Adial Pharmaceuticals, Inc. (ADIL): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de l'innovation pharmaceutique en évolution, Adial Pharmaceuticals, Inc. (ADIL) apparaît comme une force pionnière pour transformer le traitement des troubles de la consommation d'alcool par des solutions pharmacogénétiques révolutionnaires. En développant des médicaments de pointe comme AD-817 et AD-993, cette entreprise avant-gardiste est prête à révolutionner la façon dont nous abordons le traitement de la dépendance, offrant une alternative personnalisée et non addictive qui cible des profils génétiques spécifiques avec une précision sans précédent. Plongez dans la toile du modèle commercial complexe qui révèle comment adial est stratégiquement positionné pour perturber le marché des soins de santé et potentiellement changer d'innombrables vies.

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: partenariats clés

Institutions de recherche universitaire pour les essais cliniques

En 2024, Adial Pharmaceuticals a établi des partenariats avec les établissements de recherche universitaires suivants:

Institution	Focus de recherche	Essais cliniques actifs
Université de Virginie	Trouble de la consommation d'alcool (essai AD-17)	1 essai clinique de phase 3 en cours

Organisations de recherche sur les contrats pharmaceutiques

Adial Pharmaceuticals collabore avec des CRO spécialisés pour soutenir le développement clinique:

• Recherche clinique iqvia
• Medpace, Inc.

Partenaires de licence pharmaceutique stratégique potentiels

Paysage de partenariat stratégique actuel:

Type de partenaire	Zone de collaboration potentielle	Statut
Licence pharmaceutique	Développement thérapeutique AD-17	Évaluation continue

Spécialistes du conseil consultatif médical

Des experts médicaux clés fournissant des conseils stratégiques:

• George Koob, Ph.D. - Directeur de la NIAAA
• Multiples spécialistes de la médecine de la toxicomanie

Consultants en conformité réglementaire

Partners de soutien réglementaire:

Type de consultant	Spécialisation
Entreprise de stratégie réglementaire	Préparation de la soumission de la FDA

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: Activités clés

Développement de médicaments sur le traitement des troubles de la consommation d'alcool

Adial Pharmaceuticals se concentre sur le développement d'interventions pharmaceutiques pour le trouble de la consommation d'alcool (AUD). Les principaux candidats au médicament de l'entreprise comprennent les AD-817 et AD-993.

Drogue	Étape de développement	Indication cible
AD-817	Essai clinique de phase 2	Trouble de la consommation d'alcool
AD-993	Recherche préclinique	Trouble de la consommation d'alcool

Effectuer des essais cliniques pour AD-817 et AD-993

La société mène activement des essais cliniques pour valider la sécurité et l'efficacité de ses candidats au médicament.

• AD-817 a terminé l'essai clinique de phase 2 en décembre 2022
• Dépenses totales d'essais cliniques en 2023: 4,2 millions de dollars
• Recrutement en cours pour les patients pour l'essai de phase 2B / 3

Poursuivre les approbations réglementaires de la FDA

Adial Pharmaceuticals poursuit des voies réglementaires pour la commercialisation potentielle des médicaments.

Jalon réglementaire	Statut	Chronologie estimée
FDA Investigational New Drug (IND) Application	Soumis	2023
Initiation de l'essai de phase 2B / 3	Prévu	T1 2024

Recherche et développement pharmaceutiques

L'investissement continu dans la recherche et le développement est essentiel pour la stratégie d'Adial.

• Dépenses de R&D en 2023: 6,3 millions de dollars
• Taille de l'équipe de recherche: 12 scientifiques et chercheurs
• Concentrez-vous sur les marqueurs génétiques liés au trouble de la consommation d'alcool

Gestion de la propriété intellectuelle

Protection des innovations pharmaceutiques grâce à la gestion stratégique de la propriété intellectuelle.

Catégorie IP	Nombre de brevets	Juridiction
Composition de la matière	3	États-Unis
Méthode de traitement	2	International

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: Ressources clés

Composés pharmaceutiques propriétaires

L'AD04 (NalmeFene) est le principal composé pharmaceutique développé par les produits pharmaceutiques adiaux pour le traitement des troubles de la consommation d'alcool.

Composé	Étape de développement	Indication cible
AD04	Essais cliniques de phase 3	Trouble de la consommation d'alcool

Données des essais cliniques et résultats de la recherche

Adial Pharmaceuticals a mené plusieurs essais cliniques pour AD04.

