Anebulo Pharmaceuticals closed the second quarter of fiscal 2026 with a $2.0 million net loss on essentially no operating revenue - the seventh straight reporting period with no product sales - but the company has been quietly preparing to leave the public stage altogether. On February 6, 2026 management notified Nasdaq of its intent to voluntarily delist the common stock, and the company now trades on OTC Markets at a $0.30 share price, a $12 million market value, and a roughly $5 million annual operating cash burn that is funded for at least twelve months. The Q2 results are not the story. The story is that a clinical-stage biopharma with a single CB1 antagonist for cannabis intoxication, an active Phase 1 intravenous study, and a $78 million accumulated deficit is being put to bed as a public filer: an oversubscribed $3.50-per-share tender offer to retire 300,000 shares, a delisting, a planned SEC deregistration, and a contemplated 1-for-2,500 to 1-for-7,500 reverse split to thin the holder count below the 300-record-holder threshold. There are no earnings, no revenue, and no near-term product. The trade is the going-private mechanic - the path by which shareholders convert remaining chips into optionality on a single asset nobody else is publicly developing.
The thesis is split into two pieces. The first is clinical: selonabant (formerly ANEB-001), a peripherally selective CB1 antagonist, is the only small-molecule antidote in active U.S. development for acute cannabis intoxication in pediatric patients - a single, narrow indication, with an intravenously-formulated Phase 1 single-ascending-dose study initiated in the third quarter of calendar 2025 and an FDA Pre-IND meeting in December 2024 already cleared. The second is corporate: management has decided that the cost of public-company compliance outweighs the cost of being a private company, and it is using a reverse-split + Form 25 + Form 15 sequence to drop below the SEC reporting threshold. The Q2 print is a footnote. The reverse-split, the next 8-K announcing the effective date, and the survival of the IV program through the Form 15 transition are the thesis.
The lead cash story is the same story it has been for years: a $9.0 million cash position against a $2.6 million quarterly burn, a $3.0 million loan facility with related-party lenders (JFL Capital Management and 22NW Fund) that has not been drawn, and roughly $1.9 million in remaining NIDA grant funding tied to the IV clinical program. The quarter's operating cash flow was $1.31 million - slightly better than the prior quarter's $1.27 million, with both halves running roughly 65% of the GAAP net loss, a normal ratio for a clinical-stage burn with non-cash stock-compensation noise. R&D fell 4.5% to $1.16 million as the IV trial scaled up while the oral program was paused. The income statement is uninteresting. The going-private is the event, and the company's own twelve-month cash runway disclosure - combined with the $1.05 million cash drain from the tender - frames the period.