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Received Favorable Feedback from US and EU Regulatory Agencies Advancing Discussions with Potential Strategic Partners Received $4.3 Million in Gross Proceeds from Warrant Exercises Subsequent to Year-End 2023 GLEN ALLEN, Va., April 02, 2024 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL; ADILW) (“Adial” or the “Company”), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today provided a business update and reported its financial results for the 2023 fiscal year ended December 31, 2023. Cary Claiborne, President and Chief Executive Officer of Adial, stated, “Throughout 2023 we made important progress that provided us with a clearer path forward to the potential approval and commercial launch of our lead investigational new drug product, AD04, to treat Alcohol Use Disorder, along with our companion diagnostic. Specifically, we conducted meetings and received favorable feedback from both US and European regulators, allowing us to refine our clinical development plan. We have engaged expert advisors and are currently finalizing our plan, which we anticipate will include conducting two Phase 3 clinical trials of AD04 in parallel to support potential approval in the shortest timeframe possible while minimizing risk. Our current plan includes focusing on approval in the US, as the US standards may translate to acceptance with other non-US regulators.” “In addition, we are advancing discussions with potential strategic partners who have expressed interest in supporting the development and commercial launch of AD04 in both the US and other countries. We believe quality partnerships would provide us with additional resources to swiftly advance the studies and the ability to rapidly penetrate the market following approval. Moreover, we have maintained a strong balance sheet, which enables us to reach important upcoming milestones. Overall, we are encouraged by our progress and look forward to providing meaningful updates in the near term.” Other Developments Management On January 18, 2024, Adial announced the appointment of Tony Goodman as Chief Operating Officer. Mr. Goodman is a highly accomplished pharmaceutical industry executive and member of Adial’s Board of Directors since 2017. He will oversee the Company’s strategic growth initiatives, including clinical development and commercial planning for Adial’s lead investigational new drug product, AD04, as well as business development initiatives focused on partnership opportunities in the area of addiction treatment, and continue to serve on Adial’s Board. Intellectual Property In October 2023, Adial was awarded a key patent from the United States Patent and Trademark Office (USPTO) combining the use of the Company’s proprietary genetic diagnostic to detect select genotypes for genetically targeted treatment of Alcohol Use Disorder and opioid use disorder (OUD) with the Company’s lead investigational new drug product AD04. In February 2024, Adial was awarded an important patent from the USPTO which expands the estate covering the combination of the Company’s proprietary genetic diagnostic to identify patients with specific genotypes for genetically targeted treatment of Alcohol Use Disorder and drug dependencies, such as opioid use disorder (OUD), with the Company’s lead investigational new drug product AD04. In addition, Adial announced patent number 11,905,562 was issued on February 20, 2024 by the USPTO. The patent covers the Company’s lead investigational new drug product, AD04, and its ability to target the serotonin transporter gene for the potential treatment of opioid use disorder (OUD). Awards On October 18, 2023, Adial was awarded the 2023 Best Practices Technology Innovation Leadership Award in the North American precision medicine for addiction disorders industry by Frost & Sullivan, an American business consulting firm that offers market research and analysis, growth strategy consulting, and corporate training. The complete Frost & Sullivan award report is available at . Purnovate On December 16, 2023, Adial received the final development cost reimbursement payment of $350,000 from Adovate, LLC under the terms of the final asset purchase agreement (the “FAA”) executed with Adovate for the purchase of the assets and business of the Company’s wholly owned subsidiary, Purnovate, Inc. Under the agreement, the Company is also eligible to receive up to approximately $11 million in development and approval milestones for each compound (up to $33 million in total development and approval milestones for the first three compounds alone), as well as a total of $50 million in additional commercial milestones, for a total consideration of up to $83 million with potential milestone payments on additional compounds. Additionally, the Company will receive a low, single-digit royalty and acquired a 15% equity stake in Adovate. Fiscal Year 2023 Financial Results Cash and cash equivalents were $2.8 million as of December 31, 2023, compared to $4.0 million as of December 31, 2022. Subsequent to the end of the year, the Company received total gross proceeds of approximately $4.3 million from recent warrant exercises. Including the proceeds from warrant exercises, the company believes that its existing cash and cash equivalents will allow it to accelerate the development of AD04 and fund its operating expenses into the first quarter of 2025. Research and development expenses decreased by approximately $683 thousand (35%) in the year ended December 31, 2023 compared to the year ended December 31, 2022. This decrease was led by a significant decrease in the use of clinical and statistical consultants of approximately $303 thousand and clinical materials manufacturing expenses of $231 thousand with the completion of the AD04 trial. General and administrative expenses decreased by approximately $3.3 million (37%) in the year ended December 31, 2023 compared to the year ended December 31, 2022. The single largest component of this decrease was the reduction in equity-based compensation of G&A directed employees and consultants of approximately $1.6 million, resulting from reduced issuances of options and share grants and the completion of the vesting periods of grants made in prior years. The cost of salaries and other cash compensation of G&A directed employees decreased by approximately $905 thousand, primarily due to the redirection of executives to activities now classified as discontinued. Net Loss was $5.1 million for the year ended December 31, 2023, compared to a net loss of $12.7 million for the year ended December 31, 2022. About Adial Pharmaceuticals, Inc. Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of therapies for the treatment and prevention of addiction and related disorders. The Company’s lead investigational new drug product, AD04, is a genetically targeted, serotonin-3 receptor antagonist, therapeutic agent for the treatment of Alcohol Use Disorder (AUD) in heavy drinking patients and was recently investigated in the Company’s ONWARD™ pivotal Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes identified using the Company’s proprietary companion diagnostic genetic test. ONWARD showed promising results in reducing heavy drinking in heavy drinking patients, and no overt safety or tolerability concerns. AD04 is also believed to have the potential to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Additional information is available at . Forward-Looking Statements Thiscommunicationcontainscertain"forward-lookingstatements"withinthemeaningoftheU.S.federal securities laws. Such statements are based upon various facts and derived utilizing numerous important assumptionsandaresubjecttoknownandunknownrisks,uncertaintiesandotherfactorsthatmaycause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words "believes," "expects," "anticipates," "intends," "projects," "estimates," "plans" and similar expressions or future or conditional verbs such as "will," "should," "would," "may" and "could" are generally forward-looking in nature and not historical facts,althoughnotallforward-lookingstatementsincludetheforegoing.Theforward-lookingstatements include statements regarding the approval and commercial launch of the Company’s lead investigational new drug product, AD04, to treat Alcohol Use Disorder, along with its companion diagnostic, conducting two Phase 3 clinical trials of AD04 in parallel to support potential approval in the shortest timeframe possible while minimizing risk, US standards translating to acceptance with other non-US regulators, advancing discussions with potential strategic partners who have expressed interest in supporting the development and commercial launch of AD04 in both the US and other countries, quality partnerships providing the Company with additional resources to swiftly advance the studies and the ability to rapidly penetrate the market following approval, the Company’s strong balance sheet enabling it to reach important upcoming milestones, providing meaningful updates in the near term, the expected contribution of Tony Goodman, receiving up to approximately $11 million in development and approval milestones for each compound (up to $33 million in total development and approval milestones for the first three compounds alone), as well as a total of $50 million in additional commercial milestones, for a total consideration of up to $83 million with potential milestone payments on additional compounds under the Purnovate FAA, existing cash and cash equivalents allowing the Company to accelerate the development of AD04 and fund its operating expenses into the first quarter of 2025and the potential of AD04 to treat other addictive disorders such as opioid use disorder, gambling,andobesity.Anyforward-lookingstatementsincludedhereinreflectourcurrentviews,andthey involve certain risks and uncertainties, including, among others, our ability to pursue our regulatory strategy, our ability to advance ongoing partnering discussions, our ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, our ability to develop strategic partnership opportunities and maintain collaborations, our ability to obtain or maintain the capital or grants necessary to fund our research and development activities, our ability to retain our key employees or maintain our Nasdaq listing, our ability to complete clinical trials on time and achieve desired results and benefits as expected, regulatory limitations relating to our ability to promote or commercialize our product candidates for specific indications, acceptance of our product candidates in the marketplace and the successful development, marketing or sale of our products, our ability to maintain our license agreements, the continued maintenance and growth of our patent estate and ourabilitytoretainourkeyemployeesormaintainourNasdaqlisting.Theserisksshould notbeconstruedasexhaustiveandshouldbereadtogetherwiththeothercautionarystatementincluded in our Annual Report on Form 10-K for the year ended December 31, 2022, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required bylaw. Contact: Crescendo Communications, LLC David Waldman / Alexandra Schilt Tel: 212-671-1020 Email: ADIL@crescendo-ir.com

TORONTO, March 14, 2024 /PRNewswire/ - Rochon Genova LLP announces that a national class action has been authorized by the Superior Court of Québec on behalf of all persons in Canada who were prescribed and used the prescription antipsychotic drug REXULTI® during the Class Period, starting from February 16, 2017, and who developed one or more of the following Compulsive Behaviours and Impulse Control Disorders: compulsive gambling, hypersexuality, binge eating, compulsive shopping and/or spending. REXULTI® is an atypical antipsychotic medication prescribed for schizophrenia and as adjunct treatment for major depressive disorder. The Plaintiffs alleged that REXULTI® causes Compulsive Behaviours and Impulse Control Disorders, including compulsive gambling, hypersexuality, compulsive shopping, and binge eating, and that the Defendants, Otsuka Canada Pharmaceutical Inc. and Lundbeck Canada Inc., failed to warn the Class Members and their physicians of this risk. They allege that the Defendants failed to conduct adequate research and testing in relation to those side effects and conspired to conceal the risks of these harmful side effects from the Class Members. It is also alleged that the Defendants' failures and acts caused the Class Members harm. The action seeks, among other things, damages for both personal injuries and financial loss as well as damages allegedly suffered by family members of individuals taking REXULTI®. The Defendants deny these allegations, and the Superior Court has not yet ruled on the merits of the class action. However, if you were prescribed and used REXULTI® during the Class Period, starting from February 16, 2017, and developed one or more of the Compulsive Behaviours and Impulse Control Disorders described above, your rights are affected by this action. If you wish to remain in the action, you do not need to take any further action. If you wish to exclude yourself from the action, you must deliver a signed Opt Out Form by May 15, 2024 by courier, registered or certified mail, to Clerk of the Superior Court of Québec, Montreal Courthouse, 1, Notre-Dame Street East, Room 1.120, Montreal (Quebec) H2Y 1B6, Court file no. 500-06-000948-188. To learn more about your rights, contact Class Counsel or visit their website at: Class Counsel Rochon Genova LLP Barristers ● Avocats 900-121 Richmond St. W. Jon Sloan Tel: (416) 363-1867 [email protected] The publication of this notice was authorized by the Superior Court of Québec Please Do Not Contact the Court SOURCE Rochon Genova LLP

