# EDGAR Filing Document

**Accession Number:** 0001513525
**File Stem:** 0001213900-25-086182
**Filing Date:** 2025-9
**Character Count:** 37504
**Document Hash:** 83789913ef6d3f7cb1b935bd3d6e1bba
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-086182.hdr.sgml**: 20250909

**ACCESSION NUMBER**: 0001213900-25-086182

**CONFORMED SUBMISSION TYPE**: S-8

**PUBLIC DOCUMENT COUNT**: 15

**FILED AS OF DATE**: 20250909

**DATE AS OF CHANGE**: 20250909

**EFFECTIVENESS DATE**: 20250909

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ADIAL PHARMACEUTICALS, INC.
- **CENTRAL INDEX KEY:** 0001513525
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 800667150
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** S-8
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290134
- **FILM NUMBER:** 251303605

**BUSINESS ADDRESS:**
- **STREET 1:** 1180 SEMINOLE TRAIL
- **STREET 2:** SUITE 495
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22901
- **BUSINESS PHONE:** 434-422-9800

**MAIL ADDRESS:**
- **STREET 1:** 1180 SEMINOLE TRAIL
- **STREET 2:** SUITE 495
- **CITY:** CHARLOTTESVILLE
- **STATE:** VA
- **ZIP:** 22901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ADial Pharmaceuticals, L.L.C.
- **DATE OF NAME CHANGE:** 20170515

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Adial Pharmaceuticals, L.L.C.
- **DATE OF NAME CHANGE:** 20110218

**As filed with the Securities and Exchange Commission on September 9, 2025** 

**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<br> incorporation or organization)* | *(I.R.S. Employer No.)*<br> *Identification Number)* |

---

**4870 Sadler Road, Suite 300<br> Glen Allen, Virginia 23060<br> (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.<br> 4870 Sadler Road, Suite 300<br> Glen Allen, Virginia 23060<br> (804) 487-8196**

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

*with copies to:*

**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 ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> 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") previously filed with the Securities and Exchange Commission (the "Commission") for the purpose of registering shares of its 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" or the "2017 Equity Incentive Plan"):

● A Registration Statement on Form S-8 (Registration No. 333-226884) on August 16, 2018 registering 1,750,000 shares of Common Stock (70,000 shares after adjusting to give effect to the reverse stock split effected by the Company on August 4, 2023, of its outstanding shares of Common Stock at a ratio of 1-for-25 (the "Reverse Stock Split"));

● A Registration Statement on Form S-8 (Registration No. 333-233760) on September 13, 2019 registering an additional 1,750,000 shares of Common Stock (70,000 shares post-Reverse Stock Split);

● A Registration Statement on Form S-8 (Registration No. 333-248759) on September 11, 2020 registering an additional 2,000,000 shares of Common Stock (80,000 shares post-Reverse Stock Split);

● A Registration Statement on Form S-8 (Registration No. 333-260304) on October 15, 2021 registering an additional 2,000,000 shares of Common Stock (80,000 shares post-Reverse Stock Split);

● A Registration Statement on Form S-8 (Registration No. 333-267972) on October 21, 2022 registering an additional 2,000,000 shares of Common Stock (80,000 shares post-Reverse Stock Split);

● A Registration Statement on Form S-8 (Registration No. 333-276003) on December 12, 2023 registering an additional 120,000 shares of Common Stock; and

● A Registration Statement on Form S-8 (Registration No. 333-283756) on December 12, 2024 registering an additional 1,500,000 shares of Common Stock.

Pursuant to General Instruction E to Form S-8, the contents of the aforementioned registration statements 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 3,000,000 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 2025 Annual Meeting of Stockholders, which was held on August 1, 2025. These additional 3,000,000 shares of Common Stock were added pursuant to the adoption of Amendment No. 7 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. 7 to the Plan, is 5,000,000 shares.

