ADIL Home Investment Highlights Valuation & Metrics Price Chart Why The Stock Moved Return vs. Risk About ADIL Interactive Breakdown Better Bets vs. ADIL Latest Trefis Analyses Trade Ideas More From Trefis Peer Comparisons FDIC Bank Data FDA Approved Drugs Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Forward Guidance Insider Activity Investor Activity (13F) Trade Sentinel Investor Videos Industry Resource Links External Quote Links

    Adial Pharmaceuticals (ADIL)

    Market Price (7/28/2026): $2.86 | Market Cap: $3.9 MilSector: Health Care | Industry: Biotechnology

    Adial Pharmaceuticals (ADIL)

    Market Price (7/28/2026): $2.86
    Market Cap: $3.9 Mil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -119%

    Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -123%, 3Y Excs Rtn is -162%

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -7.5 Mil

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -206%

    Key risks
    ADIL key risks include [1] a severe liquidity crisis threatening its ability to fund the pivotal trial for its only drug, Show more.

    0 Cash is significant % of market cap
    Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -119%
    1 Megatrend and thematic drivers
    Megatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Personalized Diagnostics, Show more.
    2 Weak multi-year price returns
    2Y Excs Rtn is -123%, 3Y Excs Rtn is -162%
    3 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18%
    4 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    5 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -7.5 Mil
    6 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -206%
    7 Key risks
    ADIL key risks include [1] a severe liquidity crisis threatening its ability to fund the pivotal trial for its only drug, Show more.

    Valuation & Metrics

    FYE: 12/31ADIL [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$46.0 Mil—
    FY 2027 Sales$4.4 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth-90.4%13.3%
    EARNINGS
    LTM Net Income (GAAP) [3]$-7.8 Mil—
    FY 2026 Net Income (Non-GAAP)$-2.6 Mil—
    FY 2027 Net Income (Non-GAAP)$-1.0 Mil—
    FY 2027 Net Income Growth—19.9%
    FY 2026 EPS (Non-GAAP)$-3.85—
    FY 2027 EPS (Non-GAAP)$-1.53—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S0.11.6
    FY 2027 P/S0.9—
    FY 2026 P/E—7.6
    FY 2027 P/E——

    [1] ADIL forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 7/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of U.S. Patents Issued for AD0432112025Link
    Target Patient Population with AG+ Biomarker (% of general population)Approximately 14%10092025Link
    ONWARD Phase 3 Trial Patient Retention Rate86%2252021Link
    Patients Screened for ONWARD Phase 3 Trial8302252021Link
    Genetically Positive Patients Screened for ONWARD Trial32%2252021Link
    Enrollment Rate of Genetically Positive Patients in ONWARD Trial75%2252021Link
    Number of Clinical Sites for First Phase 3 Trial in Europe2612192019Link

    Price Chart

    null
    Upcoming
    8/12/2026Earnings ReleaseRev: -
    EPS: -

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 7/27/2026

    Adial Pharmaceuticals (ADIL) stock has gained about 55% since 3/31/2026 because of the following key factors:

    1. Acquisition of Azora Therapeutics and Substantial Financing.

    On June 11, 2026, Adial Pharmaceuticals announced the acquisition of Azora Therapeutics, diversifying its pipeline with AT177, a novel ulcerative colitis treatment. Concurrently, the company secured a private placement of up to $64 million, with the first $32 million tranche closing on June 12, 2026. This significant capital infusion and pipeline expansion are core reasons for the stock's gain.

    2. Advancements in AD04 Development and Regulatory Strategy.

    Adial Pharmaceuticals made several key strides with its lead candidate, AD04, for Alcohol Use Disorder. On April 27, 2026, the company submitted an application to the FDA Commissioner's National Priority Voucher Pilot Program, which could significantly accelerate the FDA review timeline. Additionally, on April 22, 2026, Adial successfully completed the manufacturing of a demonstration batch for AD04, a critical step for its planned Phase 3 clinical and registration production. Furthermore, the company reported in its fiscal Q1 2026 business update (May 11, 2026) on evolving FDA flexibility that may allow for approval with one pivotal study and confirmatory evidence, potentially streamlining the development path.

    Show more
    Updated on 7/27/2026

    Adial Pharmaceuticals (ADIL) stock has gained about 55% since 3/31/2026 because of the following key factors:

    1. Acquisition of Azora Therapeutics and Substantial Financing.

    On June 11, 2026, Adial Pharmaceuticals announced the acquisition of Azora Therapeutics, diversifying its pipeline with AT177, a novel ulcerative colitis treatment. Concurrently, the company secured a private placement of up to $64 million, with the first $32 million tranche closing on June 12, 2026. This significant capital infusion and pipeline expansion are core reasons for the stock's gain.