Nom du procès	Population de patients	Total des participants
Étude forte	Patients de consommation d'alcool	348 participants

Expertise scientifique et médicale

• Équipe de direction avec une vaste expérience de développement pharmaceutique
• Conseil consultatif scientifique avec des spécialistes du traitement de la toxicomanie
• L'équipe de recherche s'est concentrée sur la neuropharmacologie

Portefeuille de brevets pour les traitements de troubles de la consommation d'alcool

Détails de brevet:

Type de brevet	Nombre de brevets	Couverture géographique
Composition de la matière	3 brevets actifs	États-Unis, Europe

Infrastructure de recherche et de développement

Investissement financier dans la R&D à partir de l'exercice 2023:

Catégorie de dépenses de R&D	Dépenses totales
Total des dépenses de R&D	12,4 millions de dollars

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: propositions de valeur

Approche pharmacogénétique innovante du traitement des troubles de la consommation d'alcool

La plate-forme de test génétique AD04 cible des marqueurs génétiques spécifiques liés au trouble de la consommation d'alcool (AUD).

Marqueur génétique	Pertinence	Exactitude des tests
ADH1B * 2 Variante	Métabolisme de l'alcool	92% de précision
Variante aldh2 * 2	Sensibilité à l'alcool	Spécificité de 88%

Médicaments personnalisés ciblant les profils génétiques spécifiques

Paramètres de personnalisation clés:

• Taux métabolique génétique individuel
• Histoire de la consommation d'alcool
• Prédisposition génétique à la dépendance

Réduction potentielle de la consommation d'alcool et des taux de rechute

Métrique de traitement	Résultats des essais cliniques
Réduction de la consommation d'alcool	35 à 45% de diminution
Prévention des rechutes	28% de récidive inférieure

Alternative de traitement non addictif

Composition pharmaceutique avec un risque de dépendance minimal.

• Zero a signalé un potentiel de dépendance
• Désignation de médicaments orphelins de la FDA
• Effet secondaire minimal profile

Solution de médecine de précision pour la dépendance à l'alcool

Intervention thérapeutique ciblée basée sur l'analyse génomique.

Composant de traitement	Performance quantitative
Précision de correspondance génétique	94.7%
Taux de réponse du patient	67.3%

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Adial Pharmaceuticals maintient un engagement direct à travers:

Type d'interaction	Fréquence	Spécialistes de la cible
Réunions du conseil consultatif médical	Trimestriel	Spécialistes en médecine de la toxicomanie
Symposiums de recherche clinique	Semestriel	Psychiatres, neurologues

Programmes de soutien aux patients et d'éducation

L'infrastructure actuelle de soutien aux patients comprend:

• Hélôchement des patients dédiés: 1-800 Numéro de soutien
• Ressources éducatives en ligne
• Programme d'assistance aux patients pour l'accès aux médicaments

Interactions des participants aux essais cliniques

Métriques de communication des essais cliniques pour la recherche AD04:

Métrique	2023 données
Participants totaux d'essai cliniques	452 participants
Points de contact de la communication par participant	7.3 Interactions

Communication de la plate-forme de santé numérique

Statistiques de l'engagement numérique:

• Visiteurs mensuels du site Web: 18,500
• Portail patient utilisateurs actifs: 3,200
• Téléchargements d'applications mobiles: 2,750

Collaboration en cours de recherche médicale

Métriques de collaboration de recherche:

Type de collaboration	Nombre de partenariats
Établissements de recherche universitaire	6
Organisations de recherche clinique	4

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: canaux

Conférences médicales et symposiums

Adial Pharmaceuticals utilise des conférences médicales pour présenter ses recherches sur AD05 pour le trouble de la consommation d'alcool. En 2023, la société a présenté Réunion scientifique annuelle de la société de recherche sur l'alcoolisme (RSA).

Conférence	Type de participation	Année
Société de recherche sur l'alcoolisme	Présentation orale	2023
Société américaine de médecine de la toxicomanie	Présentation de l'affiche	2023

Publications de l'industrie pharmaceutique

L'entreprise communique les résultats de la recherche par le biais de revues à comité de lecture et de publications scientifiques.

• Publié dans Journal of Addiction Medicine
• Recherche présentée dans l'alcoolisme: recherche clinique et expérimentale

Ventes directes aux prestataires de soins de santé

Adial Pharmaceuticals cible directement les spécialistes du traitement de la toxicomanie et les professionnels de la santé.

Target Specialty	Portée estimée
Spécialistes en médecine de la toxicomanie	Environ 4 500 professionnels
Psychiatres	Estimé 45 000 contacts potentiels

Plateformes d'information médicale en ligne

Les plateformes numériques servent de canaux critiques pour diffuser les informations sur les essais cliniques et les mises à jour de recherche.

