Adial Pharmaceuticals gets 180-day Nasdaq extension on $1.00 bid price rule

The extension

Adial Pharmaceuticals, Inc. said on September 3, 2025 that The Nasdaq Stock Market LLC had granted it a 180-calendar-day extension to regain compliance with the $1.00 minimum bid price in Listing Rule 5550(a)(2). The first 180-day period was granted on March 5, 2025 and expired on September 1, 2025. The new deadline is March 2, 2026.

To regain compliance, Adial must hold a closing bid price of at least $1.00 a share for ten consecutive business days on or before that date. The company said the notice has no immediate effect on trading, and its shares continue to trade on the Nasdaq Capital Market under the symbol ADIL. It said it will monitor the closing bid price through the end of the period and "intends to take all appropriate actions to cure the deficiency and regain compliance with the Rule."

The release gives no closing bid prices, so the stock's distance from $1.00 cannot be measured from it. The release does not say what happens if the company misses March 2, 2026.

The drug in question

Adial is a clinical-stage company developing AD04 for alcohol use disorder. The 10-K for 2024 says AD04 was tested in a Phase 3 trial called ONWARD. Based on the subgroup data from that trial, the company is now focused on completing development in the specified genetic subgroups, identified by a companion diagnostic test, to meet regulatory requirements primarily in the United States and secondarily in Europe and the United Kingdom.

The September release says AD04 "showed promising results with reduced drinking" and "was well tolerated with no overt safety concerns." Neither the release nor the 10-K overview gives effect sizes, and the plan rests on the company's analysis of subgroup data from the trial. The company has no approved products and says it has not generated significant revenue since inception.

Losses and cash

Adial reported net losses of $13.2 million for 2024 and $5.1 million for 2023. Its accumulated deficit was $82.0 million at December 31, 2024, up from $68.8 million a year earlier. The 2024 loss includes costs of inducing warrant exercises and inducement shares.

The 10-K says its current cash and equivalents "are not expected to be sufficient to fund operations for the twelve months from the date of filing." The company said it did not believe its cash would last the next twelve months from the date of its financial statements. It says it has funded operations through private and public placements of debt and equity and through an equity line.

The equity line

On December 13, 2024, Adial signed a purchase agreement with Alumni Capital LP for up to $5 million of newly issued common stock, with an option to raise that to $10 million. The company decides when to sell, and it is under no obligation to sell. Sales can run until the earlier of December 31, 2026 or the date the full investment amount is bought. The company can end the agreement on ten days' written notice.

Each fixed purchase is capped at the greater of $500,000 and 150% of the average daily trading volume over the five days before the request. Sales also depend on a registration statement being declared effective and a final prospectus being filed.

What comes next

The next dated item is the March 2, 2026 compliance deadline. The release gives no cash figure for 2025 and no plan beyond monitoring the closing bid price, so the company's progress toward the bid-price test is not described.

Report an error

Companies in this story

ADILAdial Pharmaceuticals, IncNASDAQ · United StatesOpen the starter desk