2023 Q1 Form 10-K Financial Statement

#000121390023024719 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.244M $2.103M $9.140M
YoY Change -8.87% 0.17% -2.19%
% of Gross Profit
Research & Development $676.4K $1.137M $4.177M
YoY Change 13.43% -51.27% 818.02%
% of Gross Profit
Depreciation & Amortization $2.070K $2.080K $8.290K
YoY Change 0.0% -48.26% 17.92%
% of Gross Profit
Operating Expenses $2.921M $3.240M $13.32M
YoY Change -4.52% -26.91% 2826.84%
Operating Profit -$2.921M -$13.32M
YoY Change -4.52% -30.96%
Interest Expense $28.89K $47.82K $63.21K
YoY Change 464.26% 2073.64% 866.51%
% of Operating Profit
Other Income/Expense, Net $14.89K $325.0K $585.2K
YoY Change -89.8% 501.74% -321.41%
Pretax Income -$2.906M -$2.867M -$12.73M
YoY Change -0.07% -51.61% -34.77%
Income Tax -$500.00 -$502.00
% Of Pretax Income
Net Earnings -$2.906M -$2.867M -$12.73M
YoY Change -0.07% -50.84% -34.45%
Net Earnings / Revenue
Basic Earnings Per Share -$0.11 -$0.51
Diluted Earnings Per Share -$0.11 -$0.11 -$0.51
COMMON SHARES
Basic Shares Outstanding 28.52M shares 26.85M shares 25.04M shares
Diluted Shares Outstanding 26.46M shares 25.04M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.313M $4.002M $4.002M
YoY Change -81.78% -33.99% -33.99%
Cash & Equivalents $2.313M $4.002M $4.002M
Short-Term Investments
Other Short-Term Assets $652.1K $778.1K $778.1K
YoY Change 136.4% 94.81% 94.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.965M $4.780M $4.780M
YoY Change -77.13% -26.03% -26.03%
LONG-TERM ASSETS
Property, Plant & Equipment $48.49K $50.42K $244.4K
YoY Change -83.27% -13.28% -19.69%
Goodwill $249.0K $249.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $937.0K $952.9K $952.9K
YoY Change -6.17% -5.97% -5.97%
TOTAL ASSETS
Total Short-Term Assets $2.965M $4.780M $4.780M
Total Long-Term Assets $937.0K $952.9K $952.9K
Total Assets $3.902M $5.733M $5.733M
YoY Change -72.06% -23.31% -23.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $530.1K $393.8K $393.8K
YoY Change 27.72% 37.61% 37.61%
Accrued Expenses $1.184M $1.155M $1.387M
YoY Change -32.18% -51.42% -42.85%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.798M $1.791M $1.791M
YoY Change -17.19% -34.22% -34.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $641.1K $642.6K $642.6K
YoY Change -39.63% -47.39% -47.39%
Total Long-Term Liabilities $641.1K $642.6K $642.6K
YoY Change -39.63% -47.39% -47.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.798M $1.791M $1.791M
Total Long-Term Liabilities $641.1K $642.6K $642.6K
Total Liabilities $2.462M $2.456M $2.456M
YoY Change -24.4% -38.08% -38.08%
SHAREHOLDERS EQUITY
Retained Earnings -$66.58M -$63.67M
YoY Change 24.99%
Common Stock $28.52K $26.69K
YoY Change 27.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.440M $3.276M $3.276M
YoY Change
Total Liabilities & Shareholders Equity $3.902M $5.733M $5.733M
YoY Change -72.06% -23.31% -23.31%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$2.906M -$2.867M -$12.73M
YoY Change -0.07% -50.84% -34.45%
Depreciation, Depletion And Amortization $2.070K $2.080K $8.290K
YoY Change 0.0% -48.26% 17.92%
Cash From Operating Activities -$2.299M -$1.751M -$11.19M
YoY Change -7.93% -26.22% -6.39%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.124M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $609.6K 0.000 $9.126M
YoY Change -93.32% -100.0% -33.12%
NET CHANGE
Cash From Operating Activities -$2.299M -1.751M -$11.19M
Cash From Investing Activities 0.000
Cash From Financing Activities $609.6K 0.000 $9.126M
Net Change In Cash -$1.689M -1.751M -$2.060M
YoY Change 56.6% -224.04%
FREE CASH FLOW
Cash From Operating Activities -$2.299M -$1.751M -$11.19M
Capital Expenditures $0.00
Free Cash Flow -$1.751M -$11.19M
YoY Change -26.22% -5.88%

