M&A - ADIAL PHARMACEUTICALS, INC.

Form Type: 10-K

Filing Date: 2025-03-04

Corporate Action: Acquisition

Type: Update

Accession Number: 000121390025019771

Filing Summary: Adial Pharmaceuticals, Inc. reports on its clinical-stage biopharmaceutical focus, specifically the development of the AD04 drug for alcohol use disorder. The company has experienced significant losses since inception, culminating in a $13.2 million loss for 2024. The current cash situation poses a threat to sustaining operations for the upcoming year. A merger with Purnovate, LLC established an expanded portfolio in addiction treatment. In 2023, an agreement with Adovate LLC was executed, allowing Adovate to acquire Purnovate’s assets, effective June 2023. Adial has engaged in various funding measures, including a recent Purchase Agreement with Alumni Capital to raise up to $10 million in equity capital. Additionally, a pharmacokinetics study for AD04 has been completed, meeting FDA requirements for future trials. The company’s operational strategy hinges on successfully developing and marketing AD04 amid considerable business and market risks.

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