Anebulo Pharmaceuticals reported a net loss of $2.16 million for the three months ended September 30, 2025, a slight improvement from the $2.20 million loss in the same period a year earlier. Operating expenses totaled $2.26 million, driven by $809,991 in research and development and $1.45 million in general and administrative costs. Cash and cash equivalents stood at $10.35 million, giving the company a 12‑month runway when combined with a $3 million loan facility.
The R&D expense for the quarter was $809,991, down from $1.10 million in Q1 FY2025, indicating a 26% reduction in research spending as the company shifts focus from early‑stage studies to the Phase 1 single‑ascending‑dose (SAD) trial of its intravenous formulation of selonabant. General and administrative costs rose to $1.45 million from $1.10 million a year earlier, largely due to professional fees associated with the pending going‑private transaction and reverse stock split.
The company’s clinical program advanced with the first dosing of the IV selonabant SAD study on September 25, 2025. A National Institute on Drug Abuse grant awarded a second‑year tranche of $994,300 supports the study, bringing the total NIDA award to approximately $1.9 million, with the remaining $1 million contingent on meeting predefined milestones. A private placement completed in December 2024 raised $15 million, further strengthening the balance sheet.
Anebulo’s board approved a reverse stock split as part of a potential going‑private transaction on July 23, 2025, with a ratio ranging from 1‑for‑2,500 to 1‑for‑7,500. The transaction is still subject to shareholder approval and SEC review, and no definitive completion date has been announced.
Analysts had expected earnings per share of $(0.12) for the quarter; the company delivered $(0.05), a beat of $0.07 or 58% above consensus. The improvement stems from disciplined cost management and the absence of one‑time charges, while the company remains pre‑revenue, with zero sales in the period.
CEO Richie Cunningham highlighted the significance of the IV formulation for pediatric cannabis toxicity, noting that the FDA has expressed willingness to collaborate on the development program. He emphasized that the company’s focus on a high‑unmet medical need positions it for a potentially accelerated regulatory pathway, while the strong cash position and ongoing funding provide the flexibility to sustain clinical progress over the next 12 months.
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