EPS of $-0.05 increased by 47.7% from previous year
Net income of -1.35M
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Anebulo Pharmaceuticals Inc (ANEB) QQ4 2024 Results Analysis – Pre-Revenue Clinical Biotech with Moderate Runway and Early Pipeline Momentum
Executive Summary
Anebulo Pharmaceuticals remains a clinical-stage, pre-revenue biotechnology company focused on treatments for acute cannabinoid intoxication and substance addiction. In QQ4 2024, the company reported operating expenses of $1.34 million and a net loss of $1.35 million, with no revenue. The quarter generated a negative EBITDA of $1.29 million and a cash burn of approximately $2.05 million, leaving cash and cash equivalents of $3.09 million at quarter-end. While the balance sheet displays strong liquidity metrics (current ratio of 13.46 and a cash position that supports short-term liquidity), the company carries a sizable accumulated deficit (-$65.40 million) and depends on external funding to sustain operations absent revenue generation. The near-term outlook hinges on progression of ANEB001 and any forthcoming financing or partnering activity, as the company’s forward guidance, if any, is not provided in the supplied data.
Net income: -$1.35 million; YoY +45.91%, QoQ +18.38%
EPS: -$0.0523; YoY +47.70%, QoQ +18.03%
R&D expenses: $0.4677 million; G&A expenses: $0.8727 million
Financial Highlights
Key quarterly metrics (Q4 2024):
- Revenue: none reported
- Operating income: -$1.34 million; YoY +46.27%, QoQ +19.47%
- Net income: -$1.35 million; YoY +45.91%, QoQ +18.38%
- EPS: -$0.0523; YoY +47.70%, QoQ +18.03%
- R&D expenses: $0.4677 million; G&A expenses: $0.8727 million
- EBITDA: -$1.29 million
- Net cash provided by operating activities: -$2.0529 million
- Free cash flow: -$2.0529 million
- Cash end of period: $3.0942 million; Beginning cash: $5.1471 million
- Total current assets: $3.50799 million; Total assets: $4.07311 million
- Total current liabilities: $0.26058 million; Total liabilities: $0.26058 million; Stockholders’ equity: $3.81253 million; Retained earnings: -$65.4037 million
- Current ratio: 13.46; Cash ratio: 11.87; Net income margin and other profitability metrics remain negative given the pre-revenue status
- Weighted average shares: 25.822 million
Income Statement
Metric
Value
YoY Change
QoQ Change
Operating Income
-1.34M
46.27%
19.47%
Net Income
-1.35M
45.91%
18.38%
EPS
-0.05
47.70%
18.03%
Key Financial Ratios
currentRatio
13.46
returnOnAssets
-33.1%
returnOnEquity
-35.4%
operatingCashFlowPerShare
$-0.08
freeCashFlowPerShare
$-0.08
priceToBookRatio
18.15
priceEarningsRatio
-12.82
Net Income vs. Revenue
Expense Breakdown
Management Commentary
transcriptHighlights: The earnings transcript data is not provided in the supplied materials. As a result, thematic management quotes and call-specific guidance could not be extracted from the transcript. Investors should look for any publicly disclosed earnings call remarks or press updates for ANEB001 milestones, regulatory discussions, or financing plans in subsequent filings or press releases.
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Forward Guidance
No explicit forward guidance is present in the QQ4 2024 data provided. Given ANEB’s pre-revenue, clinical-stage profile, investors should monitor for:
- ANEB001 program milestones (preclinical/early clinical data readouts, IND submissions, or expansion into additional indications).
- Financing announcements (public equity, debt, or partnerships) to extend runway and support ongoing R&D.
- Any strategic collaborations or licensing opportunities that could monetize the pipeline or de-risk financing needs.
- General biotech funding environment and regulatory approvals that could impact timelines and cost of capital.
Overall, the near-term outlook is highly contingent on clinical milestones and the company’s ability to secure additional capital.
Competitive Position
Company
Gross Margin
Operating Margin
Return on Equity
P/E Ratio
ANEB Focus
0.00%
0.00%
-35.40%
-12.82%
ADAG
-4.31%
-22.89%
-10.50%
-2.85%
ACRV
92.10%
-11.17%
-15.90%
-1.43%
RZLT
87.90%
-398.31%
-19.00%
-2.38%
ANTX
50.00%
-235.19%
-13.60%
-9.01%
Gross Profit Margin
Operating Profit Margin
Return on Equity
P/E Ratio Comparison
Investment Outlook
Given ANEB’s current pre-revenue status and quarterly cash burn, the stock represents a high-risk, high-reward opportunity. The investment thesis is highly sensitive to clinical milestones and the company’s ability to secure additional financing or form strategic partnerships to extend runway. In the near term, the absence of revenue means valuation hinges on the potential of ANEB001 and any future pipeline enhancements, as well as the timing and terms of any financing activities. If ANEB can demonstrate early clinical signals or secure a strategic partner with milestone-based funding, equity upside could materialize. Conversely, without favorable clinical results or financing, dilution risk could erode value. Investors should weigh the substantial execution risk against the option value of potential licensing or collaboration deals and monitor forthcoming clinical milestones, capital-raising activity, and any regulatory updates.
Key Investment Factors
Growth Potential
High-risk, high-variance growth potential tied to ANEB001 and any subsequent pipeline advancements. Success in clinical milestones or licensing deals could materially alter the equity value if funding needs are alleviated and market opportunities expand.
Profitability Risk
Primary risks include clinical failure, extended development timelines, dependence on external capital to fund operations, potential significant dilution from financing, and competition in cannabinoid-related therapeutics.
Financial Position
Strong near-term liquidity on a balance-sheet basis (cash around $3.09M with minimal current liabilities) but a substantial accumulated deficit (-$65.40M) and no revenue, implying ongoing fundraising needs and a precarious burn-rate-based runway.
SWOT Analysis
Strengths
Strong liquidity profile for a pre-revenue biotech (current ratio 13.46; cash and equivalents of $3.09M) relative to a small operating footprint
Clear therapeutic focus on acute cannabinoid intoxication with a potentially addressable market niche
Low near-term liability burden and clean balance sheet, allowing flexibility for raises or partnerships despite no revenue
Weaknesses
No revenue and negative earnings, signaling ongoing reliance on external funding
Very limited operating runway given quarterly cash burn (~$2.05M) and accumulated deficit
Early-stage pipeline with high clinical and regulatory risk; no revenue streams to fund ongoing R&D
Transparency on forward-looking guidance and management commentary is limited in the provided data
Opportunities
Potential partnership/license deals to monetize ANEB001 or other assets and extend runway
Industry tailwinds for cannabinoid-related therapies and potential regulatory pathways favorable to novel antagonists
Opportunity to de-risk pipeline through strategic collaboration and milestone-based funding
Threats
Clinical trial risk and possibility of negative trial results
Funding risk requiring dilutive financing or unfavorable terms
Competitive landscape in biotech with alternative cannabinoid intoxication therapies and overlapping modalities