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CY2021 adil Reclassification Of Stockbased Comp From Accrued Expenses
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1060150 usd
CY2021 adil Noncash Cost Of Commitment Shares
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CY2022 us-gaap Use Of Estimates
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, and disclosure of contingent liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Significant items subject to such estimates and assumptions include the valuation of stock-based compensation, accruals associated with third party providers supporting clinical trials and pre-clinical activities, estimated fair values of long-lived assets used to assess the value of intangible assets, acquired in-process research and development (“IPR&amp;D”), and goodwill, allocation of purchase price in business acquisitions, measurement of contingent liabilities, and income tax asset realization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"> </p>
CY2022 adil Warrants To Purchase Common Shares
WarrantsToPurchaseCommonShares
12095870 shares
CY2021 adil Warrants To Purchase Common Shares
WarrantsToPurchaseCommonShares
7917982 shares
CY2022 adil Common Shares Issuable On Exercise Of Options
CommonSharesIssuableOnExerciseOfOptions
4316977 shares
CY2021 adil Common Shares Issuable On Exercise Of Options
CommonSharesIssuableOnExerciseOfOptions
3585310 shares
CY2022 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
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1083333 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17496180 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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11503292 shares
CY2022Q4 us-gaap Cash Fdic Insured Amount
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3800000 usd
CY2022Q4 us-gaap Percentage Of Weighted Average Cost Inventory
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0.44 pure
CY2022 us-gaap Servicing Asset At Fair Value Additions
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CY2022 adil Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included Other Comprehensive Income Loss
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CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2022 adil Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Included Other Comprehensive Income
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522000 usd
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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492000 usd
CY2021Q1 adil Owned Membership Interests
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0.2873 pure
CY2022 adil Purchase Price Description
PurchasePriceDescription
The purchase price of Purnovate consisted of cash consideration of $350,000 (excluding a $350,000 initial working capital loan to Purnovate, which was assumed by Adial at acquisition through its ownership of Purnovate, Purnovate’s liability and Adial’s asset being eliminated in consolidation), the issuance 699,980 shares of Adial common stock ($2.34 at date of closing, less a discount of 35% for a discount for lack of marketability related to the restrictions on the stock-based consideration) and contingent consideration for (i) certain development milestones in an aggregate amount of up to $2,100,000 for the first time any product or compound has achieved the relevant milestone within forty five (45) days after such occurrence (ii) milestones in an aggregate amount of up to $20,000,000 for each compound commercialized, and (iii) royalties of 3.0% of Net Sales (as defined in the Purchase Agreement). The equity consideration was placed into escrow to secure certain indemnification and other obligations of Purnovate and the Members and will be released, subject to certain terms. 
