Executive Summary

Pre-revenue quarter with substantially higher operating spend as pipeline execution ramped: operating expenses rose to $1.34M from $0.56M YoY; net loss widened to $1.31M (basic EPS $(0.39)) from $0.56M (basic EPS $(0.32)) .
Cash and equivalents were $3.37M at Nov 30, 2019 (down from $4.42M at Aug 31, 2019) as operating cash outflow totaled $1.05M for the quarter .
Management highlighted 2020 catalysts: initiating a Phase 1b/2a study of ART27.13 for cancer-related anorexia by mid‑year and pursuing strategic partnering discussions; positive preclinical data on FABP5 inhibitor ART26.12 in prostate cancer were cited as supportive of the oncology thesis .
No quantitative guidance or Wall Street consensus estimates were provided/available; thus no beats/misses versus estimates can be assessed. The Q4 FY2019 call transcript was not available, and the 8‑K press release focused on operational updates rather than guidance .

What Went Well and What Went Wrong

What Went Well

Clear pipeline progress and regulatory momentum: “positive meeting” with the U.K. MHRA on ART27.13 Phase 1b/2a; drug substance successfully manufactured; CRO selected .
Oncology optionality strengthened: October 2019 preclinical data showed ART26.12 (FABP5 inhibitor) enhanced cytotoxic/tumor suppressive effects in prostate cancer cells when co‑administered with taxanes .
Management tone constructive on catalysts and partnering: “well positioned to reach … milestones in 2020, including the initiation of a clinical study with ART27.13 by mid‑year” and plans “to pursue strategic discussions with potential partners” (Gregory D. Gorgas, CEO) .

What Went Wrong

Losses widened with higher R&D and G&A: operating expenses increased to $1.34M from $0.56M YoY, driving net loss to $1.31M vs. $0.56M YoY; R&D rose to $0.67M from $0.18M YoY .
Cash burn increased: cash used in operating activities was $1.05M in the quarter; cash fell to $3.37M from $4.42M at FY19 year‑end (Aug 31, 2019) .
Structural risk items persisted: substantial doubt about going concern and disclosure controls “not effective” at quarter end, underscoring financing and control risks common to micro-cap, development-stage biopharma .

Financial Results

Note: Artelo is pre‑revenue; revenue is $0.00 across periods (company states “does not have any revenue”) .

Metric	Q1 FY2019 (3 mo ended Nov 30, 2018)	Q3 FY2019 (3 mo ended May 31, 2019)	Q1 FY2020 (3 mo ended Nov 30, 2019)
Revenue ($USD)	$0.00	$0.00	$0.00
Operating Expenses ($)	$556,903	$941,288	$1,336,448
General & Administrative ($)	$205,501	$402,803	$403,159
Professional Fees ($)	$167,293	$354,038	$266,227
Research & Development ($)	$184,039	$184,204	$666,938
Net Loss ($)	$(556,903)	$(344,883)	$(1,306,361)
Basic EPS ($)	$(0.32)	$(0.17)	$(0.39)
Diluted EPS ($)	$(0.32)	$(0.40)	$(0.40)

Balance Sheet / Liquidity snapshots

Metric	May 31, 2019	Aug 31, 2019	Nov 30, 2019
Cash & Equivalents ($)	$286,439	$4,423,965	$3,374,683
Total Assets ($)	$1,153,252	$6,482,726	$5,547,918
Current Liabilities ($)	$1,018,873	$1,021,513	$584,554
Working Capital ($)	$133,522	$3,421,075	$2,923,349

Estimates comparison

Wall Street consensus (S&P Global) for revenue/EPS was unavailable for this micro‑cap at the time of analysis; no company guidance provided, so no beat/miss assessment can be made .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance	FY2020/near‑term	None disclosed	None disclosed	Maintained (no guidance)
Clinical timing: ART27.13	2020	Initiate Phase 1b/2a late 2019 (prior communications)	Initiate Phase 1b/2a by mid‑2020	Slipped/updated timing

Earnings Call Themes & Trends

Note: No Q4 FY2019 (Q1 FY2020) earnings call transcript was available. Themes below reflect press releases and filings.