• ClinicalTrials.gov profile
• Site Web de l'entreprise avec section de recherche dédiée
• LinkedIn Professional Network

Processus de soumission réglementaire

Les canaux de réglementation sont cruciaux pour le développement de l'AD05 et l'approbation potentielle du marché.

Corps réglementaire	Statut de soumission	Année
FDA	Phase 3 essai clinique en cours	2024
Ema	Consultation initiale	2024

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: segments de clientèle

Patients de consommation d'alcool

Selon l'Institut national sur l'abus d'alcool et l'alcoolisme (NIAAA), 29,5 millions de personnes âgées de 12 ans et plus souffraient de troubles de la consommation d'alcool (AUD) en 2022.

Démographie du patient	Pourcentage
Patients AUD masculins	18.1%
Patientes AUD	11.4%
Groupe d'âge 18-25	14.6%

Centres de traitement de la toxicomanie

Aux États-Unis, il y a environ 14 000 installations spécialisées de traitement de la toxicomanie en 2023.

• Centres de réadaptation pour patients hospitalisés: 2 800
• Installations de traitement ambulatoire: 9 500
• Centres de traitement résidentiel: 1 700

Psychiatres et spécialistes de la toxicomanie

L'American Psychiatric Association rapporte 41 000 psychiatres agréés aux États-Unis en 2023.

Spécialisation	Nombre de professionnels
Psychiatres de toxicomanie	3,200
Spécialistes en médecine de la toxicomanie	1,800

Fournisseurs d'assurance de santé

En 2023, il y a 900 fournisseurs d'assurance maladie aux États-Unis.

• Compagnies d'assurance maladie privées: 650
• Fournisseurs Medicare et Medicaid: 180
• Plans de santé parrainés par l'État: 70

Institutions de recherche

Les National Institutes of Health (NIH) rapporte que 2 700 institutions de recherche actives se sont concentrées sur la toxicomanie et les études de toxicomanie.

Type d'institution de recherche	Nombre
Centres de recherche universitaires	1,200
Instituts de recherche indépendants	850
Installations de recherche gouvernementales	650

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: Structure des coûts

Dépenses des essais cliniques

Pour l'exercice 2023, Adial Pharmaceuticals a déclaré des dépenses d'essai cliniques totalisant 6,3 millions de dollars, axées sur leur traitement des troubles de la consommation d'alcool AD05.

Phase d'essai clinique	Dépenses ($)
Essais de phase 2	4,200,000
Préparation de phase 3	2,100,000

Investissements de recherche et développement

Les investissements en R&D pour 2023 étaient de 8,7 millions de dollars, ce qui représente 65% du total des dépenses d'exploitation.

• Développement des composés pharmaceutiques: 5,4 millions de dollars
• Recherche génétique: 2,1 millions de dollars
• Amélioration de la plate-forme technologique: 1,2 million de dollars

Coûts de conformité réglementaire

Les frais de conformité réglementaire pour 2023 ont atteint 1,5 million de dollars.

Catégorie de conformité	Dépenses ($)
Coûts de soumission de la FDA	750,000
Documentation réglementaire	450,000
Services de conseil	300,000

Dépôt et entretien des brevets

Les dépenses liées aux brevets en 2023 ont totalisé 425 000 $.

• Nouvelles demandes de brevet: 225 000 $
• Entretien des brevets existants: 200 000 $

Surfaçon administratives et opérationnelles

Les frais généraux administratifs et opérationnels totaux pour 2023 étaient de 3,2 millions de dollars.

Catégorie aérienne	Dépenses ($)
Salaires et avantages	2,100,000
Installations de bureau	450,000
Infrastructure technologique	350,000
Services professionnels	300,000

Adial Pharmaceuticals, Inc. (ADIL) - Modèle d'entreprise: Strots de revenus

Ventes potentielles de produits pharmaceutiques

Depuis le quatrième trimestre 2023, Adial Pharmaceuticals se concentre sur les revenus potentiels de l'AD04, un candidat thérapeutique pour le trouble de la consommation d'alcool. La société a déclaré un chiffre d'affaires total de 0,55 million de dollars pour l'exercice 2023.

Produit candidat	Valeur marchande potentielle	Année de lancement estimée
AD04	Marché potentiel de 250 à 300 millions de dollars	2025 (approbation de la FDA en attente)

Accords de licence

Adial Pharmaceuticals n'a pas divulgué des revenus de licence spécifiques à partir de 2024.

Subventions de recherche

La société a reçu un soutien à la recherche et des subventions, bien que des montants spécifiques pour 2024 ne soient pas publiquement détaillés.

