Adial Pharmaceuticals, Inc. (Adial) reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $2.46 million for the quarter, compared to a net income of $1.09 million for the same period in the previous year. This shift from profit to loss was primarily due to the absence of income from discontinued operations, which in the prior year contributed $2.60 million to net income. Research and development expenses increased by $583,000, driven by the initiation of a new Phase I trial. General and administrative expenses also rose by $228,000, largely due to increased employee compensation. The company recognized a loss of $412,000 from its equity method investment in Adovate, LLC, which was acquired in the previous year. Other income and expenses...Show More

Adial Pharmaceuticals, Inc. (Adial) reported its financial performance for the quarter ended June 30, 2024. The company experienced a net loss of $2.46 million for the quarter, compared to a net income of $1.09 million for the same period in the previous year. This shift from profit to loss was primarily due to the absence of income from discontinued operations, which in the prior year contributed $2.60 million to net income. Research and development expenses increased by $583,000, driven by the initiation of a new Phase I trial. General and administrative expenses also rose by $228,000, largely due to increased employee compensation. The company recognized a loss of $412,000 from its equity method investment in Adovate, LLC, which was acquired in the previous year. Other income and expenses saw a net increase of $85,000, attributed to higher interest income and the absence of one-time expenses related to equity commitments. Adial's future plans include accelerating the development of its lead product candidate, AD04, with a Phase I pharmacokinetic study already underway and a Phase III study planned for the first half of 2025. The company's cash reserves are not expected to fund operations for the next twelve months, necessitating additional fundraising to continue its development plans.