Executive Summary
Anebulo Pharmaceuticals reported a cash-burn dominated QQ3 2024 quarter with no revenue and a continued preclinical/early-clinical focus. The company posted an operating loss of approximately $1.664 million and a net loss of about $1.654 million, with an fully diluted loss per share of $0.0638. R&D expenditure remained modest at $748 thousand while G&A totaled $916 thousand, contributing to an EBITDA of approximately $(1.594) million. Cash burn from operations was $(1.497) million for the period, leaving cash and equivalents of $5.15 million at quarter end. The balance sheet shows no debt, a solid current ratio (5.32x), and total stockholders’ equity of about $4.99 million against retained earnings of roughly $(64.05) million, underscoring a substantial cumulative deficit common to early-stage biotechs.
With no topline revenue and ongoing clinical development, the firm’s near-term liquidity relies on external financing or strategic collaborations to advance ANEB001 and other assets. The company’s quarterly print suggests a burn rate in the $1.5 million range, implying a multi-quarter runway only if additional funding is secured or if operating costs are meaningfully reduced. Absent a financing event or meaningful pipeline milestones, investors should monitor potential fundraising activity, strategic partnerships, and any updates on ANEB001 development milestones as the key catalysts for value realization.
Key Performance Indicators
Key Insights
Revenue: N/A. EBITDA: $(1.594) million. Operating income: $(1.664) million. Net income: $(1.654) million. EPS: $(0.0638).
Liquidity and cash flow: Net cash used in operating activities $(1.498) million; free cash flow $(1.498) million; cash at end of period $5.147 million; beginning cash $6.644 million.
Balance sheet health: Total assets $5.996 million; total liabilities $1.010 million; total stockholders’ equity $4.985 million; cash and cash equivalents represent a robust liquidity buffer...
Financial Highlights
Revenue: N/A. EBITDA: $(1.594) million. Operating income: $(1.664) million. Net income: $(1.654) million. EPS: $(0.0638).
Liquidity and cash flow: Net cash used in operating activities $(1.498) million; free cash flow $(1.498) million; cash at end of period $5.147 million; beginning cash $6.644 million.
Balance sheet health: Total assets $5.996 million; total liabilities $1.010 million; total stockholders’ equity $4.985 million; cash and cash equivalents represent a robust liquidity buffer for a pre-revenue biotech in QQ3 2024. No long-term debt reported. Current ratio 5.32x; quick ratio 5.32x; cash ratio 5.09x.
Valuation context: The company reported negative earnings with negative enterprise value multiples (EV) relative to peers, reflecting pre-revenue status and ongoing funding needs. Parallel biotech peers show widely different multiples depending on stage and capital structure (e.g., JBIO, ADAG, ACVR, RZLT, ANTX, IKNA, TRML).
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Operating Income |
-1.66M |
41.90% |
39.72% |
| Net Income |
-1.65M |
40.89% |
39.13% |
| EPS |
-0.06 |
42.00% |
42.00% |
Key Financial Ratios
operatingCashFlowPerShare
$-0.06
freeCashFlowPerShare
$-0.06
priceEarningsRatio
-11.33
Management Commentary
Note: The earnings transcript was not provided in the supplied data. As such, management tone, strategy statements, and milestone commentary are not quoted here. The synthesis below relies on reported financials and available peer context. Management commentary, when available, typically highlights pipeline progress, financing plans, and potential strategic collaborations.
Transcript not provided.
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Transcript not provided.
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Forward Guidance
No explicit forward guidance was disclosed in the provided materials. Given the lack of revenue and the level of quarterly cash burn, the company faces near-term liquidity risk absent new financing or a strategic partnership. Investors should monitor: (1) any management updates on ANEB001’s development timeline and regulatory interactions; (2) capital-raising activities, licensing agreements, or collaborations that could fund pipeline advancement; (3) potential milestones in the company’s preclinical/clinical program that could unlock value or enable non-dilutive financing. Industry context suggests higher probability of funding events for late-stage partnerships or license deals in biotech when a clear translational path and data milestones are demonstrated. Short-term catalysts would likely revolve around IND-enabling activities, safety/toxicity readouts, and upcoming program updates.