Cannabinoid-Focused Anebulo Pharma Posts Q3 Earnings, On Schedule To Start Cannabis Overdose Clinical Trials

Cannabinoid-focused biotech company Anebulo Pharmaceuticals, Inc. ANEB released its third-quarter fiscal 2021 financial results on Tuesday with a net loss of $555,832 or $0.04 per share. 

The Austin, Texas-based company had its initial public offering in May with 2.08 million shares, priced at $7.00 per share. Via its IPO, Anebulo managed to raise around $20.2 million in gross cash proceeds or around $19.0 million in net proceeds. Anebulo began trading on the Nasdaq Capital Market under the ticker symbol ‘ANEB’ on May 7. 

Third Quarter Earnings Key Figures 

• Anebulo also reported a net loss attributable to common shareholders of $8.76 million, or 69 cents per share, including a deemed dividend to preferred shareholders of $8.21 million; these figures can’t compare to the prior-year period due to the company not having operations at the time; 
• In the third quarter, the company’s operating expenses amounted to a total of $552,131; 
• At the end of the reporting period, on March 31, Anebulo held $3.3 million in cash and cash equivalents. 

Recent Business Highlights 

• The company trusts its raised net proceeds of $19 million would be sufficient for its business activities, including clinical studies until the end of 2022.  
• Anebulo is on schedule to begin its Phase 2 proof-of-concept clinical trial with ANEB-001 for the treatment of cannabinoid overdose in the fourth quarter; favorable results are expected during the first half of 2022; 
• The Phase 2 study will be conducted in the Netherlands, with around 100 healthy volunteers who will each take 10mg of THC orally and then be treated with doses of ANEB-001 or placebo;
• The study already received all the required approvals.

“The pricing of our IPO in May was a tremendous milestone for Anebulo as the capital we raised allows us to advance our lead drug candidate ANEB-001 for the treatment of patients with cannabinoid intoxication,” Daniel Schneeberger, MD, CEO of Anebulo stated. “There are currently no effective therapies for the negative effects of cannabinoid intoxication and the unmet need to address this issue is growing in lockstep with an increasing number of states legalizing cannabis for medical and recreational use.” 

Schneeberger went on to explain that there has been a 15% annual increase of cannabis-related emergencies since cannabis legalization started in the country, hitting 1.7 million cases in 2018. 

“Overdoses from the ingestion of edible products and synthetic cannabinoids and accidental pediatric overdoses, in particular, are indications with high unmet medical need. We believe ANEB-001 has the ability to reverse these adverse symptoms within one hour of administration,” Schneeberger concluded. 

Anebulo is developing ANEB-001 as an oral treatment in the form of a pill, capsule, or tablet to help reverse the signs of cannabinoid overdose within one hour. The company said it is not familiar with any similar products either on the market or in the process of being developed. 

Price Action 

Anebulo’s shares were trading 0.14% higher at $7.31 per share at the time of writing. 

Photo by National Cancer Institute on Unsplash