$ADIL
ADIAL PHARMACEUTICALS, INC.

2023 Q2 Form 10-Q Financial Statement

#000121390023038985 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.048M $2.244M $2.463M
YoY Change -60.18% -8.87% -11.73%
% of Gross Profit
Research & Development $429.9K $676.4K $596.3K
YoY Change -64.18% 13.43% -70.91%
% of Gross Profit
Depreciation & Amortization -$1.650K $2.070K $2.070K
YoY Change -179.71% 0.0%
% of Gross Profit
Operating Expenses $1.477M $2.921M $3.059M
YoY Change -61.43% -4.52% -36.8%
Operating Profit -$1.477M -$2.921M -$3.059M
YoY Change -61.43% -4.52%
Interest Expense $19.43K $28.89K $5.120K
YoY Change 180.38% 464.26%
% of Operating Profit
Other Income/Expense, Net -$32.48K $14.89K $146.0K
YoY Change 90.25% -89.8% 1360.0%
Pretax Income -$1.510M -$2.906M -$2.908M
YoY Change -60.76% -0.07% -39.8%
Income Tax
% Of Pretax Income
Net Earnings $1.088M -$2.906M -$2.908M
YoY Change -128.27% -0.07% -39.84%
Net Earnings / Revenue
Basic Earnings Per Share $0.96 -$0.11 -$0.13
Diluted Earnings Per Share $0.96 -$0.11 -$125.6K
COMMON SHARES
Basic Shares Outstanding 28.52M shares 28.52M shares 23.15M shares
Diluted Shares Outstanding 1.131M shares 26.46M shares 23.15M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.218M $2.313M $12.69M
YoY Change -86.7% -81.78% 124.99%
Cash & Equivalents $1.218M $2.313M $12.69M
Short-Term Investments
Other Short-Term Assets $91.37K $652.1K $275.8K
YoY Change -88.33% 136.4% -47.96%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.047M $2.965M $12.96M
YoY Change -79.41% -77.13% 110.13%
LONG-TERM ASSETS
Property, Plant & Equipment $48.49K $289.8K
YoY Change -83.27% -6.52%
Goodwill $249.0K
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.728M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.732M $937.0K $998.7K
YoY Change 76.08% -6.17% -59.4%
TOTAL ASSETS
Total Short-Term Assets $2.047M $2.965M $12.96M
Total Long-Term Assets $1.732M $937.0K $998.7K
Total Assets $3.779M $3.902M $13.96M
YoY Change -65.4% -72.06% 61.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $111.7K $530.1K $415.1K
YoY Change -81.92% 27.72% -35.14%
Accrued Expenses $324.4K $1.184M $1.746M
YoY Change -67.85% -32.18% 26.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $461.8K $1.798M $2.171M
YoY Change -75.27% -17.19% 6.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $641.1K $1.062M
YoY Change -39.63% 9.46%
Total Long-Term Liabilities $0.00 $641.1K $1.062M
YoY Change -100.0% -39.63% 9.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $461.8K $1.798M $2.171M
Total Long-Term Liabilities $0.00 $641.1K $1.062M
Total Liabilities $461.8K $2.462M $3.256M
YoY Change -84.41% -24.4% 8.18%
SHAREHOLDERS EQUITY
Retained Earnings -$65.49M -$66.58M
YoY Change 13.51%
Common Stock $1.198K $28.52K
YoY Change -95.37%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.317M $1.440M $10.71M
YoY Change
Total Liabilities & Shareholders Equity $3.779M $3.902M $13.96M
YoY Change -65.4% -72.06% 61.8%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.088M -$2.906M -$2.908M
YoY Change -128.27% -0.07% -39.84%
Depreciation, Depletion And Amortization -$1.650K $2.070K $2.070K
YoY Change -179.71% 0.0%
Cash From Operating Activities -$1.894M -$2.299M -$2.497M
YoY Change -46.4% -7.93% -12.09%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $800.0K $0.00
YoY Change -100.0%
Cash From Investing Activities $800.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00 $609.6K 9.124M
YoY Change -96.79% -93.32% 123.62%
NET CHANGE
Cash From Operating Activities -1.894M -$2.299M -2.497M
Cash From Investing Activities 800.0K
Cash From Financing Activities 60.00 $609.6K 9.124M
Net Change In Cash -1.094M -$1.689M $0.00
YoY Change -69.02% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$1.894M -$2.299M -$2.497M
Capital Expenditures
Free Cash Flow -$2.497M
YoY Change -11.15%

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="text-decoration:underline">Use of Estimates</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The preparation of unaudited condensed 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 0; text-align: justify; text-indent: 0.5in"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 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, measurement of contingent liabilities, and income tax asset realization.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"> </p>