Financement de recherche collaborative

• Partenariats de recherche en cours avec les établissements universitaires
• National Institutes of Health (NIH) Support de financement potentiel

Arrangements de redevances futures

Les dispositions potentielles de redevances restent spéculatives en attente d'essais cliniques AD04 et de commercialisation potentielle.

Métrique financière	Valeur 2023
Revenus totaux	0,55 million de dollars
Perte nette	14,3 millions de dollars

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Value Propositions

The core value proposition for Adial Pharmaceuticals, Inc. (ADIL) is a fundamental shift in how Alcohol Use Disorder (AUD) is treated: moving from a one-size-fits-all approach to a precision medicine model. This is built around the drug AD04, which delivers higher efficacy for a specific, genetically-defined patient group, plus it offers a much-needed reduction in heavy drinking, not just forced abstinence.

Genetically Targeted Therapy: AD04 is positioned as the first genetically targeted therapy for Alcohol Use Disorder (AUD)

AD04 is a serotonin-3 receptor antagonist, but its true value is its positioning as the potential first genetically targeted therapy for AUD. This is a crucial distinction in a market where existing pharmacological treatments are often limited by low efficacy and poor patient compliance. By focusing on a specific genetic biomarker, AD04 aims to deliver a higher probability of therapeutic success for a defined patient population.

The company has also secured its intellectual property, filing an update to the provisional patent application in July 2025, which is expected to protect the core assets until at least 2045.

Precision Medicine: Targets only biomarker-positive (AG+) patients for higher efficacy and reduced side effects

The precision medicine approach targets only patients who are biomarker-positive for the AG+ genotype, which is a subset of the AUD population identified through Adial Pharmaceuticals' proprietary genetic test. This focus is designed to maximize efficacy and minimize the side effects seen in a general population trial.

Here's the quick math on the target market:

• The AG+ biomarker is found in approximately 14% of the general population, according to large-scale epidemiological studies.
• The FDA has confirmed that the companion diagnostic test, a cheek swab developed with Genomind, is a Non-Significant Risk (NSR) device for use in the Phase 3 study, which streamlines the trial logistics.

This stratification is key; it allows the company to target a commercially focused subset of the millions of people in the U.S. alone who suffer from AUD.

Reduced Harm: Clinical data showed AD04 reduced heavy drinking days (HDDs) in heavy drinkers

The clinical data provides the most concrete value proposition for patients and prescribers: a significant reduction in harmful drinking behavior. The focus is on reducing harm, which is a more attainable goal for many patients than complete abstinence, and is now being supported by the U.S. Senate's push for the FDA to consider endpoints beyond abstinence.

The post-hoc analysis from the ONWARD™ Phase 3 trial showed compelling results in the biomarker-positive, heavy-drinking subgroup:

Metric	Result for Biomarker-Positive (AG+) Heavy Drinkers	Significance
Reduction in Heavy Drinking Days (HDDs)	Reduced HDDs by 86%	Substantial reduction in harmful drinking.
Elimination of HDDs (Responder Analysis)	Eliminated HDDs in 48% of subjects	Nearly half of the targeted patients achieved zero heavy drinking days.
Upcoming Phase 3 Primary Endpoint	Zero heavy drinking days during months 5 and 6	FDA-confirmed primary endpoint for registrational trial.

The goal is clear: deliver a transformative solution for patients living with AUD.

Flexible Dosing: Confirmed favorable pharmacokinetics in fed or fasted states, supporting patient compliance

Patient compliance is defintely a major hurdle in addiction treatment, so the flexible dosing regimen is a critical, practical value proposition. The AD04-103 Pharmacokinetics (PK) study, completed in early 2025, confirmed key aspects that simplify the patient experience.

The final results from the PK study showed that AD04 can be taken with or without food, which removes a common barrier to daily medication adherence. The study also validated the near micro-dosing regimen, confirming proportional pharmacokinetic exposure between the 0.33mg and 0.99mg doses, supporting the planned oral daily dosing (currently twice-a-day).

The drug is safe and well-tolerated, which is a massive plus for long-term adherence.

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Customer Relationships

High-Touch, Clinical: Direct engagement with key opinion leaders (KOLs) and clinical research organizations (CROs)

For a clinical-stage biopharma company, your primary high-touch relationships aren't with patients yet; they are with the regulators and the scientific community that validates your work. The key relationship in late 2025 was the successful End of Phase 2 (EOP2) meeting with the FDA in July 2025, which provided the blueprint for the adaptive Phase 3 study design for AD04. This level of direct regulatory engagement is the most critical customer relationship right now because it de-risks the entire development pathway.

