Breaking Down Anebulo Pharmaceuticals, Inc. (ANEB) Financial Health: Key Insights for Investors

You're looking at Anebulo Pharmaceuticals, Inc. (ANEB) because you know the biotech game is all about cash runway and clinical milestones, and the latest numbers show a defintely tight but focused operation. For the full fiscal year 2025, Anebulo reported a net loss of $8.5 million, or $(0.25) per share, which is a manageable burn for a clinical-stage company, though slightly higher than the prior year. The real action is the pivot in their lead candidate, selonabant (ANEB-001): instead of pushing the oral adult acute cannabinoid intoxication (ACI) treatment, they are prioritizing an intravenous (IV) formulation for pediatric patients with cannabis-induced Central Nervous System (CNS) depression, a high-unmet need. This shift is supported by recent funding, including a second-year tranche of $994,300 from a National Institute on Drug Abuse (NIDA) grant, and they dosed the first subjects in the Phase 1 IV study in September 2025. Still, with only $13.3 million in cash and cash equivalents as of March 31, 2025, plus access to an additional $3 million via a loan, the timeline for the IV program's success is a critical factor for their valuation right now. The market is waiting for Phase 1 safety data.

Revenue Analysis

You're looking for a traditional revenue breakdown, but with Anebulo Pharmaceuticals, Inc. (ANEB), you have to think differently. This is a clinical-stage biopharmaceutical company, so the core takeaway is simple: they have no commercial product revenue. Their financial health hinges on funding, not sales. You won't find a standard year-over-year (YoY) revenue growth rate from selling a drug.

Their actual revenue, or what's classified as such on their income statement, is effectively $0.000 for all four quarters of the 2025 fiscal year. That's the reality for a company focused on getting its lead candidate, selonabant, through clinical trials. It's a burn-rate story, not a sales story. Still, they do have a primary source of non-dilutive income: Grant Income.

• Primary Revenue Stream: Grant Income (from research awards).
• Product Revenue: $0.000 (Fiscal Year 2025).
• Funding Focus: Advancing selonabant for acute cannabis-induced toxicity.

The most significant change in their income stream for Fiscal Year 2025 was the increase in non-dilutive funding. For the full fiscal year 2025, Anebulo Pharmaceuticals, Inc. reported $0.9 million in grant income. This income stems from a collaborative research and development grant with the National Institute on Drug Abuse (NIDA) of the National Institutes of Health (NIH). This is a defintely important source of cash for a biotech at this stage.

To show the year-over-year trend, you can look at the grant's impact. In the second quarter of Fiscal Year 2025 (ended December 31, 2024), Anebulo Pharmaceuticals, Inc. recorded $177,703 in grant income, compared to $0 in the same quarter of the prior fiscal year. This isn't a sales growth rate, but it is a 100% increase in their primary income source, which matters for funding their research and development (R&D) expenses, which were $1.2 million in that same quarter.

Here's the quick math on the full-year income stream:

Since Anebulo Pharmaceuticals, Inc. is a single-focus company developing one lead drug candidate, selonabant, there are no separate business segments contributing to revenue. All their efforts, and thus their grant income, are concentrated on this one program, particularly the intravenous (IV) formulation for pediatric patients. This singular focus maps near-term risk: if the selonabant program falters, there's no other segment to fall back on. To get a deeper dive on their balance sheet and valuation, check out Breaking Down Anebulo Pharmaceuticals, Inc. (ANEB) Financial Health: Key Insights for Investors.

Profitability Metrics

You need to understand that Anebulo Pharmaceuticals, Inc. (ANEB) is a clinical-stage pharmaceutical company, so traditional profitability metrics like Gross Profit Margin are essentially non-existent right now. They don't have a product on the market generating sales, so their focus is on research and development (R&D) investment, not profit. This means the company is defintely operating at a loss, which is typical for its stage.

For the fiscal year (FY) ended June 30, 2025, Anebulo Pharmaceuticals, Inc. reported a Net Loss of $8.5 million. That number is the most critical bottom-line figure for investors right now. Since they have no product revenue, their Gross Profit is zero, and their Operating Profit is a loss, driven almost entirely by R&D and administrative costs.

