Anebulo Pharmaceuticals (ANEB) Q3 2025 Earnings Report

Anebulo Pharmaceuticals reported a non-revenue quarter (calendar Q3 2025) with a net loss of $1.676 million and an operating burn of $1.892 million. R&D expense stood at $638,324 and general and administrative expense at $1.254 million, yielding an EBITDA of -$1.431 million and a net loss per share of -$0.04. Despite the lack of revenue, the company closed the quarter with a robust cash balance of $13.28 million and no debt, positioning it with a solid liquidity runway to fund ANEB001 development and ongoing R&D through early pipeline milestones. The current ratio of 32.29 and cash ratio of 31.06 underscore substantial near-term liquidity, though the company remains a high-risk, pre-revenue biotech focused on a single lead asset.

The balance sheet shows total assets of $14.01 million against liabilities of $0.546 million and stockholders’ equity of $13.46 million. Retained earnings are deeply negative at approximately $71.74 million, highlighting the ongoing stage-appropriate burn and the need for external financing to sustain operations absent material commercialization milestones. A Q4 2024 revenue entry of $467,706 indicates limited early-stage monetization, but the QQ3 2025 period remains revenue-light. Absent clear guidance on near-term milestones, the investment thesis hinges on ANEB001’s clinical progress, potential partnerships, and the likelihood of additional financing to extend runway into 2026.

Overall, the stock presents a high-risk, high-variance profile typical of early-stage biotechs: strong liquidity and clear cash sufficiency versus execution risk on clinical milestones and the need for continued fundraising. Investors should monitor interim clinical updates, IND/phase progression, and any strategic partnerships that could unlock value or ease capital constraints.