Adial Pharmaceuticals, Inc. (Adial) reported its financial performance for the quarter ended September 30, 2024, revealing a net loss of $2.19 million for the three-month period, compared to a net loss of $1.38 million for the same period in 2023. The company's operating expenses increased significantly, with research and development expenses rising to $1.03 million from $207,000, and general and administrative expenses slightly increasing to $1.18 million from $1.15 million. The loss from operations was $2.21 million, a substantial increase from the $1.36 million loss reported in the previous year. Other income and expenses included a $31,000 loss from equity method investment and $51,000 in interest income. The company's cash and cash equivalents stood at $5.2 million, up from $2.83 million at the end of the previous year. Adial's business development...Show More

Adial Pharmaceuticals, Inc. (Adial) reported its financial performance for the quarter ended September 30, 2024, revealing a net loss of $2.19 million for the three-month period, compared to a net loss of $1.38 million for the same period in 2023. The company's operating expenses increased significantly, with research and development expenses rising to $1.03 million from $207,000, and general and administrative expenses slightly increasing to $1.18 million from $1.15 million. The loss from operations was $2.21 million, a substantial increase from the $1.36 million loss reported in the previous year. Other income and expenses included a $31,000 loss from equity method investment and $51,000 in interest income. The company's cash and cash equivalents stood at $5.2 million, up from $2.83 million at the end of the previous year. Adial's business development efforts focused on the advancement of its lead product candidate, AD04, for the treatment of alcohol use disorder, with a Phase 3 clinical trial underway. The company's future plans include completing the clinical development program for AD04 and seeking regulatory approval. Despite the net loss, Adial is actively pursuing financing and strategic plans to support its ongoing operations and development projects.