Wed, Sep 25, 8:31 PM (169 days ago)
Anebulo Pharmaceuticals, Inc. reported significant financial losses for the fiscal year ending June 30, 2024, with a net loss of approximately $8.2 million, an improvement from a loss of $11.7 million in the prior year. The company, which has yet to generate revenue, has an accumulated deficit of $65.4 million. Operating expenses decreased to $8.3 million from $11.8 million, primarily due to reduced research and development costs following the completion of a Phase 2 clinical trial for its lead product, selonabant. The company is focusing on developing an intravenous formulation for pediatric cannabis toxicity, supported by a $1.9 million grant from the National Institute on Drug Abuse. Anebulo's financial condition is precarious; it will need to secure additional funding, potentially through equity or debt financing, as its cash reserves are expected to last until late 2025. The company faces risks including reliance on third-party manufacturers, regulatory approval uncertainties, and competitive pressures in the biotechnology sector. Additionally, changes in healthcare regulations could impact commercialization efforts and profitability.