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STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-Q\n\n \n\n☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\n \n\nor\n\n \n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from ___________ to ___________\n\n \n\nCommission File Number: 001-38323\n\n \n\nADIAL PHARMACEUTICALS, INC.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\nDelaware 82-3074668\n\nState or Other Jurisdiction of\n\nIncorporation or Organization\n \nI.R.S. Employer\n\nIdentification No.\n\n \n \n \n\n4870 Sadler Road, Suite 300\n\nGlen Allen, VA\n 23060\n\nAddress of Principal Executive Offices\n \nZip Code\n\n \n\n(804) 487-8196\n\nRegistrant’s Telephone Number, Including\nArea Code\n\n \n\n \n\nFormer Name, Former Address and Former Fiscal Year,\nif Changed Since Last Report\n\n \n\nSecurities registered pursuant\nto Section 12(b) of the Act:\n\n \n\nTitle of each class\n \nTrading Symbol(s)\n \nName of each exchange on which registered\n\nCommon Stock ADIL NASDAQ\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒  No ☐\n\n \n\nIndicate by check mark\nwhether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an\nemerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”\n“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer☒Smaller reporting company☒\n\n Emerging growth company☐\n\n \n\nIf an emerging growth company,\nindicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial\naccounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒\n\n \n\nNumber of shares of common stock outstanding as of May 6, 2026 was 2,143,621.\n\n \n\n \n\n \n\n \n\n \n\n \n\nADIAL PHARMACEUTICALS, INC.\n\n \n\nNOTE REGARDING FORWARD-LOOKING STATEMENTS\n\n \n\nThis Quarterly Report on Form\n10-Q contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the\n“Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In\nparticular, statements contained in this Quarterly Report on Form 10-Q, including but not limited to, statements regarding the sufficiency\nof our cash, our ability to finance our operations, and business initiatives and obtain funding for such activities; our future results\nof operations and financial position, business strategy and plan prospects, or costs and objectives of management for future acquisitions,\nare forward looking statements. These forward-looking statements relate to our future plans, objectives, expectations and intentions and\nmay be identified by words such as “may,” “will,” “should,” “expects,” “plans,”\n“anticipates,” “intends,” “targets,” “projects,” “contemplates,” “believes,”\n“seeks,” “goals,” “estimates,” “predicts,” “potential” and “continue”\nor similar words. Readers are cautioned that these forward-looking statements are based on our current beliefs, expectations and assumptions\nand are subject to risks, uncertainties, and assumptions that are difficult to predict, including those identified below, under Part II,\nItem lA. “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q and those risks identified under Part I, Item\n1A of our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission (the “SEC”)\non March 5, 2026 (“2025 Form 10-K”). Therefore, actual results may differ materially and adversely from those expressed, projected\nor implied in any forward-looking statements. We undertake no obligation to revise or update any forward-looking statements for any reason.\n\n \n\nNOTE REGARDING COMPANY REFERENCES\n\n \n\nThroughout this Quarterly\nReport on Form 10-Q, “Adial,” the “Company,” “we,” “us” and “our” refer to\nAdial Pharmaceuticals, Inc.\n\n \n\n \n\n \n\n \n\nFORM 10-Q\n\n \n\nTABLE OF CONTENTS\n\n \n\n \n \nPage\n\n \n[PART I – FINANCIAL INFORMATION](#a_001)\n1\n\nItem l.\n[Condensed Unaudited Financial Statements](#a_002)\n1\n\n \n[Condensed Balance Sheets as of March 31, 2026 and December 31, 2025](#a_003)\n1\n\n \n[Condensed Statements of Operations for the three months ended March 31, 2026 and 2025](#a_004)\n2\n\n \n[Condensed Statements of Stockholders’ Equity for the three months ended March 31, 2026 and 2025](#a_005)\n3\n\n \n[Condensed Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#a_006)\n4\n\n \n[Notes to the Unaudited Condensed Financial Statements](#a_007)\n5"}