Adial Pharmaceuticals reported Q2 2024 financial results with R&D expenses increasing 136% to $1.0 million and G&A expenses rising 22% to $1.3 million compared to Q2 2023. The company ended the quarter with $3.3 million in cash and cash equivalents, bolstered by approximately $3.8 million from warrant exercises and $411,000 from ATM equity sales during the period.The company has initiated a Phase 1 pharmacokinetic study of AD04 with an estimated cost of $1.4 million and plans to begin a Phase III study in the first half of 2025. Management expects to use $10-15 million in cash during the next twelve months for AD04 development and corporate expenses, with $5-10 million contingent on implementing accelerated development plans.Looking ahead, Adial will require additional financing to execute its overall business strategy, including two additional Phase 3 trials for AD04 estimated at $8-12 million each. The company raised an additional $3.7 million in July 2024 through ATM equity sales, though management notes current cash is not sufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern.

Adial Pharmaceuticals reported Q2 2024 financial results with R&D expenses increasing 136% to $1.0 million and G&A expenses rising 22% to $1.3 million compared to Q2 2023. The company ended the quarter with $3.3 million in cash and cash equivalents, bolstered by approximately $3.8 million from warrant exercises and $411,000 from ATM equity sales during the period.The company has initiated a Phase 1 pharmacokinetic study of AD04 with an estimated cost of $1.4 million and plans to begin a Phase III study in the first half of 2025. Management expects to use $10-15 million in cash during the next twelve months for AD04 development and corporate expenses, with $5-10 million contingent on implementing accelerated development plans.Looking ahead, Adial will require additional financing to execute its overall business strategy, including two additional Phase 3 trials for AD04 estimated at $8-12 million each. The company raised an additional $3.7 million in July 2024 through ATM equity sales, though management notes current cash is not sufficient to fund operations for the next twelve months, raising substantial doubt about its ability to continue as a going concern.