Matt Davidson - 11 Jun 2026 Form 4 Insider Report for ADIAL PHARMACEUTICALS, INC. (ADIL)

Reporting relationship: Chief Development Officer, Director
Issuer ticker: ADIL
Reported as of: 11 Jun 2026
Net transaction value: $0
SEC form: 4
Accepted by SEC: 16 Jun 2026, 06:36:48 UTC
Source filing: View source filing
Reporting owner signature: /s/ Matthew Gene Davidson

Key filing fact

Matt Davidson filed Form 4 for ADIAL PHARMACEUTICALS, INC. (ADIL) on 16 Jun 2026.

Key facts

This page summarizes Matt Davidson's Form 4 filing for ADIAL PHARMACEUTICALS, INC. (ADIL).
6 reported transactions and 1 derivative row are listed below.
Accepted by SEC: 16 Jun 2026, 06:36.

Change

No earlier filing in this sequence is available for direct comparison.
Current net transaction value: $0.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (1)

CIK 0001741937 Primary reporting owner

Davidson Matt

Relationship: Chief Development Officer, Director
Address: C/O ADIAL PHARMACEUTICALS, INC., 4870 SADLER ROAD, SUITE 300, GLEN ALLEN
Signature: /s/ Matthew Gene Davidson
Signature date: 16 Jun 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

ADIL transaction

Common Stock

Award

Transaction value
Shares: +61,647
Change %
Price
Shares after: 61,647
Date: 11 Jun 2026
Ownership: Direct
Footnotes: F1, F2

ADIL transaction

Common Stock

Award

Transaction value
Shares: +3,427
Change %
Price
Shares after: 3,427
Date: 11 Jun 2026
Ownership: By Matt and Alli Davidson Trust
Footnotes: F2, F3, F6

ADIL transaction

Common Stock

Award

Transaction value
Shares: +232,417
Change %: +357%
Price: $0.000000^*
Shares after: 297,491
Date: 12 Jun 2026
Ownership: Direct
Footnotes: F4

ADIL transaction

Series A Preferred Stock

Award

Transaction value
Shares: +1,822
Change %
Price
Shares after: 1,822
Date: 11 Jun 2026
Ownership: Direct
Footnotes: F1, F2, F5

ADIL transaction

Series A Preferred Stock

Award

Transaction value
Shares: +101
Change %: +5.6%
Price
Shares after: 1,923
Date: 11 Jun 2026
Ownership: By Matt and Alli Davidson Trust
Footnotes: F2, F3, F5, F6

Reported derivative securities

Options, warrants, convertible securities, or similar derivative positions disclosed in the filing.

ADIL transaction Derivative

Stock Option (Right to Buy)

Award

Transaction value
Shares: +232,417
Change %
Price: $0.000000^*
Shares after: 232,417
Date: 12 Jun 2026
Ownership: Direct
Underlying class: Common Stock
Underlying amount: 232,417
Exercise price: $2.89
Footnotes: F7

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 7 footnotes

Footnote F1

Received in exchange for 5,902,500 shares of common stock of Azora Therapeutics, Inc. ("Azora"), pursuant to the terms of the Agreement and Plan of Merger, dated June 11, 2026 ("Merger Agreement"), by and among the Issuer, Adial Merger Sub, Inc., a wholly owned subsidiary of the Issuer ("First Merger Sub"), Adial Second Merger Sub, LLC, a wholly owned subsidiary of the Issuer ("Second Merger Sub"), and Azora.

Footnote F2

Under the terms of the Merger Agreement, on June 11, 2026, First Merger Sub merged with and into Azora, with Azora surviving the first merger as a wholly owned subsidiary of the Issuer, and immediately following the first merger, Azora merged with and into Second Merger Sub, with Second Merger Sub surviving the second merger as a wholly owned subsidiary of the Issuer (such mergers, collectively the "Merger"). Upon the closing of the Merger, shares of outstanding common stock, Series A-1 Preferred Stock, Series A-2 Preferred Stock and Series A-3 Preferred Stock of Azora were converted into the right to receive shares of the Issuer's common stock and Series A Non-Voting Convertible Preferred Stock ("Series A Preferred Stock") in accordance with the Merger Agreement.

Footnote F3

Received in exchange for 200,000 shares of Series A-1 Preferred Stock and 128,138 of Series A-2 Preferred Stock of Azora, pursuant to the terms of the Merger Agreement.

Footnote F4

Represents an award of restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of the Issuer's Common Stock. The RSUs will vest in substantially equal consecutive monthly increments over a 36-month period beginning on July 12, 2026.

Footnote F5

Each share of Series A Preferred Stock is convertible into 1,000 shares of the Issuer's common stock automatically following stockholder approval and satisfaction of certain Nasdaq listing standards, subject to certain beneficial ownership and other limitations, as set forth in the Certificate of Designation of the Series A Preferred Stock.

Footnote F6

The Reporting Person serves as co-trustee of the Matt and Alli Davidson Trust.

Footnote F7

The stock option will vest in substantially equal consecutive monthly increments over a 36-month period beginning on July 12, 2026.