ADIAL PHARMACEUTICALS, INC. Segments Disclosure
12 — SEGMENT REPORTING
The Company has one reportable operating segment relating to drug development for addiction and related disorders. When evaluating the Company’s financial performance, the CODM reviews total operating expenses for the operating segment excluding discontinued operations and equity method investments. The CODM makes decisions using this information on a company-wide basis.
| Significant segment expenses, as provided to the CODM, are presented below: |
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2024 | 2023 | |||||||
| Operating Expenses: | ||||||||
| Segment research and development expenses | $ | 3,229,226 | $ | 1,267,077 | ||||
| Segment general and administrative expenses | 5,055,231 | 5,620,870 | ||||||
| Total Operating Expenses | 8,284,457 | 6,887,947 | ||||||
| Total Operating Loss | (8,284,457 | ) | (6,887,947 | ) | ||||
| Interest income | 178,659 | 69,779 | ||||||
| Inducement expense | (4,464,427 | ) | ||||||
| Loss on equity method investment | (552,183 | ) | (193,884 | ) | ||||
| Other income (expense) | (75,043 | ) | 10,162 | |||||
| Total other expense | (4,912,994 | ) | (113,943 | ) | ||||
| Income from discontinued operations | 1,878,549 | |||||||
| Net Loss | (13,197,451 | ) | (5,123,341 | ) | ||||
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About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.