10-Q · August 14, 2026
The filing provides no reported revenue, margin, current-quarter EPS, or free-cash-flow figures in the supplied excerpt; it instead reflects a clinical-stage biotechnology company with no product revenue and a $52.0…
Earnings analysis · 10-Q
ADIL earnings analysis
Filed October 21, 2026 · Our reading of the company's report
The latest report
Adial reported no commercial revenue and a diluted EPS loss of $11.25, while the filing disclosed a $52.0 million quarterly net loss and $8.0 million of operating cash usage. Although 2026 equity issuances generated…
Read full summary
Adial reported no commercial revenue and a diluted EPS loss of $11.25, while the filing disclosed a $52.0 million quarterly net loss and $8.0 million of operating cash usage. Although 2026 equity issuances generated approximately $27.6 million of net proceeds, liquidity remains constrained: September 30 cash of approximately $22.0 million was below the estimated $51.9 million potential preferred-stock cash settlement, and management expects to raise additional capital. Nasdaq listing compliance, a newly identified material weakness, and execution risk around the preclinical AT177 program materially outweigh the stated 2027-2028 development milestones.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-11.25
What stood out
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No revenue; EPS loss widened
Revenue remained $0.0, while diluted EPS deteriorated to -$11.25 from -$1.48 in 2026 Q1 and -$4.61 in 2025 Q2. Gross and operating margins were not disclosed.
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Material net loss
The company incurred a $52.0 million net loss in the three months ended June 30, 2026, compared with a $8.0 million net loss for full-year 2025, reflecting the substantially higher post-Merger cost base and transaction-related activity.
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Operating cash burn increased
Cash used in operations was $8.0 million in the quarter, versus $6.5 million for full-year 2025. Free cash flow was not disclosed in the filing.
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Equity financing added liquidity
The company received approximately $27.6 million of net proceeds from equity issuances during 2026, providing funding for development of AT177 and AD04.
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AT177 development timeline provided
Management expects to file an IND and begin AT177 Phase 1a SAD/MAD studies in the first half of 2027, with a proof-of-concept readout expected in the first half of 2028.
What to watch
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Potential preferred-stock cash settlement
Cash and cash equivalents were approximately $22.0 million as of September 30, 2026, versus an estimated approximately $51.9 million required to settle all 12,930,601 common shares underlying the Series A Preferred Stock at the cited $4.01 price. The cash-settlement right first becomes available on December 11, 2026, if conversion approval has not been obtained.
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Nasdaq listing compliance risk
Stockholders’ equity as of June 30, 2026 did not meet Nasdaq’s $2.5 million continued-listing requirement. The company received a deficiency notice on August 18, 2026 and submitted a compliance plan on October 2, 2026, while conditional approval of its Initial Listing Application remains uncertain.
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Material weakness in controls
Management identified a material weakness related to accounting and financial reporting for complex Merger, Financing and Azora Note Exchange transactions during preparation of the second quarter of 2026. As of June 30, 2026, the CEO and CFO concluded that disclosure controls and procedures were not effective; the company plans to use third-party accounting consulting firms for remediation.
Management's outlook
No numeric revenue or EPS guidance was provided. Management expects commercialization no earlier than 2028, expects to file an IND and initiate an AT177 Phase 1a SAD/MAD study in the first half of 2027, and expects a proof-of-concept readout in the first half of 2028.
Earlier filings 4
10-Q · May 8, 2026
Adial Pharmaceuticals, Inc. reported a net loss of $2.0 million for Q1 2026, an improvement compared to the $2.228 million loss for Q1 2025. The company has no revenue streams yet and expects to continue burning cash as…
10-K · March 5, 2026
Adial is a pre-revenue, clinical-stage biopharma focused on AD04 for alcohol use disorder. The 10-K highlights progress on regulatory planning (FDA EOP2 alignment) and a March 3, 2026 collaboration framework with…
10-Q · November 13, 2025
Adial reported a Q3 2025 net loss of $1,793,651 (loss per share $0.08), an improvement from Q3 2024 net loss of $2,191,803 (loss per share $0.38). Operating expenses fell to $1,764,078 in Q3 2025 from $2,211,474 a year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.