**PART I<br>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<br>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT**

**Item 3. Incorporation of Documents by Reference.**

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](https://www.sec.gov/Archives/edgar/data/1513525/000121390025019771/ea0232194-10k_adial.htm) for the fiscal year ended December 31, 2024, filed with the SEC on March 4, 2025;

● the Registrant's Quarterly Reports on Form 10-Q for (i) the quarter ended March 31, 2025, filed with the Commission on [May 14, 2025](http://www.sec.gov/Archives/edgar/data/1513525/000121390025043281/ea0240351-10q_adial.htm) , and (ii) for the quarter ended June 30, 2025, filed with the Commission on [August 13, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025075695/ea0251100-10q_adial.htm) ;

● the Registrant's Current Reports on Form 8-K filed with the SEC on [February 25, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025016826/ea0231982-8k_adial.htm) (other than as indicated therein), [March 7, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025021738/ea0233491-8k_adial.htm) , [March 21, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000101376225000999/ea0235166-8k_adial.htm) , [May 1, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025038442/ea0240327-8k_adial.htm) , [May 7, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025040724/ea0241155-8k_adial.htm) , [May 15, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025043730/ea0242253-8k_adial.htm) , [May 30, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025049451/ea0243908-8k_adial.htm) , [June 16, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025054839/ea0245887-8k_adial.htm) , [June 18, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025055700/ea0246131-8k_adial.htm) , [July 10, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025062800/ea0248566-8k_adial.htm) , [July 16, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025064467/ea0249089-8k_adial.htm) , [August 1, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025070642/ea0251363-8k_adial.htm) , [August 1, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025070671/ea0251183-8k_adial.htm) and [September 3, 2025](https://www.sec.gov/Archives/edgar/data/1513525/000121390025083719/ea0255741-8k_adial.htm) ; and

● the Registrant's Amendment No. 1 to Definitive Revised Proxy Statement filed with the Commission on [June 27, 2025](http://www.sec.gov/Archives/edgar/data/1513525/000121390025059008/ea0243378-04.htm) ; and

● the description of the Registrant's Common Stock set forth in (i) the Registrant's registration statement on [Form 8-A12B](https://www.sec.gov/Archives/edgar/data/1513525/000121390017013072/f8a12b110617_adialpharma.htm) , filed with the Commission on December 11, 2017, as amended by the registration statement on [Form 8-A12B/A](https://www.sec.gov/Archives/edgar/data/1513525/000121390018009518/f8a12b070618a1_adialphar.htm) filed with the Commission on July 23, 2018 (File No. 001-38323), and (ii) [Exhibit 4.17](https://www.sec.gov/Archives/edgar/data/1513525/000121390021017009/f10k2020ex4-19_adialpharmac.htm) —Description of Securities to the Registrant's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the Commission on March 4, 2025.

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.**

Not applicable.

