Anebulo Pharmaceuticals Inc Stock Price, News & Analysis

Anebulo Pharmaceuticals (ANEB) reported Q2 FY2025 financial results and updates on their lead product candidate, selonabant, designed to treat acute cannabis-induced toxic effects. The company secured $15 million through a private placement of 15.2 million shares and amended its Loan Security Agreement to $3 million.

Key developments include FDA discussions regarding intravenous selonabant development, with the agency acknowledging the unmet need for treating cannabis toxicity in children. The company plans to begin Phase 1 single ascending dose study in 1H25.

Financial results show operating expenses of $2.6 million in Q2 FY2025, down from $2.8 million year-over-year. Net loss was $2.5 million ($0.09 per share) compared to $2.7 million ($0.11 per share) in Q2 FY2024. Cash position stands at $15.0 million as of December 31, 2024.

Anebulo Pharmaceuticals (ANEB) announced positive regulatory progress for selonabant in treating acute cannabis-induced toxicity in children and secured a $15 million capital raise. The company's Phase 2 proof-of-concept study with 134 adult subjects demonstrated that oral selonabant effectively blocked or reversed key CNS effects of THC. The FDA acknowledged the unmet need for treating children exposed to cannabis toxicity and proposed ongoing collaboration.

The company secured a private placement of 15.2 million shares at $0.99 per share, priced at-the-market under Nasdaq rules. Additionally, Anebulo will modify its Loan and Security Agreement, reducing the maximum loan size to approximately $3 million. The company plans to initiate a Phase I SAD study of IV selonabant in healthy adults in first half of 2025.

Anebulo Pharmaceuticals (ANEB) has reported its Q1 FY2025 financial results and updates. The company received the first tranche of a $1.9 million NIDA grant to advance its intravenous selonabant formulation for treating acute cannabis-induced toxicities. The company plans to complete IND-enabling activities by end of 2024 and enroll first volunteers in H1 2025. Financial results show operating expenses of $2.4 million, with a net loss of $2.2 million ($0.08 per share). Cash position stands at $1.4 million, with access to an additional $10 million through a recent Loan Agreement.

Anebulo Pharmaceuticals (Nasdaq: ANEB) reported financial results for Q4 and FY 2024, ending June 30, 2024. Key highlights include:

1. Awarded first tranche of a $1.9 million grant from NIDA/NIH
2. Prioritizing development of selonabant IV formulation for unintentional cannabis poisoning in children
3. Q4 FY2024 operating expenses: $1.3 million (vs $2.5 million in Q4 FY2023)
4. Q4 FY2024 net loss: $1.3 million or $(0.05) per share
5. FY2024 operating expenses: $8.3 million (vs $11.8 million in FY2023)
6. FY2024 net loss: $8.2 million or $(0.32) per share
7. Cash and cash equivalents: $3.1 million as of June 30, 2024
8. Access to additional $10 million through Loan and Security Agreement

Anebulo Pharmaceuticals (Nasdaq: ANEB) has been awarded a two-year cooperative grant of up to $1.9 million from the National Institute on Drug Abuse (NIDA) to support the development of intravenous selonabant. This potential emergency treatment targets acute cannabis-induced toxicities, particularly cannabis-induced CNS depression in children.

The grant is structured in two tranches: an initial $0.9 million award, followed by approximately $1 million subject to meeting certain milestones. This funding acknowledges the growing unmet medical need for a cannabis antidote, especially for children who are more susceptible to cannabis toxicity due to their underdeveloped endocannabinoid system.

Anebulo's CSO, Ken Cundy, emphasized that this grant provides validation for their work, while CEO Richie Cunningham highlighted how it aligns with their recent decision to prioritize the development of the intravenous formulation of selonabant.

Anebulo Pharmaceuticals (Nasdaq: ANEB) reported financial results for Q3 fiscal year 2024 and provided updates on its development projects.

Key focus is on the IV formulation of selonabant for unintentional cannabis poisoning in children, driven by a growing medical need and upcoming DEA reclassification of marijuana. The company's operating expenses dropped to $1.7 million from $2.9 million year-over-year. Net loss decreased to $1.7 million, or $(0.06) per share, from $2.8 million, or $(0.11) per share. As of March 31, 2024, the company holds $5.1 million in cash and cash equivalents.