Adial Pharmaceuticals

Moat rests almost entirely on intellectual property and any future clinical data advantages.

Intangible assets: AD04 has multiple patent families licensed from UVA and a January 2026 PCT filing plus an April 2026 U.S. utility filing that, if granted, could extend exclusivity to around 2045; AT177 has composition‑of‑matter claims noted to 2043 in the June 2026 deck. Score 45/100 for intangibles given stage and enforceability risk.

Switching costs: low in both AUD and UC since alternative therapies exist and payers can prefer cheaper or established options. Score 10/100. Network effects: none. Score 0/100. Cost advantage: AD04’s 505(b)(2) approach and micro‑dose ondansetron could imply lower COGS and development costs, but this is theoretical until commercialization.

Score 25/100. Efficient scale: niche genotype segment in AUD may face limited competitive intensity if approved, but not protective industrywide. Score 20/100. Weighted blend leads to a modest moat score due to patent‑dependent, pre‑commercial status and missed primary endpoint history that reduces confidence in durability.