**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 amended and restated 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)](http://www.sec.gov/Archives/edgar/data/1513525/000121390017010930/fs12017a2ex3-3_adial.htm) |
| 3.2 | [Certificate of Amendment to Certificate of Incorporation of Adial Pharmaceuticals, Inc. (2)](http://www.sec.gov/Archives/edgar/data/1513525/000121390023063213/ea182870ex3-1_adialpharm.htm) |
| 3.3 | [Certificate of Amendment to Certificate of Incorporation of Adial Pharmaceuticals, Inc. (3)](https://www.sec.gov/Archives/edgar/data/1513525/000121390025070642/ea025136301ex3-1_adial.htm) |
| 3.4 | [Amended and Restated Bylaws of Adial Pharmaceuticals, Inc. (4)](http://www.sec.gov/Archives/edgar/data/1513525/000121390022015562/f10k2021ex3-3_adialpharma.htm) |
| 4.1 | [Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan, as amended (5)](http://www.sec.gov/Archives/edgar/data/1513525/000121390018011309/fs82018ex4-1_adialpharma.htm) |
| 4.2 | [Amendment No. 1 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (6)](http://www.sec.gov/Archives/edgar/data/1513525/000121390019018002/fs82019ex4-2_adialpharma.htm) |
| 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 (7)](http://www.sec.gov/Archives/edgar/data/1513525/000121390017009468/fs12017ex4-12_adialpharma.htm) |
| 4.4 | [Amendment No. 2 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (8)](http://www.sec.gov/Archives/edgar/data/1513525/000121390020026280/ea126600ex4-4_adialpharma.htm) |
| 4.5 | [Amendment No. 3 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (9)](http://www.sec.gov/Archives/edgar/data/1513525/000121390021050629/ea147995ex10-1_adial.htm) |
| 4.6 | [Amendment No. 4 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (10)](http://www.sec.gov/Archives/edgar/data/1513525/000121390022063864/ea167124ex10-1_adialpharm.htm) |
| 4.7 | [Amendment No. 5 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (11)](http://www.sec.gov/Archives/edgar/data/1513525/000121390023083634/ea187742ex10-1_adialpharma.htm) |
| 4.8 | [Amendment No. 6 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (12)](http://www.sec.gov/Archives/edgar/data/1513525/000121390024096796/ea022086901ex10-1_adial.htm) |
| 4.9 | [Amendment No. 7 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (13)](https://www.sec.gov/Archives/edgar/data/1513525/000121390025070642/ea025136301ex10-1_adial.htm) |
| 5.1 | <u>[Opinion of Blank Rome LLP (14)](ea025595201ex5-1_adial.htm)</u> |
| 23.1 | <u>[Consent of Marcum LLP (14)](ea025595201ex23-1_adial.htm)</u> |
| 23.2 | <u>[Consent of Blank Rome LLP (contained in Exhibit 5.1) (14)](ea025595201ex5-1_adial.htm)</u> |
| 24.1 | <u>[Power of Attorney (included on the signature page of this registration statement) (14)](#a_001)</u> |
| 107 | <u>[Filing Fee Tables (14)](ea025595201ex-fee_adial.htm)</u> |

---

(1) Incorporated by reference to Exhibit 3.3 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 Exhibit 3.1 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 Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission on August 1, 2025.

(4) Incorporated by reference to Exhibit 3.3 to the Registrant's Annual Report on Form 10-K (File No. 001-38323) filed with the Securities and Exchange Commission March 28, 2022.

(5) Incorporated by reference to Exhibit 4.1 to the Registrant's
Form S-8 (File No. 333-226884) filed with the Securities and Exchange Commission on August 16, 2018.

(6) Incorporated by reference to Exhibit 4.2 to the Registrant's
Form S-8 (File No. 333-233760) filed with the Securities and Exchange Commission September 13, 2019.

(7) Incorporated by reference to Exhibit 4.12 to the Registrant's
Form S-1, as amended (File No. 333-220368), filed with the Securities and Exchange Commission on September 7, 2017.

(8) Incorporated by reference to Exhibit 4.4 to the Registrant's
Form S-8 (File No. 333-248759) filed with the Securities and Exchange Commission September 11, 2020.

(9) Incorporated by reference to Exhibit 10.1 to the Registrant's
Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission
September 29, 2021.

(10) Incorporated by reference to Exhibit 10.1 to the Registrant's
Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission
October 13, 2022.

(11) Incorporated by reference to Exhibit 10.1 to the Registrant's
Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission November 6, 2023.

(12) Incorporated by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission November 12, 2024.

(13) Incorporated by reference to Exhibit 10.1 the Registrant's Current Report on Form 8-K (File No. 001-38323) filed with the Securities and Exchange Commission August 1, 2025.

(14) Filed herewith.

**Item 9. Undertakings.**

(a) The Registrant hereby undertakes:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 9<sup>th</sup> day of September, 2025.

---

| | |
|:---|:---|
| **ADIAL PHARMACEUTICALS, INC.** | **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 Cary J. Claiborne and Vinay Shah, and each of them, acting 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 (including post-effective amendments) to this registration statement, 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.