CY2022 us-gaap Acquisition Costs
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CY2022 us-gaap Business Combination Consideration Transferred Other1
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350000 usd
CY2022 adil Stock Consideration
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CY2022 adil Business Combination Research And Development Supplies
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
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380589 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Other Noncurrent Assets
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294294 usd
CY2022 us-gaap Research And Development In Process
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets
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1136837 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
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910 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Other
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350000 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Capital Lease Obligation
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCapitalLeaseObligation
294294 usd
CY2022Q4 adil Business Combination Paycheck Protection Program Loan
BusinessCombinationPaycheckProtectionProgramLoan
29088 usd
CY2022Q4 us-gaap Deferred Tax Liabilities
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities
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791768 usd
CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
345069 usd
CY2022Q4 us-gaap Goodwill
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CY2022Q4 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
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594040 usd
CY2021Q1 adil Net Loss
NetLoss
1923000 shares
CY2022Q4 us-gaap Notes And Loans Payable
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29088 usd
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0.01 pure
CY2022 adil Paycheck Protection Program Term
PaycheckProtectionProgramTerm
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CY2021 us-gaap Research And Development In Process
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455000 usd
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
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455000 usd
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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455000 usd
CY2022Q4 adil Clinical Research Organization Services And Expenses
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CY2021Q4 adil Clinical Research Organization Services And Expenses
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CY2021Q4 us-gaap Workers Compensation Liability Current
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CY2022Q4 adil Manufacturing Expenses
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CY2022Q4 adil Legal And Consulting Services
LegalAndConsultingServices
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CY2021Q4 adil Legal And Consulting Services
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CY2022Q4 us-gaap Accrued Liabilities Current
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1154817 usd
CY2021Q4 us-gaap Accrued Liabilities Current
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2376930 usd
CY2020Q4 adil Membership Interest Description
MembershipInterestDescription
Mr. Stilley owned approximately 28.7% of the membership interest of Purnovate and Mr. Newman controlled two entities that, together, own less than 1% of the membership interests of Purnovate. As a result of the foregoing, the Company formed a Special Committee of independent members of its Board of Directors to review and negotiate the acquisition terms.
CY2021Q1 adil Securities Purchase Agreements Description
SecuritiesPurchaseAgreementsDescription
the Company entered into Securities Purchase Agreements (the “SPAs”) with each of Bespoke, three entities controlled by James W. Newman, Jr., a member of the Company’s Board of Directors (“Newman”), and Keystone Capital Partners, LLC (“Keystone”), pursuant to which: (i) Bespoke agreed to purchase an aggregate of 336,667 shares of the Company’s common stock at a purchase price of $3.00 per share for aggregate gross proceeds of $1,010,001; (ii) Newman agreed to purchase an aggregate of 30,000 shares of the Company’s common stock at a purchase price of $3.00 per share for aggregate gross proceeds of $90,000; and (iii) Keystone agreed to purchase an aggregate of 333,334 shares of the Company’s common stock at a purchase price of $3.00 per share for aggregate gross proceeds of $1,000,002. In the year ended December 31, 2021, the Company issued 700,001 shares of common stock for total proceeds of $2,100,003. The shares sold pursuant to the SPAs were registered though a registration statement on Form S-3 that was filed with the SEC on April 20, 2021 and declared effective on May 26, 2021.
CY2021Q3 adil Securities Purchase Agreements Description
SecuritiesPurchaseAgreementsDescription
the Company entered into Securities Purchase Agreements, dated July 6, 2021 (the “SPAs”), with three pre-existing investors for an aggregate investment of $5,000,004 in consideration of the purchase by such investors of an aggregate of 1,666,667 shares of the Company’s common stock at a purchase price of $3.00 per share. SPAs were entered with each of Bespoke Growth Partners, Inc. (“Bespoke”), a company controlled by Mark Peikin, the Chief Strategy Officer of the Company at that time, Keystone Capital Partners, LLC (“Keystone”), and Richard Gilliam, a private investor (“Gilliam”) (collectively, the “Investors,” and each an “Investor”), pursuant to which: (i) Bespoke agreed to purchase an aggregate of 833,334 shares of the Company’s common stock at a purchase price of $3.00 per share for aggregate gross proceeds of $2,500,002; (ii) Keystone agreed to purchase an aggregate of 500,000 shares of the Company’s common stock at a purchase price of $3.00 per share for aggregate gross proceeds of $1,500,000; and (iii) Gilliam agreed to purchase an aggregate of 333,334 shares of the Company’s common stock at a purchase price of $3.00 per share for gross proceeds of $1,000,002.
