ADIL Adial Pharmaceuticals Inc

 

As filed with the Securities and Exchange Commission on December 12, 2024 

Registration No. 333-          

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM S-8

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

 

ADIAL PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware		82-3074668
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer No.) Identification Number)

 

4870 Sadler Road, Suite 300
Glen Allen, Virginia 23060
(804) 487-8196

(Address, including ZIP code, and telephone number, including area code, of registrant’s principal executive office)

 

ADIAL PHARMACEUTICALS, INC. 2017 EQUITY INCENTIVE PLAN

(Full title of the Plan)

 

Cary J. Claiborne

President and Chief Executive Officer

Adial Pharmaceuticals, Inc.
4870 Sadler Road, Suite 300
Glen Allen, Virginia 23060
(804) 487-8196

(Name, address and telephone number of agent for service)

 

with copies to:

 

Leslie Marlow, Esq.

Patrick J. Egan, Esq.

Hank Gracin, Esq

Blank Rome LLP

1271 Avenue of the Americas

New York, New York 10020

(212) 885-5000

(Name, address and telephone number)

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer   ☐	Accelerated filer  ☐
Non-accelerated filer     ☒	Smaller reporting company  ☒
	Emerging growth company  ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

EXPLANATORY NOTE

 

Adial Pharmaceuticals, Inc. (the “Registrant” or the “Company”) filed with the Securities and Exchange Commission (the “Commission”) its Registration Statement on Form S-8 (Registration No. 333-226884) on August 16, 2018 (the “2018 Registration Statement”) for the purpose of registering under the Securities Act of 1933, as amended (the “Securities Act”), 1,750,000 shares (70,000 shares post-Reverse Stock Split (as defined below)) of common stock, par value $0.001 per share (the “Common Stock”), to be offered and sold under the Registrant’s 2017 Equity Incentive Plan (hereinafter referred to as the “Plan”).  Pursuant to General Instruction E to Form S-8, the contents of the 2018 Registration Statement are incorporated into this Registration Statement by reference. 

 

The Registrant also filed with the Commission its Registration Statement on Form S-8 (Registration No. 333-233760) on September 13, 2019 (the “2019 Registration Statement”) pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering under the Securities Act an additional 1,750,000 shares (70,000 shares post-Reverse Stock Split) of Common Stock to be offered and sold under the Plan.  These additional shares of Common Stock were added pursuant to the adoption of Amendment No. 1 to the Plan.  Pursuant to General Instruction E to Form S-8, the contents of the 2019 Registration Statement are incorporated into this Registration Statement by reference.

 

The Registrant also filed with the Commission its Registration Statement on Form S-8 (Registration No. 333-248759) on September 11, 2020 (the “2020 Registration Statement”) pursuant to and in accordance with the requirements of General Instruction E to Form S-8 for the purpose of registering under the Securities Act an additional 2,000,000 shares (80,000 shares post-Reverse Stock Split) of Common Stock to be offered and sold under the Plan.  These additional shares of Common Stock were added pursuant to the adoption of Amendment No. 2 to the Plan.  Pursuant to General Instruction E to Form S-8, the contents of the 2020 Registration Statement are incorporated into this Registration Statement by reference.

 

The Registrant also filed with the Commission its Registration Statement on Form S-8 (Registration No. 333-260304) on October 15, 2021 (the “2021 Registration Statement”) to register an additional 2,000,000 shares (80,000 shares post-Reverse Stock Split) of Common Stock that were added to the Plan by a vote of the Registrant’s stockholders at the Registrant’s 2021 Annual Meeting of Stockholders, which was held on September 27, 2021. These additional shares of Common Stock were added pursuant to the adoption of Amendment No. 3 to the Plan. The aggregate number of shares of Common Stock issuable under the Plan, as amended, after the adoption of Amendment No. 3 to the Plan, was 7,500,000 shares (300,000 shares post-Reverse Stock Split).  Pursuant to General Instruction E to Form S-8, the contents of the 2021 Registration Statement are incorporated into this Registration Statement by reference.