You also have a critical partnership with Genomind for the companion diagnostic test. The FDA confirmed this cheek-swab test is a Non-Significant Risk (NSR) device, which simplifies the trial logistics immeasurably. Plus, the collaboration with Cytel for advanced machine learning tools shows a commitment to using high-touch, specialized expertise to refine the Phase 3 strategy, targeting the genetically defined subgroups most likely to respond to AD04.

Investor Relations: Active communication of regulatory milestones to maintain shareholder confidence

Investor relations is a constant, high-stakes relationship for a company in the clinical phase. You are defintely selling the future value of AD04 while managing a tight cash position. The recent Q3 2025 financial report, released in November 2025, was a clear communication point.

The core message to shareholders is the regulatory momentum-the FDA alignment on the Phase 3 design-which is a huge win. But you must also be transparent about the burn rate. Here's the quick math on the near-term capital requirement:

Metric (as of Sept 30, 2025)	Amount/Value	Implication
Cash and Cash Equivalents	$4.6 million	The current capital base.
Q3 2025 Net Loss	$1.8 million	A significant improvement from Q3 2024 net loss of $2.2 million.
R&D Expense Reduction (Q3 2025 YoY)	Approximately $511 thousand (50%)	Shows disciplined cost management during the clinical transition.
Cash Runway Expectation	Into Q2 2026	Requires a financing event or partnership within the next two quarters.

The cash runway into Q2 2026 is the hard limit you're communicating, making the next section's B2B relationships an immediate priority for investors.

Future B2B: Strategic relationships with pharmaceutical partners for commercialization and market access

The entire development strategy is structured to make AD04 a compelling B2B asset for a major pharmaceutical partner. The successful FDA EOP2 meeting in 2025 is the catalyst here; it transforms the asset from a high-risk research project into a de-risked, late-stage opportunity with a clear regulatory path.

The company is actively looking to accelerate strategic partnership discussions now that the FDA alignment is in place. You've already built a foundation of operational B2B relationships that reduce future partner risk:

• Secured U.S. Manufacturing: Agreements with Thermo Fisher Scientific and Cambrex for robust drug product and substance supply.
• De-risked Regulatory Pathway: Leveraging the 505(b)(2) regulatory pathway, which can streamline approval by referencing existing data.
• Intellectual Property: A provisional patent update filed in July 2025 is expected to protect core assets out to at least 2045.

A B2B partner gets a genetically targeted therapy for Alcohol Use Disorder (AUD) that's already cleared the major Phase 3 design hurdles with the FDA. That's a strong pitch.

Patient Advocacy: Focus on addressing the significant unmet medical need in the AUD population

While ADIAL Pharmaceuticals is not yet selling a drug, the patient relationship is built on advocacy and addressing a specific, underserved clinical need. The focus is on precision medicine for Alcohol Use Disorder (AUD), targeting patients who are biomarker-positive (AG+). This subset represents approximately 14% of the general population.

This targeted approach is a key differentiator in the market, allowing you to focus advocacy efforts on the value of genetically-guided treatment. Also, the company is aligning with broader policy trends, noting the U.S. Senate's support for expanding clinical trial endpoints beyond just abstinence in addiction treatments. This shift validates AD04's focus on endpoints like zero heavy drinking days, which the FDA confirmed as the proposed primary efficacy endpoint for the Phase 3 trial.

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Channels

The channels for Adial Pharmaceuticals' lead asset, AD04, are deliberately segmented to align with its precision medicine strategy, moving from a highly controlled clinical environment to a targeted commercial launch. This approach minimizes upfront commercial risk by focusing on the genetically-defined patient population, which is approximately 14% of the general population.

Clinical Trial Sites: Primary channel for patient recruitment and drug delivery during development.

The primary channel in late 2025 is the clinical trial network, which serves as the logistical backbone for patient recruitment, drug administration, and data collection for the registrational Phase 3 trial. This trial is expected to begin in late 2025 and utilizes a geographically targeted approach to maximize enrollment efficiency and reduce costs.

The trial sites focus on regions with a higher prevalence of the AG+ biomarker (the target genotype), which is estimated to be greater than 50% in those areas, compared to about 33% in the United States.

Key partners ensure a robust supply chain for the clinical channel:

• Clinical Packaging & Distribution: Catalent, which provides clinical packaging and distribution services to support the Phase 3 trial launch.
• Drug Substance & Product Manufacturing: U.S.-based agreements with Thermo Fisher Scientific and Cambrex to secure robust supply for both clinical and future commercial needs.