CY2021Q4 adil Shares Of Common Stock
SharesOfCommonStock
200000 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
150000 shares
CY2021Q4 us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2023-07-31
CY2021Q4 us-gaap Sale Of Stock Price Per Share
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6.25
CY2021Q4 adil Shares Of Common Stock
SharesOfCommonStock
20000 shares
CY2021Q4 adil Purchase An Additional Shares
PurchaseAnAdditionalShares
180000 shares
CY2021Q4 adil Sale Of Additional Shares
SaleOfAdditionalShares
180000 shares
CY2021Q1 adil Unregistered Share Of Common Stock
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669980 shares
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
1060150 usd
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
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10000 shares
CY2021Q1 adil Exercise Price
ExercisePrice
1.45
CY2021Q1 adil Warrants Exercised
WarrantsExercised
14500 usd
CY2021Q1 adil Warrants For Purchase
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712500 shares
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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2
CY2021Q1 adil Warrants Exercised
WarrantsExercised
1425000 usd
CY2022Q1 adil Common Stock Issuances
CommonStockIssuances
the Company, entered into a securities purchase agreement with an accredited institutional investor (“the Investor”) providing for the issuance of (i) 2,322,250 shares of the Company’s common stock, par value $0.001, (ii) pre-funded warrants to purchase up to 1,865,000 shares of common stock with an exercise price of $0.001 per share, which Pre-Funded Warrants are to be issued in lieu of shares of common stock to ensure that the Investor does not exceed certain beneficial ownership limitations, and (iii) warrants, with a term of five years and six months from the date of issuance, to purchase an aggregate of up to 3,977,888 shares of common stock at an exercise price of $2.52 per share.
CY2022Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
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9123741 usd
CY2022Q1 us-gaap Deferred Tax Expense From Stock Options Exercised
DeferredTaxExpenseFromStockOptionsExercised
1865 usd
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1865000 shares
CY2022 adil Stock Issued During Period Shares Other1
StockIssuedDuringPeriodSharesOther1
470000 shares
CY2022 us-gaap Dividends Common Stock Stock
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818350 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
During the year ended December 31, 2022, the Company issued employees 1,250,000 shares of common stock as bonuses, of which 1,083,333 remain outstanding. The first issuance of 250,000 shares were subject to forfeiture for nominal consideration to Company on termination of the employee, the shares no longer being liable to forfeiture (“vesting”) on the following schedule: 1/24 of 166,667 shares vesting on the date of issue and the first of each of the next twenty-three subsequent months, and 83,333 shares vesting on the third anniversary of the date of issue. On December 30, 2022, the 166,667 shares vesting over 24 months were canceled by the recipient at the recipient’s will, at which time the Company recognized the remaining $191,325 cost of the unvested shares cancelled. The second issuance of 1,000,000 shares are subject to forfeiture on the same conditions, but on the following schedule: 1/6 of the issued shares vesting six months from date of issue, then 1/12 vesting at the end of each subsequent three month period, the entire grant being vested three years from date of issue. On December 31, 2022, none of the uncancelled shares were vested and 1,083,333 shares remained subject to repurchase. 
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 usd
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
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731667 shares
CY2022 adil Weighted Averages Fair Value
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1017095 usd
CY2022 adil Weighted Average Fair Values Per Share
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1.39
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1939438 usd
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P1Y6M7D
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CY2021 us-gaap Allocated Share Based Compensation Expense
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4240417 usd
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8649625 shares
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4.6
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0.02
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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53146 shares
CY2021 adil Weighted Average Exercise Price Issued
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2.26
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
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712500 shares
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CY2021 adil Warrants To Purchase Shares Of Common Stock
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712500 shares
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63309 usd
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
168905 usd
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
182312 usd
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
22897 usd
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
23399 usd
CY2022 us-gaap Operating Loss Carryforwards Limitations On Use
OperatingLossCarryforwardsLimitationsOnUse
NOLS generated prior to 2018 will expire in 2037 and the 20- year carryover limitation was eliminated for losses generated after January 1, 2018, giving the taxpayer the ability to carry forward losses indefinitely. However, NOL carry forward arising after January 1, 2018, will now be limited to 80 percent of Taxable income.