 

The Registrant also filed with the Commission its Registration Statement on Form S-8 (Registration No. 333-267972) on October 21, 2022 (the “2022 Registration Statement”) to register an additional 2,000,000 shares (80,000 shares post-Reverse Stock Split) of Common Stock that were added to the Plan by a vote of the Registrant’s stockholders at the Registrant’s 2022 Annual Meeting of Stockholders, which was held on October 13, 2022. These additional shares of Common Stock were added pursuant to the adoption of Amendment No. 4 to the Plan. The aggregate number of shares of Common Stock issuable under the Plan, as amended, after the adoption of Amendment No. 4 to the Plan, was 9,500,000 shares (380,000 shares post-Reverse Stock Split).  Pursuant to General Instruction E to Form S-8, the contents of the 2022 Registration Statement are incorporated into this Registration Statement by reference.

 

On August 4, 2023, the Registrant effected a reverse stock split of its outstanding shares of Common Stock at a ratio of 1-for-25 (the “Reverse Stock Split”), which reduced the number of shares of Common Stock reserved under the Plan to 380,000.

 

The Registrant also filed with the Commission a Registration Statement on Form S-8 (Registration No. 333-276003) on December 12, 2023 (the “2023 Registration Statement”) to register an additional 120,000 shares (post-Reverse Stock Split) of Common Stock that were added to the Plan by a vote of the Registrant’s Board of Directors and the Registrant’s stockholders at the Registrant’s 2023 Annual Meeting of Stockholders, which was held on November 2, 2023. These additional 120,000 shares of Common Stock were added pursuant to the adoption of Amendment No. 5 to the Plan. The aggregate number of shares of Common Stock that may be issued under the Plan, as amended, after the adoption of Amendment No. 5 to the Plan, is 500,000 shares.  Pursuant to General Instruction E to Form S-8, the contents of the 2023 Registration Statement are incorporated into this Registration Statement by reference.

 

The Registrant is filing this Registration Statement on Form S-8 (the “Registration Statement”) to register an additional 1,500,000 shares of Common Stock that were added to the Plan by a vote of the Registrant’s Board of Directors and the Registrant’s stockholders at the Registrant’s 2024 Annual Meeting of Stockholders, which was held on November 12, 2024. These additional 1,500,000 shares of Common Stock were added pursuant to the adoption of Amendment No. 6 to the Plan. The aggregate number of shares of Common Stock that may be issued under the Plan, as amended, after the adoption of Amendment No. 6 to the Plan, is 2,000,000 shares.  

 

 

PART I

 

INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS

 

The information specified in Item 1 and Item 2 of Part I of this Registration Statement on Form S-8 is omitted from this filing in accordance with the provisions of Rule 428 under the Securities Act, and the introductory note to Part I of Form S-8. The documents containing the information specified in Part I will be delivered to the participants in the Plan as required by Rule 428(b)(1). Such documents and the documents incorporated by reference in this Registration Statement pursuant to Item 3 of Part II of this Registration Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of the Securities Act.

 

 

PART II

 

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

 

Item 3. Incorporation of Documents by Reference.

 

The Securities and Exchange Commission (the “Commission”) allows the Registrant to “incorporate by reference” the information it files with it which means that it can disclose important information to you by referring you to those documents instead of having to repeat the information in this prospectus. The information incorporated by reference is considered to be part of this prospectus, and later information that the Registrant files with the Commission will automatically update and supersede this information. The Registrant incorporates by reference the documents listed below and any future filings made with the Commission (Commission File No. 001-38323) under Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act between the date of this prospectus and the termination of the offering:

 

●

the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Commission on April 1, 2024;

 

●

the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the Commission on May 14, 2024, the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 filed with the Commission on August 13, 2024, and the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 filed with the Commission on November 13, 2024;

 

●

the Registrant’s Current Reports on Form 8-K filed with the Commission on January 16, 2024, January 18, 2024 (other than as indicated therein), March 6, 2024, April 16, 2024, April 18, 2024, April 26, 2024, November 5, 2024, November 12, 2024, November 18, 2024, and December 6, 2024; and

 

●

the Registrant’s Definitive Proxy Statement on Schedule 14A filed with the Commission on September 27, 2024; and

 

●

the description of the Registrant’s Common Stock set forth in (i) the Registrant’s registration statement on Form 8-A12B, filed with the Commission on December 11, 2017, as amended by the registration statement on Form 8-A12B/A filed with the Commission on July 23, 2018, and (ii) Exhibit 4.17—Description of Securities to the Registrant’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 filed with the Commission on April 1, 2024.

