Summary by Moomoo AI
Adial Pharmaceuticals reported Q3 2024 financial results with R&D expenses increasing to $1.03M from $207K year-over-year, primarily driven by Phase 1b trial activities and CMC expenses. The company ended the quarter with $5.2M in cash and cash equivalents, strengthened by $7.8M raised through warrant exercises and ATM sales during the nine months ended September 30, 2024.The company has initiated a Phase 1 pharmacokinetic study of AD04 with an estimated total cost of $1.4M, of which $1.2M has been paid. Management plans to begin a Phase III study in the second half of 2025, pending sufficient funding. Current cash runway extends into the second half of 2025 under base case scenarios, though accelerated development plans would require additional financing.Looking ahead, Adial estimates requiring between $13M-$16M for AD04 development and corporate expenses over the next 12 months, with $9M-$12M contingent on implementing accelerated development plans. The company continues to pursue financing options and strategic partnerships to advance its clinical programs, while maintaining the flexibility to adjust development timelines based on available resources.
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