Adial Pharmaceuticals, Inc · NASDAQ:ADIL
Adial Pharmaceuticals — Merger or Acquisition (October 2026)
25 slides from Adial Pharmaceuticals's merger presentation, October 2026
Slide 1: Transaction & Company Overview
Transaction & Company Overview October 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, refined by science, optimized for patients
Inspired by nature, refined by science, optimized for patients Azora Therapeutics is a Stanford spin-out focused on developing treatments for serious inflammatory diseases. AT177 is a fully-synthetic, patented, oral, colon-targeted aryl hydrocarbon receptor (AhR) agonist designed to restore mucosal
Slide 6: AT177: an AhR agonist rationally designed to transform UC
AT177: an AhR agonist rationally designed to transform UC Current approved therapies for ulcerative colitis (UC) are inadequate due to limited efficacy, Target validated in patients: AT177's active moiety indirubin is the same as in indigo naturalis which has demonstrated clinical remission in UC pa
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 data with 16.4% placebo-adjusted remission at induction7
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, colon-targeted 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 designed AT177 based on validated science to be a potentially best-in-class treatment for serious inflammatory diseases 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 induces clinical remission in patients, supporting AhR mechanism in UC
Indigo naturalis induces clinical remission in patients, supporting 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-adjusted clinical remission 1 • Long term use:
Slide 12: AhR has the potential to raise the efficacy bar in UC
AhR has the potential to raise the efficacy bar in UC UC placebo-adjusted clinical remission rates by mechanism of action at induction Indigo naturalis AhR agonist1 21-51% placebo-adjusted remission demonstrates potential efficacy with AhR MiR-124 / AhR2 mechanism JAK inhibitor Obefazimod Medium-pot
Slide 13: AhR is a validated target in inflammatory disease: efficacy is driven locally
AhR is a validated target in inflammatory disease: 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 e
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 3 agonist in indigo naturalis with sub- in the lumen of the colon and
Slide 15: AT177 behaves like indirubin in DSS colitis mouse model with superior in vivo AhR activity
AT177 behaves like indirubin in DSS colitis mouse model with superior in vivo AhR activity Local colon AhR signaling * Oral AT177 shows activity in UC models and achieves ~8X more colon AhR signaling than indirubin fDextran sodium sulfate (DSS) model. Mice treated for 9 days orally with a molar equi
Slide 16: AT177 reduces disease activity in TNBS colitis and supported by histology
AT177 reduces disease activity 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 admini
Slide 17: AT177 is designed to be colon-targeted with a wide therapeutic index
AT177 is designed to be colon-targeted with 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 have the right profile for UC
AT177 was rationally designed to have the right profile for UC Azora Abivax Equillium Dr. Falk1 Active moiety has shown benefit in patients a︎ X X Activity Azora’s AT177 designed to be highly potent, High potency AhR agonist X rapidly metabolized, and highly gut-restricted to Optimized PK/P
Slide 19: AT177: same active moiety as indigo naturalis with the potential for improved control and delivery
AT177: same active moiety as indigo naturalis with the potential for improved control and delivery 1. Indigo naturalis has demonstrated clinical remission in refractory UC 2. Indigo naturalis efficacy requires AhR signaling in the intestinal epithelium 3. Indirubin is the most potent AhR agonist in
Slide 20: AT177: Phase 1 clinical trial planned for 2027
AT177: Phase 1 clinical trial planned for 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 Reg IND Submission CMC GMP Manufacturing GMP Manufacturing MTD, Dose GLP 28d Tox Finding minipig Long te
Slide 23: 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) 2042 • Fully-synthetic indirubin prodrugs US-2024-0182416-A1 Method Granted (US) 2042 • Use of APIs in inflammatory d
Slide 24: AT177: Ulcerative colitis success may unlock Crohn's disease and possible combinations
AT177: Ulcerative colitis success may unlock Crohn’s disease and possible combinations Discovery Pre-Clinical IND-Enabling Phase 1a/1b Phase 2 Phase 3 AT177 Ulcerative Colitis Initiate Phase 1 trial 1H 2027 Lead program AT177 Crohn's Disease Current financing TODAY positions Azora through IND-enabl
Slide 25: Thank You
Thank You Investor Contact Mike Moyer, Managing Director LifeSci Advisors +1-617-308-4306 [email protected] 25
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