CBD-Focused Anebulo Pharma Posts Q4 & Full Year 2021 Earnings, Launching Phase 2 Cannabis Overdose Clinical Trials

Cannabinoid-focused biotech company Anebulo Pharmaceuticals, Inc. ANEB announced its financial results Wednesday for the three and 12 months ended June 30.

Over the fourth quarter of fiscal 2021, the Austin, Texas-based company closed an initial public offering of its $3.08 million shares of common stoke at $7 million, for gross proceeds of $21.5 million. On May 7, the company's stock debuted on the Nasdaq Capital Market under the symbol ANEB.

In addition, the management plans to use the proceeds for the company's planned business operations and clinical studies through the end of the calendar year 2022, as it's on schedule to launch Phase 2 proof-of-concept clinical trial with ANEB-001 for the treatment of acute cannabinoid intoxication, which will take place at a single site in the Netherlands.

In August, Anebulo formed a scientific advisory board with two founding co-chairs - Andrew Monte, M.D., Ph.D., and Arjun Chanmugam, M.D.

"As the number of emergency department visits related to cannabis intoxication continues to increase by approximately 15% annually, we believe there is a significant unmet medical need for our drug candidate," said Daniel Schneeberger, M.D., CEO of Anebulo. "The manufacture of a finished product for ANEB-001 was a critical step in preparation for our proof-of-concept study in the Netherlands."

Q4 And Full-Year 2021 Financial Highlights

• Operating expenses in the fourth quarter of fiscal 2021 totaled $2.48 million versus $173,351 in the same period in fiscal 2020.
• Operating expenses in fiscal 2021 amounted to $3.61 million compared with $173,351 in the same period of last year.
• Net loss in the fourth quarter was $29.1 million, compared with a net loss of $174,637 in the corresponding quarter of last year.
• Net loss in fiscal 2021 was $30.3 million, compared with a net loss of $174,637 in fiscal 2020.
• As of June, the company had roughly $20 million in cash.

Anebulo noted that all prior-year comparisons reflect roughly one month of operations, as the company launched operations in May 2020.

Price Action

Anebulo's shares traded 1.13% lower at $7 per share after the market close on Wednesday.

Photo: Courtesy of Nataliya Vaitkevich from Pexels