 

All reports and other documents subsequently filed by the Company pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act shall be deemed to be incorporated by reference in this Registration Statement and to be a part of this Registration Statement from the respective date of filing of each of those reports or documents until the filing of a post-effective amendment to this Registration Statement which indicates either that all securities offered by this Registration Statement have been sold or which deregisters all of the securities under this Registration Statement then remaining unsold.

 

Any statement contained in this Registration Statement or in a document incorporated or deemed to be incorporated by reference in this Registration Statement shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained in this Registration Statement or in any other subsequently filed document which also is or is deemed to be incorporated by reference in this Registration Statement modifies or supersedes that statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement.  

 

 

Item 4. Description of Securities.

 

The class of securities to be offered is registered under Section 12 of the Exchange Act.

 

Item 5. Interests of Named Experts and Counsel.

 

Not applicable.

 

Item 6. Indemnification of Directors and Officers.

 

The Registrant is incorporated under the laws of the State of Delaware. Section 145 of the Delaware General Corporation Law provides that a Delaware corporation may indemnify any persons who were, are, or are threatened to be made, parties to any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative (other than an action by or in the right of such corporation), by reason of the fact that such person is or was an officer, director, employee or agent of such corporation, or is or was serving at the request of such corporation as an officer, director, employee or agent of another corporation or enterprise. The indemnity may include expenses (including attorneys’ fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by such person in connection with such action, suit or proceeding, provided that such person acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the corporation’s best interests and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was illegal except that no indemnification is permitted without judicial approval if the officer or director is adjudged to be liable to the corporation. Where an officer or director is successful on the merits or otherwise in the defense of any action referred to above, the corporation must indemnify him or her against the expenses (including attorneys’ fees) actually and reasonably incurred.

 

The Registrant’s certificate of incorporation and bylaws provide for the indemnification of its directors and officers to the fullest extent permitted under the Delaware General Corporation Law.

  

Section 102(b)(7) of the Delaware General Corporation Law permits a corporation to provide in its certificate of incorporation that a director of the corporation shall not be personally liable to the corporation or its stockholders for monetary damages for breach of fiduciary duties as a director, except for liability for any:

 

●

transaction from which the director derives an improper personal benefit;

 

●

act or omission not in good faith or that involves intentional misconduct or a knowing violation of law;

 

●

unlawful payment of dividends or redemption of shares; or

 

●

breach of a director’s duty of loyalty to the corporation or its stockholders.

 

The Registrant’s certificate of incorporation includes such a provision. Expenses incurred by any officer or director in defending any such action, suit or proceeding in advance of its final disposition shall be paid by the Registrant upon delivery to it of an undertaking, by or on behalf of such director or officer, to repay all amounts so advanced if it shall ultimately be determined that such director or officer is not entitled to be indemnified by the Registrant.

 

Section 174 of the Delaware General Corporation Law provides, among other things, that a director who willfully or negligently approves of an unlawful payment of dividends or an unlawful stock purchase or redemption, may be held liable for such actions. A director who was either absent when the unlawful actions were approved or dissented at the time may avoid liability by causing his or her dissent to such actions to be entered in the books containing minutes of the meetings of the board of directors at the time such action occurred or immediately after such absent director receives notice of the unlawful acts.

 

 

As permitted by the Delaware General Corporation Law, the Registrant has entered into indemnity agreements with each of its directors and executive officers, that require the Registrant to indemnify such persons against any and all costs and expenses (including attorneys’, witness or other professional fees) actually and reasonably incurred by such persons in connection with any action, suit or proceeding (including derivative actions), whether actual or threatened, to which any such person may be made a party by reason of the fact that such person is or was a director or officer or is or was acting or serving as an officer, director, employee or agent of the Registrant or any of its affiliated enterprises. Under these agreements, the Registrant is not required to provide indemnification for certain matters, including:

 

●

indemnification beyond that permitted by the Delaware General Corporation Law;

 

●

indemnification for any proceeding with respect to the unlawful payment of remuneration to the director or officer;

 

●

indemnification for certain proceedings involving a final judgment that the director or officer is required to disgorge profits from the purchase or sale of the Registrant’s stock;

 

●

indemnification for proceedings involving a final judgment that the director’s or officer’s conduct was in bad faith, knowingly fraudulent or deliberately dishonest or constituted willful misconduct or a breach of his or her duty of loyalty, but only to the extent of such specific determination;

 

●

indemnification for proceedings or claims brought by an officer or director against us or any of the Registrant’s directors, officers, employees or agents, except for claims to establish a right of indemnification or proceedings or claims approved by the Registrant’s board of directors or required by law;

 

●

indemnification for settlements the director or officer enters into without the Registrant’s consent; or

 

●

indemnification in violation of any undertaking required by the Securities Act or in any registration statement filed by the Registrant.

