$ADIL
ADIAL PHARMACEUTICALS, INC.

2023 Q3 Form 10-Q Financial Statement

#000121390023069141 Filed on August 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.150M $1.048M $2.103M
YoY Change -40.85% -60.18% 0.17%
% of Gross Profit
Research & Development $207.1K $429.9K $1.137M
YoY Change -83.34% -64.18% -51.27%
% of Gross Profit
Depreciation & Amortization $0.00 -$1.650K $2.080K
YoY Change -100.0% -179.71% -48.26%
% of Gross Profit
Operating Expenses $1.358M $1.477M $3.240M
YoY Change -57.4% -61.43% -26.91%
Operating Profit -$1.358M -$1.477M
YoY Change -57.4% -61.43%
Interest Expense $10.00K $19.43K $47.82K
YoY Change 199.4% 180.38% 2073.64%
% of Operating Profit
Other Income/Expense, Net $10.24K -$32.48K $325.0K
YoY Change -86.93% 90.25% 501.74%
Pretax Income -$1.348M -$1.510M -$2.867M
YoY Change -56.66% -60.76% -51.61%
Income Tax -$500.00
% Of Pretax Income
Net Earnings -$1.385M $1.088M -$2.867M
YoY Change -55.46% -128.27% -50.84%
Net Earnings / Revenue
Basic Earnings Per Share -$1.18 $0.96
Diluted Earnings Per Share -$1.18 $0.96 -$0.11
COMMON SHARES
Basic Shares Outstanding 1.218M shares 28.52M shares 26.85M shares
Diluted Shares Outstanding 1.179M shares 1.131M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $320.0K $1.218M $4.002M
YoY Change -94.44% -86.7% -33.99%
Cash & Equivalents $315.9K $1.218M $4.002M
Short-Term Investments
Other Short-Term Assets $470.0K $91.37K $778.1K
YoY Change -53.95% -88.33% 94.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.135M $2.047M $4.780M
YoY Change -83.24% -79.41% -26.03%
LONG-TERM ASSETS
Property, Plant & Equipment $50.42K
YoY Change -13.28%
Goodwill $249.0K
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $1.728M $1.728M
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.732M $1.732M $952.9K
YoY Change 78.84% 76.08% -5.97%
TOTAL ASSETS
Total Short-Term Assets $1.135M $2.047M $4.780M
Total Long-Term Assets $1.732M $1.732M $952.9K
Total Assets $2.867M $3.779M $5.733M
YoY Change -62.96% -65.4% -23.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $81.93K $111.7K $393.8K
YoY Change -70.55% -81.92% 37.61%
Accrued Expenses $408.6K $324.4K $1.155M
YoY Change -57.23% -67.85% -51.42%
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 $528.2K $461.8K $1.791M
YoY Change -60.2% -75.27% -34.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $642.6K
YoY Change -47.39%
Total Long-Term Liabilities $0.00 $0.00 $642.6K
YoY Change -100.0% -100.0% -47.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $528.2K $461.8K $1.791M
Total Long-Term Liabilities $0.00 $0.00 $642.6K
Total Liabilities $528.2K $461.8K $2.456M
YoY Change -77.36% -84.41% -38.08%
SHAREHOLDERS EQUITY
Retained Earnings -$66.88M -$65.49M -$63.67M
YoY Change 9.98% 13.51% 24.99%
Common Stock $1.218K $1.198K $26.69K
YoY Change -95.46% -95.37% 27.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.339M $3.317M $3.276M
YoY Change
Total Liabilities & Shareholders Equity $2.867M $3.779M $5.733M
YoY Change -62.96% -65.4% -23.31%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$1.385M $1.088M -$2.867M
YoY Change -55.46% -128.27% -50.84%
Depreciation, Depletion And Amortization $0.00 -$1.650K $2.080K
YoY Change -100.0% -179.71% -48.26%
Cash From Operating Activities -$1.390M -$1.894M -$1.751M
YoY Change -59.17% -46.4% -26.22%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $350.0K $800.0K $0.00
YoY Change
Cash From Investing Activities $350.0K $800.0K $0.00
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 140.0K 60.00 0.000
YoY Change -96.79% -100.0%
NET CHANGE
Cash From Operating Activities -1.390M -1.894M -1.751M
Cash From Investing Activities 350.0K 800.0K 0.000
Cash From Financing Activities 140.0K 60.00 0.000
Net Change In Cash -900.0K -1.094M -1.751M
YoY Change -73.56% -69.02% 56.6%
FREE CASH FLOW
Cash From Operating Activities -$1.390M -$1.894M -$1.751M
Capital Expenditures $0.00
Free Cash Flow -$1.751M
YoY Change -26.22%