    2. Advancements in AD04 Development and Regulatory Strategy.

    Adial Pharmaceuticals made several key strides with its lead candidate, AD04, for Alcohol Use Disorder. On April 27, 2026, the company submitted an application to the FDA Commissioner's National Priority Voucher Pilot Program, which could significantly accelerate the FDA review timeline. Additionally, on April 22, 2026, Adial successfully completed the manufacturing of a demonstration batch for AD04, a critical step for its planned Phase 3 clinical and registration production. Furthermore, the company reported in its fiscal Q1 2026 business update (May 11, 2026) on evolving FDA flexibility that may allow for approval with one pivotal study and confirmatory evidence, potentially streamlining the development path.

    3. Strengthened Intellectual Property Portfolio.

    Adial Pharmaceuticals enhanced its intellectual property for AD04 by filing a new U.S. utility patent application on April 29, 2026. This move is expected to position the company for potential market exclusivity for AD04 through at least 2045, significantly strengthening the long-term value proposition and strategic positioning for future commercialization and partnering discussions.

    4. Strong Fiscal Q1 2026 Earnings Performance.

    The company reported its fiscal Q1 2026 financial results on May 8, 2026, posting an earnings per share (EPS) of -$1.48. This significantly surpassed analysts' consensus expectations of -$2.15, marking an earnings beat of 31.16% and indicating a better financial performance than anticipated.

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    Stock Movement Drivers

    Fundamental Drivers

    The 57.0% change in ADIL stock from 3/31/2026 to 7/27/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)33120267272026Change
    Stock Price ($)1.792.8157.0%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)11-18.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 7/27/2026
    ReturnCorrelation
    ADIL57.0% 
    Market (SPY)13.6%14.1%
    Sector (XLV)11.5%13.0%

    Fundamental Drivers

    The -48.9% change in ADIL stock from 12/31/2025 to 7/27/2026 was primarily driven by a -35.3% change in the company's Shares Outstanding (Mil).
    (LTM values as of)123120257272026Change
    Stock Price ($)5.502.81-48.9%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)11-35.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    12/31/2025 to 7/27/2026
    ReturnCorrelation
    ADIL-48.9% 
    Market (SPY)8.7%16.4%
    Sector (XLV)6.0%7.8%

    Fundamental Drivers

    The -62.8% change in ADIL stock from 6/30/2025 to 7/27/2026 was primarily driven by a -80.9% change in the company's Shares Outstanding (Mil).
    (LTM values as of)63020257272026Change
    Stock Price ($)7.552.81-62.8%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)01-80.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2025 to 7/27/2026
    ReturnCorrelation
    ADIL-62.8% 
    Market (SPY)20.6%16.8%
    Sector (XLV)22.8%8.6%

    Fundamental Drivers

    The -97.8% change in ADIL stock from 6/30/2023 to 7/27/2026 was primarily driven by a -96.9% change in the company's Shares Outstanding (Mil).
    (LTM values as of)63020237272026Change
    Stock Price ($)130.122.81-97.8%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)01-96.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2023 to 7/27/2026
    ReturnCorrelation
    ADIL-97.8% 
    Market (SPY)72.6%8.3%
    Sector (XLV)28.9%2.0%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    ADIL Return59%-92%-65%-46%-78%-49%-100%
    Peers Return-5%104%-0%-16%61%31%243%
    S&P 500 Return27%-19%24%23%16%8%97%

    Monthly Win Rates [3]
    ADIL Win Rate50%8%25%42%17%43% 
    Peers Win Rate52%50%53%42%55%49% 
    S&P 500 Win Rate75%42%67%75%67%43% 

    Max Drawdowns [4]
    ADIL Max Drawdown-47%-93%-88%-71%-80%-79% 
    Peers Max Drawdown-58%-53%-48%-49%-36%-22% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: ALKS, INDV, ACAD, AXSM, KPRX.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 7/27/2026 (YTD)

    How Low Can It Go

    EventADILS&P 500
    2024 Yen Carry Trade Unwind
      % Loss-15.1%-7.8%
      % Gain to Breakeven17.8%8.5%
      Time to Breakeven78 days18 days
    2023 SVB Regional Banking Crisis
      % Loss-47.3%-6.7%
      % Gain to Breakeven89.8%7.1%
      Time to Breakeven1 days31 days
    2020 COVID-19 Crash
      % Loss-34.8%-33.7%
      % Gain to Breakeven53.4%50.9%
      Time to Breakeven24 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-55.2%-19.2%
      % Gain to Breakeven123.1%23.8%
      Time to Breakeven15 days105 days

