Adial Pharmaceuticals reported its financial results for the first quarter ended March 31, 2025, on May 15, 2025. The company held $2.37 million in cash and cash equivalents as of March 31, 2025, a decrease from $3.75 million at December 31, 2024.
The net loss for Q1 2025 was $2.23 million, compared to a net loss of $6.48 million for the same period in 2024, which included a significant non-cash inducement expense. Operating expenses increased to $2.27 million in Q1 2025 from $1.85 million in Q1 2024, driven by a 65% increase in R&D expenses to $747 thousand and a 9% increase in G&A expenses to $1.52 million.
Cash used in operating activities was $1.59 million in Q1 2025. Subsequent to the quarter, as of May 12, 2025, the cash balance increased to approximately $3.9 million due to net proceeds of approximately $2.35 million from a warrant inducement transaction that closed on May 5, 2025. The company expects its existing cash to fund operations only into the fourth quarter of 2025. As of March 31, 2025, stockholders' equity was $2.13 million, below the Nasdaq minimum requirement of $2.5 million, and the company received a minimum bid price notice in March 2025.
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