Adial Pharmaceuticals, Inc · NASDAQ:ADIL
Adial Pharmaceuticals — Merger or Acquisition (June 2026)
26 slides from Adial Pharmaceuticals's merger presentation, June 2026
Slide 1: Transaction & Company Overview
Transaction & Company Overview June 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation includes statements that are, or may be deemed, ‘‘forward-looking statements’’ within the meaning of the U.S. federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptions and are subject to kno
Slide 3: Adial / Azora – Transaction highlights
Adial / Azora – Transaction highlights Transaction Structure Use of Proceeds Management • Acquisition of Azora structured as a • Proceeds and existing cash and cash Continuing Azora Leadership: stock-for-stock transaction where all equivalents position the combined Matt Davidson PhD, Cofounder/CEO o
Slide 4: Capitalization
Capitalization As of 06/10/2026 • Shares of common stock, preferred stock and Pre-acquisition Adial common stock outstanding 2,188,469 options were issued to Azora security holders in Adial options and warrants (as converted to common)1 2,113 exchange for all of Azora’s outstanding equity interests.
Slide 5: Inspired by nature, clinically validated, scientifically optimized
Inspired by nature, clinically validated, scientifically optimized Azora Therapeutics is a Stanford spin-out advancing potential best-in-category therapies inspired by indigo naturalis, a botanical extract with demonstrated clinical benefit in ulcerative colitis but potential systemic safety liabili
Slide 6: AT177: Potential best-in-class AhR agonist rationally designed to transform UC
AT177: Potential best-in-class AhR agonist rationally designed to transform UC Current approved therapies for ulcerative colitis (UC) are inadequate due to limited efficacy, Validated in patients with ulcerative colitis: AT177's active moiety indirubin is the secondary loss of response, and systemic
Slide 7: IBD is a $30B market: even modest improvements in efficacy unlock significant value
IBD is a $30B market: even modest improvements in efficacy unlock significant value Market opportunity Value creation precedents $30B per year 1 $10B market cap $11B in UC, 5M patients and growing, shift to orals 2, 3 after positive UC Phase 3 AhR agonist data with 16.4% placebo-adjusted remission a
Slide 8: AT177: From botanical proof-of-concept to rationally-engineered drug
AT177: From botanical proof-of-concept to rationally-engineered drug The discovery: The solution: Azora cofounder Julie Saiki treated her refractory UC with a AT177, a fully-synthetic, gut-restricted small molecule AhR botanical mixture called indigo naturalis agonist, designed to recapitulate the b
Slide 9: Inspired by nature, Rationally designed
Inspired by nature Rationally designed Azora is inspired by patient experience and robust clinical data We rationally built AT177 based on validated science for potential best-class-safety and best-in-category efficacy 9
Slide 10: Aryl hydrocarbon receptor (AhR) is a master regulator of gut health
Aryl hydrocarbon receptor (AhR) is a master regulator of gut health AhR: transcription factor expressed in immune cells and epithelium that regulates immune and barrier function (increases tight junction proteins)¹ AhR agonism reduces pro-inflammatory cytokines (IL-17a, IL-6, TNFα) and increases IL-
Slide 11: Indigo naturalis has profound durable efficacy, validating AhR mechanism in UC
Indigo naturalis has profound durable efficacy, validating AhR mechanism in UC Stanford phase 1b (n=11) Randomized, double-blind, placebo-controlled (n=86) Long term maintenance (n=33) • Refractory patients: 9/11 anti-TNF ; • Up to 50% placebo-adjust clinical remission 1 • Long term use: clinical re
Slide 12: AhR has the potential to raise the efficacy bar in UC
AhR has the potential to raise the efficacy bar in UC Indigo naturalis UC placebo-adjusted clinical remission rates by mechanism of action at induction 21-51% placebo-adjusted remission demonstrates potential ceiling-breaking AhR agonist1 efficacy with AhR mechanism MiR-124 / AhR2 Obefazimod Medium-
Slide 13: AhR is a validated target: efficacy is driven locally, not systemically
AhR is a validated target: efficacy is driven locally, not systemically Blocking AhR Colon epithelial signaling Local AhR activation eliminates benefit key sufficient to drive of indigo naturalis to efficacy1 clinical benefit When AhR is knocked out in a murine colitis When epithelial AhR is knocked
Slide 14: AT177 converts into indirubin, the active moiety in indigo naturalis
AT177 converts into indirubin, the active moiety in indigo naturalis AhR activation in vitro Indirubin Indigo Indigo naturalis Indirubin is the most potent AhR AT177 rapidly converts into indirubin Indirubin directly binds the AhR agonist in indigo naturalis with sub- in the lumen of the colon and d
Slide 15: AT177 works like indirubin in DSS colitis mouse model with superior in vivo AhR activity
AT177 works like indirubin in DSS colitis mouse model with superior in vivo AhR activity Local colon AhR signaling Oral AT177 is effective in UC models and achieves ~8X more colon AhR signaling than indirubin Dextra sodium sulfate (DSS) model. Mice treated for 9 days orally with a molar equivalent o
Slide 16: AT177 is effective in TNBS colitis and supported by histology
AT177 is effective in TNBS colitis and supported by histology Rodents treated with oral AT177 have preserved colonic crypt architecture, restored epithelial integrity and reduced inflammatory infiltrate in lamina propria Trinitrobenzene sulfonic acid (TNBS) model. Sham animals not administered TNBS.
