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Here are 1-3 brief analogies for Anebulo Pharmaceuticals:

• Like a clinical-stage Emergent BioSolutions, but focused on reversing acute cannabinoid and alcohol intoxication.
• Similar to a very early-stage Vertex Pharmaceuticals, but dedicated to developing rapid antidotes for acute drug and alcohol intoxication.

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• ANEB-001: A drug candidate currently in development for the treatment of acute cannabis intoxication.

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Anebulo Pharmaceuticals (symbol: ANEB) is a clinical-stage biopharmaceutical company focused on the development of novel therapies. As a clinical-stage company, it is primarily engaged in research and development activities, including preclinical studies and clinical trials for its lead drug candidate, ANEB-001, for acute cannabinoid intoxication.

Consequently, Anebulo Pharmaceuticals does not currently have major commercial customers that purchase and distribute its products. The company is not yet selling any commercial products to other companies or directly to individuals.

However, if ANEB-001 successfully completes clinical development and receives regulatory approval, the company's future customers would primarily be other companies within the healthcare supply chain. These would typically include:

• Pharmaceutical Wholesalers and Distributors: Companies responsible for the large-scale distribution of approved drugs to pharmacies, hospitals, and other healthcare providers. Examples of such companies include Cardinal Health (symbol: CAH), AmerisourceBergen (symbol: ABC), and McKesson Corporation (symbol: MCK).
• Hospitals and Healthcare Systems: Direct purchasers of medications for use within their facilities for patient care.
• Pharmacies: Both retail and institutional pharmacies that dispense medications to patients.

For a clinical-stage company like Anebulo, significant strategic relationships may also involve larger pharmaceutical companies interested in licensing, co-developing, or acquiring the drug candidate or the entire company. While these entities are not "customers" in the traditional sales sense, they represent key pathways for potential future commercialization and revenue.

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Richie Cunningham, Chief Executive Officer and Director

Mr. Cunningham has over 20 years of leadership experience, spanning drug discovery through commercialization and launching more than a dozen therapies. He previously served as CEO at Tyme, where he led the company through a merger with Syros Pharmaceuticals. Prior to Tyme, he was CEO at Icagen, overseeing two transformational acquisitions and negotiating multiple licensing deals with companies like Roche, Sanofi, and the Cystic Fibrosis Foundation. Before Icagen, Mr. Cunningham was an executive at Boehringer Ingelheim, involved in launching several products. He also had a career in the National Football League, earning All-Pro honors for the Dallas Cowboys from 1994 until his retirement in 2002.

Daniel George, Chief Financial Officer and Principal Accounting Officer

Mr. George has managed his professional services practice since December 2022, specializing in executive financial services for healthcare companies. He served as the Chief Financial Officer and Treasurer of Lucira Health, Inc., a publicly traded medical diagnostics company, from August 2020 to November 2022, and through his consulting practice from April 2019 to August 2020. His prior experience includes serving as Vice President, Finance for Avinger Inc., a publicly traded medical device company, and as a consultant and Vice President of Finance for ApniCure, Inc., a medical device company. He also served as a consultant and Chief Financial Officer for Avantis Medical Systems, Inc. and worked for PricewaterhouseCoopers LLP.

Dr. Kenneth Cundy, Ph.D., Chief Scientific Officer

Prior to joining Anebulo, Dr. Cundy served as Chief Scientific Officer at CohBar, Inc., a publicly traded biotechnology company, where he developed a technology platform around mitochondrial genome peptides and advanced a lead program for NASH and obesity to clinical proof of concept. Before CohBar, he was Chief Scientific Officer at XenoPort, Inc., a biopharmaceutical company, where he co-invented the approved drug Horizant® and led its development through to approval in the US and Japan.

Dr. Joseph F. Lawler, M.D., Ph.D., Founder and Chairman

Dr. Lawler founded Anebulo Pharmaceuticals in April 2020. He is also the founder and managing member of JFL Capital Management LLC, a healthcare investment fund, since January 2015. He co-founded and served as Senior Managing Partner of Merus Capital Partners, LLC, a proprietary trading business. Dr. Lawler's background also includes roles as a portfolio manager at MKM Longboat Capital Advisors LLC, an analyst for public and private biotechnology investments at Och-Ziff Capital Management Group LLC (a hedge fund and global alternative asset management firm), and an associate in the venture capital group at J.P. Morgan Partners, LLC.

Jason M. Aryeh, Independent Director

Mr. Aryeh has over twenty years of equity investment experience in the life sciences industry. He is the founder and Managing General Partner of JALAA Equities, LP, a private investment fund focused on the biotechnology and medical device sectors, a role he has held since 1997. Mr. Aryeh currently serves on the Board of Directors of Ligand Pharmaceuticals and Orchestra BioMed.

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Anebulo Pharmaceuticals (ANEB), a clinical-stage biopharmaceutical company, faces several key risks primarily associated with the development and commercialization of its lead product candidate, selonabant (ANEB-001).

1. Clinical Development and Regulatory Approval Risk: As a clinical-stage company, Anebulo's success hinges on the successful outcome of its ongoing clinical trials and its ability to secure regulatory approvals. There is a significant concern regarding potential psychiatric side effects of selonabant, given its mechanism of action as a cannabinoid receptor type-1 (CB1) antagonist, similar to Rimonabant, a drug that was withdrawn from the market due to serious psychiatric side effects. Any serious adverse events in trials or failure to demonstrate sufficient efficacy could lead to the demise of the entire platform. The timely completion of clinical trials and achieving desired results are not guaranteed, and obtaining regulatory approvals for commercialization is a critical and uncertain step.