CY2022Q4 adil Deferred Tax Asset Valuation Allowance
DeferredTaxAssetValuationAllowance
12400000 usd
CY2022Q2 adil Effective Income Tax Rate Reconciliations At Federal Statutory Income Tax Rate Percent
EffectiveIncomeTaxRateReconciliationsAtFederalStatutoryIncomeTaxRatePercent
0.01 pure
CY2022Q2 adil Excise Tax Percentage
ExciseTaxPercentage
0.01 pure
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
1000000 usd
CY2022 adil License Fees And Milestone Payments Description
LicenseFeesAndMilestonePaymentsDescription
More specifically, the Company paid UVA LVG a license issue fee and is obligated to pay UVA LVG (i) annual minimum royalties of $40,000 commencing in 2017; (ii) a $20,000 milestone payments upon dosing the first patient under a Phase 3 human clinical trial of a licensed product, $155,000 upon the earlier of the completion of a Phase 3 trial of a licensed product, partnering of a licensed product, or sale of the Company, $275,000 upon acceptance of an NDA by the FDA, and $1,000,000 upon approval for sale of AD04 in the U.S., Europe or Japan; as well as (iii) royalties equal to a 2% and 1% of net sales of licensed products in countries in which a valid patent exists or does not exist, respectively, with royalties paid quarterly. In the event of a sublicense to a third party, the Company is obligated to pay royalties to UVA LVG equal to a percentage of what the Company would have been required to pay to UVA LVG had it sold the products under sublicense ourselves. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income.
CY2022 us-gaap Royalty Expense
RoyaltyExpense
40000 usd
CY2021 us-gaap Royalty Expense
RoyaltyExpense
40000 usd
CY2022Q2 adil Accrued License Royalty Expense
AccruedLicenseRoyaltyExpense
155000 usd
CY2022Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
40000 usd
CY2021Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
0 usd
CY2018Q4 adil Master Services Agreement Description
MasterServicesAgreementDescription
The MSA has a term of five years, automatically renewed for two-year periods, unless either party gives written notice of a decision not to renew the agreement six months prior to automatic renewal.
CY2018Q4 us-gaap Exchange Fees
ExchangeFees
3398957 usd
CY2018Q4 us-gaap Exchange Fees
ExchangeFees
3168895 eur
CY2022 adil Exchange Rate
ExchangeRate
1.0726
CY2022Q2 us-gaap Payments For Fees
PaymentsForFees
146765 usd
CY2022Q2 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
137375 usd
CY2022Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
454034 usd
CY2022Q2 us-gaap Life Settlement Contracts Investment Method Carrying Amount
LifeSettlementContractsInvestmentMethodCarryingAmount
410000 eur
CY2022 us-gaap Other Noncash Income
OtherNoncashIncome
209689 usd
CY2022Q4 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P4Y
CY2021Q1 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.09 pure
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
72828 usd
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
75116 usd
CY2022 us-gaap Lease Cost
LeaseCost
72828 usd
CY2021 us-gaap Lease Cost
LeaseCost
75116 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
70202 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
67719 usd
CY2021 adil Supplemental Noncash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
294294 usd
CY2022Q4 adil Lease Right Of Use Assets
LeaseRightOfUseAssets
193997 usd
CY2021Q4 adil Lease Right Of Use Assets
LeaseRightOfUseAssets
246209 usd
CY2022Q4 adil Total Lease Assets
TotalLeaseAssets
193997 usd
CY2021Q4 adil Total Lease Assets
TotalLeaseAssets
246209 usd
CY2022Q4 adil Lease Liability Current Portion
LeaseLiabilityCurrentPortion
56828 usd
CY2021Q4 adil Lease Liability Current Portion
LeaseLiabilityCurrentPortion
49585 usd
CY2022Q4 adil Lease Liability Net Of Current Portion
LeaseLiabilityNetOfCurrentPortion
150547 usd
CY2021Q4 adil Lease Liability Net Of Current Portion
LeaseLiabilityNetOfCurrentPortion
207375 usd
CY2022Q4 adil Total Lease Liability
TotalLeaseLiability
207375 usd
CY2021Q4 adil Total Lease Liability
TotalLeaseLiability
256960 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y29D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y29D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
72687 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
75231 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Four
