Adial Pharmaceuticals

At March 31, 2026 cash and cash equivalents were 4.58 million dollars with current liabilities of 1.51 million dollars, and management disclosed substantial doubt about going concern prior to the June event.

The June 2026 acquisition and concurrent financing added approximately 26.8 million dollars of gross cash from PIPE investors at the initial closing, with 5.5 million dollars of Azora notes exchanged into pre‑funded warrants without new cash.

Pro forma liquidity improves materially but remains subject to burn from IND‑enabling work and future trials. There is no debt disclosed beyond routine liabilities, yet funding dependence persists. Score reflects improved runway post‑financing offset by ongoing cash burn and heavy dilution.