Here are 1-3 brief analogies for Artelo Biosciences:

• A clinical-stage biotech focused on developing novel drugs that modulate the endocannabinoid system, akin to how GW Pharmaceuticals pioneered cannabis-derived medicines.
• A clinical-stage biotechnology company developing novel treatments for underserved conditions like cancer cachexia, much like how Vertex Pharmaceuticals develops targeted therapies for diseases like cystic fibrosis.
• An innovative, clinical-stage drug developer focused on the endocannabinoid system, aspiring to achieve breakthroughs like companies such as Gilead Sciences or Amgen did in their early days.

• ART27C1: A proprietary synthetic cannabidiol (CBD) formulation in development for various therapeutic indications, including cancer, pain, and inflammation.
• ART26.12: A novel dual G-protein coupled receptor (GPCR) agonist in preclinical development for potential therapeutic uses.
• ART12.11: A potential first-in-class small molecule inhibitor also in preclinical development.

Artelo Biosciences (symbol: ARTL) is a clinical-stage biopharmaceutical company focused on the research and development of cannabinoid-based therapeutics. As a clinical-stage company, it does not currently have any products approved for commercial sale.

Therefore, Artelo Biosciences does not have major customers in the traditional sense, meaning it does not sell products or services primarily to other companies or primarily to individuals. The company's current activities are centered on advancing its drug candidates through preclinical and clinical development phases.

Its business model typically involves seeking future partnerships, licensing agreements, or collaboration opportunities with larger pharmaceutical companies for the potential continued development and commercialization of its drug candidates, once they reach an appropriate stage and receive regulatory approval. Revenue generation for such a company primarily comes from grants, private investments, or milestone payments and royalties from future licensing deals, rather than direct sales to end-users or distributors.

• TCG Lifesciences (Private Company)

Gregory D. Gorgas, President & Chief Executive Officer
Gregory D. Gorgas has served as President, Chief Executive Officer, and on Artelo Biosciences' board of directors since April 2017. He possesses over three decades of successful drug development and commercialization experience in both pharmaceutical and biotech companies, with accomplishments including more than a dozen product launches, four of which were first-in-class. Before leading Artelo, Mr. Gorgas served as Senior Vice President, Commercial and corporate officer at Mast Therapeutics, a publicly held biotechnology company, where he had commercial leadership accountability and business development responsibilities for hematology, oncology, and cardiovascular programs. Previously, he was Senior Director, Global Marketing at Biogen, a publicly held biotechnology company, responsible for the strategic vision and operational commercialization of the company's worldwide cancer business. His career also includes leadership positions of increasing responsibility with other publicly held companies such as IDEC Pharmaceuticals, Chiron, Cetus, and Upjohn. Mr. Gorgas co-founded Artelo. He earned a BA in economics from California State University, Northridge and an MBA from the University of Phoenix. He currently serves on the board of directors at Theragence and on the advisory board of Klotho Therapeutics.

Mark Spring, CPA, Chief Financial Officer
Mark Spring has served as Artelo's Chief Financial Officer since December 2024. He brings 30 years of experience in life sciences, encompassing financial leadership of private and public, domestic and multinational, commercial, and development-stage companies. Mr. Spring recently served as interim CFO for LENZ Therapeutics through its reverse merger transaction and was a co-founder and CFO of Secura Bio, a commercial-stage oncology therapeutics company. His past roles as CFO include positions at Hyperion Therapeutics, Prometheus Laboratories, Veracyte, Sotera Wireless, and Genoptix.

Andy Yates, PhD, Senior Vice President, Chief Scientific Officer
Dr. Andy Yates has served as Artelo's Chief Scientific Officer since January 2021. He has more than 15 years of experience in the pharmaceutical industry, including 10 years as an executive at AstraZeneca. At AstraZeneca, he held key roles within medical affairs, commercial, business development, and strategy functions for the company's in-line and development portfolio. Dr. Yates was extensively involved in the life-cycle management of key multi-billion dollar products, including CRESTOR®, FORXIGA®, and KEYTRUDA®, leading to the funding and initiation of significant development programs. In business development, he led evaluations and transactions that resulted in multiple collaborative agreements with academia, biotechnology, and peer pharma. Dr. Yates is a UK registered pharmacist who received his PhD in cannabinoid medicinal chemistry from the University of Nottingham. He co-founded Artelo with Greg Gorgas.

Steven D. Reich, MD, Chief Medical Officer
Dr. Steven D. Reich headed clinical research programs that led to five US, one Canadian, and two European drug approvals, and was a team member for multiple other international approvals, primarily anti-cancer drugs. He received his MD degree at the New Jersey College of Medicine and Dentistry and holds a diplomate certification from the American Board of Internal Medicine, with a sub-specialty of Medical Oncology.

Saoirse Elizabeth O'Sullivan, PhD, Vice President, Translational Sciences
Dr. Saoirse Elizabeth O'Sullivan joined Artelo in October 2021 as Vice President, Translational Sciences, after having served several years as a scientific advisor to the Company.