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CY2022Q1 adil Unvested Restricted Stock Awards
UnvestedRestrictedStockAwards
236112 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17512440 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16478959 shares
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
246000 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
3800000 usd
CY2023Q1 us-gaap Percentage Of Weighted Average Cost Inventory
PercentageOfWeightedAverageCostInventory
0.44 pure
CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
492000 usd
CY2023Q1 adil Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Included Other Comprehensive Income
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainIncludedOtherComprehensiveIncome
-14000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
506000 usd
CY2022Q4 adil Clinical Research Organization Services And Expenses
ClinicalResearchOrganizationServicesAndExpenses
123386 usd
CY2023Q1 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1094010 usd
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
761509 usd
CY2023Q1 adil Manufacturing Expenses
ManufacturingExpenses
-43106 usd
CY2022Q4 adil Manufacturing Expenses
ManufacturingExpenses
-197306 usd
CY2023Q1 adil Legal And Consulting Services
LegalAndConsultingServices
47222 usd
CY2022Q4 adil Legal And Consulting Services
LegalAndConsultingServices
72616 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1184338 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1154817 usd
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 adil Aggregate Purchase Price
AggregatePurchasePrice
750000 usd
CY2023Q1 adil Expenses Fees
ExpensesFees
609613 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
1829269 shares
CY2023Q1 adil Unregistered Share Of Common Stock
UnregisteredShareOfCommonStock
182927 shares
CY2023Q1 adil Percentage Of Aggregate Shares
PercentageOfAggregateShares
0.10 pure
CY2023Q1 adil Common Stock Issuances
CommonStockIssuances
The Placement Agent Warrants have an exercise price equal to $0.41 and are exercisable two months after the closing date and expire five years after the date of issuance.
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Purchased For Award
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward
1541996 shares
CY2023Q1 adil Weighted Average Remaining Service Period
WeightedAverageRemainingServicePeriod
P1Y4M28D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
459577 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
983612 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12168159 shares
CY2023Q1 adil Weighted Average Remaining Term Outstanding Begining Balance
WeightedAverageRemainingTermOutstandingBeginingBalance
P3Y14D
CY2022Q4 adil Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
4.03
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
0.01
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
182927 shares
CY2023Q1 adil Weighted Average Remaining Term Years Issued
WeightedAverageRemainingTermYearsIssued
P5Y
CY2023Q1 adil Weighted Average Exercise Price Issued
WeightedAverageExercisePriceIssued
0.41
CY2023Q1 adil Average Intrinsic Value Issuedin Shares
AverageIntrinsicValueIssuedinShares
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
12351086 shares
CY2023Q1 adil Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Terms
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y9M25D
CY2023Q1 adil Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
3.97
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
0.01
CY2023Q1 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 itself. In addition, the Company is required to pay to UVA LVG 15% of any sublicensing income.
CY2023Q1 us-gaap Royalty Expense
RoyaltyExpense
10000 usd
CY2022Q1 us-gaap Royalty Expense
RoyaltyExpense
10000 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.