Facts In Submission

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ADIAL PHARMACEUTICALS, INC.
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
609671 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
9125606 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-2783588 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
3094462 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4001794 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
6062173 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1218206 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9156635 usd
adil Equity Consideration Received For Sale Of Purnovate
EquityConsiderationReceivedForSaleOfPurnovate
1727897 usd
adil Reimbursement Receivable In Connection With Sale Of Purnovate
ReimbursementReceivableInConnectionWithSaleOfPurnovate
737276 usd
CY2023Q2 us-gaap Fee Income
FeeIncome
450000 usd
us-gaap Reimbursement From Limited Partnership Investment
ReimbursementFromLimitedPartnershipInvestment
350000 usd
us-gaap Additions To Contract Holders Funds
AdditionsToContractHoldersFunds
740000 usd
us-gaap Use Of Estimates
UseOfEstimates
<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; 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">Significant items subject to such estimates and assumptions include the valuation of the equity method investment, 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>
CY2022Q4 adil Legal And Consulting Services
LegalAndConsultingServices
72616 usd
adil Warrants To Purchase Common Shares
WarrantsToPurchaseCommonShares
491151 shares
adil Warrants To Purchase Common Shares
WarrantsToPurchaseCommonShares
483834 shares
adil Common Shares Issuable On Exercise Of Options
CommonSharesIssuableOnExerciseOfOptions
208902 shares
adil Common Shares Issuable On Exercise Of Options
CommonSharesIssuableOnExerciseOfOptions
167279 shares
adil Unvested Restricted Stock Awards
UnvestedRestrictedStockAwards
33333 shares
adil Unvested Restricted Stock Awards
UnvestedRestrictedStockAwards
8611 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
733386 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
659724 shares
CY2023Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
137000 usd
CY2022Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
3800000 usd
CY2023Q2 adil Manufacturing Expenses
ManufacturingExpenses
-5816 usd
CY2022Q4 adil Manufacturing Expenses
ManufacturingExpenses
-5816 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
324411 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
963327 usd
us-gaap Payments For Fees
PaymentsForFees
450000 usd
us-gaap Partners Capital Account Option Exercise
PartnersCapitalAccountOptionExercise
1090000 usd
us-gaap Proceeds From Maturities Prepayments And Calls Of Other Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfOtherInvestments
350000 usd
CY2023Q2 us-gaap Ceded Premiums Payable
CededPremiumsPayable
740000 usd
CY2023Q2 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
1727897 usd
CY2023Q2 adil Total Consideration Paid
TotalConsiderationPaid
3265173 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2083334 usd
CY2023Q2 us-gaap Equity Ownership Percentage Excluding Consolidated Entity And Equity Method Investee
EquityOwnershipPercentageExcludingConsolidatedEntityAndEquityMethodInvestee
0.199 pure
CY2023Q2 us-gaap Equity Method Investment Aggregate Cost
EquityMethodInvestmentAggregateCost
4000000 usd
CY2023Q2 us-gaap Equity Issued In Business Combination Fair Value Disclosure
EquityIssuedInBusinessCombinationFairValueDisclosure
1727897 usd
us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Equity Interests
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentEquityInterests
1727897 usd
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
2025000.000 usd
us-gaap Equity Method Investment Sold Carrying Amount
EquityMethodInvestmentSoldCarryingAmount
1727897 usd
CY2023Q2 us-gaap Equity Method Investments
EquityMethodInvestments
1727897 usd
us-gaap Charity Care Reimbursements Received
CharityCareReimbursementsReceived
737276 usd
CY2022Q4 adil Clinical Research Organization Services And Expenses
ClinicalResearchOrganizationServicesAndExpenses
123386 usd
CY2023Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
276705 usd
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
761509 usd
CY2023Q2 adil Legal And Consulting Services
LegalAndConsultingServices
41890 usd
CY2023Q2 us-gaap Line Of Credit Facility Commitment Fee Amount
LineOfCreditFacilityCommitmentFeeAmount
3000000 usd
CY2023Q2 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
500000 usd
CY2023Q2 adil Daily Trading Value
DailyTradingValue
2000000 usd
CY2023Q2 adil Weighted Average Price Percentage
WeightedAveragePricePercentage
