Adial Pharmaceuticals

Q2 FY2026 EarningsQ2 FY26 missed consensus significantly on the bottom line, with a GAAP net loss of $52.0M compared to the expected -$1.97M. The variance was primarily driven by a $46.2M one-time non-cash charge for acquired in-process R&D following the Azora Therapeutics acquisition. While revenue was in-line at $0, EPS of -$11.25 missed the -$0.91 consensus due to merger-related expenses and a lower-than-anticipated share count calculation. Management provided a positive liquidity update, with cash reserves of $28.7M expected to fund operations into H2 2027.