CY2023Q1 us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
143685 usd
CY2023Q1 us-gaap Other Expenses
OtherExpenses
20299 usd
CY2021Q1 us-gaap Subordinated Borrowing Interest Rate
SubordinatedBorrowingInterestRate
0.09 pure
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
18207 usd
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
19376 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
18207 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
19376 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
18018 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
17606 usd
CY2022Q1 adil Supplemental Noncash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
1770 usd
CY2023Q1 adil Lease Right Of Use Assets
LeaseRightOfUseAssets
180229 usd
CY2022Q4 adil Lease Right Of Use Assets
LeaseRightOfUseAssets
193997 usd
CY2023Q1 adil Total Lease Assets
TotalLeaseAssets
180229 usd
CY2022Q4 adil Total Lease Assets
TotalLeaseAssets
193997 usd
CY2023Q1 adil Lease Liability Current Portion
LeaseLiabilityCurrentPortion
58751 usd
CY2022Q4 adil Lease Liability Current Portion
LeaseLiabilityCurrentPortion
56828 usd
CY2023Q1 adil Lease Liability Net Of Current Portion
LeaseLiabilityNetOfCurrentPortion
135045 usd
CY2022Q4 adil Lease Liability Net Of Current Portion
LeaseLiabilityNetOfCurrentPortion
150547 usd
CY2023Q1 adil Total Lease Liability
TotalLeaseLiability
193796 usd
CY2022Q4 adil Total Lease Liability
TotalLeaseLiability
207375 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M29D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M29D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Rolling Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextRollingTwelveMonths
54669 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Two
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearTwo
75231 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due In Rolling Year Three
LesseeOperatingLeaseLiabilityPaymentsDueInRollingYearThree
77864 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Rolling Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterRollingYearFive
6508 usd
CY2023Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
214272 usd
CY2023Q1 adil Operating Leases Future Minimum Payments Less Effects Of Discounting
OperatingLeasesFutureMinimumPaymentsLessEffectsOfDiscounting
-20476 usd
CY2023Q1 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
193796 usd
CY2023Q1 adil Annual Fee
AnnualFee
375000 usd
adil Annual Fee
AnnualFee
430000 usd
CY2023Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
108750 usd
CY2022Q1 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
93750 usd
CY2023Q1 us-gaap Other Commitment
OtherCommitment
209250 usd
CY2023Q1 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
1409000 usd
CY2023Q1 adil Advance Payment
AdvancePayment
579000 usd
CY2023Q1 us-gaap Other Assets
OtherAssets
428700 usd
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
22000 usd
CY2023Q1 us-gaap Stock Granted During Period Value Sharebased Compensation Forfeited
StockGrantedDuringPeriodValueSharebasedCompensationForfeited
100000 usd
CY2023Q1 us-gaap Other General Expense
OtherGeneralExpense
18333 usd
CY2023Q1 us-gaap Accrued Liabilities For Commissions Expense And Taxes
AccruedLiabilitiesForCommissionsExpenseAndTaxes
11020 usd
CY2023Q1 adil Future Cash
FutureCash
0.0000011 usd
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation Beat Amount
EffectiveIncomeTaxRateReconciliationBeatAmount
4000000 usd
CY2023Q1 us-gaap Cash
Cash
11000000 usd
CY2023Q1 adil Aggregate Amount
AggregateAmount
50000000 usd
CY2023Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2023Q1 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23151193 shares
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
CY2023Q1 adil Clinical Research Organization Services And Expenses
ClinicalResearchOrganizationServicesAndExpenses
usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
usd
CY2023Q1 adil Supplemental Noncash Amounts Of Lease Liabilities Arising From Obtaining Right Of Use Assets
SupplementalNoncashAmountsOfLeaseLiabilitiesArisingFromObtainingRightOfUseAssets
usd
CY2023Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P5Y
CY2023Q1 dei Amendment Flag
AmendmentFlag
false
CY2023Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2023Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2023Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001513525

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adil-20230331_cal.xml Edgar Link unprocessable
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0001213900-23-038985-index.html Edgar Link pending
0001213900-23-038985.txt Edgar Link pending
0001213900-23-038985-xbrl.zip Edgar Link pending
adil-20230331.xsd Edgar Link pending
f10q0323ex31-1_adialpharm.htm Edgar Link pending
f10q0323ex31-2_adialpharm.htm Edgar Link pending
f10q0323ex32-1_adialpharm.htm Edgar Link pending
f10q0323ex32-2_adialpharm.htm Edgar Link pending
f10q0323_adialpharm.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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adil-20230331_def.xml Edgar Link unprocessable
adil-20230331_lab.xml Edgar Link unprocessable
adil-20230331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
f10q0323_adialpharm_htm.xml Edgar Link completed
report.css Edgar Link pending
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