Anebulo Pharmaceuticals Reports Decreased Net Loss and Improved Cash Position in Latest 10-Q

Anebulo Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending December 31, 2024. The company recorded a net loss of $2.5 million for the three months ended December 31, 2024, a decrease from a loss of $2.7 million in the same period the previous year. For the six-month period, the net loss was approximately $4.7 million, down from $5.2 million year-over-year. Total operating expenses for the quarter were $2.6 million, a reduction from $2.8 million in the prior year, primarily due to decreased general and administrative costs.

Anebulo's financial position improved markedly, with cash and cash equivalents increasing to $15.0 million as of December 31, 2024, compared to $3.1 million at the end of the previous fiscal year. This increase was largely attributed to a successful private placement that raised approximately $15.0 million in December 2024. The company’s total assets rose to $15.8 million, up from $4.1 million at the end of June 2024, while total liabilities increased to $878,799 from $260,583, reflecting the company's ongoing operational commitments.

In terms of strategic developments, Anebulo is focusing on advancing its lead product candidate, selonabant, which is being developed as a treatment for cannabis-induced toxicity. The company is prioritizing an intravenous formulation of selonabant for pediatric patients, which it believes could expedite the approval process compared to the oral formulation intended for adults. Anebulo has engaged with the FDA regarding this development and plans to initiate a Phase I clinical study in healthy adults in the first half of 2025.

Operationally, Anebulo has seen an increase in research and development expenses, which totaled $1.2 million for the quarter, up from $1.1 million in the prior year. This increase is attributed to the ongoing clinical trials and the scaling up of the intravenous formulation. The company has also received grant income of $423,065 related to a cooperative grant from the National Institute on Drug Abuse, which supports the development of intravenous selonabant.

Looking ahead, Anebulo anticipates continued operating losses as it advances its clinical programs. The company expects that its current cash reserves, along with potential future funding, will be sufficient to cover its operational needs for at least the next 12 months. However, Anebulo acknowledges the necessity of securing additional financing to support its ongoing development efforts and to mitigate risks associated with its clinical trials and regulatory approvals.