    Compare to ALKS, INDV, ACAD, AXSM, KPRX

    In The Past

    Adial Pharmaceuticals's stock fell -15.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 17.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

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    EventADILS&P 500
    2023 SVB Regional Banking Crisis
      % Loss-47.3%-6.7%
      % Gain to Breakeven89.8%7.1%
      Time to Breakeven1 days31 days
    2020 COVID-19 Crash
      % Loss-34.8%-33.7%
      % Gain to Breakeven53.4%50.9%
      Time to Breakeven24 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-55.2%-19.2%
      % Gain to Breakeven123.1%23.8%
      Time to Breakeven15 days105 days

    Compare to ALKS, INDV, ACAD, AXSM, KPRX

    In The Past

    Adial Pharmaceuticals's stock fell -15.1% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 17.8% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Adial Pharmaceuticals (ADIL)

    Adial Pharmaceuticals, Inc. (ADIL) is a clinical-stage biopharmaceutical company dedicated to developing novel therapeutic drugs for addiction and related disorders. As a clinical-stage firm, its core business revolves around the research and development of drug candidates, aiming to address significant unmet medical needs in these complex health areas.

    The company's lead product candidate is AD04, a selective serotonin-3 antagonist, which is currently in Phase III clinical trials. This advanced-stage drug is specifically being developed to treat alcohol use disorder. In addition to AD04, Adial Pharmaceuticals is also exploring other therapeutic avenues, including drug candidates for non-opioid pain reduction and various other diseases and disorders, though AD04 represents their most immediate and advanced focus.

    Adial Pharmaceuticals' primary market consists of individuals suffering from addiction, particularly alcohol use disorder, and potentially those seeking innovative solutions for pain management. Upon successful development and regulatory approval, their products would be marketed to healthcare providers, who would then prescribe them to patients in need, thereby serving the broader pharmaceutical and healthcare industries.

    AI Analysis | Feedback

    Here are 1-3 brief analogies for Adial Pharmaceuticals (ADIL):

    • Like a clinical-stage Vertex Pharmaceuticals, but focused on developing treatments for addiction rather than genetic diseases.
    • A very early-stage Gilead Sciences, but specializing in addiction treatments instead of infectious diseases.

    AI Analysis | Feedback

    • AD04: A selective serotonin-3 antagonist currently in Phase III clinical trials for the treatment of alcohol use disorder.
    • Drug candidates for non-opioid pain reduction: Therapeutics being developed to offer alternatives for pain management without using opioids.
    • Drug candidates for other diseases and disorders: A broader category of therapeutics in development addressing various other medical conditions.

    AI Analysis | Feedback

    Adial Pharmaceuticals (ADIL) is a clinical-stage biopharmaceutical company primarily engaged in the research and development of therapeutic drug candidates. As such, the company does not currently have major commercial customers, as its lead product, AD04, is still in Phase III clinical trials and has not yet been approved for commercial sale or distribution.

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    • ICON plc (ICLR)