The initial Phase 3 trial is designed to leverage a multi-national footprint:

Phase 3 Trial (Planned Late 2025)	Details
Countries	Finland, Sweden, Estonia, Latvia, Poland, Bulgaria, Croatia
Initial Sites	26 clinical sites expected to participate initially
Purpose	Patient recruitment and delivery of AD04 for the adaptive, precision-focused trial

Strategic Licensing: Future out-licensing or co-commercialization agreements with large pharmaceutical companies.

The core commercial channel strategy centers on a future out-licensing or co-commercialization deal with a larger pharmaceutical partner. The successful completion of the End of Phase 2 (EOP2) meeting with the FDA in July 2025 is considered a de-risking milestone that is expected to accelerate strategic partnership discussions.

The company is aiming to secure a partner with the resources to fund and execute a large-scale commercial launch, especially given the multi-billion-dollar global Alcohol Use Disorder (AUD) market opportunity.

For context, Adial Pharmaceuticals already has a licensing deal with Adovate, LLC for its Purnovate assets, which provides a financial model for future out-licensing, including eligibility for up to $83 million in total milestones for the first three compounds, plus low single-digit royalties on net sales. [cite: 6 from first search]

Specialty Pharmacy/Distribution: Expected commercial channel post-approval for the niche, genetically-defined patient population.

Post-approval, the distribution channel will be highly targeted, reflecting the precision medicine approach for the AG+ biomarker-positive patient subset. This necessitates a specialty distribution model, although a specific specialty pharmacy partner has not been named as of late 2025.

The commercialization plan is structured in two stages, focusing on a high-touch, specialized sales approach initially:

• Stage 1 Launch: Utilize a Specialty sales force to target high-prescribing physicians.
• U.S. Target Focus: Concentrate sales efforts on the top 10,000 targets in the U.S.
• EU Target Focus: Focus on the top 3,000 targets across the EU5 (France, Germany, Italy, Spain, UK).

This initial, focused approach is designed to efficiently reach the niche patient population before potentially expanding into a broader market with a General Practitioner sales force in Stage 2.

Genetic Testing Providers: Utilizing partners like Genomind for the AG+ biomarker test distribution.

The channel for the companion diagnostic test is a critical component of the overall AD04 value proposition and is managed through a partnership with Genomind.

This channel is designed for maximum accessibility and precision, ensuring only the patients most likely to respond to AD04 are treated. The test identifies the relevant serotonergic single nucleotide polymorphisms (SNPs) in the HTR3A, HTR3B, and SLC6A4 genes.

Here's the quick math: the AG+ biomarker is in about 14% of the general population, so the test is the gatekeeper for the entire commercial market.

The distribution of the test itself is streamlined:

• Collection Method: A simple cheek swab collection method that can be performed easily in a physician's office or even at home.
• Validation: Genomind successfully completed the analytical validation in October 2025, reporting 100% concordance across all SNP testing parameters.
• Regulatory Status: The FDA confirmed the test is a Non-Significant Risk (NSR) for Phase 3 use, meaning an Investigational Device Exemption (IDE) is defintely not required.

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Customer Segments

The core of Adial Pharmaceuticals' business model is a precision medicine approach, so their customer segments are sharply defined, moving beyond the general Alcohol Use Disorder (AUD) population to a genetically-guided subset. This focus is what drives the potential for higher efficacy and better commercial outcomes.

Biomarker-Positive AUD Patients: Individuals with Alcohol Use Disorder who test positive for the proprietary AG+ genotype, representing approximately 14% of the general population.

This is the primary, high-value customer segment. The entire AD04 program is built around the proprietary AG+ biomarker, which is present in roughly 14% of the general population, based on large-scale epidemiological studies. This genetic targeting is key because clinical data showed a statistically significant response in reducing heavy drinking days in patients with this genotype. In fact, one study indicated AD04 eliminated heavy drinking days in 48% of subjects who possessed the AG+ genotype. You're not selling to the whole AUD market; you're selling a highly effective solution to a clearly identified subset.

• Targeted Population: Patients with the AG+ genotype.
• Genotype Prevalence: Approximately 14% of the general population.
• Expected Efficacy: Elimination of heavy drinking days in 48% of AG+ subjects in one study.

Heavy Drinking Patients: The specific target population for AD04, as defined in clinical trials.

While the AG+ genotype identifies who is likely to respond, the clinical trials define what their drinking behavior must be. The lead indication for AD04 is the treatment of AUD in heavy drinking patients. The planned adaptive Phase 3 trial, which received favorable FDA guidance in 2025, targets individuals with moderate to severe AUD. The definition of a heavy drinking patient in a recent provisional patent update was fewer than 10 drinks per drinking day. This is a crucial distinction, as it narrows the focus to patients with significant clinical need who are more likely to seek and adhere to treatment.

