDAQ-ADIL/)

Listing facts come from our company directory, researched on October 22, 2026. A listing record does not certify that a security currently trades. [Tell us about a change](https://aibio.space/reputation/#update). Work at this company? [Claim this page](https://aibio.space/claim/).

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---
Source page: https://aibio.space/companies/adial-pharmaceuticals/. Facts in aibio.space stories are checked against company filings and releases; opinion is labelled. Cite as: aibio.space, "Adial Pharmaceuticals (ADIL) news: going concern", 2026-10-31, https://aibio.space/companies/adial-pharmaceuticals/