2. Funding and Dilution Risk: Anebulo Pharmaceuticals is not yet cashflow positive and relies on external funding to advance its research and development activities. The company may need to raise additional capital in the near future, which could result in the dilution of stock price for existing shareholders. The ability to obtain or maintain the necessary capital or grants to fund its operations remains a significant financial risk. As of September 30, 2025, the company had $10.4 million in cash and cash equivalents, with access to an additional $3.0 million through a loan agreement.

3. Market Potential and Commercialization Uncertainty: Even if selonabant successfully navigates clinical trials and gains regulatory approval, the market potential for a drug treating acute cannabis intoxication (ACI) remains unclear. Cannabis intoxication often resolves spontaneously, which could impact the perceived need for a pharmaceutical intervention and create challenges for market access and reimbursement, potentially hindering the drug's pricing and widespread adoption. Successful development, marketing, and sales of Anebulo's products are not guaranteed.

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Anebulo Pharmaceuticals (symbol: ANEB) is developing ANEB-001 (selonabant) as its primary product candidate, which is a cannabinoid receptor type-1 (CB1) antagonist. It is being developed to treat acute cannabinoid intoxication (ACI) and unintentional cannabis poisoning in both adults and pediatric subjects. The company also aims to develop additional products for acute cannabis toxicities leveraging the same active pharmaceutical ingredient. Anebulo is also exploring ANEB-001 as a potential treatment for cannabis hyperemesis syndrome (CHS).

Addressable Markets:

• Acute Cannabinoid Intoxication (ACI) / Unintentional Cannabis Poisoning: The estimated addressable annual market for ANEB-001 in the U.S. for emergency department visits related to cannabinoid intoxication is approximately $2.6 billion. This estimate is based on approximately 2.6 million U.S. emergency department visits in 2021, at an estimated $1,000 per treatment. The number of cannabis-associated emergency room visits increased by a compound annual growth rate (CAGR) of 15% from 2012 to 2018 in the U.S.

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1. Launch of Intravenous (IV) Selonabant for Pediatric Acute Cannabinoid Intoxication (ACI): Anebulo Pharmaceuticals has prioritized the development of an intravenous formulation of selonabant for the treatment of acute cannabis-induced toxicity in children. This strategy is driven by the belief that the pediatric IV formulation offers a potentially faster timeline to approval compared to the adult oral product, addressing a significant unmet medical need for an emergency antidote for accidental cannabis ingestion in children. Successful clinical trials, regulatory approval, and subsequent market launch would represent the company's initial and most significant revenue stream.
2. Future Development and Commercialization of Oral Selonabant for Adult ACI: While the pediatric IV formulation is currently prioritized, the oral formulation of selonabant for adults has completed Phase 2 clinical trials with positive results. After potentially securing approval for the pediatric IV formulation, the company may proceed with Phase 3 registrational studies for the oral adult product, which could significantly expand the addressable market for selonabant and contribute to future revenue growth.
3. Expansion of Selonabant's Indications to Other Substance Abuse Disorders: Anebulo Pharmaceuticals' broader mission includes developing novel solutions for people suffering from cannabinoid overdose and substance abuse disorder. If selonabant demonstrates efficacy and receives regulatory approval for additional indications within the substance abuse disorder landscape, it would open new, larger markets and serve as a substantial driver for long-term revenue growth beyond acute cannabinoid intoxication.

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Share Issuance

• In December 2024, Anebulo Pharmaceuticals entered into a definitive stock purchase agreement for the issuance and sale of 15.2 million shares of common stock for gross proceeds of $15 million in a private placement offering, including participation from 22NW Fund, LP and existing investors.
• In July 2025, the company completed a private placement, issuing 15,151,514 shares for gross proceeds of approximately $15.0 million and warrants exercisable until September 28, 2027.
• In April 2025, stockholders approved an increase in the number of authorized shares of common stock from 50 million to 75 million, and an increase of 2.5 million shares available under the 2020 Incentive Compensation Plan.

Inbound Investments

• Anebulo Pharmaceuticals received $15 million in gross proceeds from a private placement in December 2024, with significant investment from 22NW Fund, LP, which acquired 10,101,010 shares for approximately $9.99 million.
• The company received grant income, including the first tranche of a $1.9 million National Institute on Drug Abuse (NIDA) grant in Q1 FY2025, and a second-year tranche of $994,300 from NIDA in September 2025, to support the development of intravenous selonabant.
• After announcing a going-private transaction in July 2025, Anebulo Pharmaceuticals received inbound interest from potential financial and strategic partners, leading to a review of strategic alternatives.

Capital Expenditures

• Anebulo Pharmaceuticals expects that its cash and cash equivalents, combined with available funding under a Loan Agreement, will be sufficient to fund current and planned operating expenses and capital expenditures into the second quarter of calendar year 2026.
• The primary focus for capital allocation related to operational expenses and indirect capital spend appears to be centered on the advancement of its clinical development programs, particularly for selonabant, including pre-clinical and clinical studies and third-party costs for CROs and CMOs.