Anebulo Pharmaceuticals (ANEB) Q4 2025 earnings summary

Executive summary

• Initiated Phase 1 SAD study of IV selonabant for acute cannabis-induced toxicity in children, with FDA clearance and NIDA grant support.

• Prioritized IV selonabant for pediatric use over adult oral formulation, aiming for faster approval due to higher risk in children.

• Board approved a proposed reverse stock split as part of a potential going private transaction, pending shareholder approval.

Financial highlights

• Q4 FY25 operating expenses rose to $2.3M from $1.3M year-over-year; net loss was $2.1M ($0.05/share) vs. $1.3M ($0.05/share) prior year.

• FY25 operating expenses increased to $9.2M from $8.3M; net loss was $8.5M ($0.25/share) vs. $8.2M ($0.32/share) in FY24.

• Cash and equivalents stood at $11.6M as of June 30, 2025, with access to an additional $3M via a loan agreement.

• Grant income of $0.9M from NIDA partially offset increased R&D expenses.

Outlook and guidance

• Research and development expenses expected to rise as current IV selonabant study completes and further clinical trials are prepared.

• Strategic review process ongoing; no set deadline or assurance of outcome.