On June 11, 2026, Adial Pharmaceuticals acquired Azora Therapeutics. Adial issued 437,474 shares of Common Stock and 12,930.617 shares of Series A Non-Voting Convertible Preferred Stock (convertible at 1,000:1) to Azora stockholders. Concurrently, Adial entered into a PIPE financing for $26.8 million in initial pre-funded warrants, with an additional $26.8 million available via milestone closings. Adial also retired $5.5 million of Azora convertible notes via an exchange for pre-funded warrants. Matt Davidson was appointed as a Director and Chief Development Officer, and Wendy Young was appointed as a Director. Tony Goodman resigned as a Director. The company will seek stockholder approval for various proposals, including a potential reverse stock split to maintain Nasdaq compliance. Adial is a pharmaceutical company that develops therapeutic products.