Slide 17: AT177 is exquisitely gut-restricted and has a wide therapeutic index
AT177 is exquisitely gut-restricted and has a wide therapeutic index Oral AT177 Administration 10X Lower plasma Cmax than 1,000X Greater indirubin colon levels topical tapinarof than plasma levels 500X Lower plasma Cmax than oral obefazimod Indirubin levels above the EC 50 along Robust colon AhR act
Slide 18: AT177 was rationally designed to be a potential best-in-class AhR agonist for UC
AT177 was rationally designed to be a potential best-in-class AhR agonist for UC Azora Abivax Equillium Dr. Falk1 Active moiety has shown benefit in patients a︎ a︎ X X Azora’s AT177 designed Efficacy to be highly potent, High potency AhR agonist a︎ X a︎ a︎ rapidly metabolized, and the most gut-rest
Slide 19: AT177 is clinically derisked - same active moiety as indigo naturalis with superior control and delivery
AT177 is clinically derisked - same active moiety as indigo naturalis with superior control and delivery 1. Indigo naturalis has demonstrated clinical benefit in refractory UC 2. Indigo naturalis efficacy requires AhR signaling in the intestinal epithelium 3. Indirubin is the most potent AhR agonist
Slide 20: AT177: Phase 1 clinical trial 2027
AT177: Phase 1 clinical trial 2027 With rapid progression to Phase 1 and 2 value inflection 20
Slide 21: CMC infrastructure is ready to support clinical advancement
CMC infrastructure is ready to support clinical advancement Drug Substance Drug Product Formulation Scale-Up • Commercially available fully- • Uses only FDA-approved • KG+ feasibility batches synthetic starting materials excipients completed • Proprietary synthetic route • Highly-targeted release pr
Slide 22: Financing positions Azora through IND-enabling studies and into PoC in UC
Financing positions Azora through IND-enabling studies and into PoC in UC 2026 2027 2028 2029 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Financing $32M financing Up to $32M milestone tranche Open Reg IND CMC GMP Manufacturing GMP Manufacturing MTD, Dose GLP 28d Tox Finding minipig Long term tox
Slide 23: Experienced team with track record of FDA approval
Experienced team with track record of FDA approval Cary J. Claiborne MBA Vinay Shah MBA Matt Davidson PhD Julie Saiki PhD Chief Executive Officer, Chief Financial Officer Chief Development Officer, EVP of Strategy Director Director Our team and advisors have developed the following drugs: 23
Slide 24: Strong, long-dated granted IP position with broad claims on use of AhR agonists pending
Strong, long-dated granted IP position with broad claims on use of AhR agonists pending Publication No. Type Status Expires Key Claims US-2023 0227408-A1 Composition Granted (US, JP) 2043 • Indirubin prodrugs US-2024-0182416-A1 Method Granted (US) 2043 • Use of APIs in inflammatory diseases US-2025-
Slide 25: AT177: Ulcerative colitis success unlocks Crohn's disease and possible combinations
AT177: Ulcerative colitis success unlocks Crohn’s disease and possible combinations Discovery Pre-Clinical IND-Enabling Phase 1a/1b Phase 2 AT177 Ulcerative Colitis Initiate Phase 1 trial 2027 Lead program AT177 Crohn's Disease UC proof unlocks CD Undisclosed Current financing Platform optionality
Slide 26: Thank you
Thank you Investor Contact Mike Moyer, Managing Director LifeSci Advisors +1-617-308-4306 mmoyer@lifesciadvisors.com 26
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