Anebulo Pharmaceuticals, Inc. (ANEB)

Anebulo Pharmaceuticals, Inc. was a clinical-stage biotechnology company headquartered in Lakeway, Texas, near Austin. It was formed to develop treatments for acute cannabinoid intoxication, a condition for which no approved specific therapy exists, and later described its focus more broadly as acute cannabis-induced toxicity. The company is a Delaware corporation with a fiscal year ending June 30.

Its lead product candidate was selonabant, previously designated ANEB-001, a small-molecule antagonist of the cannabinoid CB1 receptor. The drug was intended to reverse the effects of excessive THC exposure, which can cause severe symptoms in adults who overconsume and in children who accidentally ingest cannabis products. Anebulo ran a Phase 2 study in volunteers given oral THC.

More recently the company prioritized an intravenous formulation of selonabant for pediatric patients, and in September 2025 it began a Phase 1 single ascending dose study of that formulation. As a development-stage company with no approved products, Anebulo did not generate product revenue, and its operating costs were funded through equity financing and related-party support.

Anebulo completed an initial public offering in 2021 and listed its common stock on the Nasdaq Capital Market under the symbol ANEB. As with many small biotechnology issuers, its market capitalization was modest, and the fixed costs of SEC reporting, auditing, legal support and Sarbanes-Oxley compliance represented a meaningful share of its budget.

On February 6, 2026, Anebulo announced that its board had approved the voluntary delisting of its common stock from Nasdaq and the subsequent deregistration of the stock with the SEC. The board concluded that the costs and obligations of public reporting outweighed the benefits. The company stated that it was in compliance with Nasdaq listing requirements at the time.

Under the announced schedule, Anebulo expected to file a Form 25 on or about February 17, 2026, with delisting becoming effective about ten days later, on February 27, 2026. It planned to file a Form 15 on or about the same date, certifying fewer than 300 holders of record, which would suspend its periodic reporting obligations. After delisting, the shares were expected to trade only in privately negotiated sales and potentially on the over-the-counter market.

The company's pipeline and its clinical timelines were not affected by the delisting decision, according to its announcement, which focused on cost and administrative burden. With no revenue and a small shareholder base, the economics of continued listing were difficult to justify. Holders were told that they should expect reduced liquidity and less public information once periodic reports stopped.