Executive Summary

Q3 FY2025 narrowed losses sequentially and beat the single-analyst EPS estimate: EPS of $(0.04) vs $(0.05)* consensus and $(0.09) in Q2; OpEx declined to $1.9M from $2.6M in Q2 .
Strategic focus sharpened on pediatric IV selonabant: FDA acknowledged unmet need and Anebulo now targets initiating the Phase 1 SAD in healthy adults in Q3 calendar 2025 (a shift from prior 1H25) .
Liquidity: Cash was $13.3M at 3/31/25 (down from $15.0M at 12/31/24); loan availability reduced to ~$3M following LSA amendment in Feb’25 (vs $10M availability disclosed in Q1) .
Near-term stock catalysts: Phase 1 SAD start in Q3 CY2025; progress on pediatric observational study (amended to focus on pediatric patients) .

Values with an asterisk (*) are retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well
- EPS beat vs consensus and improved sequentially: $(0.04) vs $(0.05)* and vs $(0.09) in Q2 *.
- Cost discipline: Total operating expenses fell to $1.9M from $2.6M in Q2 .
- FDA engagement and program clarity: “We anticipate initiating our Phase 1 SAD study of intravenous selonabant in healthy adults aged 18 to 25 years in the third quarter of calendar 2025” . Management emphasized “a significant and growing unmet medical need” for pediatric cannabis toxicity treatment .
What Went Wrong
- Timeline slippage: Start of Phase 1 SAD moved from “1H25” to “Q3 calendar 2025” .
- Liquidity trend: Cash declined to $13.3M (3/31/25) from $15.0M (12/31/24), and loan capacity was cut to ~$3M (from $10M previously) .
- Mix shift in OpEx: G&A rose YoY to $1.254M from $0.916M, partially offset by lower R&D .

Quarterly comparison (oldest → newest):

Metric	Q3 FY2024	Q2 FY2025	Q3 FY2025
Revenue ($USD Millions)	N/A (no revenue reported)	N/A (no revenue reported)	N/A (no revenue reported)
Net Loss ($USD Millions)	$(1.654)	$(2.463)	$(1.676)
EPS (Basic & Diluted)	$(0.06)	$(0.09)	$(0.04)
Total Operating Expenses ($USD Millions)	$1.664	$2.588	$1.892
R&D Expense ($USD Millions)	$0.748	$1.221	$0.638
G&A Expense ($USD Millions)	$0.916	$1.368	$1.254
Cash & Cash Equivalents ($USD Millions)	—	$15.0 (12/31/24)	$13.3 (3/31/25)

Q3 FY2025 vs Estimates (S&P Global):

Metric	Consensus	Actual
EPS (Primary)	$(0.05)*	$(0.04)
Revenue	$0.0*	N/A (no revenue reported)

Values with an asterisk (*) are retrieved from S&P Global.

Notes:

Company is pre-revenue; statements of operations present operating expenses and other income items but no revenue line .
No non-GAAP metrics were provided in the releases .

Metric	Period	Previous Guidance	Current Guidance	Change
IV selonabant Phase 1 SAD – start timing	Initial clinical start	1H25 (Q2 PR)	Q3 calendar 2025 (Q3 PR)	Lowered/Delayed
Loan facility availability	Liquidity	$10M availability (Q1 PR)	~ $3M availability post-amendment (Feb’25)	Lowered
Development focus	Strategic	Prioritizing IV pediatric path (Q1/Q2)	Reaffirmed priority; pediatric focus and Phase 1 SAD plan (Q3)	Maintained
Observational study focus	Clinical ops	ED cannabis toxicity – general	Amended to focus on pediatric patients	Refined/Narrowed

No Q3 FY2025 earnings call transcript was located; theme tracking below uses Q1–Q3 press releases.

