Adial Pharmaceuticals reported a net loss of $13.2 million for 2024, compared to $5.1 million in 2023, with research and development expenses increasing to $3.2 million from $1.3 million. The company ended the year with $3.8 million in cash and cash equivalents. The increased R&D expenses were primarily driven by Phase 1b trial costs and chemistry, manufacturing, and controls expenses for AD04 development.Based on regulatory feedback received in 2023, Adial plans to conduct two additional Phase 3 trials for AD04 in alcohol use disorder (AUD), focusing on specific genetic subtypes that showed statistical significance in previous trials. The company estimates each Phase 3 trial will cost between $8-12 million, with up to $5 million in additional development expenses. The trials are expected to begin in the second half of 2025.The company strengthened its financial position through various funding initiatives in 2024, including raising approximately $4 million through an ATM offering and $3.8 million through warrant exercises. However, management indicates current cash is not sufficient to fund operations for the next twelve months and additional financing will be required to complete the planned Phase 3 trials.

Adial Pharmaceuticals reported a net loss of $13.2 million for 2024, compared to $5.1 million in 2023, with research and development expenses increasing to $3.2 million from $1.3 million. The company ended the year with $3.8 million in cash and cash equivalents. The increased R&D expenses were primarily driven by Phase 1b trial costs and chemistry, manufacturing, and controls expenses for AD04 development.Based on regulatory feedback received in 2023, Adial plans to conduct two additional Phase 3 trials for AD04 in alcohol use disorder (AUD), focusing on specific genetic subtypes that showed statistical significance in previous trials. The company estimates each Phase 3 trial will cost between $8-12 million, with up to $5 million in additional development expenses. The trials are expected to begin in the second half of 2025.The company strengthened its financial position through various funding initiatives in 2024, including raising approximately $4 million through an ATM offering and $3.8 million through warrant exercises. However, management indicates current cash is not sufficient to fund operations for the next twelve months and additional financing will be required to complete the planned Phase 3 trials.