Anebulo Pharmaceuticals Announces Fourth Quarter 2024 Results
Anebulo Pharmaceuticals Financial Results Overview
Anebulo Pharmaceuticals, Inc. (NASDAQ: ANEB), a clinical-stage biopharmaceutical company, has announced its financial results for the fourth quarter and the fiscal year ending June 30, 2024. The company is innovating in developing treatments for individuals affected by acute cannabis-induced toxicity, placing strong focus on evolving healthcare solutions in this field.
Recent Developments and Key Highlights
Grant from NIDA
In significant news, Anebulo has secured a grant from the National Institute on Drug Abuse (NIDA). This grant, awarded in two tranches, is valued at approximately $1.9 million. This funding will support the completion of Investigational New Drug (IND) enabling activities and enhance the scale-up of their intravenous, or IV, formulation of selonabant.
Timeline for Clinical Studies
With the aid of this grant, Anebulo intends to finalize the necessary groundwork for its new formulation and anticipates commencing clinical studies in early 2025, with plans to enroll healthy adult volunteers in the first half of the year.
Focus on Pediatric Applications
Given a rising pediatric healthcare need, Anebulo is prioritizing the development of selonabant specifically for unintentional cannabis poisoning cases among children. This shift comes as marijuana schedules may soon be reconsidered by the Drug Enforcement Agency, potentially impacting wider usage.
Financial Highlights for Q4 2024
During the fourth quarter of fiscal 2024, Anebulo reported operating expenses of $1.3 million, a notable reduction compared to the $2.5 million reported in the same quarter of the prior year. The company recorded a net loss for this period of $1.3 million, which translates to $(0.05) per share, again a decrease from the $2.5 million loss, or $(0.10) per share, noted in the prior fiscal year's comparable quarter. As of June 30, 2024, the company held cash and cash equivalents totaling $3.1 million.
Fiscal Year Results
Looking at the 2024 fiscal year as a whole, Anebulo’s total operating expenses stood at $8.3 million, down significantly from $11.8 million the previous year. This reduction can be primarily attributed to fewer expenses related to the company's successful Phase 2 clinical trials and the resumed focus on the IV formulation of selonabant. Additionally, net losses for the entire fiscal year amounted to $8.2 million, or $(0.32) per share, a marked improvement from the $11.7 million loss noted in fiscal 2023.
About Selonabant
Selonabant (ANEB-001) represents Anebulo’s leading candidate, aiming to fulfill the urgent medical need for an effective antidote to cannabis toxicity largely related to pediatric cases. This small molecule antagonist of the cannabinoid receptor type-1 (CB1) has shown promise in reversing symptoms of cannabinoid toxicity quickly. An observational study are currently underway, aiming to gather significant data that could bolster its use as a treatment in emergency medical settings.
About Anebulo Pharmaceuticals
Anebulo Pharmaceuticals is a forward-thinking, clinical-stage biopharmaceutical entity focused on addressing the challenges of acute cannabinoid intoxication and associated conditions. As it pivots towards completing its clinical studies, Anebulo remains committed to leading the charge toward safer, more effective healthcare solutions addressing urgent needs in today’s medical landscape.
Frequently Asked Questions
What are the recent financial results for Anebulo Pharmaceuticals?
Anebulo Pharmaceuticals reported a net loss of $1.3 million for Q4 2024, significantly improved from the previous year!
What is selonabant?
Selonabant (ANEB-001) is Anebulo's primary product candidate developed to treat cannabis toxicity, especially in children.
How much grant funding did Anebulo receive from NIDA?
Anebulo secured a $1.9 million grant from NIDA to assist in evolving its therapies and conducting clinical studies.
When does Anebulo expect to start clinical trials for their new formulation?
The company plans to begin clinical trials in the early half of 2025 as part of its IND enabling activities.
What were the total operating expenses for Anebulo in fiscal 2024?
Anebulo reported total operating expenses of $8.3 million for fiscal 2024, reflecting a reduction from the previous year's spending.
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