ADIAL PHARMACEUTICALS, INC.
ADIL evidence brief
What we can confirm
- BioSniper Score:
- 6.0 / 10
- Market Cap:
- $14.4M
What it means
What to watch
Prepared research question
What matters most for ADIL—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ADIL
ADIAL PHARMACEUTICALS, INC. is a post-merger pharmaceutical company focused on developing colon-targeted AhR agonists for inflammatory bowel diseases, with its lead candidate AT177 in IND-enabling studies.
Key risk: Concentrated asset risk
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Market Cap
$14.4M
Cash Runway
—
Lead Asset
—
Next Catalyst
—
Financial data as of Jun 30, 2026.
ADIAL PHARMACEUTICALS, INC. is a post-merger pharmaceutical company focused on developing colon-targeted AhR agonists for inflammatory bowel diseases, with its lead candidate AT177 in IND-enabling studies.
- ADIAL completed the acquisition of Azora on June 11, 2026, gaining the colon-targeted AhR agonist program AT177 [sec · filed 2026-08-24].
- The company reported a net loss of -$52.0M and negative shareholders' equity of -$38.4M as of 2026-06-30 [sec].
- AT177 is a prodrug that liberates indirubin, designed to provide localized AhR activation in the colon with minimal systemic exposure [sec · filed 2026-08-24].
- ADIAL received approximately $24.3 million in net proceeds from the PIPE closing on June 12, 2026, plus retirement of $5.5 million in Azora Notes [sec · filed 2026-08-28].
- An IND filing for AT177 is planned for the second quarter of 2027, with a Phase 1a study targeted to begin in the second half of 2027 [sec · filed 2026-08-28].
What works
- AT177 is a rationally designed prodrug that leverages a clinically validated mechanism (AhR agonism) with a colon-targeted formulation to potentially improve safety [sec · filed 2026-08-24].
- Preclinical data show robust local colonic AhR activation with markedly limited systemic exposure and superior colon-to-systemic selectivity compared to other AhR agonists [sec · filed 2026-08-28].
- The company has completed GLP toxicology studies in rats, received pre-IND feedback from the FDA, and is conducting IND-enabling studies in line with FDA guidance [sec · filed 2026-08-24].
What to weigh
- Substantially all of the value from the merger is concentrated in Azora's colon-targeted AhR program; if AT177 fails, the company may not recover the value attributed to Azora [sec · filed 2026-08-24].
- The company reported a net loss of -$52.0M and negative shareholders' equity of -$38.4M as of 2026-06-30, indicating significant financial strain [sec].
- Clinical development of AT177 will require substantial capital, and additional milestone-based financing is contingent on achieving specified events and optional investor participation [sec · filed 2026-08-24].
- There is no assurance that the IND will be accepted by the FDA or that AT177 will demonstrate safety or efficacy in clinical trials [sec · filed 2026-08-24].
From the filings
Quoted directly from source documents.
AT177 is a prodrug that liberates indirubin, the most potent AhR agonist in indigo naturalis.
“AT177 is a rationally designed prodrug that liberates indirubin, the most potent A”
SEC filings · August 24, 2026
ADIAL completed the merger with Azora on June 11, 2026.
“on June 11, 2026, we completed the Merger, pursuant to which we acquired Azora”
SEC filings · August 24, 2026
ADIAL received approximately $24.3 million in net proceeds from the PIPE closing.
“On June 12, 2026, we received approximately $24.3 million in net proceeds from the closing of the PIPE”
SEC filings · August 28, 2026
AT177 demonstrated robust local colonic AhR activation with limited systemic exposure in preclinical studies.
“AT177 demonstrated robust local colonic AhR activation with markedly limited systemic exposure and superior colon-to-systemic selectivity compared to other AhR agonists in development”
SEC filings · August 28, 2026
Risks & what to watch (4)›
Key risks
- Concentrated asset risk — Substantially all value from the merger is in the AhR program; failure of AT177 could be material [sec · filed 2026-08-24].
- Financial strain — Net loss of -$52.0M and negative equity of -$38.4M as of 2026-06-30 [sec].
- Financing dependency — Additional milestone-based financing is contingent on achieving specified events and optional investor participation [sec · filed 2026-08-24].
- Clinical uncertainty — No assurance IND will be accepted or that AT177 will demonstrate safety/efficacy in trials [sec · filed 2026-08-24].
What to watch
- IND filing for AT177 planned for Q2 2027 and initiation of Phase 1a study in H2 2027 [sec · filed 2026-08-28].
- Achievement of milestone events that trigger additional financing from PIPE Investors and Azora Noteholders [sec · filed 2026-08-24].
- Nasdaq listing approval and ability to meet initial listing standards [sec · filed 2026-08-24].
- Progress of AT177 through IND-enabling studies and any updates on preclinical or clinical data [sec · filed 2026-08-24].
Sources: SEC filings · SEC MD&A · Generated October 7, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
Net income -$52M
No tracked pipeline phase
No tracked pipeline candidates
No upcoming catalysts tracked
6 buys · 0 sells (180d)
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
14
Total value held
$64K
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 24,249 | $43K |
| vanguard fiduciary trust co | 5,879 | $11K |
| manchester capital management llc | 1,923 | $3K |
| tower research capital llc (trc) | 1,356 | $2K |
| blackrock, inc. | 1,110 | $2K |
| ubs group ag | 542 | $970 |
| vanguard capital management llc | 361 | $646 |
| morgan stanley | 50 | $90 |
| sbi securities co., ltd. | 47 | $84 |
| caitong international asset management co., ltd | 15 | $27 |
Showing top 10 of 14 institutional holders of ADIAL PHARMACEUTICALS, INC.. Open the full 13F history after sign-in.
Short Interest
as of Apr 21, 2026- % of float
- 6.8%
- Days to cover
- 0.6
- Shares short
- 96,887
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ADIL short interestFrequently asked questions
What is the AI investment thesis for ADIAL PHARMACEUTICALS, INC.?
ADIAL PHARMACEUTICALS, INC. is a post-merger pharmaceutical company focused on developing colon-targeted AhR agonists for inflammatory bowel diseases, with its lead candidate AT177 in IND-enabling studies.
Who is the CEO of ADIAL PHARMACEUTICALS, INC.?
Mr. Cary John Claiborne MBA is the chief executive officer of ADIAL PHARMACEUTICALS, INC. (ADIL).
Where is ADIAL PHARMACEUTICALS, INC. headquartered?
ADIAL PHARMACEUTICALS, INC. (ADIL) is headquartered in Glen Allen, VA, United States.
What therapeutic areas does ADIAL PHARMACEUTICALS, INC. focus on?
ADIAL PHARMACEUTICALS, INC. develops therapies across Psychiatry.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.