Adial Pharmaceuticals, Inc.

AI-generated fair value estimate for this company.

Method: Pre-transaction net-cash NAV of $10.92/share ($28.71M cash, no debt, 2.63M shares as of 6/30/2026), discounted 55% for the near-certain dilutive impact of the pending Azora Therapeutics reverse-merger and up-to-$64M financing (including a $26.8M PIPE), which the company's own proxy materials describe as creating a roughly $53M new-share overhang; net result approximately $4.91/share.

Reasoning: Adial's current balance sheet is cash-rich relative to its market cap, but the company has a signed, imminent merger with Azora Therapeutics that will issue enough new shares to swamp existing holders and redirect resources toward Azora's pipeline, so today's cash-only NAV overstates what current shareholders will retain; discounting it for the disclosed dilution overhang is the most defensible real-calculation approach given the information available.