Here's the quick math on the key loss figures for FY 2025, which essentially translate to negative margins:

• Gross Profit Margin: 0% (Pre-revenue stage, no Cost of Goods Sold).
• Operating Loss: Approximately $9.2 million (equal to Operating Expenses).
• Net Loss: $8.5 million.

Profitability Trends and Operational Efficiency

The trend shows that Anebulo Pharmaceuticals, Inc.'s losses are increasing, but for a good reason: they're spending more on their core mission. The Net Loss grew from $8.2 million in FY 2024 to $8.5 million in FY 2025. This modest increase in the net loss figure is a result of a larger jump in operational spending, partially offset by external funding.

Operating expenses are the real story on the income statement, showing an increase from $8.3 million in FY 2024 to $9.2 million in FY 2025. This $0.9 million rise is not a sign of poor cost management; it's a planned investment. The company is actively moving its lead drug candidate, selonabant, through the pipeline, specifically prioritizing an intravenous formulation for pediatric patients.

This increased spending reflects their commitment to advancing clinical trials, which is what you want to see in a development-stage biotech. Plus, they secured a $0.9 million grant from the National Institute on Drug Abuse (NIDA) in FY 2025, which helped cushion the net loss despite the higher operating costs.

The company is spending money to make money later. That's the business model.

Industry Comparison: Context is Everything

When you compare Anebulo Pharmaceuticals, Inc.'s negative margins to the broader pharmaceutical and biotechnology industry, you see a massive difference. For example, the average Return on Equity (ROE) for the US pharmaceutical industry is around 10.49%. That's the world of companies with approved, revenue-generating products.

Anebulo Pharmaceuticals, Inc., however, is in the high-risk, high-reward clinical-stage biotech segment. Their profitability ratios are negative because they have not yet commercialized their product candidate, selonabant. You should compare their spending and R&D efficiency against other pre-commercial biotechs, not established giants. The key is monitoring their cash burn-the rate at which they are losing money-relative to their clinical milestones.

Here's a quick snapshot of the financial reality for Anebulo Pharmaceuticals, Inc. in FY 2025:

For a deeper look at who is backing this company as it moves through its pipeline, you should read Exploring Anebulo Pharmaceuticals, Inc. (ANEB) Investor Profile: Who's Buying and Why?

Debt vs. Equity Structure

The core takeaway for Anebulo Pharmaceuticals, Inc. (ANEB) is simple: the company is a pure equity-play, operating with virtually no debt. This is a common, but high-stakes, capital structure for a clinical-stage biotechnology company, prioritizing runway over leverage.

As of the fiscal year ended June 30, 2025, Anebulo Pharmaceuticals, Inc. reports a total debt of essentially $0.0, meaning there is no long-term or significant short-term debt on the balance sheet. Their total liabilities, which include operational items like accounts payable and accrued expenses, stood at only $487,688. This is defintely a clean slate, but it also means the company's funding is entirely reliant on stockholder support and grants.

Here's the quick math on the capital structure:

• Total Debt: $0.0
• Total Stockholders' Equity: $11,657,928
• Debt-to-Equity (D/E) Ratio: 0.00

A D/E ratio of 0.00 is rare outside of early-stage biotechs. To put this in perspective, the average D/E ratio for the Biotechnology industry is around 0.17, and the broader Pharmaceuticals sector is closer to 0.854. Anebulo Pharmaceuticals, Inc. is using zero financial leverage (borrowed money) to fund its operations and clinical trials, which cuts interest expense but exposes equity holders to the full risk of dilution.

Recent Financing and the Equity-First Strategy

The company's growth is financed exclusively through equity funding (selling shares) and non-dilutive grant income. You can see this strategy playing out in their recent financing activities in fiscal year 2025.

In December 2024, Anebulo Pharmaceuticals, Inc. secured $15 million in gross proceeds through a private placement offering, selling 15.2 million shares of common stock to existing investors. This is the primary way they fund their lead drug candidate, selonabant, which is currently in a Phase 1 study for an intravenous formulation.

While debt is minimal, there is a small facility available. In February 2025, the company amended a Loan and Security Agreement (LSA), reducing the maximum loan size to approximately $3 million. This is an important liquidity backstop, even if it hasn't been significantly drawn upon. It's a classic move to keep a small credit line open for unexpected short-term needs without committing to a large, interest-bearing debt load.