Artelo Biosciences (ARTL) is a clinical-stage biopharmaceutical company with a pipeline of product candidates targeting lipid-signaling pathways. The addressable markets for their main product candidates are detailed below:

ART27.13 (Synthetic Cannabinoid Agonist)

ART27.13 is focused on treating cancer anorexia-cachexia syndrome (CACS). The global market size for cancer anorexia-cachexia syndrome drugs was valued at approximately USD 2.54 billion in 2024 and is projected to reach USD 3.90 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 4.86% from 2025 to 2033. North America held the largest share of this market in 2024.

ART26.12 (FABP5 Inhibitor)

ART26.12 is being developed for neuropathy, including chemotherapy-induced peripheral neuropathy (CIPN), with potential expansion into dermatology and inflammatory disorders. The global chemotherapy-induced peripheral neuropathy treatment market size was valued at USD 0.9 billion in 2023 and is projected to reach USD 1.6 billion by 2033, demonstrating a CAGR of 6.1% from 2024 to 2033. North America dominated the chemotherapy-induced peripheral neuropathy treatment market share.

ART12.11 (Synthetic CBD Cocrystal)

ART12.11 is being positioned for inflammatory and neurological indications, such as inflammatory bowel disease (IBD) and post-traumatic stress disorder (PTSD).

• Inflammatory Bowel Disease (IBD): The global inflammatory bowel disease treatment market size was approximately USD 31.34 billion in 2024 and is expected to reach around USD 31.34 billion by 2034, with a CAGR of 3.81% from 2025 to 2034. North America accounted for the largest revenue share of 59% in the global inflammatory bowel disease treatment market in 2024.
• Post-Traumatic Stress Disorder (PTSD): The global post-traumatic stress disorder treatment market size was estimated at USD 2.28 billion in 2024 and is predicted to reach approximately USD 3.42 billion by 2034, with a CAGR of 4.14% from 2025 to 2034. North America dominated the global PTSD treatment market with a 58% market share in 2024. The U.S. market specifically was valued at USD 1.03 billion in 2024, projected to reach around USD 1.57 billion by 2034.

Expected Drivers of Future Revenue Growth for Artelo Biosciences (ARTL)

1. Advancement and Potential Commercialization of ART27.13 for Cancer Anorexia-Cachexia Syndrome: Artelo Biosciences expects initial Phase 2 data from its CAReS study of ART27.13 for cancer anorexia-cachexia syndrome (CACS) in Q3 2025. This is a critical driver as there are currently no FDA-approved treatments for CACS, representing a significant unmet medical need and a substantial market opportunity. Positive clinical outcomes and subsequent progression towards regulatory approval and commercialization could unlock a new revenue stream.
2. Progression and Expanded Indications for ART26.12: ART26.12, the company's lead Fatty Acid Binding Protein 5 (FABP5) inhibitor, completed Phase 1 enrollment with data expected in Q2 2025, and a Multiple Ascending Dose (MAD) study is anticipated to start in Q4 2025. Originally focused on chemotherapy-induced peripheral neuropathy (CIPN), recent peer-reviewed research has broadened ART26.12's potential into dermatologic conditions like psoriasis, as well as osteoarthritis (OA), significantly expanding its commercial opportunities beyond oncology. Successful clinical development across these expanded indications would create multiple avenues for future revenue.
3. Development and Market Entry of ART12.11 for Depression and Anxiety: Artelo's proprietary cannabidiol (CBD) cocrystal tablet, ART12.11, has demonstrated improved pharmacokinetics compared to Epidiolex® in preclinical studies. Compelling preclinical data showing dual-action efficacy in alleviating depressive-like behaviors and restoring cognitive function supports ART12.11's potential entry into the multi-billion-dollar antidepressant market, with a first-in-human study anticipated to begin in the first half of 2026. This product candidate could tap into substantial markets for anxiety and mood disorders.
4. Strategic Partnerships and Licensing Agreements: While not explicitly detailed as a current revenue driver, Artelo Biosciences, as a clinical-stage pharmaceutical company, may pursue strategic partnerships or licensing agreements for its pipeline assets upon achieving significant clinical milestones. Such collaborations could provide upfront payments, milestone payments, and future royalties, contributing to revenue growth. The company has previously engaged in in-licensing activities, indicating a willingness to collaborate to advance its pipeline.

Share Issuance

• Artelo Biosciences' shares outstanding increased from 470,000 in 2021 to 546,800 in 2024, and then to 3.28 million by March 2025.
• The company executed a 1:6 reverse stock split on June 13, 2025.
• In May 2022, an Equity Line agreement was established for the potential sale of up to $20 million of common stock over a 36-month term.
• Recent public offerings include a $2 million public offering of common stock and a $3 million public offering of common stock and warrants in September 2025.

Inbound Investments

• As of December 31, 2023, Artelo Biosciences reported cash and investments totaling $10.4 million.
• The company in-licensed product candidate ART27.13 from AstraZeneca through NEOMED/adMare Bioinnovations.
• Artelo in-licensed ART26.12 from Stony Brook University, which received approximately $8.0 million in NIH funding for its development, including a $4.2 million grant in 2020.

Capital Expenditures

• Financial statements generally indicate minimal or no significant capital expenditures.
• The company has no material off-balance sheet arrangements related to capital expenditures.