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    Cary J. Claiborne, Chief Executive Officer Mr. Claiborne was appointed Chief Executive Officer of Adial Pharmaceuticals in August 2022, having previously served as Chief Operating Officer from December 2021 and as a board member since November 2021. His prior experience includes serving as Chief Financial Officer and board member of Indivior PLC, where he was instrumental in leading its spin-off from Reckitt Benckiser to become an independent, publicly traded company. Mr. Claiborne also held the position of Chief Financial Officer at Sucampo Pharmaceuticals, Inc., a global biopharmaceutical company that was subsequently sold to Mallinckrodt. Additionally, he served as Chief Financial Officer and Corporate Secretary of Osiris Therapeutics, Inc. during its initial public offering. Vinay Shah, Chief Financial Officer Mr. Shah was appointed Chief Financial Officer of Adial Pharmaceuticals, effective November 16, 2024. He brings over 20 years of finance leadership experience across the biopharmaceutical and medical device sectors. His previous roles include Chief Financial Officer at Virpax Pharmaceuticals, Inc. and Aravive, Inc. At Aravive, Mr. Shah played a key role in raising over $150 million and contributed to a significant reverse merger and out-licensing initiatives in China. He also partnered on Pacira Pharmaceuticals, Inc.'s initial public offering. Tony Goodman, Chief Operating Officer Mr. Goodman was appointed Chief Operating Officer in January 2024 and has been a member of Adial's Board of Directors since 2017. He brings extensive senior leadership and business development experience from his work with several pharmaceutical companies, including Indivior, where he collaborated closely with Cary Claiborne. Mr. Goodman held various leadership positions at Reckitt Benckiser Pharmaceuticals, including Global Director of Commercial Development and Strategic Planning, Global Head of Category Development, and Director of US Business Development and US Commercial Managed Care. Brigitte Robertson, MD, Acting Chief Medical Officer Dr. Robertson serves as the Acting Chief Medical Officer of Adial Pharmaceuticals and has nearly 20 years of academic, clinical, and pharmaceutical industry experience. She has managed global development portfolios across multiple central nervous system (CNS) indications for biotech, small, and large pharmaceutical companies. Her career began at GlaxoSmithKline as a physician scientist and she subsequently held senior clinical development roles at Sepracor/Sunovion, Neurovance, Euthymics, and Shire/Takeda, where she was Vice President and Therapeutic Area Head of Neuroscience. Dr. Robertson also served as Chief Medical Officer of Yumanity Therapeutics and, most recently, Delix Therapeutics. John R. Martin, J.D., Chief Legal Officer Mr. Martin is the Chief Legal Officer of Adial Pharmaceuticals. He is a corporate attorney with over 20 years of experience.

    AI Analysis | Feedback

    The key risks for Adial Pharmaceuticals (ADIL) are primarily centered on its financial viability and the inherent challenges of drug development and commercialization in the biopharmaceutical industry.

    1. Liquidity and Going Concern Risk: Adial Pharmaceuticals faces a severe liquidity crisis, with its cash and cash equivalents projected to fund operations only into the second quarter of 2026 as of September 30, 2025. This limited cash runway is considered the single biggest threat to the company's clinical trajectory and threatens to derail the pivotal Phase 3 trial for its lead product, AD04. The company's auditor also raised substantial doubt about its ability to continue as a "going concern" in its March 2026 filing for the fiscal year ended December 31, 2025. The company requires significant financing or partnerships to proceed with its clinical programs.
    2. Clinical Trial and Regulatory Approval Risk: As a clinical-stage biopharmaceutical company, Adial's success is heavily dependent on the successful completion of clinical trials and subsequent regulatory approval for its drug candidates, especially AD04 for Alcohol Use Disorder. Despite positive FDA feedback on the Phase 3 trial design and promising safety data from earlier studies, there is no guarantee that the Phase 3 trial will yield successful results or that regulatory approval will be granted. The company currently has no revenue, and its future growth is entirely contingent on successful clinical trials and eventual product commercialization.
    3. Commercialization and Market Potential Limitations: Even if AD04 receives regulatory approval, Adial Pharmaceuticals faces significant risks related to its successful commercialization. AD04 is a genetically targeted therapy, meaning it aims to treat only a subset of the Alcohol Use Disorder population identified through a specific genomic biomarker (AG+). This targeted approach, while a precision medicine strategy, inherently limits the potential market size, which could impact overall revenue and product acceptance upon launch.

    AI Analysis | Feedback

    null

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    Addressable Markets for Adial Pharmaceuticals (ADIL)

    Alcohol Use Disorder (Main Product: AD04)

    • Global Market: The global alcohol use disorder treatment market was valued at over USD 1.36 billion in 2025 and is anticipated to grow to USD 2.46 billion by 2035, at a CAGR of over 6.1% from 2026 to 2035. Other estimates suggest the global alcohol-dependency treatment market was USD 13.17 billion in 2024 and is expected to reach USD 20.05 billion by 2032. For eight major markets (United States, EU-5, Japan, and China), the revenue attained USD 6,401.3 million in 2020 and is estimated to garner USD 13,189.5 million by 2030.
    • U.S. Market: The Alcohol Use Disorder market size in the United States was approximately USD 1,106 million in 2025 and is projected to increase to USD 3,489 million by 2034, growing at a CAGR of 13.6% from 2025–2034. Alcohol Use Disorder affects greater than 35 million people in the U.S. alone. North America is expected to hold a significant share of the global market, estimated at around 46% by 2035 and held the largest revenue share of 40.01% in 2024.

