Benzinga | Jun 21, 2021 04:11PM EDT

Anebulo Pharmaceuticals Q3 2021 Total Expenses ~$552K; EPS $(0.04)

Third Quarter Financial Results

* Operating expenses totaled $552,131 in the third quarter of fiscal 2021. The Company did not have any operations in the comparable prior-year period.

* Net loss in the third quarter of fiscal 2021 was $555,832, or $0.04 per share on 12,982,500 weighted-average common shares outstanding. Net loss attributable to common shareholders was $8,764,225, or $0.69 per share, including a deemed dividend to preferred shareholders of $8,208,393. The Company did not have any operations in the comparable prior-year period. The shares outstanding have been adjusted to reflect the 6:1 stock split effected just prior to the Company's May 6, 2021 IPO.

* Cash and cash equivalents were $3.3 million as of March 31, 2021.

* On May 6, 2021, Anebulo priced its IPO and received net proceeds of approximately $19.0 million, including the underwriters' overallotment. Annual operating expenses are approximately $3 million.

* Today's delayed release of the financial results for the third quarter of fiscal 2021 is in compliance with the SEC-established deadline of 45 days after an IPO.