Anebulo Pharmaceuticals Reports First Quarter Fiscal Year 2023 Financial Results and Recent Updates
First Quarter Fiscal Year 2023 and Subsequent Highlights:
- Announced positive interim data for ANEB-001 from Part B of its Phase 2 clinical trial for Acute Cannabinoid Intoxication in September, 2022
-
Announced
private placement financing in September, 2022$6.6 million
-
Announced the appointment of
Nat Calloway , Ph.D. to Board of Directors
-
Company Executives are scheduled to participate in the following investor conferences:
-
Benchmark Discovery Conference ,December 1, 2022 -
J.P. Morgan 41st Annual Healthcare Conference 2023,
January 9-12, 2023 -
BIO CEO and Investor Conference,
February 6-9, 2023
-
Management Commentary
“We remain very pleased that Part B of our ongoing Phase 2 clinical trial is progressing on schedule and we look forward to announcing additional results in the near future,” stated
Financial Results for the three months ended
-
Operating expenses in the first quarter of fiscal 2023 were
compared with$2.6 million in the same period in fiscal 2022.$1.6 million -
Net loss in the first quarter of fiscal 2023 was
, or$2.6 million per share, compared with a net loss of$(0.11) , or$1.6 million per share, in the first quarter of fiscal 2022.$(0.07) -
Cash burn in the first quarter of fiscal 2023 was
.$2.0 million -
Cash was
as of$19.2 million September 30, 2022 .
About
Forward-Looking Statements
This press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, along with terms such as “anticipate,” “expect,” “intend,” “may,” “will,” “should” and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of
Condensed Balance Sheet Data |
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|
|
|
|
|
|
|
|
|
2022 |
|
|
2022 |
|
Cash |
|
$ |
19,213,697 |
|
$ |
14,548,471 |
Total assets |
|
|
19,815,365 |
|
|
15,579,431 |
Total liabilities |
|
|
698,179 |
|
|
512,531 |
Total stockholders’ equity |
|
|
19,117,186 |
|
|
15,066,900 |
Condensed Statements of Operations |
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|
Three Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
Research and development |
|
$ |
1,223,776 |
|
|
$ |
715,098 |
|
General and administrative |
|
|
1,388,271 |
|
|
|
839,826 |
|
Total operating expenses |
|
|
2,612,047 |
|
|
|
1,554,924 |
|
Loss from operations |
|
|
(2,612,047 |
) |
|
|
(1,554,924 |
) |
|
|
|
|
|
|
|
||
Other income, net |
|
|
212 |
|
|
|
1,529 |
|
Net loss |
|
$ |
(2,611,835 |
) |
|
$ |
(1,553,395 |
) |
Weighted average common shares outstanding, basic and diluted |
|
|
23,416,495 |
|
|
|
23,344,567 |
|
Net loss per share, basic and diluted |
|
$ |
(0.11 |
) |
|
$ |
(0.07 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20221110005403/en/
Scott Anderson
Head of Investor Relations and Public Relations
(858) 229-7063
scott@anebulo.com
Chief Financial Officer
(512) 598-0931
IR@anebulo.com
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