    Non-Opioid Pain Reduction

    • Global Market: The global non-opioid pain treatment market size was valued at USD 686.35 million in 2024 and is projected to reach USD 889.91 million by 2032. Other estimates are significantly higher, with the global non-opioid pain treatment market size expected to reach USD 70.30 billion by 2030, and projected to hit around USD 91.74 billion by 2033, or estimated to reach USD 96.74 billion by 2034.
    • U.S. Market: The U.S. non-opioid pain treatment market generated a revenue of USD 3,057.9 million in 2024 and is expected to reach USD 4,727.4 million by 2030. Another source indicates the U.S. non-opioid pain management market was valued at USD 17.46 billion in 2024 and reached USD 18.60 billion in 2025.

    AI Analysis | Feedback

    Expected Drivers of Future Revenue Growth for Adial Pharmaceuticals (ADIL)

    Over the next 2-3 years, Adial Pharmaceuticals (ADIL) is expected to have several key drivers for future revenue growth, primarily centered around the advancement and commercialization of its lead product, AD04, and its partnerships. As a clinical-stage biopharmaceutical company, its revenue growth is largely contingent on the successful progression of its pipeline through clinical trials and regulatory approvals. The primary drivers of future revenue growth for Adial Pharmaceuticals include:
    • U.S. Commercialization of AD04 for Alcohol Use Disorder (AUD): Adial Pharmaceuticals' lead product, AD04, a genetically targeted therapeutic for Alcohol Use Disorder (AUD), is currently in Phase III clinical trial preparations. The company has received positive feedback from the U.S. Food and Drug Administration (FDA) regarding its proposed regulatory strategy, including its 505(b)(2) bridging approach and manufacturing plans for clinical supplies. Evolving FDA policy discussions that may allow for a single pivotal trial plus confirmatory evidence could potentially lower Phase 3 costs and accelerate the timeline to a New Drug Application (NDA) submission, paving the way for eventual commercialization in the United States.
    • European Commercialization of AD04 through Partnership: Adial has entered into a collaboration framework agreement with Molteni Farmaceutici for the exclusive commercialization of AD04 in Europe. This partnership is anticipated to include upfront and milestone payments, as well as tiered royalties on European net sales, with a total potential value estimated at nearly $60 million upon successful launch. This represents a significant step towards establishing a commercial pathway for AD04 outside the U.S.
    • Milestone and Royalty Payments from Partnered Programs: Adial is positioned to receive milestone payments and low single-digit royalties from partnered development programs, such as with Adovate, LLC. For instance, the company has already received a six-figure milestone payment related to a Phase 1 asthma trial for a compound developed by Adovate and is eligible for substantial development, approval, and commercial milestone payments (up to $83 million for the first three compounds alone) for other partnered compounds. This provides a non-dilutive source of income as AD04 advances.
    • Expansion of AD04 into Other Addictive Disorders: Beyond AUD, Adial Pharmaceuticals believes that AD04 has the potential to treat other addictive disorders, including Opioid Use Disorder, gambling, and obesity. While still in early stages for these indications, successful future development and regulatory pathways for AD04 in these expanded markets could significantly contribute to long-term revenue growth.

    AI Analysis | Feedback

    Share Issuance

    • Adial Pharmaceuticals implemented a 1-for-25 reverse stock split effective February 5, 2026, which reduced the number of outstanding shares from approximately 27.8 million to 1.1 million. This action was primarily intended to regain compliance with Nasdaq's minimum bid price requirement.
    • The company raised approximately $2.86 million in early February 2026 through a warrant inducement agreement with an existing institutional investor. This involved the exercise of Series C-1 and Series E Warrants for 9,215,675 shares of common stock.

    Inbound Investments

    • Adial Pharmaceuticals received a six-figure development milestone payment from Adovate, LLC in May 2025. This payment followed the commencement of a Phase 1 clinical trial evaluating Adovate's lead compound for asthma, ADO-5030.
    • As of December 31, 2025, Armistice Capital, LLC and Steven Boyd reported beneficial ownership of 2,799,643 shares, representing a 9.99% stake in Adial Pharmaceuticals.
    • In March 2026, Adial entered into a collaboration framework agreement with Molteni Farmaceutici for the proposed commercialization of AD04 in Europe, with potential upfront and milestone payments, as well as royalties on European net sales, estimated to total nearly $60 million.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Adial Pharmaceuticals Earnings Notes12/16/2025
    Title
    0ARTICLES

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    NASATema Space Innovators ETFEquity-15.0%-10.8%
    UNGUnited States Natural Gas Fund LPCommodity-14.0%-17.5%
    SMHVanEck Semiconductor ETFEquity-13.9%52.3%
    LITGlobal X Lithium & Battery Tech ETFEquity-12.5%5.8%
    ICLNiShares Global Clean Energy ETFEquity-12.2%8.4%
    MTUMiShares MSCI USA Momentum Factor ETFEquity-10.9%20.9%
    SPMOInvesco S&P 500 Momentum ETFEquity-9.3%21.7%

