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Anebulo Pharmaceuticals (Nasdaq: ANEB) reported financial results for Q3 fiscal year 2024 and provided updates on its development projects.
Key focus is on the IV formulation of selonabant for unintentional cannabis poisoning in children, driven by a growing medical need and upcoming DEA reclassification of marijuana. The company's operating expenses dropped to $1.7 million from $2.9 million year-over-year. Net loss decreased to $1.7 million, or $(0.06) per share, from $2.8 million, or $(0.11) per share. As of March 31, 2024, the company holds $5.1 million in cash and cash equivalents.