The firm exhibits a persistent negative free cash flow trajectory, with quarterly outflows ranging between $1.3M and $2.7M, indicating a high reliance on external funding to sustain operations.
| Cash from Operations | -5.84M | -6.35M | -8.09M | -9.68M | -5.44M | -4.87M | -150.77K |
| Operating CF Margin % | - | - | - | - | - | - | - |
| Operating CF Growth % | 43.8% | 21.52% | 16.44% | -78.09% | -11.62% | -3130.83% | - |
| Net Income | -7.98M | -8.48M | -8.2M | -11.73M | -6.83M | -30.25M | -174.64K |
| Depreciation & Amortization | 262.62K | 382.01K | 0 | 0 | 0 | 0 | 0 |
| Stock-Based Compensation | 1.03M | 1.45M | 758.88K | 884.72K | 480.66K | 199.95K | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 34.88K | 0 | 151.23K | 0 | 0 | 26.63M | 1.29K |
| Working Capital Changes | 809.27K | 306.24K | -799.26K | 1.16M | 907.78K | -1.45M | 22.58K |
| Change in Receivables | 16.43K | -73.22K | 0 | 0 | 0 | 3.5K | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | -3.5K | 0 |
| Change in Payables | 272.94K | 67.75K | -378.12K | 153.72K | 270.78K | 110.05K | 0 |
| Cash from Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Expenditures | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx % of Revenue | - | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | -116.66K | 14.88M | -62.35K | 6.38M | 0 | 21.83M | 3.18M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | -201.29K | 200K |
| Equity Issued (Net) | -116.66K | 14.88M | -62.35K | 6.65M | 0 | 22.85M | 2.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | -264.68K | 0 | -821.63K | 0 |
| Net Change in Cash | -5.96M | 8.53M | -8.15M | -3.3M | -5.44M | 16.96M | 3.02M |
| Free Cash Flow | -5.84M | -6.35M | -8.09M | -9.68M | -5.44M | -4.87M | -150.77K |
| FCF Margin % | - | - | - | - | - | - | - |
| FCF Growth % | 12.12% | 21.52% | 16.44% | -78.09% | -11.62% | -3130.87% | - |
| FCF per Share | -0.14 | -0.19 | -0.31 | -0.39 | -0.23 | -0.21 | -0.01 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.75x | 0.99x | 0.83x | 0.80x | 0.16x | 0.86x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial funding exhaustion
As reported in financial statements, Anebulo's operating cash flow consistently trails net income, with the OCF/NI ratio fluctuating between 0.57 and 1.52, indicating that non-cash adjustments and working capital volatility significantly distort the company's underlying cash-burn profile during this pre-revenue clinical development phase.
The divergence between net income and operating cash flow suggests that accounting losses are not fully representative of the actual cash depletion occurring within the business. Investors should monitor these fluctuations as they reflect the timing of clinical trial payments rather than operational efficiency.
Based on Anebulo's reported figures, the company maintains a consistent negative free cash flow trajectory, with quarterly outflows ranging from $1.3M to $2.7M, confirming that the business remains entirely dependent on external financing to sustain its research-heavy operational model without any offsetting commercial revenue.
The lack of positive free cash flow is expected for a clinical-stage biotech, yet the magnitude of these outflows relative to the $11.6M cash balance warrants caution. This trend suggests that the company's runway is highly sensitive to the pace of clinical trial enrollment and associated vendor costs.
According to recent SEC filings, working capital changes have been highly erratic, swinging from a $939.9K outflow in 2024Q4 to a $652.6K inflow in 2024Q2, which complicates the assessment of the company's true underlying cash burn rate and operational efficiency.
These swings appear to be driven by the timing of payments to clinical research organizations rather than fundamental changes in business operations. Such volatility makes it difficult for analysts to project the exact date of cash exhaustion without further clarity on upcoming milestone-based liabilities.
As indicated by the provided data, stock-based compensation remains a recurring non-cash expense, peaking at $564.3K in 2025Q2, which effectively masks the true cash-based cost of operations and dilutes shareholders while the company continues to burn through its limited liquid assets.
While stock-based compensation preserves cash in the short term, it represents a significant hidden cost that investors must account for when evaluating the company's long-term capital needs. The reliance on equity-based incentives suggests management is attempting to conserve cash, yet this strategy does not mitigate the fundamental risk of funding exhaustion.
Quick answers to the most common questions about buying ANEB stock.
Anebulo Pharmaceuticals, Inc. (ANEB) generated $-6.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Anebulo Pharmaceuticals, Inc. (ANEB) reported negative free cash flow of $6.3M in 2025, indicating capital requirements exceeded cash from operations.
Anebulo Pharmaceuticals, Inc. (ANEB) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.