2023-03-31 00:39:36 ET
- Adial Pharmaceuticals press release ( NASDAQ: ADIL ): FY net Loss was $12.7 million for the year ended December 31, 2022, compared to a net loss of $19.4 million for the year ended December 31, 2021.
- As of December 31, 2022, cash and cash equivalents were $4.0 million as compared to $6.1 million as of December 31, 2021. The Company believes that its existing cash and cash equivalents will fund its operating expenses into the third quarter of 2023 if the option to sell Purnovate is not exercised by Adovate. If Adovate exercises the option as expected, the Company would receive non-dilutive funding and the sale would significantly reduce its current cash burn rate, which would extend the Company's cash into the first quarter of 2024.
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Adial Pharmaceuticals reports FY results