Full Press Release Details
Pharmaceuticals Reports First Quarter Fiscal Year 2023 Financial Results and Recent Updates
Texas (November 10, 2022) - Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB), a clinical-stage biopharmaceutical company developing
novel solutions for people suffering from acute cannabinoid intoxication and substance abuse (the "Company" or "Anebulo"),
today announced financial results for the three months ended September 30, 2022 and recent updates.
Quarter Fiscal Year 2023 and Subsequent Highlights:
remain very pleased that Part B of our ongoing Phase 2 clinical trial is progressing on schedule and we look forward to announcing additional
results in the near future," stated Simon Allen, Chief Executive Officer of Anebulo. "Preparations are ongoing for an observational
study in ACI subjects in the emergency department setting to further support the PK/PD model and ANEB-001 development."
Results for the three months ended September 30, 2022
| Operating expenses in the first quarter of fiscal 2023 were $2.6 million compared with $1.6 million in the same period in fiscal 2022. | ||
| Net loss in the first quarter of fiscal 2023 was $2.6 million, or $(0.11) per share, compared with a net loss of $1.6 million, or $(0.07) per share, in the first quarter of fiscal 2022. | ||
| Cash burn in the first quarter of fiscal 2023 was $2.0 million. | ||
| Cash was $19.2 million as of September 30, 2022. |
Anebulo Pharmaceuticals, Inc.
Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company developing novel solutions for people suffering from acute cannabinoid
intoxication and substance abuse. Its lead product candidate, ANEB-001, is intended to reverse the negative effects of acute cannabinoid
intoxication within one hour of administration. ANEB-001 is a competitive antagonist at the human cannabinoid receptor type 1 (CB1).
For further information about Anebulo, please visit www.anebulo.com.
press release contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These forward-looking statements, along with terms such as "anticipate,"
"expect," "intend," "may," "will," "should" and other comparable terms, involve
risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include
statements regarding the intent, belief or current expectations of Anebulo Pharmaceuticals and members of its management, as well as
the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are
not guarantees of future performance and involve risks and uncertainties, including risks attendant to developing, testing and commercializing
the company's product candidates, and those described in Anebulo Pharmaceutical's most recent annual report on Form 10-K
and in other periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking
statements. Except as required by federal securities law, Anebulo Pharmaceuticals undertakes no obligation to update or revise forward-looking
statements to reflect changed conditions.
Pharmaceuticals, Inc.
of Investor Relations and Public Relations
| September 30, | June 30, | |||||||
| 2022 | 2022 | |||||||
| Cash | $ | 19,213,697 | $ | 14,548,471 | ||||
| Total assets | 19,815,365 | 15,579,431 | ||||||
| Total liabilities | 698,179 | 512,531 | ||||||
| Total stockholders' equity | 19,117,186 | 15,066,900 |
Statements of Operations
| Three Months Ended September 30, | ||||||||
| 2022 | 2021 | |||||||
| Research and development | $ | 1,223,776 | $ | 715,098 | ||||
| General and administrative | 1,388,271 | 839,826 | ||||||
| Total operating expenses | 2,612,047 | 1,554,924 | ||||||
| Loss from operations | (2,612,047 | ) | (1,554,924 | ) | ||||
| Other income, net | 212 | 1,529 | ||||||
| Net loss | $ | (2,611,835 | ) | $ | (1,553,395 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 23,416,495 | 23,344,567 | ||||||
| Net loss per share, basic and diluted | $ | (0.11 | ) | $ | (0.07 | ) |