0.95 pure
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
51901 usd
CY2023Q1 adil Aggregate Purchase Price
AggregatePurchasePrice
750000 usd
CY2023Q1 adil Expenses Fees
ExpensesFees
609613 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
73144 shares
adil Unregistered Share Of Common Stock
UnregisteredShareOfCommonStock
7317 shares
adil Percentage Of Aggregate Shares
PercentageOfAggregateShares
0.10 pure
adil Common Stock Issuances
CommonStockIssuances
The Placement Agent Warrants have an exercise price equal to $10.25 and are exercisable two months after the closing date and expire five years after the date of issuance.
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
58540 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q2 us-gaap Common Stock Other Shares Outstanding
CommonStockOtherSharesOutstanding
39800 shares
us-gaap Dividends Common Stock Stock
DividendsCommonStockStock
243157 usd
us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
1301501 usd
adil Weighted Average Remaining Service Period
WeightedAverageRemainingServicePeriod
P2Y3M
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
737580 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1099722 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1197157 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
486726 shares
adil Weighted Average Remaining Term Outstanding Begining Balance
WeightedAverageRemainingTermOutstandingBeginingBalance
P3Y14D
CY2022Q4 adil Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
100.75
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
0.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
7317 shares
adil Weighted Average Remaining Term Years Issued
WeightedAverageRemainingTermYearsIssued
P5Y
adil Weighted Average Exercise Price Issued
WeightedAverageExercisePriceIssued
10.25
adil Average Intrinsic Value Issuedin Shares
AverageIntrinsicValueIssuedinShares
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
433 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.13
adil Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Exercised
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueExercised
0.23
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
493610 shares
adil Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Terms
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y6M21D
CY2023Q2 adil Weighted Average Exercise Price Outstanding
WeightedAverageExercisePriceOutstanding
99.5
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedIntrinsicValue
0
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.
us-gaap Royalty Expense
RoyaltyExpense
20000 usd
us-gaap Royalty Expense
RoyaltyExpense
20000 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.
us-gaap Debt Instrument Periodic Payment
DebtInstrumentPeriodicPayment
143685 usd
us-gaap Other Expenses
OtherExpenses
20299 usd
adil Annual Fee
AnnualFee
375000 usd
CY2022Q3 adil Annual Fee
AnnualFee
430000 usd
CY2023Q2 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
108750 usd
us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
217500 usd
CY2023Q2 us-gaap Labor And Related Expense
LaborAndRelatedExpense
99150 usd
us-gaap Labor And Related Expense
LaborAndRelatedExpense
198300 usd
CY2023Q2 us-gaap Other Commitment
OtherCommitment
209250 usd
CY2023Q1 us-gaap Deferred Compensation Arrangement With Individual Distribution Paid
DeferredCompensationArrangementWithIndividualDistributionPaid
22000 usd
us-gaap Stock Granted During Period Value Sharebased Compensation Forfeited
StockGrantedDuringPeriodValueSharebasedCompensationForfeited
4000 usd
us-gaap Restructuring Costs
RestructuringCosts
77100 usd
CY2023Q2 adil Future Cash
FutureCash
412000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
usd
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.96
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.66
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
usd
us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
usd
us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
usd
us-gaap Interest Paid Net
InterestPaidNet
usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
usd
adil Equity Consideration Received For Sale Of Purnovate
EquityConsiderationReceivedForSaleOfPurnovate
usd
adil Reimbursement Receivable In Connection With Sale Of Purnovate
ReimbursementReceivableInConnectionWithSaleOfPurnovate
usd
CY2022Q4 us-gaap Equity Method Investments
EquityMethodInvestments
usd
CY2023Q2 adil Clinical Research Organization Services And Expenses
ClinicalResearchOrganizationServicesAndExpenses
usd
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Entity Central Index Key
EntityCentralIndexKey
0001513525

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