Anebulo Pharmaceuticals, Inc. reported significant financial changes in its quarterly filing for the period ending September 30, 2024. The company, focused on developing treatments for cannabis toxicity, experienced a net loss of $2.2 million for the quarter, a decrease from a net loss of $2.5 million in the same period of the previous year. This improvement in net loss is attributed to reduced operating expenses, particularly in research and development, which totaled $2.4 million, down from $2.5 million in Q3 2023.
As of September 30, 2024, Anebulo's cash and cash equivalents stood at $1.4 million, a significant decline from $3.1 million at the end of June 2024. Total current assets also decreased to $1.96 million from $3.51 million in the prior quarter. The company's total assets fell to $2.47 million, while total liabilities increased to $569,225, up from $260,583 in the previous quarter. Consequently, total stockholders' equity dropped to $1.90 million from $3.81 million.
The weighted average common shares outstanding increased slightly to 25,933,217 in Q3 2024 from 25,633,217 in Q3 2023. The net loss per share improved to $(0.08) from $(0.10) year-over-year. The company reported a net cash used in operating activities of $1.69 million for the quarter, down from $2.73 million in the same period last year.
Anebulo's strategic developments include entering into a Loan and Security Agreement in November 2023, allowing for borrowing up to $10 million, with no outstanding balance as of September 30, 2024. The company also received a $0.9 million grant from the National Institute on Drug Abuse to support the development of its lead product candidate, selonabant, which aims to treat acute cannabinoid intoxication.
The company has not generated any revenue since its inception in April 2020 and continues to anticipate significant operating losses. Anebulo plans to seek additional funding through equity and debt financing or collaboration agreements to support its development and commercialization objectives. The company is prioritizing the advancement of an intravenous formulation of selonabant for pediatric patients and aims to complete IND-enabling activities by the end of 2024.
About Anebulo Pharmaceuticals, Inc.
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