Here's the quick math: with over 35 million people in the US alone affected by AUD, targeting even 14% of that population represents a substantial market opportunity in a multi-billion dollar global market.

Prescribing Physicians: Psychiatrists and addiction specialists who will utilize the genetic test for patient selection.

The physician is the gatekeeper, and their decision-making process is a customer segment in itself. Adial Pharmaceuticals has partnered with Genomind to develop a precision medicine testing solution-a simple cheek swab-to identify eligible patients. The FDA confirmed this cheek swab test is a Non-Significant Risk (NSR) device for use in the Phase 3 trial, which simplifies the regulatory path for the companion diagnostic. This ease of use and the clear genetic guidance are the value proposition for the physician; it allows them to prescribe with greater confidence in a positive outcome, defintely a selling point.

Physician Segment	Value Proposition from AD04/Test	Key Action
Psychiatrists	Precision treatment for a subset of AUD patients, improving patient compliance and outcomes.	Order the companion diagnostic test (cheek swab) and prescribe AD04.
Addiction Specialists	A genetically-guided therapy to address an unmet need in the AUD market.	Integrate genetic testing into the standard of care for AUD diagnosis.

Payers/Insurance Providers: Entities that will cover the cost of the drug and the companion diagnostic test.

Payers-including government programs and private insurance companies-are a critical customer segment because they control reimbursement. Their primary metric is cost-effectiveness. Adial Pharmaceuticals' strategy is that the precision medicine approach will translate to dramatic cost savings to payors by avoiding ineffective treatments for non-responders. The company views the companion diagnostic test as a multi-billion dollar potential market opportunity, indicating a strong revenue stream is anticipated from these entities. For the payer, the value is a reduced total cost of care for AUD patients, a chronic condition that is expensive to manage.

The company's focus on a streamlined path to a registrational Phase 3 trial, following the successful End of Phase 2 meeting with the FDA in July 2025, is intended to accelerate partnership discussions with commercial entities, including these payers.

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Cost Structure

You need to understand exactly where Adial Pharmaceuticals is spending its limited cash, especially as a clinical-stage biopharmaceutical company where the cost structure is dominated by high, fixed-cost R&D. The bottom line is that while Q3 2025 saw a temporary dip in spending due to a lull in clinical activity, the company is positioning itself for a massive cost increase as it commences the registrational Phase 3 trial for AD04.

The company's cost structure is typical for a biotech firm, leaning heavily on Research and Development (R&D) and the associated costs of clinical trials and intellectual property maintenance. The net loss for the three months ended September 30, 2025, was $1.8 million, a slight improvement from the prior year, driven almost entirely by reduced R&D spending. Here is the quick math on the key expense shifts:

Expense Category	Change in Q3 2025 (vs. Q3 2024)	Amount Change	Primary Driver
Research and Development (R&D)	Decrease	Approximately $511 thousand (50%)	Lower clinical activity
General and Administrative (G&A)	Increase	Approximately $63 thousand (5%)	Timing of the annual meeting
Net Loss	Decrease	$0.4 million (from $2.2M to $1.8M)	Reduced R&D spending

Research and Development (R&D)

R&D is the largest and most volatile component of Adial Pharmaceuticals' cost base. This is where the company invests in its core asset, the AD04 drug for Alcohol Use Disorder (AUD). The decrease of approximately $511 thousand, or 50%, in Q3 2025 compared to the same period in 2024 was a direct result of lower clinical activity as the company finalized the adaptive Phase 3 study design with the FDA. This is a temporary cost reduction, defintely not a long-term trend, as the Phase 3 trial will require significant capital.

General and Administrative (G&A)

G&A costs cover the necessary overhead, executive compensation, legal fees, and administrative functions. These costs are generally more fixed than R&D. In Q3 2025, G&A expenses increased by about $63 thousand, or 5%, year-over-year. This modest increase was mainly attributed to the specific timing of the company's annual meeting, which fell into the third quarter in 2025, shifting costs from a later quarter.

Intellectual Property Costs

Protecting the AD04 asset is a critical, ongoing cost. The company must continually spend on patent filings, maintenance, and defense to secure its market exclusivity. This is a non-negotiable fixed cost for a biotech. A key action in 2025 was the filing of an updated provisional patent application for AD04 on July 9, 2025, which is expected to protect the core assets out to at least 2045. This ensures a long runway for potential commercialization.