Topic	Previous Mentions (Q-2 and Q-1)	Current Period (Q3 FY2025)	Trend
Pediatric IV selonabant program	FDA meeting acknowledged unmet need; plan to begin Phase 1 SAD in 1H25	Initiation targeted for Q3 CY2025; prioritization reiterated	Timeline delayed; priority maintained
Regulatory engagement	FDA proposed close collaboration to advance pediatric indication	FDA confirmed unmet need; ongoing collaboration implied	Stable/constructive
Financing & liquidity	$15M private placement (Dec’24); LSA amended to ~$3M availability (Feb’25)	Cash $13.3M at 3/31/25; $3M loan availability	Liquidity modestly lower QoQ
R&D execution	IND-enabling and IV scale-up underway; first volunteer 1H25	Phase 1 SAD now Q3 CY2025; ongoing formulation scale-up	Slight delay
Observational study	ED cannabis toxicity study ongoing	Amended to focus on pediatric patients	Sharper pediatric focus
IP/patent estate	Two issued patents; multiple applications	IP position reiterated	Stable

“We anticipate initiating our Phase 1 SAD study of intravenous selonabant in healthy adults aged 18 to 25 years in the third quarter of calendar 2025.” — Richie Cunningham, CEO .
“There is a significant and growing unmet medical need for an emergency antidote to acute cannabis-induced toxicity… children are much more sensitive to the toxic effects of cannabis…” — 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 with Anebulo to facilitate an efficient development plan” .

No earnings call transcript for Q3 FY2025 was available in the document set; commentary is based on the 8‑K/press release disclosures .
Key clarifications from disclosures: program timing (Q3 CY2025 Phase 1 SAD start), pediatric focus, and liquidity/LSA changes .

EPS: Single-analyst consensus for Q3 FY2025 was $(0.05); actual was $(0.04), a small beat reflecting lower OpEx QoQ .
Revenue: Consensus was $0.0* and the company reported no revenue in Q3 *.
Trajectory vs prior quarters: Q1 FY2025 EPS $(0.08) vs $(0.05); Q2 FY2025 EPS $(0.09) vs $(0.08); Q3 FY2025 $(0.04) vs $(0.05)* — sequential improvement in reported EPS through Q3 *.

Quarterly estimates vs actuals (oldest → newest):

Metric	Q1 FY2025 Consensus	Q1 FY2025 Actual	Q2 FY2025 Consensus	Q2 FY2025 Actual	Q3 FY2025 Consensus	Q3 FY2025 Actual
EPS (Primary)	$(0.05)*	$(0.08)	$(0.08)*	$(0.09)	$(0.05)*	$(0.04)
Revenue ($M)	$0.0*	N/A (no revenue)	$0.0*	N/A (no revenue)	$0.0*	N/A (no revenue)

Values with an asterisk (*) are retrieved from S&P Global.

Anebulo delivered a modest EPS beat and sequentially lower OpEx, narrowing net loss to $(1.68)M and $(0.04) EPS in Q3 *.
The pivotal near-term catalyst is Phase 1 SAD for IV selonabant targeted to begin in Q3 CY2025; any further slippage would likely weigh on sentiment .
Liquidity remains adequate for near-term milestones (cash $13.3M at 3/31/25), but the LSA availability reduction to ~$3M and cash decline from $15.0M QoQ reduce flexibility; financing overhang is a watch item .
The sharpened pediatric strategy (FDA engagement, observational study amended to pediatric focus) strengthens the regulatory narrative and potential path to approval .
Expense mix bears monitoring: G&A is up YoY while R&D dipped, consistent with corporate and regulatory build-out; maintaining OpEx control was a positive this quarter .
With no revenue and a single-analyst model driving estimates, stock reaction will be driven by execution milestones (Phase 1 start, pediatric study insights) and balance sheet moves *.
Overall, the quarter supports a “show-me” but improving setup: execution on the Q3 CY2025 start and sustained OpEx discipline are key to sustaining momentum .

Values with an asterisk (*) are retrieved from S&P Global.