 

The indemnification agreements also set forth certain procedures that will apply in the event of a claim for indemnification thereunder.

 

The Registrant has an insurance policy in place that covers its officers and directors with respect to certain liabilities, including liabilities arising under the Securities Act or otherwise.

 

Item 7. Exemption from Registration Claimed.

 

Not applicable.

 

 

Item 8. Exhibits.

 

EXHIBIT INDEX

 

Exhibit No.		Description
3.1		Certificate of Incorporation of Adial Pharmaceuticals, Inc. (1)
3.2		Certificate of Amendment to Certificate of Incorporation of Adial Pharmaceuticals, Inc. (2)
3.3		Amended and Restated Bylaws of Adial Pharmaceuticals, Inc. (3)
4.1		Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan, as amended (4)
4.2		Amendment No. 1 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (5)
4.3		Form of Stock Option Grant Notice, Option Agreement (Incentive Stock Option or Nonstatutory Stock Option) and Notice of Exercise under the 2017 Equity Incentive Plan (6)
4.4		Amendment No. 2 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (7)
4.5		Amendment No. 3 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (8)
4.6		Amendment No. 4 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (9)
4.7		Amendment No. 5 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (10)
4.8		Amendment No. 6 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Stock Plan (11)
5.1		Opinion of Blank Rome LLP (12)
23.1		Consent of Marcum, LLP, Independent Registered Public Accounting Firm (12)
23.2		Consent of Blank Rome LLP (contained in Exhibit 5.1) (12)
24.1		Power of Attorney (included on the signature page of this registration statement) (12)
107		Filing Fee Table (12)

 

(1)	Incorporated by reference to the Registrant’s Form S-1, as amended (File No. 333-220368), filed with the Securities and Exchange Commission on October 25, 2017.

 

(2)	Incorporated by reference to the Registrant’s Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission on August 4, 2023.

 

(3)	Incorporated by reference to the Registrant’s Annual Report on Form 10-K (File No. 001-38323) filed with the Securities and Exchange Commission March 28, 2022.

 

(4)	Incorporated by reference to the Registrant’s Form S-8 (File No. 333-226884) filed with the Securities and Exchange Commission on August 16, 2018.

 

(5)	Incorporated by reference to the Registrant’s Form S-8 (File No. 333-233760) filed with the Securities and Exchange Commission September 13, 2019.

 

(6)	Incorporated by reference to the Registrant’s Form S-1, as amended (File No. 333-220368), filed with the Securities and Exchange Commission on September 7, 2017.

 

(7)	Incorporated by reference to the Registrant’s Form S-8 (File No. 333-248759) filed with the Securities and Exchange Commission September 11, 2020.

 

(8)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission September 29, 2021.

 

(9)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission October 13, 2022.

 

(10)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission November 6, 2023.

 

(11)	Incorporated by reference to the Registrant’s Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission November 12, 2024.

 

(12)	Filed herewith.

 

 

Item 9. Undertakings.

 

(a) The Registrant hereby undertakes:

 

(1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement:

 

(i) To include any prospectus required by Section 10(a)(3) of the Securities Act.

  

(ii) To reflect in the prospectus any facts or events arising after the effective date of the Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in the Registration Statement. Notwithstanding the foregoing, any increase or decrease in volume of securities offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the Commission pursuant to Rule 424(b) if, in the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set forth in the “Calculation of Registration Fee” table in the Registration Statement.

 

(iii) To include any material information with respect to the plan of distribution not previously disclosed in the Registration Statement or any material change to such information in the registration statement.

 

Provided, however, that paragraphs (a)(1)(i) and (a)(1)(ii) herein do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in reports filed with or furnished to the Commission by the registrant pursuant to Section 13 or Section 15(d) of the Exchange Act (15 U.S.C. 78m or 78o(d)) that are incorporated by reference in the Registration Statement.

