Substance Use Disorder Company Narrows Q2 Net Loss, Reports Progress On Cannabinoid Intoxication Drug
Portfolio Pulse from Jelena Martinovic
Anebulo Pharmaceuticals, Inc. (NASDAQ:ANEB) reported a narrowed net loss for Q2 2024 and progress on its drug for acute cannabinoid intoxication (ACI), selonabant. The company's Q2 net loss was $2.7 million, down from $3.8 million in the same period last year, with total operating expenses decreasing to $2.8 million from $3.8 million. Anebulo received positive feedback from the FDA on its ANEB-001 drug for ACI, indicating a potential path for a new drug application. Shares of Anebulo traded 4.8780% higher at $2.58 per share following the announcement.
February 14, 2024 | 4:37 pm
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Anebulo Pharmaceuticals reported a narrowed Q2 net loss and positive progress on its ACI drug, selonabant, with promising feedback from the FDA. Shares rose 4.8780% to $2.58.
The narrowed net loss and positive regulatory feedback from the FDA on Anebulo's ACI treatment, selonabant, indicate a strong potential for future growth and market approval. This news, coupled with the stock's positive price movement, suggests a bullish short-term outlook for ANEB. The reduction in operating expenses and the strategic progress towards Phase 3 studies further bolster investor confidence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100