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearFour
77864 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6508 usd
CY2022Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
232290 usd
CY2022Q4 adil Operating Leases Future Minimum Payments Less Effects Of Discounting
OperatingLeasesFutureMinimumPaymentsLessEffectsOfDiscounting
-24915 usd
CY2022Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
207375 usd
CY2022 us-gaap Payments For Rent
PaymentsForRent
1400 usd
CY2021 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
1400 usd
CY2022 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
416200 usd
CY2021 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
375000 usd
CY2019Q3 us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
300000 usd
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.20 pure
CY2022Q4 us-gaap Other Commitment
OtherCommitment
209250 usd
CY2022 adil Consulting Expenses
ConsultingExpenses
151500 usd
CY2022 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
135000 usd
CY2022 us-gaap Long Term Purchase Commitment Specified Form Of Payment
LongTermPurchaseCommitmentSpecifiedFormOfPayment
$1,409,000
CY2022 adil Advance Payment
AdvancePayment
579000 usd
CY2022 us-gaap Other Expenses
OtherExpenses
398600 usd
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
150300 usd
CY2022Q4 us-gaap Cash
Cash
64200 usd
CY2022Q4 us-gaap Accrued Liabilities Fair Value Disclosure
AccruedLiabilitiesFairValueDisclosure
184100 usd
CY2022Q4 us-gaap Other Assets
OtherAssets
428700 usd
CY2022Q4 adil Future Cash
FutureCash
1.2 usd
CY2022 adil Common Stock Exercise Price
CommonStockExercisePrice
150000
CY2022 us-gaap Effective Income Tax Rate Reconciliation Beat Amount
EffectiveIncomeTaxRateReconciliationBeatAmount
4000000 usd
CY2022 us-gaap Other Restrictions On Payment Of Dividends
OtherRestrictionsOnPaymentOfDividends
$11
CY2022 adil Cash Payment Of Aggregate Amount
CashPaymentOfAggregateAmount
50000000 usd
CY2022 adil Aggregate Purchase Price
AggregatePurchasePrice
750000 usd
CY2022 us-gaap Costs And Expenses
CostsAndExpenses
550000 usd
CY2022 adil Aggregate Shares
AggregateShares
1829269 shares
CY2022 adil Percentage Of Common Stock
PercentageOfCommonStock
0.10 pure
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.41
CY2022 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
134969 eur
CY2022 us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
143685 usd
CY2022 us-gaap Debt Instrument Fee
DebtInstrumentFee
$22,000
CY2021Q4 us-gaap Accounts Payable Related Parties Current
AccountsPayableRelatedPartiesCurrent
usd
CY2022 us-gaap Gains Losses On Restructuring Of Debt
GainsLossesOnRestructuringOfDebt
usd
CY2022 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
usd
CY2022 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2021 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022 adil Reclassification Of Stockbased Comp From Accrued Expenses
ReclassificationOfStockbasedCompFromAccruedExpenses
usd
CY2022 adil Noncash Cost Of Commitment Shares
NoncashCostOfCommitmentShares
usd
CY2021 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
shares
CY2022Q4 us-gaap Liability For Unpaid Claims And Claims Adjustment Expense Opening Balance Adjustments
LiabilityForUnpaidClaimsAndClaimsAdjustmentExpenseOpeningBalanceAdjustments
usd
CY2021 us-gaap Business Acquisition Pro Forma Earnings Per Share Diluted
BusinessAcquisitionProFormaEarningsPerShareDiluted
-1.05
CY2020Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
usd
CY2021Q4 adil Manufacturing Expenses
ManufacturingExpenses
usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
usd
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
usd
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
usd
CY2021 us-gaap Restricted Stock Expense
RestrictedStockExpense
usd
CY2021Q4 us-gaap Deferred Tax Liabilities Deferred Expense Capitalized Research And Development Costs
DeferredTaxLiabilitiesDeferredExpenseCapitalizedResearchAndDevelopmentCosts
usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
usd
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
usd
CY2022 adil Supplemental Noncash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
usd
CY2022 dei Amendment Flag
AmendmentFlag
false
CY2022 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2022 dei Entity Central Index Key
EntityCentralIndexKey
0001513525

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