ANEB earnings analysis
What we found in ANEB's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Anebulo reported a Q2 FY2026 net loss per share of $(0.05) (consistent with the quarter) and beat consensus EPS (-$0.13 estimate) while reporting no product revenue. Operating expenses were essentially flat quarter-over-quarter at $2,619,910, R&D declined to $1,164,737 and G&A rose to $1,455,173. Cash fell to $9,041,570 at December 31, 2025 from $11,627,849 at June 30, 2025, and management says cash plus available loan funding is expected to be sufficient for at least 12 months from issuance of the financial statements.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- EPS beat consensus
- Reported net loss per share of $(0.05) for the three months ended December 31, 2025 versus consensus estimate of $(0.13) (estimate shown in press filing), a beat of $0.08 (61.54% surprise vs. estimate).
- R&D spending declined QoQ
- Research and development expense decreased to $1,164,737 for the three months ended December 31, 2025 from $1,220,535 in the prior-year quarter (a decline of $55,798).
- Operating expenses roughly stable
- Total operating expenses were $2,619,910 for the three months ended December 31, 2025 versus $2,588,151 in the prior-year quarter (increase of $31,759, ~1.2%).
- Improvement in quarterly net loss
- Net loss improved to $(1,999,397) for the three months ended December 31, 2025 from $(2,463,030) in the prior-year quarter (improvement of $463,633, ~18.8%).
- Stated 12-month liquidity coverage
- Management expects that cash and cash equivalents of $9,041,570 as of December 31, 2025, along with available funding under the Loan Agreement, "will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the financial statements."
- Balance sheet: working capital shift
- Current liabilities rose to $1,485,646 at December 31, 2025 from $487,688 at June 30, 2025 (increase of $997,958), driven by accounts payable $554,862 (up from $224,175) and accrued expenses $930,784 (up from $263,513).
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Planned delisting / deregistration risk
- Company has stated an intention to no longer be a public company and earlier filings reference efforts to keep stockholders below 300 — the plan to deregister if there are "fewer than 300 shareholders of record" materially increases liquidity and disclosure risks for investors (300 threshold cited in prior disclosures).
- Shrinking cash balance
- Cash and cash equivalents declined to $9,041,570 at December 31, 2025 from $11,627,849 at June 30, 2025 (decrease of $2,586,279), while the six-month net loss totaled $4,157,751, indicating continued cash burn.
- Growing current liabilities / working capital pressure
- Current liabilities increased to $1,485,646 at December 31, 2025 from $487,688 at June 30, 2025 (increase of $997,958); accrued expenses rose to $930,784 (from $263,513) and accounts payable to $554,862 (from $224,175).
- Large accumulated deficit
- Accumulated deficit was $(78,046,258) at December 31, 2025, underscoring cumulative losses and the need for additional capital or strategic actions.
- Reliance on financing / limited operating revenue
- Company reported no product revenue (reported revenue $0.0) and historically depends on financings — e.g., net proceeds of approximately $14,947,251 from the December 2024 private placement and a Loan Agreement (maximum advances discussed at $3,000,000 in amendments).
- Concentration of contingent obligations under license
- License milestones remain sizable: development milestone payments ranging from $0.4 million to $3.0 million (up to total development milestones of $29.9 million) and sales milestones of $10.0 million and $25.0 million are disclosed under the Vernalis license agreement.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.05
- Segment
- Corporate (no product revenue reported): Three months ended Dec 31, 2025 - R&D $1,164,737; G&A $1,455,173; Total operating expenses $2,619,910.
- Segment
- Corporate: Six months ended Dec 31, 2025 - R&D $1,974,728; G&A $2,905,442; Total operating expenses $4,880,170.
What they said about what is next.
No explicit numeric revenue or EPS guidance provided. MD&A states cash and cash equivalents of $9,041,570 as of December 31, 2025 plus available Loan Agreement funding "will be sufficient to fund its operating expenses and capital expenditure requirements through at least 12 months from the issuance date of the financial statements." Management also states an intent to no longer be a public company (forward-looking statement).
The filing reads worse than the one before it.
What came before.
- 10-Q · May 13, 2025
- Anebulo Pharmaceuticals reported a net loss of $1,676,169 or $(0.04) EPS for Q3 2025, a slight improvement from a net loss of $1,653,542 in Q3 2024 or $(0.06) EPS. The company has shown a significant increase in cash…
- 10-Q · February 14, 2025
- Anebulo reported a net loss of $2,463,030 (EPS $(0.09)) for the three months ended December 31, 2024, improving versus the prior-year quarter loss of $2,717,369 (EPS $(0.11)). The company completed a $15.0 million…
- 10-Q · November 14, 2023
- Anebulo reported a Q1 net loss of $2,480,823 (EPS $(0.10)), modestly better than the prior-year quarter loss of $2,611,835 (EPS $(0.11)). Cash declined to $8,520,578 as of Sept 30, 2023 (down $2,726,825 vs June 30,…
- 10-Q · May 11, 2023
- Anebulo reported a widening quarterly loss for the three months ended March 31, 2023: net loss of $(2,797,971) (EPS $(0.11)) versus $(1,876,491) (EPS $(0.08)) in the prior-year quarter. Cash of $14,164,805 and a…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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