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    Peer Comparisons

    Peers to compare with:

    Financials

    ADILALKSINDVACADAXSMKPRXMedian
    NameAdial Ph.Alkermes Indivior.ACADIA P.Axsome T.Kiora Ph. 
    Mkt Price2.8152.7340.0325.39238.372.5432.71
    Mkt Cap0.08.85.04.312.20.04.6
    Rev LTM01,5621,2911,0957080902
    Op Inc LTM-819233581-177-1037
    FCF LTM-7222-193118-71-11-9
    FCF 3Y Avg-7366-14377-128-4-5
    CFO LTM-7256-111123-71-10-8
    CFO 3Y Avg-7406-88112-127-4-5

    Growth & Margins

    ADILALKSINDVACADAXSMKPRXMedian
    NameAdial Ph.Alkermes Indivior.ACADIA P.Axsome T.Kiora Ph. 
    Rev Chg LTM-3.2%10.2%9.9%63.9%-10.1%
    Rev Chg 3Y Avg-15.0%11.0%29.6%69.9%-22.3%
    Rev Chg Q-28.2%19.2%9.7%57.4%-23.7%
    QoQ Delta Rev Chg LTM-5.9%4.1%2.2%10.9%-5.0%
    Op Inc Chg LTM13.5%-50.9%47.6%-8.4%26.2%-2.3%5.6%
    Op Inc Chg 3Y Avg6.1%1,583.6%19.2%705.3%-13.6%-33.8%12.6%
    Op Mgn LTM-12.3%25.9%7.4%-24.9%-9.8%
    Op Mgn 3Y Avg-21.8%23.2%5.2%-59.3%-13.5%
    QoQ Delta Op Mgn LTM--4.9%4.6%-2.4%1.6%--0.4%
    CFO/Rev LTM-16.4%-8.6%11.3%-10.0%-1.3%
    CFO/Rev 3Y Avg-25.4%-7.6%11.4%-38.0%-1.9%
    FCF/Rev LTM-14.2%-14.9%10.7%-10.0%-0.4%
    FCF/Rev 3Y Avg-22.9%-12.1%7.8%-38.2%--2.1%

    Valuation

    ADILALKSINDVACADAXSMKPRXMedian
    NameAdial Ph.Alkermes Indivior.ACADIA P.Axsome T.Kiora Ph. 
    Mkt Cap0.08.85.04.312.20.04.6
    P/S-5.63.84.017.2-4.8
    P/Op Inc-0.545.714.853.5-69.1-1.17.2
    P/EBIT-0.536.914.853.5-66.5-0.87.2
    P/E-0.557.419.811.5-64.8-1.05.5
    P/CFO-0.634.2-44.735.1-172.5-1.0-0.8
    Total Yield-201.8%1.7%5.1%8.7%-1.5%-104.3%0.1%
    Dividend Yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-4,468.4%7.5%-4.5%2.2%-2.7%-33.6%-3.6%
    D/E0.00.20.10.00.00.00.0
    Net D/E-1.20.10.1-0.2-0.0-1.3-0.1

