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…
Earnings analysis · 10-Q
ANEB earnings analysis
Filed February 12, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.05
What stood out
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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).
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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).
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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%).
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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%).
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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."
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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).
What to watch
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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).
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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.
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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).
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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.
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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).
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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.
Management's outlook
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).
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.