Adial Pharmaceuticals | 10-Q: FY2025 Q3 Revenue: USD 0

Revenue: As of FY2025 Q3, the actual value is USD 0.

EPS: As of FY2025 Q3, the actual value is USD -0.08, beating the estimate of USD -0.14.

EBIT: As of FY2025 Q3, the actual value is USD -1.812 M.

The company did not report any revenue for the three and nine months ended September 30, 2025 and 2024, as it is still in the clinical development stage and has not yet commercialized any products.

Net Loss: For the three months ended September 30, 2025, the net loss was $1,794,000, compared to $2,192,000 for the same period in 2024, showing a decrease of $398,000. For the nine months ended September 30, 2025, the net loss was $5,981,000, compared to $11,126,000 for the same period in 2024, showing a decrease of $5,145,000.
Research and Development Expenses: Decreased by $511,000 (50%) for the three months ended September 30, 2025, compared to the same period in 2024, primarily due to decreased clinical activity. For the nine months ended September 30, 2025, R&D expenses decreased by $498,000 (20%) compared to the same period in 2024.
General and Administrative Expenses: Increased by $63,000 (5%) for the three months ended September 30, 2025, compared to the same period in 2024, mainly due to expenses incurred for the annual meeting. For the nine months ended September 30, 2025, G&A expenses increased by $69,000 compared to the same period in 2024.

Net Cash Used in Operating Activities: For the nine months ended September 30, 2025, net cash used in operating activities was $5,168,000, compared to $5,468,000 for the same period in 2024, showing a decrease of $300,000.
Net Cash Provided by Investing Activities: Increased by $150,000 for the nine months ended September 30, 2025, due to a milestone payment received from Adovate.
Net Cash Provided by Financing Activities: Decreased by $1,972,000 for the nine months ended September 30, 2025, compared to the same period in 2024.

Equity Method Investment: The company recognized a loss of $339,000 from its equity method investment in Adovate, LLC for the nine months ended September 30, 2025, compared to a loss of $444,000 for the same period in 2024.

Core Business Focus: The company is focused on completing the clinical development program for AD04, its lead product candidate for the treatment of alcohol use disorder, in specified genetic subgroups to meet regulatory requirements primarily in the US and secondarily in Europe/UK.
Non-Core Business: The company has divested its Purnovate assets and business to Adovate, LLC, and holds a minority equity stake in Adovate.
Priority: The company plans to begin a Phase III study of AD04 in the first half of 2026, assuming availability of adequate funding and finalization of the trial design.