 

(2) That, for the purpose of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new registration statement relating to the securities offered herein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

(3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering.

 

(b) The undersigned registrant hereby undertakes that, for purposes of determining any liability under the Securities Act, each filing of the registrant’s annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an employee benefit plan’s annual report pursuant to Section 15(d) of the Exchange Act) that is incorporated by reference in the Registration Statement shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof.

 

(h) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has been advised that in the opinion of the Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized, in Charlottesville, Virginia, on the 12^th day of December, 2024. 

 

	ADIAL PHARMACEUTICALS, INC.
	By:	/s/ Cary J. Claiborne
	Name:	Cary J. Claiborne
	Title:	President and Chief Executive Officer

 

POWER OF ATTORNEY

 

Each of the undersigned, whose signature appears below, hereby constitutes and appoints each of Cary J. Claiborne and Vinay Shah, act singly, as his true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution for him and in his name, place and stead, in any and all capacities, to sign any or all amendments to this Registration Statement, whether pre-effective or post-effective, and to file the same with all exhibits thereto and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorney-in-fact and agent, or his substitute full power and authority to do and perform each and every act and thing necessary or appropriate to be done with respect to this Registration Statement or any amendments hereto in the premises, as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his substitute or substitutes, or any of them, may lawfully do or cause to be done by virtue thereof.

 

Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed below by the following persons in the capacities and on the date indicated.

 

Signature		Title		Date
/s/ Cary J. Claiborne		President and Chief Executive Officer and Member of the		December 12, 2024
Cary J. Claiborne		Board of Directors
		(Principal Executive Officer)
/s/ Vinay Shah		Chief Financial Officer		December 12, 2024
Vinay Shah		(Principal Financial and Accounting Officer)
/s/ J. Kermit Anderson		Member of the Board of Directors		December 12, 2024
J. Kermit Anderson
/s/ Robertson H. Gilliland		Member of the Board of Directors		December 12, 2024
Robertson H. Gilliland
/s/ Tony Goodman		Member of the Board of Directors		December 12, 2024
Tony Goodman
/s/ James W. Newman, Jr.		Member of the Board of Directors		December 12, 2024
James W. Newman, Jr.
/s/ Kevin Schuyler, CFA		Chairman of the Board of Directors		December 12, 2024
Kevin Schuyler, CFA

 

 

 

II-6

 

Exhibit 5.1

 

 

 

1271 Avenue of the Americas |New York, NY 10020

blankrome.com

 

December 12, 2024

 

The Board of Directors

Adial Pharmaceuticals, Inc.

4870 Sadler Road, Suite 300

Glen Allen, Virginia 23060

 

Re:

Adial Pharmaceuticals, Inc.—Registration Statement on Form S-8

 

Ladies and Gentlemen:

 

We refer to the Registration Statement on Form S-8 (the “Registration Statement”) filed on the date hereof by Adial Pharmaceuticals, Inc., a Delaware corporation (the “Company”), with the Securities and Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”), with respect to the registration of up to an aggregate of 1,500,000 shares of the Company’s common stock, par value $0.001 per share (the “Shares”) as follows: (i) 1,110,000 Shares issuable pursuant to the Company’s 2017 Equity Incentive Plan, as amended through the date hereof (the “2017 Equity Incentive Plan”), and (ii) 390,000 Shares that may be issued pursuant to outstanding stock option awards previously issued under the 2017 Equity Incentive Plan.

 

We have examined originals or certified copies of such corporate records of the Company and other certificates and documents of officials of the Company, public officials and others as we have deemed relevant or appropriate for purposes of this opinion letter. We have assumed the genuineness of all signatures, the authenticity of all documents submitted to us as originals and the conformity to authentic original documents of all copies submitted to us as conformed and certified or reproduced copies. We have also assumed that all of the shares eligible for issuance under the Plan following the date hereof will be issued for not less than par value.

 

Based upon, and subject to, the foregoing, it is our opinion that the 1,500,000 Shares, when sold and issued in accordance with the provisions of the 2017 Equity Incentive Plan and the Registration Statement and the related prospectus, will be validly issued, fully paid and non-assessable.

