Adial Pharmaceuticals Reports Second Quarter 2024 Financial Results and Provides Business Update

Core Viewpoint - Adial Pharmaceuticals is making significant progress in the development of its lead investigational drug AD04 for the treatment of Alcohol Use Disorder (AUD), with key milestones achieved in the second quarter of 2024 [2][3]. Company Developments - The company initiated a pharmacokinetics study of AD04 in June 2024, with topline results expected in the fourth quarter of 2024, which will inform the design of the planned Phase 3 clinical trial [2][3]. - A collaboration agreement was established with Boudicca Dx to support the development of a companion diagnostic genetic test, ensuring compliance with FDA guidelines [3]. - A new patent application was filed on July 31, 2024, to protect core assets and extend intellectual property until 2044 [4]. - Recent publications in peer-reviewed journals have highlighted the efficacy and safety profile of AD04, demonstrating its potential as a precision medicine for AUD [4]. Financial Results - As of June 30, 2024, cash and cash equivalents were $3.3 million, an increase from$2.8 million at the end of 2023 [5]. - The company raised approximately $3.8 million from its at-the-market facility after the quarter ended, which is expected to fund operations into the second half of 2025 [5]. - Research and development expenses rose by approximately$583 thousand compared to the same period in 2023, primarily due to clinical trial expenses [6]. - The net loss for the second quarter of 2024 was $2.5 million, a significant change from a net income of$1.1 million in the same quarter of 2023, which included a one-time gain from the sale of Purnovate [6].