The company remains in a pre-revenue phase, consistently recording operating losses that reached $2.6M in 2026Q2 while managing R&D expenditures that fluctuate based on clinical trial milestones.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | - |
| Gross Profit | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - | - |
| Operating Expenses | 9.1M | 9.22M | 8.31M | 11.78M | 6.83M | 3.61M | 173.35K |
| OpEx % of Revenue | - | - | - | - | - | - | - |
| Selling, General & Admin | 5.36M | 4.92M | 4.76M | 6.18M | 3.87M | 1.34M | 23.35K |
| SG&A % of Revenue | - | - | - | - | - | - | - |
| Research & Development | 3.74M | 4.3M | 3.55M | 5.6M | 2.96M | 2.27M | 150K |
| R&D % of Revenue | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -1.34K | 0 |
| Operating Income | -9.1M | -9.22M | -8.31M | -11.78M | -6.83M | -3.61M | -173.35K |
| Operating Margin % | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -11.01% | 29.49% | -72.5% | -89.02% | -1984.79% | - |
| EBITDA | -8.32M | -8.1M | -8.05M | -11.73M | -6.83M | -30.24M | -173.35K |
| EBITDA Margin % | - | - | - | - | - | - | - |
| EBITDA Growth % | -9.28% | -0.65% | 31.38% | -71.89% | 77.43% | -17344.95% | - |
| D&A (Non-Cash Add-back) | 0 | 0 | 258.28K | 0 | 0 | 0 | 0 |
| EBIT | -8.32M | -8.1M | -8.05M | -11.73M | -6.83M | -30.24M | -173.35K |
| Net Interest Income | 122.37K | -124.1K | 97.79K | 92.41K | 7.33K | -10.75K | -1.29K |
| Interest Income | 419.87K | 257.91K | 249.02K | 92.41K | 7.33K | 1.02K | 0 |
| Interest Expense | 297.5K | 382.01K | 151.23K | 0 | 0 | 11.77K | 1.29K |
| Other Income/Expense | 1.12M | 738.72K | 107.05K | 51.26K | 5.55K | -26.64M | -1.29K |
| Pretax Income | -7.98M | -8.48M | -8.2M | -11.73M | -6.83M | -30.25M | -174.64K |
| Pretax Margin % | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -7.98M | -8.48M | -8.2M | -11.73M | -6.83M | -30.25M | -174.64K |
| Net Margin % | - | - | - | - | - | - | - |
| Net Income Growth % | -4.06% | -3.45% | 30.09% | -71.89% | 77.44% | -17223.36% | - |
| Net Income (Continuing) | -7.98M | -8.48M | -8.2M | -11.73M | -6.83M | -30.25M | -174.64K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.19 | -0.25 | -0.32 | -0.47 | -0.29 | -1.30 | -0.01 |
| EPS Growth % | 26.24% | 21.88% | 31.91% | -62.07% | 77.69% | - | - |
| EPS (Basic) | - | -0.25 | -0.32 | -0.47 | -0.29 | -1.30 | -0.01 |
| Diluted Shares Outstanding | 41.08M | 33.82M | 25.82M | 25.07M | 23.34M | 23.34M | 23.72M |
| Basic Shares Outstanding | 41.08M | 33.82M | 25.82M | 25.07M | 23.34M | 23.34M | 23.72M |
| Dividend Payout Ratio | - | - | - | - | - | - | - |
Clinical trial funding exhaustion
As reported in financial statements, Anebulo's quarterly R&D expenditures have fluctuated between $467.7K and $1.3M, reflecting the episodic nature of clinical trial milestones rather than a steady-state operational burn, which complicates long-term expense forecasting for investors monitoring the company's path toward potential regulatory submission.
The lack of consistent R&D spending suggests that the company's cost structure is highly sensitive to the timing of specific clinical trial phases. Investors should monitor whether these periodic spikes in spending correlate with meaningful progress in the ANEB-001 program or if they represent inefficiencies in trial management.
Based on Anebulo's reported figures, the company consistently records operating losses, with the most recent quarterly deficit reaching $2.6M, underscoring the absence of commercial revenue to offset the fixed overhead and clinical development costs inherent in a single-asset biotechnology business model at this stage.
The persistent operating losses are expected for a pre-revenue entity, yet the lack of scaling in SG&A relative to R&D suggests that administrative costs remain a significant burden. This implies that the company may face difficulty achieving operational leverage until a commercial product is successfully brought to market.
According to recent SEC filings, Anebulo consistently records stock-based compensation, including a peak of $564.3K in 2025Q2, which serves as a non-cash expense that masks the true cash-burn trajectory and dilutes existing shareholders while management attempts to preserve limited cash reserves for clinical development.
The reliance on equity-based compensation suggests a strategy to conserve cash, but it also introduces volatility into the net income line that does not reflect operational performance. Analysts should adjust for these non-cash items to better understand the underlying cash runway and the true cost of talent retention.
With reported cash and equivalents of $11.6M, the company's financial position appears strained, as the current burn rate suggests that Anebulo may require additional dilutive financing within the next twelve months to sustain its ongoing clinical trials and avoid a potential liquidity crisis before reaching key milestones.
The absence of revenue-generating assets leaves the company entirely dependent on external capital markets, which may be unfavorable given the current interest rate environment. Investors should consider the high probability of future equity raises, which could significantly impact the valuation and ownership structure of the firm.
Quick answers to the most common questions about buying ANEB stock.
For fiscal year 2025, Anebulo Pharmaceuticals, Inc. (ANEB) reported total revenue of $0.0M.
Anebulo Pharmaceuticals, Inc. (ANEB) reported a net loss of $8.5M for the fiscal year ending 2025.