Anebulo Pharmaceuticals (ANEB) Financials

Anebulo Pharmaceuticals remains a pre-revenue biotechnology company with ongoing operating losses. Revenue was $0 in each reported income statement, while the company continued to fund research and development and general administrative activities. In the latest quarter ended December 31, 2025, the company reported a net loss of $2.0 million, an improvement from the $2.1 million loss in the comparable provided quarter but still indicative of substantial cash needs.

Operating expenses increased to $2.6 million in the latest quarter from $1.9 million in Q3 2025 and $1.3 million in Q4 2024. Both selling, general and administrative expense and research and development expense have generally increased from early 2024 levels. The latest loss was partially offset by $620,513 of other income, including $85,410 of interest and investment income, but this income does not represent recurring product revenue.

Liquidity has weakened despite a prior financing. Cash and equivalents declined to $9.0 million at December 31, 2025, from $13.3 million at March 31, 2025, and $15.0 million at December 31, 2024. The company raised $15.0 million through financing in the quarter ended December 31, 2024, but continued operating cash outflows have since reduced that balance. Latest operating cash flow was negative $1.7 million, suggesting roughly five quarters of cash coverage at that burn rate, before considering changes in spending, financing or development costs.

The balance sheet remains relatively lightly leveraged. Total liabilities were $1.5 million versus $7.9 million of equity, and current assets of $9.3 million exceeded current liabilities of $1.5 million by a wide margin. However, retained earnings were negative $78.0 million, reflecting the company’s accumulated losses, and the share count has risen materially over the period.

• Strong near-term liquidity: Anebulo held $9.0 million of cash and equivalents at the latest quarter-end, while current assets exceeded current liabilities by approximately $7.8 million.
• Limited balance-sheet leverage: Total liabilities of $1.5 million were substantially below total equity of $7.9 million, with no noncurrent liabilities reported.
• Some improvement in the latest loss: The latest net loss of $2.0 million was smaller than the $2.1 million loss in the comparable provided quarter and the $2.5 million loss in Q2 2025.
• Research investment continues: Anebulo spent $1.2 million on research and development in the latest quarter, supporting continued development of its pipeline.
• Cash burn remains material: Operating cash flow was negative $1.7 million in the latest quarter, implying a limited runway without reduced spending, additional financing or commercial revenue.
• Non-operating income helped results: Interest, investment and other income reduced the latest quarterly loss by $620,513, but the sustainability of this benefit is uncertain.
• No commercial revenue: Reported revenue remained at $0 across the supplied periods, leaving the company dependent on cash reserves and future financing.
• Operating expenses are trending higher: Latest operating expenses of $2.6 million were well above the $1.3 million reported in Q4 2024 and the $1.9 million reported in Q3 2025.
• Cash reserves are declining: Cash fell from $15.0 million at December 31, 2024, to $9.0 million at December 31, 2025, despite the earlier $15.0 million financing.
• Dilution risk has increased: Weighted average shares outstanding rose to 41.1 million in the latest quarter from approximately 25.6 million in early 2024, increasing the potential impact of future equity financing on existing shareholders.