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Anebulo Pharmaceuticals, Inc. (ANEB)·Q1 2026 Earnings Summary

Executive Summary

  • Q1 FY2026 operating expenses were $2.26M and net loss was $2.16M; diluted EPS improved to $(0.05) vs $(0.08) in Q1 FY2025, with cash at $10.35M as of September 30, 2025 .
  • The company reported an EPS beat versus Wall Street consensus: actual $(0.05) vs consensus $(0.12); revenue remains pre-commercial (no product revenue reported). Bold beat driven primarily by share count effects and controlled OpEx rather than revenue growth.
  • Clinical execution advanced: first subjects dosed in a Phase 1 SAD study of IV selonabant for pediatric cannabis toxicity; Anebulo received a $994,300 second-year NIDA grant to support the study .
  • Strategic alternatives continued, including a proposed reverse stock split tied to a potential going-private transaction; ability to hold the special meeting was impacted by a government shutdown, with further Board communication expected by year-end .

Values with asterisks (*) retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

  • Initiated dosing in the Phase 1 SAD IV selonabant study; FDA-cleared randomized, double-blind, placebo-controlled design underscores regulatory alignment and clinical progress .
  • Secured $994,300 in second-year NIDA grant funding, reinforcing external support and partially offsetting development costs .
  • Management emphasized focus and speed to pediatric approval relative to adult oral product: “we have made significant progress towards our goal of providing the first emergency antidote for acute cannabis-induced toxicity in children” .

What Went Wrong

  • Cash declined sequentially to $10.35M (from $11.63M at June 30, 2025), reflecting ongoing R&D and G&A cash burn despite grant support .
  • Other income/expense remained a headwind in the quarter (interest expense, mixed grant timing, and other expense items drove negative “total other income, net” of $(101,906)) .
  • Strategic uncertainty persists: reverse stock split tied to potential going-private outcome; government shutdown delayed SEC comment resolution and scheduling of the stockholder meeting .

Financial Results

Quarter-over-Quarter and Year-over-Year Comparison

MetricQ3 2025Q4 2025Q1 2026
Operating Expenses ($USD)$1,892,322 $2,330,884 $2,260,260
Net Loss ($USD)$(1,676,169) $(2,144,828) $(2,158,354)
Diluted EPS ($USD)$(0.04) $(0.05) $(0.05)
Cash and Cash Equivalents ($USD)$13,279,901 $11,627,849 $10,354,773
Total Assets ($USD)$14,008,484 $12,145,616 $10,701,039
Total Equity ($USD)$13,462,452 $11,657,928 $9,737,218
Weighted Avg Shares (Basic & Diluted)41,084,731 41,084,731 41,084,731
Revenue ($USD)— (pre-commercial) — (pre-commercial) — (pre-commercial)

Notes: Company is clinical-stage and did not report product revenue; condensed statements of operations show operating expenses and net loss without a revenue line .

Actual vs Wall Street Consensus (Q1 FY2026)

MetricConsensusActual
EPS ($USD)$(0.12)*$(0.05)
Revenue ($USD)$0.0*— (pre-commercial)

Values with asterisks (*) retrieved from S&P Global.

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY2026N/A (pre-commercial) N/A (pre-commercial) Maintained
Operating ExpensesFY2026Not formally guided Not formally guided Maintained
R&D Execution MilestoneCY2025–CY2026Plan to initiate Phase 1 SAD in 3Q CY2025 First subjects dosed; SAD ongoing Raised (execution advanced)
Strategic Alternatives (Reverse Stock Split/Going Private)CY2025Board reviewing alternatives; reverse split proposed Special meeting timing impacted by government shutdown; update expected by year-end Updated timeline

Earnings Call Themes & Trends

No Q1 FY2026 earnings call transcript was available in our document set; themes below reflect press release commentary across quarters.

TopicQ3 2025 (Previous Mentions)Q4 2025 (Previous Mentions)Q1 2026 (Current Period)Trend
Pediatric IV selonabant developmentPrioritizing IV selonabant; plan to begin Phase 1 SAD dosing in 3Q CY2025 First subjects dosed planned; FDA-cleared SAD design First subjects dosed; SAD study ongoing Positive progression
FDA/regulatory collaborationFDA pre-IND indicated unmet need; suggested close collaboration Continued FDA-cleared SAD design FDA suggests close collaboration to facilitate development Reinforced alignment
External funding (NIDA grant)Not highlighted as awarded in Q3; planning stage Second-year tranche of $994,300 awarded $994,300 second-year tranche reconfirmed for SAD support Supportive
Strategic alternativesNot a focus in Q3 Proposed reverse split to enable going-private; strategic review ongoing Meeting delayed by government shutdown; update expected by year-end Elevated uncertainty
Financial runwayCash $13.28M Cash $11.63M Cash $10.35M Declining cash balances

Management Commentary

  • “We have made significant progress towards our goal of providing the first emergency antidote for acute cannabis-induced toxicity in children.” — CEO Richie Cunningham .
  • “Acute cannabis exposure in children can result in serious and potentially life-threatening consequences… there is a much greater risk of hospitalization and admission to intensive care.” — CEO Richie Cunningham .
  • “FDA has suggested a close collaboration with Anebulo to facilitate the development of selonabant for this important pediatric condition.” — CEO Richie Cunningham .
  • Strategic note: The Board continues to review all strategic alternatives; reverse stock split timing and special meeting impacted by government shutdown; further announcement expected by year-end .

Q&A Highlights

No Q1 FY2026 earnings call transcript identified; no Q&A highlights available from our document set [ListDocuments returned none for earnings-call-transcript for ANEB between Sep 1, 2025 and Mar 31, 2026].

Estimates Context

  • EPS beat: actual $(0.05) vs S&P Global consensus $(0.12)*; given pre-commercial status, the beat reflects lower-than-expected per-share loss, driven by controlled operating expenses and the effect of higher weighted average shares outstanding vs prior year rather than revenue upside .
  • Revenue: consensus $0.0*; company remains pre-commercial and did not report product revenue .
  • Implication: Street may modestly recalibrate near-term EPS loss assumptions given OpEx discipline and grant support; however, cash runway remains the key constraint pending clinical and strategic progress .

Values with asterisks (*) retrieved from S&P Global.

Key Takeaways for Investors

  • EPS loss of $(0.05) beat consensus and improved YoY from $(0.08), but improvement is largely mechanical (share count) and OpEx control rather than revenue growth; remain focused on cash runway and funding catalysts .
  • Clinical execution is on track: Phase 1 SAD IV selonabant dosing initiated; near-term readouts and safety/tolerability signals will be critical catalysts .
  • External validation/support: $994,300 NIDA grant tranche provides non-dilutive funding; look for continued grant milestones to offset cash burn .
  • Regulatory posture is favorable: FDA’s suggested close collaboration may streamline pediatric development; monitor protocol updates and potential expedited pathways .
  • Strategic review adds uncertainty: reverse stock split and potential going-private transaction could alter public float and liquidity; timing impacted by government shutdown; update expected by year-end .
  • Cash declined to $10.35M; with access to an additional $3.0M via loan agreement, runway remains finite; watch OpEx trajectory and potential financing actions .
  • Near-term trading setup: headlines around Phase 1 SAD progress and any strategic review outcomes are the likely stock movers; absence of commercial revenue means binary clinical/regulatory events dominate narrative .