The reliance on equity means the stock price and market sentiment are crucial, especially given the Board's July 2025 approval of a plan to go private, citing the high costs of maintaining public status. This action and the subsequent analyst ratings-like the 'Sell (D-)' from Weiss Ratings and a consensus 'Hold' with a $5.50 price target-underscore the volatility and risk inherent in this equity-heavy model. For a deeper dive into who is buying and why, you should read Exploring Anebulo Pharmaceuticals, Inc. (ANEB) Investor Profile: Who's Buying and Why?

Liquidity and Solvency

You're looking for a clear picture of Anebulo Pharmaceuticals, Inc.'s (ANEB) financial runway, and the short answer is they're sitting on a mountain of liquid assets relative to their immediate bills. The company's liquidity position as of the end of fiscal year 2025 (June 30, 2025) is defintely strong, primarily due to a successful financing round.

Their balance sheet shows virtually no short-term risk, which is exactly what you want to see in a clinical-stage biotech. They are essentially debt-free, with no long-term debt on the books.

Assessing Anebulo Pharmaceuticals, Inc.'s Liquidity

Anebulo Pharmaceuticals, Inc.'s liquidity ratios are exceptionally high, signaling a massive cushion against short-term obligations. This is a common, and necessary, characteristic for a pre-revenue pharmaceutical company that relies on investor capital to fund R&D.

• Current Ratio: The current ratio (current assets divided by current liabilities) stood at an impressive 24.53 as of June 30, 2025.
• Quick Ratio: The quick ratio (or acid-test ratio) is virtually identical at approximately 24.53.

Here's the quick math: Total current assets were $11,962,506 against total current liabilities of just $487,688. A ratio this high means Anebulo Pharmaceuticals, Inc. could cover its immediate liabilities more than 24 times over with its most liquid assets. That's solid. The main component of these current assets is cash and cash equivalents, which totaled $11.6 million at year-end.

Working Capital Trends and Cash Flow Overview

While the liquidity position is strong, the cash flow statement tells the story of how that capital is being used. As a clinical-stage company, Anebulo Pharmaceuticals, Inc. is in the 'cash burn' phase, meaning it uses cash to fund operations and R&D rather than generating revenue.

The company's primary cash movements for the fiscal year ended June 30, 2025, follow a predictable biotech model:

The financing cash flow is the lifeline. The $14.9 million raised in December 2024 was the capital injection that funded the company's operating loss and built up the cash balance to $11.6 million by June 30, 2025. This capital is being deployed into advancing their lead drug candidate, selonabant, including the Phase 1 study for an intravenous (IV) formulation.

Liquidity Concerns and Strengths

The major strength is the sheer amount of liquid capital relative to liabilities. The Current Ratio of 24.53 is a clear indicator of financial health in the near-term. Plus, the company has access to an additional $3.0 million through a Loan Agreement, which provides another layer of financial flexibility.

The only real 'concern' is the ongoing negative cash flow from operations-the cash burn. Anebulo Pharmaceuticals, Inc. is expected to continue generating operating losses for the foreseeable future, which means they will need to secure additional financing eventually. The cash and cash equivalents of $11.6 million as of June 30, 2025, combined with the available loan, are projected to fund operations for at least 12 months from the date of the financial statements' issuance. This is the key metric for investors: how long is the runway? It looks like a little over a year, so future financing events are defintely on the horizon. For a deeper dive into the company's full strategic outlook, you can read the full post: Breaking Down Anebulo Pharmaceuticals, Inc. (ANEB) Financial Health: Key Insights for Investors.

Valuation Analysis

You're looking at Anebulo Pharmaceuticals, Inc. (ANEB) and wondering if the market has it right. As a clinical-stage biotech, its valuation isn't about today's profit; it's a bet on future drug success. The short answer is that analysts currently rate it a 'Hold,' but they see a massive potential upside of over 140%.

The company is focused on developing an emergency antidote for acute cannabis-induced toxicity, and its financial metrics reflect a pre-revenue, high-growth-potential profile. You won't find a standard Price-to-Earnings (P/E) ratio here, but the other metrics still tell a story.

Here's the quick math on key valuation multiples based on the latest available data, which mostly covers the fiscal year ending June 30, 2025:

• Price-to-Earnings (P/E) Ratio: -9.86 as of October 31, 2025.
• Price-to-Book (P/B) Ratio: 7.26.
• Enterprise Value-to-EBITDA (EV/EBITDA): 0.00.

