Anebulo maintains a debt-free capital structure but faces structural erosion of its equity position, which has declined to $7.9M as of 2026Q2 due to persistent operational deficits.
| Total Current Assets | 9.27M | 11.96M | 3.51M | 11.67M | 15.58M | 21.65M | 3.03M |
| Cash & Short-Term Investments | 9.04M | 11.63M | 3.09M | 11.25M | 14.55M | 19.99M | 3.02M |
| Cash Only | 9.04M | 11.63M | 3.09M | 11.25M | 14.55M | 19.99M | 3.02M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 56.78K | 73.22K | 0 | 0 | 0 | 0 | 3.5K |
| Days Sales Outstanding | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Non-Current Assets | 148.23K | 183.11K | 565.12K | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 148.23K | 183.11K | 565.12K | 0 | 0 | 0 | 0 |
| Total Assets | 9.42M | 12.15M | 4.07M | 11.67M | 15.58M | 21.65M | 3.03M |
| Asset Turnover | 0.00x | - | - | - | - | - | - |
| Asset Growth % | 624.91% | 198.19% | -65.1% | -25.09% | -28.05% | 615% | - |
| Total Current Liabilities | 554.86K | 224.18K | 260.58K | 1.07M | 512.53K | 241.63K | 223.87K |
| Accounts Payable | 554.86K | 224.18K | 156.43K | 534.54K | 380.83K | 110.05K | 0 |
| Days Payables Outstanding | - | - | - | - | - | - | - |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 201.29K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -407.85K | -263.51K | 0 | 0 | 0 | 0 | 22.58K |
| Current Ratio | 16.71x | 53.36x | 13.46x | 10.92x | 30.40x | 89.61x | 13.53x |
| Quick Ratio | 16.71x | 53.36x | 13.46x | 10.92x | 30.40x | 89.61x | 13.53x |
| Cash Conversion Cycle | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 930.78K | 263.51K | 0 | 0 | 0 | 0 | 0 |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 930.78K | 263.51K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 1.49M | 487.69K | 260.58K | 1.07M | 512.53K | 241.63K | 223.87K |
| Total Debt | 0 | 0 | 0 | 0 | 0 | 0 | 201.29K |
| Net Debt | -9.04M | -11.63M | -3.09M | -11.25M | -14.55M | -19.99M | -2.82M |
| Debt / Equity | 0.00x | - | - | - | - | - | 0.07x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - |
| Net Debt / EBITDA | 1.09x | - | - | - | - | - | - |
| Interest Coverage | -27.96x | -21.21x | -53.23x | - | - | -2569.98x | -134.80x |
| Total Equity | 7.94M | 11.66M | 3.81M | 10.6M | 15.07M | 21.41M | 2.8M |
| Equity Growth % | 741.7% | 205.78% | -64.04% | -29.64% | -29.63% | 663.45% | - |
| Book Value per Share | 0.19 | 0.34 | 0.15 | 0.42 | 0.65 | 0.92 | 0.12 |
| Total Shareholders' Equity | 7.94M | 11.66M | 3.81M | 10.6M | 15.07M | 21.41M | 2.8M |
| Common Stock | 41.09K | 41.09K | 25.93K | 25.63K | 23.34K | 23.34K | 12K |
| Retained Earnings | -78.05M | -73.89M | -65.4M | -57.2M | -45.47M | -38.64M | -183.14K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in financial statements, Anebulo's total assets have contracted from $15.8M in 2025Q2 to $9.4M by 2026Q2, signaling a clear downward trajectory in the company's resource base as it continues to fund clinical development without the benefit of any offsetting commercial revenue streams.
The consistent decline in total assets over the last four quarters suggests that the company is consuming its capital base at a rate that outpaces any potential replenishment. Investors should monitor this trend closely, as the shrinking asset pool limits the company's operational flexibility and increases the urgency for a successful clinical milestone or external capital injection.
Based on Anebulo's reported figures, cash and equivalents have dwindled to $9.0M in 2026Q2 from a peak of $15.0M in 2025Q2, indicating that the company's liquidity buffer is under significant pressure as it navigates the high-cost environment of late-stage clinical trial execution.
While the current ratio remains elevated due to low current liabilities, this metric is somewhat misleading given the company's lack of revenue and high fixed burn rate. The rapid depletion of cash reserves suggests that the company's runway is narrowing, which may force management to seek dilutive financing sooner than the market currently anticipates.
According to recent SEC filings, the company's equity position has declined to $7.9M in 2026Q2 from $15.0M in 2025Q2, a trend primarily driven by the accumulation of a $78.0M deficit in retained earnings as the firm prioritizes R&D over profitability.
The erosion of shareholder equity highlights the inherent risks of a single-asset biotech model where losses are the primary output of the business. This persistent negative trend in retained earnings underscores the reliance on external capital, which may lead to further dilution of existing equity holders if the company fails to reach a value-inflection point.
As indicated by the provided data, the company's balance sheet is entirely devoid of tangible productive assets like PPE, meaning that the entire valuation is predicated on intangible clinical potential that remains subject to significant regulatory and scientific uncertainty.
The absence of physical assets implies that the company has no fallback value should the lead candidate, ANEB-001, fail to meet its clinical endpoints. This lack of tangible backing makes the balance sheet highly sensitive to binary outcomes, where any negative regulatory news could lead to a rapid impairment of the company's perceived value.
Quick answers to the most common questions about buying ANEB stock.
As of 2025, Anebulo Pharmaceuticals, Inc. (ANEB) had total assets of $12.1M including $12.0M in current assets.
Anebulo Pharmaceuticals, Inc. (ANEB) carries total debt of $0.0M, offset by $11.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Anebulo Pharmaceuticals, Inc. (ANEB) has total shareholders' equity (book value) of $11.7M ($0.34 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Anebulo Pharmaceuticals, Inc. (ANEB) reported a current ratio of 53.36x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.