Substance Use Disorder Company Narrows Q2 Net Loss, Reports Progress On Cannabinoid Intoxication Drug
The biopharmaceutical company Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) reported its second quarter financial results on Tuesday for the three months ended Dec. 31, 2023,
The company's primary focus is on developing therapy for acute cannabinoid intoxication (ACI).
"Anebulo continues to make progress towards our goal of becoming the first company to have an approved treatment for acute cannabinoid intoxication," said CEO Richie Cunningham. "Our current efforts are focused on the completion of critical steps needed to support the future Phase 3 studies of selonabant, including efficient scale-up of manufacturing, completion of remaining nonclinical activities, and finalizing the designs of our proposed registrational studies for further discussion with the FDA."
See also: Substance Use Disorder Focused Anebulo Could Be Attractive Acquisition Target, Analyst Says
Q2 2024 Financial Highlights
- Total operating expenses in the second quarter of fiscal 2024 were $2.8 million compared with $3.8 million in the same period in fiscal 2023.
- Net loss was $2.7 million, or $(0.11) per share, compared with a net loss of $3.8 million, or $(0.15) per share, in the second quarter of fiscal 2023.
- Cash was $6.6 million as of December 31, 2023.
- As of Dec. 31, 2023, the company had $7.5 million in total assets, down from $11.7 million as of June 30, 2023.
In August, the company received positive feedback from the Food and Drug Administration (FDA) following a type B meeting in July.
The FDA indicated that a single well-controlled study of ANEB-001 in acute cannabinoid intoxication (ACI) patients presenting to the emergency department combined with a larger THC challenge study in volunteers could potentially provide substantial evidence to support a new drug application.
Anebulo has also completed dosing in an open-label part C extension of its phase 2 clinical trial to evaluate the safety and efficacy of ANEB-001 at higher challenge doses of THC.
ANEB Price Action
Anebulo's shares traded 4.8780% higher at $2.58 per share at the market close on Tuesday afternoon.
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