Anebulo Pharmaceuticals Reports First Quarter Fiscal Year 2025 Financial Results and Recent Updates
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 13 2024
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Source: Businesswire
Financial Highlights: Anebulo Pharmaceuticals reported a net loss of $2.2 million for the first quarter of fiscal 2025, with operating expenses slightly decreasing compared to the previous year. The company has cash reserves of $1.4 million and access to an additional $10 million through a loan agreement.
Development Updates: Anebulo received a $1.9 million grant from the National Institute on Drug Abuse to support the development of its intravenous formulation of selonabant, aimed at treating acute cannabis-induced toxicity, particularly in children, with clinical studies expected to begin in 2025.
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About ANEB
Anebulo Pharmaceuticals, Inc. is a clinical-stage biotechnology company. It is engaged in developing treatments for cannabis toxicity, such as unintentional cannabis poisoning, acute cannabinoid intoxication (ACI) and the landscape of acute cannabis-induced conditions. Its lead product candidate is selonabant, a potent, small molecule antagonist of cannabinoid binding receptor type-1 (CB1), the primary receptor involved in the psychotropic effects of cannabinoids, with the potential to address the unmet medical need for a therapy to treat cannabis toxicity. Selonabant is orally bioavailable, rapidly absorbed, and has also been formulated for intravenous administration. Selonabant is intended to rapidly reverse the negative effects of cannabis-induced toxicity and reduce time to recovery. It is also prioritizing the advancement of a selonabant intravenous (IV) formulation as a potential treatment for pediatric patients with cannabis-induced CNS depression.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Anebulo Completes Voluntary Tender Offer for 300,000 Shares
- Tender Offer Results: Anebulo Pharmaceuticals announced the final results of its voluntary tender offer to repurchase 300,000 shares at $3.50 each, totaling approximately $1.05 million, reflecting the company's commitment to shareholders and a significant premium over market prices.
- Oversubscription: The tender offer received a total of 4,907,881 shares tendered, indicating strong investor confidence in the company's future, with 300,000 shares accepted on a pro-rata basis, ensuring benefits for smaller shareholders.
- Shareholder Structure Optimization: By executing this tender offer, Anebulo successfully reduced the number of shareholders, enhancing shareholder concentration, which may facilitate future capital operations and corporate governance.
- Clinical Research Advancement: Anebulo is prioritizing the intravenous formulation of selonabant for pediatric acute cannabis-induced toxicity treatment, aiming for a faster approval timeline, demonstrating the company's strategic shift in drug development.
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