Topic	Previous Mentions (Q‑2: Q3 FY2019)	Previous Mentions (Q‑1: FY2019 year-end context)	Current Period (Q1 FY2020)	Trend
ART27.13 clinical start	Expected to enter Phase 1b/2a toward end of 2019	Year-end filings prepared; licensure exercised; readiness building	Plan to initiate Phase 1b/2a by mid‑2020; MHRA meeting positive; drug substance manufactured; CRO selected	Slight delay but progressing
FABP5 (ART26.12) oncology	Lead optimization and IND‑enabling planned; oncology rationale (TNBC, prostate)	Continued late preclinical progress	Positive Oct‑2019 preclinical prostate cancer data with taxane synergy	Strengthening preclinical signal
CBD cocrystal (ART12.11)	USPTO filing; process chemistry nearing finalization	Ongoing IP strategy; composition claims sought	No new quantitative update this quarter	Steady; IP focus continues
Capital & liquidity	Uplisted to Nasdaq; ~$7.3M net proceeds in June 2019	Cash $4.42M at Aug 31, 2019	Cash $3.37M; operating cash outflow $(1.05)M in quarter	Cash burn consistent with ramp
Controls/going concern	Substantial doubt; controls not effective (smaller reporting company)	—	Substantial doubt; controls not effective	Unchanged risk posture

Management Commentary

“Artelo Biosciences is well positioned to reach a number of meaningful milestones in 2020, including the initiation of a clinical study with ART27.13 by mid‑year… we plan to pursue strategic discussions with potential partners about each of our programs.” — Gregory D. Gorgas, CEO .
Corporate highlights emphasize regulatory interactions (positive MHRA meeting), CMC readiness (drug substance manufactured), and conference visibility; preclinical FABP5/oncology readouts reinforce oncology efforts .

Q&A Highlights

No Q4 FY2019 (Q1 FY2020) earnings call transcript was available; no Q&A disclosures to report [ListDocuments search returned none].

Estimates Context

S&P Global/Capital IQ consensus estimates for revenue and EPS were not available for the Q4 FY2019 (Q1 FY2020) reporting period; Artelo did not provide quantitative financial guidance in the 8‑K press release .
Implication: Absent formal estimates, investor models should key off cash runway, quarterly OpEx cadence ($1.34M OpEx this quarter), and the timing of clinical catalysts that may drive financing needs and valuation inflections .

Key Takeaways for Investors

Execution advancing toward first-in‑human anorexia trial: ART27.13 Phase 1b/2a set for mid‑2020 start; regulatory/CMC work largely in place (MHRA meeting positive; CRO selected; drug substance manufactured) .
Oncology option value: FABP5 inhibitor ART26.12 showed taxane‑synergy preclinically in prostate cancer, enhancing the oncology narrative while IND‑enabling activities are anticipated to follow lead optimization .
Operating spend inflecting with R&D ramp: OpEx rose to $1.34M (R&D $0.67M), expanding net loss to $1.31M; investors should expect elevated burn as clinical activities begin .
Cash runway: $3.37M cash at Nov 30, 2019 with $(1.05)M operating cash outflow in the quarter; additional capital likely required to fund trials amid going‑concern language .
Risk posture unchanged: disclosure controls “not effective” and substantial doubt about going concern persist, a common profile in development-stage micro-cap biotech, reinforcing financing/control risks .
No guidance/estimates: With no Street consensus and no company financial guidance, trading likely hinges on trial initiation, early data flow, and financing cadence rather than near‑term fundamentals .

Appendix: Source Documents Reviewed

8‑K (Item 2.02) with Exhibit 99.1 press release for quarter ended Nov 30, 2019 (company refers to as Q1 FY2020): financials and business update .
10‑Q for quarter ended Nov 30, 2019: full financial statements, MD&A, risk factors, controls –.
8‑K (Item 2.02) with press release for quarter ended May 31, 2019 (Q3 FY2019) and 10‑Q for May 31, 2019: prior‑quarter trends and financing/uplisting details – –.

Estimates note: S&P Global consensus data were unavailable for this company/period; no estimate comparisons included.

ARTELO BIOSCIENCES, INC. (ARTL)·Q4 2019 Earnings Summary