Anebulo Pharmaceuticals Reports $1.68 Million Net Loss and Strategic Shift to IV Selonabant Development

Anebulo Pharmaceuticals, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company recorded a net loss of $1.68 million for the quarter, a slight increase from a loss of $1.65 million in the same period last year. For the nine months ending March 31, 2025, the net loss was approximately $6.34 million, a decrease from $6.85 million in the prior year. Total operating expenses for the quarter were $1.89 million, up from $1.66 million year-over-year, primarily driven by increased general and administrative costs.

In terms of financial position, Anebulo's total assets rose to $14.01 million as of March 31, 2025, compared to $4.07 million at the end of the previous fiscal year. This increase was largely attributed to a significant rise in cash and cash equivalents, which reached $13.28 million, up from $3.09 million as of June 30, 2024. The company’s stockholders’ equity also improved, totaling $13.46 million, compared to $3.81 million in the prior period, reflecting a successful private placement that generated approximately $15 million in gross proceeds.

Strategically, Anebulo has shifted its focus towards the development of an intravenous formulation of its lead product candidate, selonabant, aimed at treating pediatric patients with cannabis-induced central nervous system depression. This decision follows a meeting with the FDA, which acknowledged the urgent need for such a treatment. The company plans to initiate a single ascending dose study of IV selonabant in healthy adults in the third quarter of 2025, pending FDA protocol clearance. This strategic pivot is expected to expedite the timeline for regulatory approval compared to the oral formulation intended for adults.

Operationally, Anebulo has seen changes in its research and development expenses, which totaled $638,324 for the quarter, down from $748,339 in the previous year. The decrease was primarily due to the timing of clinical studies, although there was an increase in contract manufacturing costs as the company prepares for upcoming trials. The company also recognized grant income of $359,606 during the quarter, related to a cooperative grant from the National Institute on Drug Abuse, marking a new revenue stream that was absent in the prior year.

Looking ahead, Anebulo anticipates continued operating losses as it advances its clinical development programs. The company expects that its current cash reserves, along with potential funding from the Loan Agreement, will be sufficient to cover operating expenses for at least the next 12 months. However, Anebulo acknowledges the need for additional funding to support its long-term objectives, which may include equity or debt financing, as well as collaboration agreements. The company remains focused on addressing the unmet medical needs associated with cannabis-induced toxicity, particularly in vulnerable populations such as children.