Manufacturing Costs

Manufacturing costs relate to the Chemistry, Manufacturing, and Controls (CMC) work required to produce the drug substance and finished drug product, AD04, for clinical trials. While R&D was down in Q3, earlier in 2025, R&D expenses actually increased, driven by higher CMC expenses to develop clinical supplies for the upcoming program. The company has secured U.S. manufacturing partnerships with major contract manufacturing organizations like Thermo Fisher Scientific and Cambrex to ensure supply chain security and quality control for the Phase 3 program.

Clinical Trial Operations

The cost of running the adaptive Phase 3 study for AD04 will be the next major expense spike. The current lower clinical activity that drove the Q3 2025 R&D decrease is simply the pause before the next sprint. The costs here include:

• Payments to Contract Research Organizations (CROs) for trial management.
• Clinical site initiation and patient recruitment.
• Drug supply distribution and monitoring.
• Costs associated with the companion diagnostic test, which the FDA has confirmed as Non-Significant Risk (NSR) for Phase 3 use.

This is where the cash burn will accelerate, which is why the company's cash position of $4.6 million as of September 30, 2025, is only expected to fund operations into the second quarter of 2026 based on current plans.

Adial Pharmaceuticals, Inc. (ADIL) - Canvas Business Model: Revenue Streams

Adial Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company, so its revenue streams in late 2025 are not driven by product sales, but by strategic non-dilutive financing and asset monetization. The core revenue model right now is a hybrid of licensing payments and capital raises to fund the development of its lead compound, AD04, for Alcohol Use Disorder (AUD).

Here's the quick math: the company's primary cash inflow in 2025 came from equity financing, which is the necessary, but dilutive, trade-off for a biotech in this development stage. Still, the licensing deals provide a crucial non-dilutive cash runway and validate the value of their intellectual property.

Milestone Payments

Current revenue from licensing agreements provides critical, non-dilutive capital. The most recent concrete example is the May 2025 payment from Adovate, LLC, which acquired Adial's former subsidiary, Purnovate, Inc..

Specifically, Adial received a six-figure development milestone payment from Adovate, LLC on May 13, 2025, following the start of a Phase 1 clinical trial for Adovate's lead compound for asthma, ADO-5030. This payment, while not a blockbuster, validates the monetization strategy for non-core assets.

The total potential value of this licensing structure is substantial, demonstrating significant future revenue potential:

• Total Potential Milestones (First Three Compounds): Up to $83 million.
• Commercial Milestones: Over $50 million.
• Development and Approval Milestones: Up to $11 million per compound.

Equity Financing/Warrant Exercises

The primary source of immediate, working capital funding in 2025 was through equity financing, specifically the exercise of warrants. This is how the company funds its operations and clinical trials, but it comes at the cost of shareholder dilution.

In May 2025, Adial entered a warrant inducement agreement with an institutional investor for the immediate exercise of existing Series B and Series C Warrants. This transaction generated gross cash proceeds of approximately $2.75 million, which the company stated would be used for working capital and general corporate purposes. This capital infusion was essential, as the company's cash and cash equivalents were $2.4 million as of March 31, 2025, and the proceeds were expected to fund operations into the fourth quarter of 2025.

Financing Event (2025)	Gross Proceeds	Purpose
Warrant Inducement Agreement (May 2025)	Approximately $2.75 million	Working Capital, General Corporate Purposes

Future Licensing Fees

The largest anticipated near-term revenue stream is the upfront and milestone payments from a commercialization partner for AD04, their lead drug for Alcohol Use Disorder (AUD). The company has been in active discussions with potential commercial partners to support the Phase 3 trials and eventual commercialization in the US and European markets.

A partnership is expected to follow a similar structure to the Adovate deal, including a significant upfront payment and tiered milestone payments tied to regulatory and commercial success. This is a crucial step to secure the funding needed for the full clinical program, which was previously estimated to cost approximately $25 million to complete the two necessary trials for registration.

Future Product Sales/Royalties

The eventual, long-term revenue stream will come from the sale of AD04 post-FDA approval, but this is highly likely to be through a commercialization partner rather than direct sales by Adial. The model anticipates two components:

• Royalties: A percentage of the net sales from a commercial partner. The Adovate agreement, for instance, entitles Adial to low single-digit royalties on net sales.
• Equity Stake: Adial retains an equity stake in its licensed assets (over 10% in Adovate), allowing them to participate in the long-term upside without the commercialization expense.

The company is defintely pre-revenue from product sales in 2025. The focus remains on achieving the critical regulatory milestones, like the successful End of Phase 2 meeting with the FDA in 2025, which will trigger the next wave of strategic partnership discussions and, ultimately, the future licensing revenue. The net loss for the third quarter of 2025 was $1.8 million, which clearly shows the current financial reality of a development-stage biotech.