    Returns

    ADILALKSINDVACADAXSMKPRXMedian
    NameAdial Ph.Alkermes Indivior.ACADIA P.Axsome T.Kiora Ph. 
    1M Rtn9.8%-4.3%-4.3%0.3%-1.4%0.0%-0.7%
    3M Rtn80.1%56.3%16.7%13.9%27.2%9.5%21.9%
    6M Rtn-51.1%59.3%19.2%-5.5%29.2%21.0%20.1%
    12M Rtn-78.1%101.8%133.5%9.2%136.4%-15.1%55.5%
    3Y Rtn-98.4%97.2%75.8%-12.6%203.0%-51.3%31.6%
    1M Excs Rtn8.2%-0.9%-3.8%6.3%-0.3%-1.1%-0.6%
    3M Excs Rtn74.4%54.8%17.0%12.2%24.7%4.6%20.9%
    6M Excs Rtn-58.6%49.7%14.2%-12.6%21.0%12.6%13.4%
    12M Excs Rtn-93.1%82.3%121.6%-6.3%110.6%-33.2%38.0%
    3Y Excs Rtn-161.8%14.0%3.3%-82.2%156.8%-118.9%-39.5%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q2
    Period End3/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/2023
    Filing Date5/8/20263/5/202611/13/20258/13/20255/14/20253/4/202511/13/20248/13/20245/14/20244/1/202411/14/20238/21/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-2-2-2-2-2-2-2-2-2-2-1-1
    Operating Income-2-2-2-2-2-2-2-2-2-2-1-1
    Net Income-2-2-2-2-2-2-2-2-6-2-11
    EPS-1.48-1.80-2.00-4.50-8.52-3.76-9.50-14.75-54.75-28.86-29.5024.00
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-8-8-8-8-9-8-8-7-6-7-8-9
    Operating Income TTM-8-8-8-8-9-8-8-7-6-7-8-9
    Net Income TTM-8-8-8-8-9-13-13-12-9-5-6-8
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth11.7%2.9%20.2%17.7%-22.9%-8.8%-62.9%-54.8%18.7%31.3%46.8%54.5%
    Operating Income Growth11.7%2.9%20.2%17.7%-22.9%-8.8%-62.9%-54.8%18.7%31.3%46.8%54.5%
    Net Income Growth9.3%3.6%18.2%20.3%65.6%-7.8%-58.3%-326.0%-122.9%33.0%55.5%128.3%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash565624535301
    Total Debt000000000000
    Net Debt / (Cash)-5-6-5-6-2-4-5-3-5-3-0-1
    Cash Flows Quarterly            
    FCF from Operations-2-1-2-2-2-1-2-2-2-1-1-2
    Cash Flows TTM            
    FCF from Operations TTM-7-6-7-6-7-7-7-6-6-7-7-9
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-8.8%-8.4%-8.0%-8.8%-10.8%-9.4%-11.0%-11.6%-9.7%-10.2%-7.9%-8.7%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-8.3%-8.7%-8.9%-9.7%-10.4%-10.1%-10.1%-9.2%-8.5%-9.8%-11.2%-13.2%

    Segment Financials

    Operating Income by Segment
    $ Mil20252024
    Drug development for addiction and related disorders-8-8
    Total-8-8


    Net Income by Segment
    $ Mil20252024
    Drug development for addiction and related disorders-8-13
    Total-8-13


    Assets by Segment
    $ Mil20242023202220212020
    Drug development for addiction and related disorders55675
    Total55675


    Price Behavior

    Price Behavior
    Market Price$2.81 
    Market Cap ($ Bil)0.0 
    First Trading Date07/27/2018 
    Distance from 52W High-82.2% 
       50 Days200 Days
    DMA Price$2.52$4.28
    DMA Trenddownup
    Distance from DMA11.6%-34.4%
     3M1YR
    Volatility122.7%88.8%
    Downside Capture-140.60211.90
    Upside Capture161.82-8.42
    Correlation (SPY)17.7%16.2%
    ADIL Betas & Captures as of 6/30/2026

     1M2M3M6M1Y3Y
    Beta3.352.181.481.441.380.84
    Up Beta7.056.993.401.910.660.36
    Down Beta1.343.012.352.261.941.08
    Up Capture382%252%94%0%39%4%
    Bmk +ve Days11244067140429
    Stock +ve Days8192745103307
    Down Capture217%-130%-87%177%167%111%
    Bmk -ve Days10172358112321
    Stock -ve Days11182868135407

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ADIL
    ADIL-76.7%91.7%-1.18-
    Sector ETF (XLV)22.0%15.7%1.079.4%
    Equity (SPY)17.6%12.7%1.0016.4%
    Gold (GLD)20.8%28.1%0.665.3%
    Commodities (DBC)29.6%19.5%1.21-2.2%
    Real Estate (VNQ)13.9%14.1%0.693.0%
    Bitcoin (BTCUSD)-46.0%43.0%-1.3117.2%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ADIL
    ADIL-71.7%131.6%-0.43-
    Sector ETF (XLV)6.8%15.0%0.273.7%
    Equity (SPY)13.2%17.1%0.599.8%
    Gold (GLD)17.2%18.4%0.753.0%
    Commodities (DBC)9.7%19.5%0.382.0%
    Real Estate (VNQ)3.3%18.9%0.075.4%
    Bitcoin (BTCUSD)15.8%53.5%0.477.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with ADIL
    ADIL-49.4%140.5%-0.06-
    Sector ETF (XLV)10.1%16.6%0.497.0%
    Equity (SPY)14.9%17.9%0.719.9%
    Gold (GLD)11.4%16.1%0.582.4%
    Commodities (DBC)6.9%18.0%0.304.9%
    Real Estate (VNQ)5.2%20.7%0.217.1%
    Bitcoin (BTCUSD)58.0%66.2%0.983.9%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7152026
    Short Interest: Shares Quantity0.2 Mil
    Short Interest: % Change Since 63020265.5%
    Average Daily Volume0.0 Mil
    Days-to-Cover Short Interest5.3 days
    Basic Shares Quantity1.4 Mil
    Short % of Basic Shares17.8%

