Azora's $64.6m quarterly loss is mostly warrant accounting; cash stands at $22.0m

Azora Therapeutics, which traded as Adial Pharmaceuticals until recently, reported a third-quarter net loss of $64.6 million and cash of $22.0 million at period-end. A non-cash charge of $57.1 million tied to a warrant liability accounted for most of the loss, leaving a balance of about $7.5 million from other items.

For context, a warrant liability charge is an accounting entry rather than cash leaving the business, so the headline loss says little on its own about how fast the company is spending. The facts provided do not break out operating expenses or give a cash runway, so that question remains open.

The commercial story rests on AT177, an aryl hydrocarbon receptor agonist designed to be taken by mouth and to act in the colon, aimed at ulcerative colitis. The drug has not yet reached the clinic. Safety-package studies are under way and clinical-grade manufacturing has begun. Azora says it plans to file an investigational new drug application and begin a Phase 1a study in the first half of 2027.

The company began trading on Nasdaq under the ticker AZR on 29 October 2026 after the name change. Beyond the timetable, the information available contains no partnering, licensing or financing details.