Executive Summary

Q2 FY2025 delivered disciplined cost control and strengthened liquidity: operating expenses fell year over year to $2.59M (from $2.76M), net loss narrowed to $2.46M and EPS improved to $(0.09) versus $(0.11) in Q2 FY2024 .
Balance sheet inflected on financing: cash rose to $14.998M as of December 31, 2024 following a $15.0M private placement; loan facility was amended to reduce capacity to ~$3M and remove securitization provisions .
Clinical/regulatory momentum: FDA acknowledged the unmet need for pediatric cannabis toxicity antidote and proposed close collaboration; Phase 1 SAD for IV selonabant targeted for 1H25 (later updated post-quarter to 3Q25) .
Near-term stock catalysts: initiation timing of IV selonabant Phase 1 SAD, further FDA interactions, and visibility on pediatric observational study; financing de-risks runway and supports execution .

What Went Well and What Went Wrong

FDA alignment on pediatric indication: “FDA acknowledged the unmet need… and proposed a close, ongoing collaboration to efficiently advance the selonabant program for the pediatric indication” .
Liquidity strengthened: $15.0M gross proceeds from private placement in December; cash rose to $14.998M at quarter-end .
Operating discipline: YoY OpEx down to $2.59M (vs $2.76M), YoY net loss narrowed to $2.46M and EPS improved to $(0.09) (vs $(0.11)) .

Quarter-over-quarter OpEx increased modestly: $2.59M in Q2 vs $2.41M in Q1, reflecting higher spend amid IV formulation scale-up; net loss widened QoQ to $2.46M from $2.20M and EPS to $(0.09) from $(0.08) .
Debt capacity reduced: loan facility amended to lower maximum to ~$3M, limiting incremental debt flexibility despite removal of securitization .
Timeline risk emerged post-quarter: while Q2 targeted 1H25 for Phase 1 SAD, subsequent disclosure moved dosing to 3Q25, signaling scheduling slippage risk .

Metric	Q4 2024	Q1 2025	Q2 2025	Consensus (Q2 2025)
Revenues ($USD)	$0	$0	$0	N/A (S&P Global consensus unavailable)
Total Operating Expenses ($USD)	$1,340,367	$2,412,124	$2,588,151	N/A (S&P Global consensus unavailable)
Net Loss ($USD)	$(1,349,969)	$(2,200,736)	$(2,463,030)	N/A (S&P Global consensus unavailable)
Diluted EPS ($)	$(0.05)	$(0.08)	$(0.09)	N/A (S&P Global consensus unavailable)
Cash and Cash Equivalents ($USD)	$3,094,200	$1,404,211	$14,998,467	N/A (S&P Global consensus unavailable)

Notes: Company reports no product revenues; Loss from operations equals Total Operating Expenses, implying zero revenue for these periods .

Metric	Q4 2024	Q1 2025	Q2 2025
Research & Development ($USD)	$467,706	$1,314,859	$1,220,535
General & Administrative ($USD)	$872,661	$1,097,265	$1,367,616

Gross Margin %, EBITDA Margin %, Net Income Margin %: Not meaningful due to zero revenue .

KPI	Q4 2024	Q1 2025	Q2 2025
Weighted Avg Shares Outstanding	25,933,217	25,933,217	27,415,430
Total Assets ($USD)	$4,073,114	$2,467,940	$15,841,220
Total Liabilities ($USD)	$260,583	$569,225	$878,799
Stockholders’ Equity ($USD)	$3,812,531	$1,898,715	$14,962,421

Metric	Period	Previous Guidance	Current Guidance (Q2 FY2025)	Change
Phase 1 SAD (IV selonabant) start	Calendar 2025	Enroll first healthy adult volunteer in 1H25 (Q1 FY2025)	Begin Phase 1 SAD in 1H25	Maintained in Q2
Phase 1 SAD (IV selonabant) start	Calendar 2025	1H25 (Q2 FY2025)	Updated post-quarter to 3Q25 (Q3 FY2025)	Lowered/Delayed post-quarter
Financial guidance (revenue, margins, OpEx, tax)	FY2025	None provided	None provided	Maintained (no guidance)
Loan capacity	Ongoing	Access to $10M (prior arrangement)	Amended to ~$3M, securitization removed	Lowered capacity, improved terms (no securitization)

No formal earnings call transcript was located for Q2 FY2025; themes are compiled from sequential earnings press releases and 8-K disclosures.

Topic	Previous Mentions (Q4 FY2024, Q1 FY2025)	Current Period (Q2 FY2025)	Trend
Regulatory/Legal (FDA)	Progress towards IND-enabling; NIDA grant support	FDA acknowledged unmet need; proposed close collaboration on pediatric program	Strengthening alignment
R&D Execution (IV selonabant)	Scale up IV formulation; target first volunteer 1H25	Plan Phase 1 SAD in 1H25	On track in Q2; later slipped post-quarter to 3Q25
Funding/Liquidity	Access to $10M loan; cash $1.4M (Q1)	$15M private placement; cash $15.0M; loan trimmed to ~$3M with better terms	Runway improved; debt flexibility reduced
Pediatric Observational Study	Ongoing; characterizing ED presentations	Ongoing; focus on signs/symptoms, disposition	Continuity; scope being refined (later to focus pediatrics)
Macro/DEA Scheduling	Anticipated move of marijuana scheduling (context)	Not highlighted in Q2 materials	De-emphasized

“We are grateful to have the continued support from current investors. Having secured such meaningful financing is indicative of the confidence these highly respected institutional investors have in the Company’s future.” — Richie Cunningham, CEO .
“FDA confirmed our belief that there is an unmet need for a treatment for children exposed to cannabis toxicity and suggested a close collaboration… If approved, we believe selonabant has the potential to offer a much-needed targeted therapy for rapidly reversing the serious and life-threatening consequences of acute cannabis-induced toxicity in children.” — Richie Cunningham, CEO .

No Q2 FY2025 earnings call transcript or Q&A materials were identified in the company’s filings and releases [ListDocuments returned none].

Wall Street consensus (S&P Global) for Q2 FY2025 EPS and Revenue was unavailable at the time of this analysis; ANEB is a clinical-stage company with no reported revenues, and coverage appears limited. As a result, no estimate comparisons could be performed for this quarter (S&P Global data unavailable) [GetEstimates error].

Liquidity inflection: Post-December financing materially increased cash to $14.998M, de-risking near-term clinical execution; loan terms improved (securitization removed) though capacity reduced to ~$3M .
Regulatory tailwind: FDA engagement and acknowledgment of pediatric unmet need strengthen the pathway and could accelerate development clarity for IV selonabant .
Execution focus: Watch for Phase 1 SAD initiation timing; Q2 targeted 1H25, but subsequent update points to 3Q25—timeline fidelity is the key near-term stock driver .
Operating discipline: YoY cost reductions and narrower losses signal prudent spend; however, QoQ OpEx uptick indicates increased activity around IV scale-up .
Coverage gap: Absence of consensus estimates and no revenue complicate conventional “beat/miss” narratives; trading likely keys off clinical milestones and regulatory updates rather than fundamentals [GetEstimates error] .
Pediatric focus: Strategic pivot to pediatric IV formulation positions ANEB for a potentially faster approval path versus adult oral product, aligning with clinical need and FDA feedback .

All quantitative figures are sourced from the company’s Q2 FY2025 8-K and press release, with prior quarters validated via corresponding 8-Ks and press releases .
No non-GAAP adjustments were disclosed; results are GAAP net loss and EPS .
Estimate data from S&P Global could not be retrieved; consensus comparisons are therefore not included (S&P Global data unavailable) [GetEstimates error].