    Earnings Returns History

    Updated 6/11/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/11/20260.7%-3.5%49.0%
    3/6/2026-7.1%-5.1%-11.2%
    11/14/20251.9%-6.4%-17.2%
    8/14/2025-1.4%-7.0%-12.5%
    5/15/20251.5%9.5%-46.1%
    3/4/20252.6%-1.5%-10.3%
    11/14/2023-1.8%0.9%-15.2%
    8/21/2023-1.8%0.6%-24.0%
    ...
    SUMMARY STATS   
    # Positive761
    # Negative5611
    Median Positive2.6%3.6%49.0%
    Median Negative-1.8%-4.3%-15.1%
    Max Positive10.9%9.5%49.0%
    Max Negative-7.1%-7.0%-46.1%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    5/11/20260.7%-3.5%49.0%
    3/6/2026-7.1%-5.1%-11.2%
    11/14/20251.9%-6.4%-17.2%
    8/14/2025-1.4%-7.0%-12.5%
    5/15/20251.5%9.5%-46.1%
    3/4/20252.6%-1.5%-10.3%
    11/14/2023-1.8%0.9%-15.2%
    8/21/2023-1.8%0.6%-24.0%
    5/12/20237.1%6.2%-16.5%
    11/15/20226.1%1.1%-14.3%
    8/16/2022-0.6%-3.3%-15.1%
    5/16/202210.9%6.2%-4.7%
    SUMMARY STATS   
    # Positive761
    # Negative5611
    Median Positive2.6%3.6%49.0%
    Median Negative-1.8%-4.3%-15.1%
    Max Positive10.9%9.5%49.0%
    Max Negative-7.1%-7.0%-46.1%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    03/31/202605/08/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/04/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202304/01/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/21/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    03/31/202605/08/202610-Q
    12/31/202503/05/202610-K
    09/30/202511/13/202510-Q
    06/30/202508/13/202510-Q
    03/31/202505/14/202510-Q
    12/31/202403/04/202510-K
    09/30/202411/13/202410-Q
    06/30/202408/13/202410-Q
    03/31/202405/14/202410-Q
    12/31/202304/01/202410-K
    09/30/202311/14/202310-Q
    06/30/202308/21/202310-Q
    03/31/202305/12/202310-Q
    12/31/202203/30/202310-K
    09/30/202211/14/202210-Q
    06/30/202208/15/202210-Q
    03/31/202205/16/202210-Q
    12/31/202103/28/202210-K
    09/30/202111/15/202110-Q
    06/30/202108/12/202110-Q
    03/31/202105/17/202110-Q
    12/31/202003/22/202110-K
    09/30/202011/13/202010-Q
    06/30/202008/13/202010-Q
    03/31/202005/14/202010-Q
    12/31/201903/20/202010-K
    09/30/201911/14/201910-Q
    06/30/201908/13/201910-Q

    Insider Activity

    Updated 7/16/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Coastlands, Capital LPCoastlands Capital LPBuy71620262.751,2333,3911,067,847Form
    2Coastlands, Capital LPCoastlands Capital LPBuy71620262.652,0005,3001,025,749Form
    3Coastlands, Capital LPCoastlands Capital LPBuy71320262.701,7004,5901,039,703Form
    4Coastlands, Capital LPCoastlands Capital LPBuy71320262.7910,05328,0481,069,616Form
    5Coastlands, Capital LPCoastlands Capital LPBuy70120262.6025,00065,000970,637Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Coastlands, Capital LPCoastlands Capital LPBuy71620262.751,2333,3911,067,847Form
    2Coastlands, Capital LPCoastlands Capital LPBuy71620262.652,0005,3001,025,749Form
    3Coastlands, Capital LPCoastlands Capital LPBuy71320262.701,7004,5901,039,703Form
    4Coastlands, Capital LPCoastlands Capital LPBuy71320262.7910,05328,0481,069,616Form
    5Coastlands, Capital LPCoastlands Capital LPBuy70120262.6025,00065,000970,637Form

    Industry Resources

    External Quote Links


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    Core Cache Last Updated: 7/27/2026