The company is now a post-merger entity with a new pipeline focus. The large authorized share increase and warrant overhang create significant potential dilution, but the $32M cash runway and potential milestone payment provide near-term funding. Monitor for Nasdaq listing approval (previously pending) and Phase 1 trial initiation in H1 2027 as key catalysts.
Price Chart
Executive Summary
Adial Pharmaceuticals completed its transformation into Azora Therapeutics, effective October 29, 2026, with a name change, a new ticker symbol (AZR), and a 5x increase in authorized common shares to 500 million. Stockholders approved the conversion of Series A preferred stock and the issuance of shares underlying warrants from the June 2026 merger with Legacy Azora. A new executive team was appointed, including CEO Matthew Davidson, CFO Celia Economides, and Chief Strategy Officer Julie Saiki. The company is now focused on advancing AT177, an oral AhR agonist for ulcerative colitis, with a Phase 1 trial expected in the first half of 2027 and cash runway into 2028.
Key Facts
- Company name changed from Adial Pharmaceuticals to Azora Therapeutics, effective October 29, 2026.
- Ticker symbol changes from ADIL to AZR, effective October 29, 2026.
- Authorized common shares increased from 100 million to 500 million.
- Stockholders approved the conversion of Series A preferred stock into 12,930,601 common shares.
- Stockholders approved the potential issuance of up to 11,780,948 shares upon exercise of pre-funded warrants and up to 23,561,896 shares upon exercise of milestone warrants.
- CEO Cary J. Claiborne and CFO Vinay Shah were terminated; Matthew Davidson appointed CEO, Celia Economides CFO, Julie Saiki Chief Strategy Officer.
- Lead asset AT177, an oral AhR agonist for ulcerative colitis, is in IND-enabling studies with a Phase 1 trial planned for H1 2027.
- Cash and cash equivalents expected to fund operations into 2028, with potential for an additional $32 million upon Phase 1 initiation.
- Private placement in June 2026 provided approximately $32 million in gross proceeds.
Financial Impact
Authorized share count increased from 100M to 500M; up to 48.3M new shares could be issued from preferred conversion and warrant exercises (excluding milestone warrants). Cash runway into 2028 with potential $32M milestone payment.
Risk Factors
- Massive authorized share increase (500M vs 2.6M outstanding) signals heavy future dilution from warrant exercises and potential additional financings.
- Nasdaq conditional approval of listing application was still pending as of the meeting, creating delisting risk.
- Phase 1 trial has not started; preclinical-stage asset with no approved products.
- Prior CEO and CFO terminated, indicating management upheaval.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-113337 |
| Document: ea030997701ex99-1.htm | 0001213900-26-113337 |
| Document: ea030997701ex3-1.htm | 0001213900-26-113337 |
| Document: 0001213900-26-113337-index-headers.html | 0001213900-26-113337 |
| Document: 0001213900-26-113337-index.html | 0001213900-26-113337 |
| Document: 0001213900-26-113337.txt | 0001213900-26-113337 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 28, 2026 1d ago | 8-K | $3.83 | awaiting T+60 | awaiting T+60 | No price |
Oct 28, 2026 1d ago | Press Release | $4.95 | awaiting T+60 | awaiting T+60 | No price |
Oct 27, 2026 2d ago | EFFECT | $3.71 | awaiting T+60 | awaiting T+60 | No price |
Oct 20, 2026 9d ago | 10-Q/A | $4.11 | awaiting T+60 | awaiting T+60 | No price |
Oct 20, 2026 9d ago | S-3/A | $4.11 | awaiting T+60 | awaiting T+60 | No price |
Oct 16, 2026 13d ago | DEFA14A | $3.62 | awaiting T+60 | awaiting T+60 | No price |
Oct 16, 2026 13d ago | 8-K | $3.62 | awaiting T+60 | awaiting T+60 | No price |
Sep 30, 2026 29d ago | Press Release | $4.13 | awaiting T+60 | awaiting T+60 | No price |
Sep 18, 2026 5w ago | DEFA14A | $4.40 | awaiting T+60 | awaiting T+60 | No price |
Sep 18, 2026 5w ago | 8-K | $4.40 | awaiting T+60 | awaiting T+60 | No price |
US Market Status
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