A negative P/E ratio is typical for a company with a net loss, which for Anebulo Pharmaceuticals, Inc. was $8.5 million in fiscal year 2025. The P/E of -9.86 is actually higher than its 12-month average of -6.02, which can defintely signal that investors are pricing in stronger future growth expectations, even with ongoing losses. The P/B of 7.26 is relatively high, indicating the stock price is trading at over seven times the company's book value, a common premium for companies with intangible assets like drug pipelines.

Stock Price Trends and Analyst Consensus

The stock price trend over the last 12 months shows the volatility inherent in clinical-stage companies. The 52-week range has been wide, moving from a low of $0.80 to a high of $3.42. As of November 14, 2025, the stock was trading around $2.28. This movement reflects both the clinical trial progress-like dosing the first subjects in the Phase 1 study of intravenous selonabant-and the general market sentiment for small-cap biotech.

What this estimate hides is the binary risk of a clinical-stage drug. If the drug fails, the stock price will plummet, but if it succeeds, the upside could be exponential. You need to understand the Mission Statement, Vision, & Core Values of Anebulo Pharmaceuticals, Inc. (ANEB). to grasp the long-term vision.

Wall Street analysts are cautious but optimistic. The consensus rating is a 'Hold,' which is a balanced view-don't rush to buy, but don't sell either. However, the average 12-month price target from three analysts is $5.50, representing a forecasted upside of 140.17% from a recent price of $2.29.

Here is a snapshot of the analyst sentiment:

Anebulo Pharmaceuticals, Inc. is not a dividend-paying stock, which is standard for a company reinvesting all capital into research and development. The dividend yield and payout ratios are both N/A. Your focus should be entirely on the clinical pipeline's milestones and cash runway, not on income generation.

Risk Factors

You're looking at Anebulo Pharmaceuticals, Inc. (ANEB) because you see the potential for the first emergency antidote for acute cannabis-induced toxicity, but you need to map the risks before you commit capital. The core issue, as with any clinical-stage biopharma, is a lack of commercial revenue and a dependence on pipeline success. For Anebulo Pharmaceuticals, Inc. (ANEB), this translates into three immediate, high-impact risks: clinical pivot, cash burn, and corporate uncertainty.

Honestly, the biggest near-term risk is the clinical trial success of their lead candidate, selonabant (ANEB-001). The company pivoted from the oral adult formulation to prioritize an intravenous (IV) formulation for pediatric patients with acute cannabis-induced toxicity. This is a strategic move to address a high unmet medical need acknowledged by the FDA, but it means the IV formulation is still in early development, with a Phase 1 single ascending dose (SAD) study in healthy adults only initiating in September 2025. Any significant delay or negative safety signal in this or subsequent trials could be devastating. Clinical trials are a coin flip.

Financial and Strategic Uncertainty

The financial health of Anebulo Pharmaceuticals, Inc. (ANEB) shows a classic development-stage profile: high operating expenses and no revenue. For the fiscal year ended June 30, 2025, the company reported a net loss of $8.5 million, a slight increase from the $8.2 million net loss in fiscal year 2024. This burn rate is supported by capital raises, but it's a constant pressure.

Here's the quick math on their liquidity as of late fiscal 2025:

• Net Loss (FY 2025): $8.5 million
• Operating Expenses (Q4 FY 2025): $2.3 million
• Cash and Equivalents (Mar 31, 2025): $13.3 million

What this estimate hides is the strategic risk: in July 2025, the company announced it was exploring a going private transaction and other strategic alternatives, including a sale or merger. This creates major uncertainty for public stockholders, as the outcome is not guaranteed, and the process itself can distract management and depress the stock price. The Board could still abandon the proposed reverse stock split and going private transaction, even after stockholder approval.

Mitigation and External Factors

To be fair, Anebulo Pharmaceuticals, Inc. (ANEB) has taken clear steps to mitigate the immediate financial risk and validate their new clinical path. They secured a private placement in December 2024 for gross proceeds of $15 million, plus access to an additional $3 million via a loan agreement. Also, the National Institute on Drug Abuse (NIDA) awarded them a collaborative grant, with a second-year tranche of $994,300 to support the IV selonabant study.

