Adial Pharmaceuticals (ADIL) director receives 9,185 stock options at $1.64 strike

Rhea-AI Filing Summary

ADIAL PHARMACEUTICALS, INC. director Anderson J. Kermit received a grant of stock options covering 9,185 shares of common stock at an exercise price of $1.64 per share. The options expire on April 6, 2036 and fully vest on the earlier of one year from grant or a Change of Control, subject to his continued service. Following this grant, he holds 9,185 options directly.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Anderson J. Kermit

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Stock Option (Right to Buy)	9,185	$0.00	--

Holdings After Transaction: Stock Option (Right to Buy) — 9,185 shares (Direct)

Footnotes (1)

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Key Figures

Options granted: 9,185 options Exercise price: $1.64 per share Underlying shares: 9,185 shares +2 more

5 metrics

Options granted 9,185 options Grant to director on April 7, 2026

Exercise price $1.64 per share Stock option strike price

Underlying shares 9,185 shares Common stock underlying the option

Total options after grant 9,185 options Held directly following transaction

Option expiration April 6, 2036 Final date to exercise the options

Key Terms

Stock Option (Right to Buy), Change of Control, 2017 Equity Incentive Plan, exercise price, +1 more

5 terms

Stock Option (Right to Buy) financial

"security_title: "Stock Option (Right to Buy)""

Change of Control financial

"earlier of (i) the one-year anniversary ... or (ii) a Change of Control"

A change of control occurs when the ownership or management of a company shifts significantly, such as through a sale, merger, or acquisition, resulting in new leadership or ownership structure. This change can impact the company's direction and decision-making, which is important for investors because it may affect the company's stability, strategy, and future prospects.

2017 Equity Incentive Plan financial

"Change of Control (as defined in the Issuer's 2017 Equity Incentive Plan, as amended)"

exercise price financial

"conversion_or_exercise_price: "1.6400""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Anderson J. Kermit

(Last) (First) (Middle)

4870 SADLER ROAD, STE 300

(Street)

GLEN ALLEN VIRGINIA 23060

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
ADIAL PHARMACEUTICALS, INC. [ ADIL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/07/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option (Right to Buy)	$1.64	04/07/2026		A		9,185		(1)	04/06/2036	Common Stock	9,185	$0	9,185	D

Explanation of Responses:

1. The option vests in full on the earlier of (i) the one-year anniversary of the grant date; or (ii) a Change of Control (as defined in the Issuer's 2017 Equity Incentive Plan, as amended), subject to the Reporting Person's continued service to the Issuer through the vesting date.

	/s/ John Martin, Attorney-in-fact for J. Kermit Anderson	04/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did ADIL director Anderson J. Kermit report?

He reported receiving a grant of stock options for 9,185 shares of Adial Pharmaceuticals common stock. The options are a compensation-related award, not an open-market purchase, and give him the right to buy shares at a fixed exercise price if they vest.

What is the exercise price of the new ADIL stock options?

The stock options have an exercise price of $1.64 per share. This is the price at which Anderson J. Kermit can buy Adial Pharmaceuticals common stock once the options vest and before they expire, if he chooses to exercise them.

When do Anderson J. Kermit’s ADIL options vest?

The options vest in full on the earlier of the one-year anniversary of the grant date or a Change of Control. Vesting is conditioned on his continued service with Adial Pharmaceuticals through the applicable vesting date, according to the equity incentive plan terms.

When do the newly granted ADIL stock options expire?

The options expire on April 6, 2036 if not exercised earlier. After this expiration date, Anderson J. Kermit would no longer be able to purchase Adial Pharmaceuticals common stock under this particular option award.

How many ADIL options does Anderson J. Kermit hold after this grant?

After the reported grant, he holds 9,185 stock options directly. Each option relates to one share of Adial Pharmaceuticals common stock, subject to the vesting and exercise terms described in the award and the company’s equity incentive plan.