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| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Cary J. Claiborne | President and Chief Executive Officer and Member of the | September 9, 2025 |
| Cary J. Claiborne | Board of Directors |  |
|  | (Principal Executive Officer) |  |
| /s/ Vinay Shah | Chief Financial Officer | September 9, 2025 |
| Vinay Shah | (Principal Financial and Accounting Officer) |  |
| /s/ J. Kermit Anderson | Member of the Board of Directors | September 9, 2025 |
| J. Kermit Anderson |  |  |
| /s/ Robertson H. Gilliland | Member of the Board of Directors | September 9, 2025 |
| Robertson H. Gilliland |  |  |
| /s/ Tony Goodman | Member of the Board of Directors | September 9, 2025 |
| Tony Goodman |  |  |
| <br> /s/ James W. Newman, Jr. | Member of the Board of Directors | September 9, 2025 |
| James W. Newman, Jr. |  |  |
| /s/ Kevin Schuyler, CFA | Chairman of the Board of Directors | September 9, 2025 |
| Kevin Schuyler, CFA |  |  |

---

## Exhibit 5.1

**Exhibit 5.1**

![](ex5-1_001.jpg)

1271 Avenue of the Americas \| New York, NY 10020

blankrome.com

September 9, 2025

The Board of Directors

Adial Pharmaceuticals, Inc.

4870 Sadler Road, Suite 300

Glen Allen, Virginia 23060

Re: <u>Adial Pharmaceuticals, Inc.—Registration Statement on Form S-8</u>

Ladies and Gentlemen:

We have acted as special counsel for Adial Pharmaceuticals, Inc., a Delaware corporation (the "**Company**"), in connection with the filing of a Registration Statement on Form S-8 (the "**Registration Statement**") filed on the date hereof by 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 3,000,000 shares of the Company's common stock, par value $0.001 per share (the "**Shares**"), issuable pursuant to the Company's 2017 Equity Incentive Plan, as amended through the date hereof (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 Shares have been duly authorized and, when issued and delivered in accordance with the provisions of the 2017 Equity Incentive Plan and the Registration Statement upon receipt by the Company of adequate consideration therefor, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. We express no opinion as to the laws of any jurisdiction other than the General Corporation Law of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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

**Exhibit 23.1**

**<u>Independent Registered Public Accounting Firm's Consent</u>**

We consent to the incorporation by reference in this Registration Statement on Form S-8 of our report dated March 4, 2025 with respect to the financial statements of Adial Pharmaceuticals, Inc. for the years ended December 31, 2024, and 2023 included in the Annual Report on Form 10-K.

---

| |
|:---|
| /s/ Marcum LLP |
| Marlton, New Jersey |
| September 9, 2025 |

---

## Ex-Filing

?xml version='1.0' encoding='ASCII'? Filing Fee Exhibit

**Ex-Filing Fees**

**CALCULATION OF FILING FEE TABLES**

**S-8**

**ADIAL PHARMACEUTICALS, INC.**

**Table 1: Newly Registered and Carry Forward Securities**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Line Item Type** | **Security Type** | **Security Class Title** | **Notes** | **Fee Calculation<br> Rule** | **Amount Registered** | **Proposed Maximum Offering<br> Price Per Unit** | **Maximum Aggregate Offering Price** | **Fee Rate** | **Amount of Registration Fee** |
| *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* | *Newly Registered Securities* |
| Fees to be Paid | Equity | Common Stock, $0.001 par value per share | (1) | Other | 3000000 | $0.34 | $1020000.00 | 0.0001531 | $156.17 |
| Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | Total Offering Amounts: | $1020000.00 |  | 156.17 |
| Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: | Total Fees Previously Paid: |  |  | 0.00 |
| Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: | Total Fee Offsets: |  |  | 0.00 |
| Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: | Net Fee Due: |  |  | $156.17 |

---

**__________________________________________ Offering Note(s)**

&nbsp;&nbsp;&nbsp;&nbsp;(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"). 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. Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(c) and Rule 457(h) promulgated under the Securities Act. The offering price per share and the aggregate offering price are based upon the average of the high ($0.35) and low ($0.33) sales prices per share of the Registrant's Common Stock as reported on the Nasdaq Capital Market as of September 8, 2025. Rounded up the nearest cent.