The company remains entirely pre-revenue, with quarterly operating losses consistently exceeding $2.0 million, reflecting a lack of operational scale.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 141 | 0 | 0 | 564 | 0 | 0 | 564 | 565 | 563 | 565 | 565 | 565 |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -141 | 0 | 0 | -564 | 0 | 0 | -564 | -565 | -563 | -565 | -565 | -565 |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | 100% | - | - | 100% | 0.18% | -0.36% | 0.35% | 0% | 0% | - |
| Operating Expenses | 7.53M | 7.8M | 8.28M | 6.89M | 10.86M | 19.29M | 10.93M | 8.24M | 6.99M | 995.29K | 410.81K | 819.26K |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.23M | 5.18M | 5.06M | 5.62M | 8.91M | 9.34M | 5.07M | 4.28M | 6.62M | 813.18K | 264.66K | 497.15K |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 2.31M | 2.62M | 3.23M | 1.27M | 1.95M | 8.4M | 5.85M | 3.97M | 368.46K | 182.11K | 146.14K | 322.11K |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | -564 | 0 | 1.55M | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -7.53M | -7.8M | -8.28M | -6.89M | -10.86M | -19.29M | -10.93M | -8.24M | -6.99M | -995.29K | -410.81K | -819.26K |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 5.85% | -20.27% | 36.57% | 43.7% | -76.51% | -32.54% | -18% | -602.03% | -142.28% | 49.86% | - |
| EBITDA | -7.53M | -7.8M | -8.28M | -6.89M | -10.86M | -19.23M | -10.93M | -8.24M | -6.99M | -994.72K | -410.24K | -818.69K |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 13.47% | 5.85% | -20.28% | 36.57% | 43.54% | -76.01% | -32.54% | -18% | -602.37% | -142.47% | 49.89% | - |
| D&A (Non-Cash Add-back) | 565 | 565 | 565 | 564 | 564 | 55.11K | 564 | 565 | 563 | 565 | 565 | 565 |
| EBIT | -7.53M | -7.8M | -8.28M | -7M | -10.86M | -17.74M | -10.89M | -8.59M | -10.46M | -994.92K | -410.56K | -817.99K |
| Net Interest Income | 161.28K | 149.57K | 178.66K | 69.78K | 63.34K | 6.54K | 32.49K | 95.23K | -1.16M | -144.17K | -9.4K | 0 |
| Interest Income | 161.28K | 149.57K | 178.66K | 69.78K | 63.34K | 6.54K | 32.49K | 95.23K | 7.39K | 367 | 240 | 1.26K |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.17M | 144.54K | 9.64K | 0 |
| Other Income/Expense | -237.11K | -177.71K | -4.91M | -113.94K | 63.34K | -228.68K | 34.99K | -346.53K | -4.64M | -144.17K | -9.39K | 1.26K |
| Pretax Income | -7.77M | -7.98M | -13.2M | -7M | -10.8M | -19.52M | -10.89M | -8.59M | -11.63M | -1.14M | -420.2K | -817.99K |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | -94.08K | -32.49K | 0 | 0 | 367 | 0 | 1.26K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0.48% | 0.3% | 0% | 0% | -0.03% | 0% | -0.15% |
| Net Income | -7.77M | -7.98M | -13.2M | -7M | -12.73M | -19.42M | -10.86M | -8.59M | -11.63M | -1.14M | -420.2K | -817.99K |
| Net Margin % | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | 13.17% | 39.56% | -88.48% | 45% | 34.45% | -78.84% | -26.41% | 26.14% | -920.78% | -171.17% | 48.63% | - |
| Net Income (Continuing) | -7.77M | -7.98M | -13.2M | -7M | -10.8M | -19.42M | -10.86M | -8.59M | -11.63M | -1.14M | -420.2K | -817.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | -1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.67 | -11.93 | -17.75 | -136.00 | -299.50 | -653.00 | -544.75 | -545.00 | -1527.50 | -130.00 | -55.00 | -107.00 |
| EPS Growth % | 72.45% | 32.79% | 86.95% | 54.59% | 54.13% | -19.87% | 0.05% | 64.32% | -1075% | -136.36% | 48.6% | - |
| EPS (Basic) | - | -11.93 | -17.75 | -136.00 | -299.50 | -653.00 | -544.75 | -545.00 | -1527.50 | -130.00 | -55.00 | -107.00 |
| Diluted Shares Outstanding | 1.37M | 668.63K | 743.55K | 56.99K | 42.52K | 29.74K | 19.94K | 15.76K | 7.62K | 8.76K | 7.64K | 7.65K |
| Basic Shares Outstanding | 1.37M | 668.63K | 743.55K | 56.99K | 42.52K | 29.74K | 19.94K | 15.76K | 7.62K | 8.76K | 7.64K | 7.65K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical Trial Funding Shortfall
As reported in recent financial statements, ADIL maintains a consistent quarterly operating expense profile averaging approximately $2.0 million, primarily driven by R&D and SG&A outlays, while the company remains entirely pre-revenue, underscoring the high-risk nature of its current clinical-stage business model and reliance on external capital.
The company's cost structure is dominated by fixed administrative and research-related expenditures, which show little correlation with revenue generation. This lack of operational scale suggests that management is prioritizing the preservation of its core clinical program over aggressive expansion, though the persistent burn rate warrants close monitoring by investors.
Based on ADIL's reported figures, the firm continues to incur significant operating losses each quarter without any offsetting revenue, indicating that the company has yet to achieve the operational scale necessary to leverage its fixed cost base against future commercial milestones or potential licensing agreements.
The absence of revenue means that every dollar spent on R&D and SG&A directly impacts the bottom line, resulting in a consistent negative operating margin. Investors should interpret this as a reflection of the company's current status as a pure-play development entity rather than an operational business.
According to SEC filings, ADIL's net income is consistently negative, with quarterly losses frequently exceeding $2.0 million, a trend that is further complicated by non-cash items and warrant-related adjustments that obscure the underlying cash burn rate required to sustain the company's ongoing clinical trial activities.
The volatility in EPS figures suggests that GAAP net income is an unreliable metric for assessing the company's true financial health. Analysts should focus on the cash burn rate and the remaining runway to determine if the current capital structure can support the next phase of development.
As indicated by the company's reported cash and equivalents of approximately $5.88 million, ADIL faces a precarious liquidity position that may necessitate dilutive financing, potentially undermining shareholder value if the firm fails to secure a strategic partnership or non-dilutive funding to advance its AD04 program.
The market's skepticism regarding the company's valuation appears to be rooted in the limited cash runway and the binary nature of its clinical outcomes. Without a clear path to commercialization or a major partnership, the risk of further equity dilution remains a significant overhang for existing investors.
Quick answers to the most common questions about buying ADIL stock.
For fiscal year 2025, Adial Pharmaceuticals, Inc. (ADIL) reported total revenue of $0.0M.
Adial Pharmaceuticals, Inc. (ADIL) reported a net loss of $8.0M for the fiscal year ending 2025.