Anebulo Pharmaceuticals (ANEB) Financials

Anebulo Pharmaceuticals remains an early-stage, pre-revenue biotech with a cash-rich balance sheet, but it is still burning cash at a steady pace. Over the past several quarters, the company has posted no revenue and persistent operating losses, while cash on hand has declined meaningfully despite a financing boost in 2025. The latest quarter shows slightly better operating efficiency than some prior periods, but ANEB is still dependent on external funding to support development.

• Cash balance remains solid: Anebulo ended Q2 2026 with $9.0 million in cash and equivalents, which is enough to fund operations for the near term, though not indefinitely.
• Operating loss improved sequentially vs. Q4 2025: Net loss narrowed to $2.0 million in Q2 2026 from $2.1 million in Q4 2025, and operating expenses also came down from $2.3 million to $2.6 million in a different quarter-to-quarter comparison.
• Other income helped offset losses: Q2 2026 included $620,513 in net other income, largely from investment income and other income, which reduced the pre-tax loss.
• Low debt profile: The balance sheet shows no long-term debt and only $1.5 million in current liabilities as of Q2 2026, which reduces financial leverage risk.
• Equity cushion remains positive: Total common equity was $7.9 million in Q2 2026, indicating the company still has a positive book equity position.
• No revenue yet: Anebulo reported zero revenue in every period provided, so the investment case remains entirely tied to clinical progress and future commercialization, not current sales.
• Still pre-profit and cash-burning: The business generated negative operating cash flow of $1.7 million in Q2 2026 and has not yet reached self-funding status.
• Shares outstanding have increased materially over time: Weighted average basic shares rose from about 25.6 million in Q1 2024 to 41.1 million in Q2 2026, indicating meaningful dilution pressure over the last year-plus.
• Cash has declined sharply from prior levels: Cash and equivalents fell from $15.0 million in Q2 2025 to $9.0 million in Q2 2026, showing continued balance-sheet consumption.
• Persistent quarterly losses: ANEB posted net losses in every quarter provided, ranging from roughly $1.3 million to $2.7 million, highlighting ongoing dependence on capital markets.
• Operating expenses remain elevated relative to size: In Q2 2026, SG&A was $1.46 million and R&D was $1.16 million, while there is still no revenue to absorb those costs.

Bottom line: ANEB’s financial profile looks typical of a small clinical-stage biotech: no revenue, recurring losses, and ongoing cash burn, offset by a manageable liability load and a still-healthy cash balance. Investors should watch the company’s runway, dilution risk, and any signs of clinical or financing progress very closely.