CHARLOTTESVILLE, Va., March 01, 2024 (GLOBE NEWSWIRE) -- Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) (“Adial” or the “Company”), a clinical-stage biopharmaceutical company focused on developing therapies for the treatment and prevention of addiction and related disorders, today announced the entry into a definitive agreement for the immediate exercise of certain outstanding warrants to purchase up to an aggregate of 1,150,000 shares of common stock of the Company originally issued in October 2023, having an exercise price of $2.82 per share and eighteen months term. The shares of common stock issuable upon exercise of the warrants are registered pursuant to an effective registration statement on Form S-1 (No. 333-275397). The gross proceeds to the Company from the exercise of the warrants are expected to be $3,530,500, prior to deducting placement agent fees and estimated offering expenses. H.C. Wainwright & Co. is acting as the exclusive placement agent for the offering. In consideration for the immediate exercise of the warrants for cash and the payment of $0.125 per new warrant, the Company will issue new unregistered warrants to purchase up to 2,300,000 shares of common stock. The new warrants will have an exercise price of $2.82 per share, will be immediately exercisable upon issuance and will have a term of eighteen months from the issuance date. The offering is expected to close on or about March 6, 2024, subject to satisfaction of customary closing conditions. The Company intends to use the net proceeds for general corporate purposes, including general and administrative expenses, working capital and to support regulatory and clinical activities related to AD04, its lead investigational drug product for the treatment of Alcohol Use Disorder (AUD). The new warrants described above are being offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the “Act”), and Regulation D promulgated thereunder and, along with the shares of common stock underlying the warrants, have not been registered under the Act, or applicable state securities laws. Accordingly, the new warrants issued in the private placement and the shares of common stock underlying the new warrants may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirements of the Act and such applicable state securities laws. The Company has agreed to file a registration statement with the SEC covering the resale of the shares of common stock issuable upon exercise of the new warrants. This press release does not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. About Adial Pharmaceuticals, Inc. Adial Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the development of treatments for addictions and related disorders. The Company's lead investigational new drug product, AD04, is a genetically targeted, serotonin-3 receptor antagonist, therapeutic agent for the treatment of Alcohol Use Disorder (AUD) in heavy drinking patients and was recently investigated in the Company's ONWARD™ pivotal Phase 3 clinical trial for the potential treatment of AUD in subjects with certain target genotypes (estimated to be approximately one-third of the AUD population) identified using the Company's companion diagnostic genetic test. ONWARD showed promising results in reducing drinking in heavy drinking patients, and no overt safety or tolerability concerns. AD04 is also believed to have the potential to treat other addictive disorders such as Opioid Use Disorder, gambling, and obesity. Additional information is available at www.adial.com. Forward-Looking Statements This communication contains certain “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 known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. The forward-looking statements include without limitation, statements regarding the closing of the private placement, the satisfaction of the closing conditions of the private placement, and the use of net proceeds from the private placement as well as the potential of AD04 to treat other addictive disorders such as opioid use disorder, gambling, and obesity. Any forward-looking statements included herein reflect our current views, and they involve certain risks and uncertainties, including, among others, market and other conditions, our ability to pursue our regulatory strategy, our ability to maintain our Nasdaq listing, our ability to advance ongoing partnering discussions, our ability to obtain regulatory approvals for commercialization of product candidates or to comply with ongoing regulatory requirements, our ability to develop strategic partnership opportunities and maintain collaborations, our ability to obtain or maintain the capital or grants necessary to fund our research and development activities, our ability to retain our key employees or maintain our Nasdaq listing, our ability to complete clinical trials on time and achieve desired results and benefits as expected, regulatory limitations relating to our ability to promote or commercialize our product candidates for specific indications, acceptance of our product candidates in the marketplace and the successful development, marketing or sale of our products, our ability to maintain our license agreements, the continued maintenance and growth of our patent estate and our ability to retain our key employees or maintain our Nasdaq listing. These risks should not be construed as exhaustive and should be read together with the other cautionary statement included in our Annual Report on Form 10-K for the year ended December 31, 2022, subsequent Quarterly Reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Any forward-looking statement speaks only as of the date on which it was initially made. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, unless required by law. Investor Contact Crescendo Communications, LLCDavid Waldman / Alexandra SchiltTel: 212-671-1020Email: adil@crescendo-ir.com