Executive Summary
Anebulo Pharmaceuticals reported QQ1 2025 results with no revenue and a continued cash burn driven by research and development and general and administrative expenses. Key profitability metrics remained negative, with EBITDA of -$2.141 million and a net loss of -$2.201 million for the quarter. R&D expenses totaled $1.315 million and G&A totaled $1.097 million, contributing to an operating loss of $2.412 million. The company generated negative free cash flow of -$1.689 million, leaving a cash balance of approximately $2.404 million at period end and a net cash position near $1.404 million (no debt reported). Liquidity metrics remain favorable on a relative basis (current ratio ~3.45), but the business is heavily cash-burn dependent with an extremely limited near-term runway absent additional financing.
Strategically, Anebulo remains focused on its lead candidate ANEB001 for cannabinoid intoxication and overdose, a high-need clinical area. With no revenue to support ongoing development, execution hinges on successful clinical progress, strategic partnerships, or capital markets activity to extend the runway. Management commentary and forward guidance are not provided in the disclosed materials, creating a need for catalysts such as clinical readouts, partnership discussions, or financing updates to recalibrate risk and value. The magnitude of the accumulated deficit and reliance on external funding underscore the importance of near-term liquidity management and a clear clinical-value proposition to attract partnering opportunities or alternative financing arrangements.
Key Performance Indicators
QoQ: -63.04% | YoY:11.29%
QoQ: -62.33% | YoY:12.29%
Key Insights
Revenue: Not Applicable for QQ1 2025 (no product revenue reported).
Operating Expenses: $2.412 million (R&D $1.315 million; G&A $1.097 million).
EBITDA: -$2.141 million; Operating Income: -$2.412 million.
Net Income: -$2.201 million; EPS: -$0.0849.
Weighted Average Shares Out: 25.933 million.
Cash Flow: Net cash used by operating activities -$1.689 million; Free cash flow -$1.689 million.
Liquidity and Balance Sheet: Cash and cash equivalents $2.404 million at period end; Total assets $2...
Financial Highlights
Revenue: Not Applicable for QQ1 2025 (no product revenue reported).
Operating Expenses: $2.412 million (R&D $1.315 million; G&A $1.097 million).
EBITDA: -$2.141 million; Operating Income: -$2.412 million.
Net Income: -$2.201 million; EPS: -$0.0849.
Weighted Average Shares Out: 25.933 million.
Cash Flow: Net cash used by operating activities -$1.689 million; Free cash flow -$1.689 million.
Liquidity and Balance Sheet: Cash and cash equivalents $2.404 million at period end; Total assets $2.468 million; Total current assets $1.963 million; Total current liabilities $0.569 million; Total liabilities $0.569 million; Total stockholders’ equity $1.899 million; Retained earnings negative at approximately -$67.604 million.
Liquidity Indicators: Current ratio 3.45; Net debt: -$1.404 million (net cash position).
Cash Runway: End-period cash of $1.404 million against a quarterly burn of approximately $1.690 million implies a sub-quarter runway absent financing.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-2.41M |
5.19% |
-80.00% |
| Net Income |
-2.20M |
11.29% |
-63.04% |
| EPS |
-0.08 |
12.29% |
-62.33% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.07
freeCashFlowPerShare
$-0.07
Management Commentary
No earnings call transcript data was provided in the source materials. As a result, themes, management tone, and quotes could not be extracted or summarized from the QQ1 2025 call. The analysis below notes the absence of structured transcript input and the consequent reliance on disclosed financials for the quantitative assessment.
Forward Guidance
Management guidance for QQ1 2025 is not disclosed in the provided data. Given the clinical-stage nature of Anebulo and lack of revenue, the near-term catalysts that would inform guidance include: (1) clinical updates on ANEB001 (safety/efficacy signals, dosing, or interim readouts), (2) regulatory interactions or submission updates, and (3) potential licensing or collaboration discussions that would impact capital needs and runway. In the absence of formal guidance, the achievability of any forward-looking targets will depend on (a) the cadence and outcomes of upcoming trials or data readouts for ANEB001, (b) the company’s ability to secure term financing, equity raises, or strategic partnerships, and (c) broader financing conditions in the biotech sector.
Investor takeaway: monitor for clinical readouts and any disclosed partnering discussions that could replenish the balance sheet or unlock value from ANEB001. The lack of revenue and a very tight cash runway emphasize a high-risk, high-reward profile anchored to pipeline advancement and financing events.