Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB) recently announced its financial results for the quarter ended September 30, 2024. The clinical-stage pharmaceutical company, focused on developing innovative solutions for individuals experiencing acute cannabis-induced toxic effects, provided an overview of its performance and key developments.
First Quarter Fiscal Year 2025 and Subsequent Highlights:
Anebulo disclosed receiving the initial portion of a two-year cooperative grant, amounting to approximately $1.9 million, from the National Institute on Drug Abuse (NIDA), part of the National Institutes of Health (NIH). This grant, under award number 1U01DA059995-01, aims to support the completion of IND-enabling activities and the scale-up of its intravenous (IV) formulation of selonabant.
Financial Results for the three months ended September 30, 2024:
Operating expenses for the initial quarter of fiscal 2025 totaled $2.4 million, slightly lower than the $2.5 million recorded for the same period in fiscal 2024. The net loss for the quarter was $2.2 million, translating to $(0.08) per share, in comparison to a net loss of $2.5 million, or $(0.10) per share, in the corresponding period in the previous fiscal year. As of September 30, 2024, Anebulo Pharmaceuticals reported cash and cash equivalents of $1.4 million alongside access to an additional $10 million through a Loan and Security Agreement established on November 13, 2023.
About Selonabant (ANEB-001):
The flagship product candidate of Anebulo Pharmaceuticals is Selonabant (ANEB-001), a potent small molecule antagonist of the cannabinoid receptor type-1 (CB1) designed to address the urgent medical need for a specific antidote for acute cannabis-induced toxicity, including instances of acute cannabinoid intoxication (ACI) in adults and unintentional cannabis poisoning in pediatric individuals.
Anebulo Pharmaceuticals is actively scaling up the intravenous formulation of Selonabant for initial clinical safety assessments. This unique product, if successful, could provide an expedited pathway to approval compared to the adult oral product for treating pediatric patients with acute cannabis-induced toxicity.
The company urges stakeholders to refer to its Annual Report on Form 10-K for the year ended June 30, 2024, and subsequent filings with the Securities and Exchange Commission for comprehensive risk understanding and other cautionary statements.
For further information about Anebulo Pharmaceuticals, visit www.anebulo.com.
Risk Disclosure:
This release may contain forward-looking statements as defined in applicable laws and regulations. Readers are advised that such statements involve risks, uncertainties, and assumptions that could impact outcomes materially. Anebulo Pharmaceuticals undertakes no obligation to update or modify its forward-looking statements based on new information, subsequent events, or evolving conditions.
CONTACTS:
Anebulo Pharmaceuticals, Inc.
Daniel George
Part-time Chief Financial Officer
(512) 598-0931
[email protected]
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Anebulo Pharmaceuticals’s 8K filing here.
About Anebulo Pharmaceuticals
Anebulo Pharmaceuticals, Inc, a clinical-stage biotechnology company, engages in developing solutions for people suffering from acute cannabinoid intoxication (ACI) and substance addiction. The company's lead product candidate is ANEB-001, a small molecule cannabinoid receptor antagonist, which is in a Phase II clinical trial to address the unmet medical need for a specific antidote for ACI.
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