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Anebulo Pharmaceuticals Inc. (ANEB+12.78%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $2,463,030, compared to $2,717,369 in the same quarter the previous year. The decrease in net loss is attributed to reduced general and administrative expenses.
Research and development expenses increased to $1,220,535 from $1,062,672, primarily due to advancing the development of a selonabant intravenous formulation for pediatric patients.
General and administrative expenses decreased to $1,367,616 from $1,697,787, with reductions in compensation and related benefits, and professional fees contributing to the decline.
Interest expense for the quarter was $59,696, compared to $31,838 in the previous year, due to amortization of loan commitment fees.
Grant income of $177,703 was recorded, derived from a research and development grant with the National Institute on Drug Abuse.
Anebulo reported cash and cash equivalents of $14,998,467 as of December 31, 2024, following a private placement that raised approximately $15 million in gross proceeds.
The company anticipates that its cash and cash equivalents, along with available funding under the Loan and Security Agreement, will be sufficient to fund operations for at least 12 months.
The filing also details a modified Loan and Security Agreement, reducing the maximum loan advance to $3 million and removing securitization provisions.
Anebulo continues to focus on developing treatments for cannabis-induced toxicity, with emphasis on a pediatric intravenous formulation of selonabant.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anebulo Pharmaceuticals Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.