 

The opinions in this opinion letter are qualified in their entirety and subject to the following:

 

1.

We express no opinion as to the laws of any jurisdiction other than the General Corporation Law of the State of Delaware.

 

2.

This opinion is given as of the date hereof and is limited to the matters stated herein, and no opinion is implied or may be inferred beyond the matters expressly stated. We assume herein no obligation, and hereby disclaim any obligation, to make any inquiry after the date hereof or to advise you of any future changes in the foregoing or of any facts or circumstances that may hereafter come to our attention.

 

We consent to the filing of this opinion as Exhibit 5.1 to the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act and the rules and regulations promulgated thereunder.

 

	Very truly yours,
	/s/ BLANK ROME
	BLANK ROME LLP

 

Blank Rome LLP | blankrome.com

 

Exhibit 23.1

 

Independent Registered Public Accounting Firm’s Consent

 

We consent to the incorporation by reference in this Registration Statement on Form S-8 of Adial Pharmaceuticals, Inc. (the Company) of our report dated April 1, 2024, which includes explanatory paragraph as to the Company’s ability to continue as a going concern, with respect to our audits of the consolidated financial statements of Adial Pharmaceuticals, Inc. as of December 31, 2023 and 2022 and for the years ended December 31, 2023 and 2022 appearing in the Annual Report on Form 10-K of Adial Pharmaceuticals, Inc. for the year ended December 31, 2023.

 

/s/ Marcum LLP

 

Marcum LLP

Marlton, New Jersey

 

December 12, 2024

 

Exhibit 107

 

Calculation of Filing Fee Tables

 

S-8

(Form Type)

 

Adial Pharmaceuticals, Inc.

 (Exact Name of Registrant as Specified in its Charter)

 

Table 1: Newly Registered Securities

 

		Security Type		Security Class Title		Fee Calculation or Carry Forward Rule		Amount Registered(1)		Proposed Maximum Offering Price Per Unit				Maximum Aggregate Offering Price				Fee Rate				Amount of Registration Fee
Fees to Be Paid		Equity		Common Stock, $0.001 par value per share(2)(3)		Rule 457(c) and Rule 457(h) (2)(3)		1,110,000 shares(3)			$1.21	(3)		$	1,343,100			$	0.00015310			$	205.63
Fees to Be Paid		Equity		Common Stock, $0.001 par value per share(4)		Rule 457(h)(4)		40,000 shares(4)			$1.06	(5)		$	42,400			$	0.00015310			$	6.50
Fees to Be Paid		Equity		Common Stock, $0.001 par value per share(6)		Rule 457(h)(6)		350,000 shares(6)			$1.15	(7)		$	402,500			$	0.00015310			$	61.62
Total Offering Amounts														$	1,788,000							$	273.75
Total Fees Previously Paid																						$
Total Fee Offsets																							—
Net Fee Due																						$	273.75

 

(1)	The securities to be registered include options and other rights to acquire the common stock, par value $0.001 per share, of Adial Pharmaceuticals, Inc. (the “Registrant”) issuable pursuant to the Registrant’s 2017 Equity Incentive Plan, as amended (the “Plan”).
(2)	Pursuant to Rule 416(a) under the Securities Act of 1933, as amended (the “Securities Act”), this registration statement also covers any additional securities that may be offered or issued in connection with any stock split, stock dividend or similar transaction.
(3)	Calculated pursuant to Rule 457(c) and 457(h) of the Securities Act solely for purposes of calculating the registration fee. The price for the 1,110,000 shares of common stock under the Plan is based upon the average of the high and low sale prices of the Registrant’s common stock reported on the Nasdaq Capital Market on December 10, 2024.
(4)	Represents 40,000 shares of common stock subject to outstanding stock option awards previously granted under the Plan.
(5)	Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) of the Securities Act. The Proposed Maximum Offering Price Per Unit is $1.06 per share, which is the exercise price of the 40,000 outstanding options previously granted as an award under the Plan.
(6)	Represents 350,000 shares of common stock option awards previously granted under the Plan.
(7)	Estimated solely for the purpose of calculating the registration fee in accordance with Rule 457(h) of the Securities Act. The Proposed Maximum Offering Price Per Unit is $1.15 per share, which is the exercise price of the 350,000 outstanding options previously granted as an award under the Plan.

 

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