Fundraising Fox

Adial Pharmaceuticals

NASDAQ: ADIL

Glen Allen, US · Founded 2017 · Delaware corporation

Adial Pharmaceuticals is a biopharmaceutical company developing treatments for addiction and inflammatory disease, including AT177, a colon-targeted AhR agonist for ulcerative colitis, and AD04, a genetically targeted serotonin-3 receptor antagonist in Phase 3 trials for Alcohol Use Disorder. It is publicly listed on Nasdaq under the ticker ADIL.

BiotechHealthtechMedical Devices

Founders & leadership

Adial Pharmaceuticals was founded in 2017 by Bankole A. Johnson.

BA
Bankole A. JohnsoninFounder
VS
Vinay ShahinChief Financial Officer
CJCary J. Claiborne
Cary J. ClaiborneinChief Executive Officer
TGTony Goodman
Tony GoodmaninChief Operating Officer
WB
William B. Stilley, IIIExecutive
JM
Joseph M. TruluckinExecutive

Board

JW
James W. Newman, Jr.Board director
JK
James K. AndersonBoard director
KS
Kevin Schuyler, CFABoard director
RH
Robertson H. GillilandBoard director
JR
Jack ReichBoard director

Reported raises · per SEC filings

Form D private placements

$31.6M disclosed across 17 rounds · 2017–2025

▶$4.3MraisedDec 2025 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • James W. Newman, Jr.Director
  • James K. AndersonDirector
  • Vinay ShahExecutive Officer
  • Robertson H. GillilandDirector
  • Tony GoodmanExecutive Officer, Director
  • Kevin Schuyler, CFADirector
  • Cary J. ClaiborneExecutive Officer, Director
Offering amount
$4.3M
Amount sold
$4.3M
Sales commissions
$228.5K
Placement agents
A.G.P./Alliance Global Partners
First sale
Nov 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$4.8MraisedMay 2025 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • Vinay ShahExecutive Officer
  • James W. Newman, Jr.Director
  • Cary J. ClaiborneExecutive Officer, Director
  • Tony GoodmanExecutive Officer, Director
  • James K. AndersonDirector
  • Kevin Schuyler, CFADirector
  • Robertson H. GillilandDirector
Offering amount
$4.8M
Amount sold
$4.8M
Placement agents
A.G.P./Alliance Global Partners
First sale
May 2025
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$287.5KraisedMar 2024 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • James W. Newman, Jr.Director
  • Cary J. ClaiborneExecutive Officer, Director
  • Joseph M. TruluckExecutive Officer
  • Tony GoodmanDirector
  • Bankole A. JohnsonExecutive Officer
  • Kevin Schuyler, CFADirector
  • Robertson H. GillilandDirector
  • James K. AndersonDirector
Offering amount
$287.5K
Amount sold
$287.5K
Sales commissions
$23K
Placement agents
H.C. Wainwright & Co., LLC
First sale
Mar 2024
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$4MraisedOct 2023 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • James W. Newman, Jr.Director
  • Robertson H. GillilandDirector
  • Cary J. ClaiborneExecutive Officer, Director
  • Kevin Schuyler, CFADirector
  • Tony GoodmanDirector
  • James K. AndersonDirector
  • Joseph M. TruluckExecutive Officer
  • Bankole A. JohnsonExecutive Officer
Offering amount
$4M
Amount sold
$4M
Sales commissions
$320K
Placement agents
H.C. Wainwright & Co., LLC
First sale
Oct 2023
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$52.5KraisedJun 2023 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • Cary J. ClaiborneExecutive Officer, Director
  • William B. Stilley, IIIExecutive Officer, Director
  • Kevin Schuyler, CFADirector
  • Robertson H. GillilandDirector
  • James W. Newman, Jr.Director
  • Tony GoodmanDirector
  • Joseph M. TruluckExecutive Officer
  • Bankole A. JohnsonExecutive Officer
  • James K. AndersonDirector
Offering amount
$3.1M
Amount sold
$52.5K
First sale
May 2023
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$61.6KraisedMar 2023 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • Joseph M. TruluckExecutive Officer
  • James K. AndersonDirector
  • Cary J. ClaiborneExecutive Officer, Director
  • William B Stilley, IIIDirector
  • Tony GoodmanDirector
  • Kevin Schuyler, CFADirector
  • Robertson H. GillilandDirector
  • James W. Newman, Jr.Director
  • Bankole A. JohnsonExecutive Officer
Offering amount
$61.6K
Amount sold
$61.6K
Sales commissions
$75K
Placement agents
Joseph Gunnar & Co. LLC
First sale
Feb 2023
Incorporated
Corporation, Delaware
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$10MraisedFeb 2022 · 1 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • James K. AndersonDirector
  • Cary ClaiborneExecutive Officer, Director
  • Bankole A. JohnsonExecutive Officer
  • James W. Newman, Jr.Director
  • Tony GoodmanDirector
  • William B. Stilley, IIIExecutive Officer, Director
  • Kevin Schuyler, CFADirector
  • Robertson H. GillilandDirector
  • Joseph M. TruluckExecutive Officer
Offering amount
$10M
Amount sold
$10M
Sales commissions
$700K
Placement agents
Maxim Group LLC
First sale
Feb 2022
Incorporated
Corporation, Delaware, 2017
Federal exemptions
06b
Full filing on SEC EDGAR ↗
▶$500KraisedJul 2021 · 3 investors · Pharmaceuticals
Rule 506(b)
Officers, directors & promoters on the filing
  • Tony GoodmanDirector
  • James W. Newman, Jr.Director
  • William B. Stilley, IIIExecutive Officer, Director
  • Robertson H. GillilandDirector
  • Joseph M. TruluckExecutive Officer
  • James K. AndersonDirector
  • Kevin SchuylerDirector
Offering amount
$5M
Amount sold
$500K
First sale
Jul 2021
Incorporated
Corporation, Delaware, 2017
Federal exemptions
06b
Full filing on SEC EDGAR ↗

Source: SEC EDGAR Form D. Amounts as filed; amended filings shown once at their latest values.

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In the news

Adial Pharmaceuticals (NASDAQ: ADIL) lifts cash to $28.7M but flags going‑concern riskstocktitan.net · Aug 2026Adial Pharmaceuticals plans leadership changes tied to annual meeting vote By Investing.cominvesting.com · Aug 2026Adial Pharmaceuticals (NASDAQ: ADIL) outlines Azora merger, heavy dilution and $53M share overhangstocktitan.net · Aug 2026Adial Pharmaceuticals Announces Acquisition of Azora Therapeutics and up to $64 Million Financingbarchart.com · Jun 2026Adial Pharmaceuticals raises $2.75M | VirginiaBiovabio.org · May 2025

Frequently asked questions

What does Adial Pharmaceuticals do?
Adial Pharmaceuticals is a biopharmaceutical company developing treatments for addiction and inflammatory disease, including AT177, a colon-targeted AhR agonist for ulcerative colitis, and AD04, a genetically targeted serotonin-3 receptor antagonist in Phase 3 trials for Alcohol Use Disorder. It is publicly listed on Nasdaq under the ticker ADIL.
Who founded Adial Pharmaceuticals?
Adial Pharmaceuticals was founded by Bankole A. Johnson in 2017.
How much funding has Adial Pharmaceuticals raised?
Adial Pharmaceuticals has disclosed $31.6M raised across 17 rounds.
Where is Adial Pharmaceuticals headquartered?
Adial Pharmaceuticals is headquartered in Glen Allen, US.