Still, external risks loom large, as they do for all biopharma companies:

• Regulatory Risk: While the FDA acknowledged the unmet need, the path to New Drug Application (NDA) approval is long, complex, and requires successful pivotal trials.
• Key Personnel Risk: The ability to retain key employees is defintely crucial for a small, clinical-stage company.
• Competition: Though they aim to be the first emergency antidote, other companies could develop competing treatments or existing off-label treatments could limit market uptake.

You can review the full corporate strategy, including their goals for addressing this market need, in the Mission Statement, Vision, & Core Values of Anebulo Pharmaceuticals, Inc. (ANEB).

Growth Opportunities

You're looking for the path to commercial value in a clinical-stage biotech, and for Anebulo Pharmaceuticals, Inc. (ANEB), that path is now laser-focused on a single, high-stakes product innovation: the intravenous (IV) formulation of selonabant (ANEB-001). The direct takeaway is that their future is tied to the successful, and expedited, development of this IV formulation as an emergency antidote for children.

Anebulo Pharmaceuticals, Inc. is not generating commercial revenue yet; the analyst consensus revenue forecast for the near-term, including the fourth quarter of fiscal year 2025, was $0.000. This is normal for a clinical-stage company. The financial reality for fiscal year 2025 (FY2025) was a net loss of $8.5 million, or $(0.25) per share. The near-term earnings estimate for the second quarter of fiscal year 2026 remains a loss, with an EPS forecast of $(0.130). This is a development-stage investment, plain and simple.

Here's the quick math on their runway: Cash and cash equivalents stood at $13.3 million as of March 31, 2025, with FY2025 operating expenses totaling $9.2 million. They're burning cash, but they have a clear mission.

Key Growth Drivers: The IV Formulation Pivot

The company's primary growth driver is the strategic pivot to prioritize the IV formulation of selonabant, a potent, small molecule antagonist of the cannabinoid receptor type-1 (CB1), for pediatric patients suffering from acute cannabis-induced Central Nervous System (CNS) depression. This is a significant market expansion opportunity because it targets a serious, life-threatening condition-unintentional cannabis poisoning in children-which the FDA has confirmed is an unmet medical need.

• Product Innovation: IV selonabant (ANEB-001) for rapid reversal of acute cannabis toxicity.
• Target Market: Pediatric emergency antidote for CNS depression.
• Development Status: Initiated a Phase 1 single ascending dose (SAD) study in healthy adults on September 25, 2025.

This focus on a more serious, acute condition offers the potential for a faster timeline to approval relative to the oral product for adult acute cannabinoid intoxication (ACI).

Strategic Initiatives and Competitive Edge

Anebulo Pharmaceuticals, Inc. has several initiatives bolstering its development path. The most critical is the close, ongoing collaboration with the Food and Drug Administration (FDA), which is working with the company to facilitate an efficient development plan for the pediatric indication. This level of regulatory involvement is a strong signal of the recognized need for the drug.

Financially, they secured a second-year tranche of an ongoing collaborative grant from the National Institute on Drug Abuse (NIDA) of the National Institutes of Health (NIH), providing $994,300 in support for the Phase 1 SAD study. Plus, a private placement offering in December 2024 brought in $15 million in gross proceeds, demonstrating investor confidence in the new strategy.

Their competitive advantage is the drug itself: selonabant is designed to be a specific antidote, a targeted therapy that can rapidly reverse the severe symptoms of cannabis toxicity. This is a unique positioning in the emergency medicine space. Honestly, being the first emergency antidote is a massive advantage.

Near-Term Risks and Strategic Review

What this estimate hides is the inherent risk of a clinical-stage company. The entire valuation hinges on the successful progression of selonabant through clinical trials. Also, the company is currently undergoing a review of all strategic alternatives, including a proposed going private transaction and a potential merger or sale of assets. This process, which was announced in July 2025, creates near-term uncertainty but could also lead to a positive outcome for shareholders if a strong strategic partner emerges.

For a deeper dive into the company's financial structure, you should read Breaking Down Anebulo Pharmaceuticals, Inc. (ANEB) Financial Health: Key Insights for Investors.

Next Step: Monitor the Phase 1 SAD study results and any definitive announcement from the strategic alternatives review committee. That's the defintely most important near-term catalyst.