aibioAnebulo Pharmaceuticals to delist from Nasdaq and deregister with the SEC
Tickers ANEB
Anebulo's board approved leaving Nasdaq and ending SEC reporting, with a Form 25 due about February 17, 2026 and a Form 15 about February 27, while its lead drug candidate is still in early clinical work.
Key facts
- Company
- Anebulo Pharmaceuticals Inc (OTC: ANEB)
- News type
- Listings
- Primary source
- Anebulo Pharmaceuticals Inc 8-K (2026-02-06)
Anebulo Pharmaceuticals, Inc. (Nasdaq: ANEB) said on February 6, 2026 that its board had approved a voluntary delisting of its common stock from The Nasdaq Capital Market and a deregistration with the SEC. It plans to file a Form 25 on or about February 17, 2026, and the delisting is expected to take effect on February 27, 2026, 10 days after that filing. It then plans to file a Form 15 on or about February 27, certifying that it has fewer than 300 shareholders of record.
The board's reasons
The company says it is in compliance with applicable Nasdaq listing requirements. The board nonetheless concluded that the cost of being an SEC reporting company outweighs its benefits. The release cites the expense of preparing and filing periodic reports, the legal and audit costs of a Nasdaq-listed public company, and the demands on management's time under the Sarbanes-Oxley Act of 2002, SEC rules and Nasdaq listing standards. It says the burdens of a listed public company outweigh any advantages to the company and its holders.
The release does not give the annual cost of reporting or any legal or audit fee figure, so the savings cannot be measured from it.
What holders lose
After the delisting, trading in Anebulo's common stock would occur only in privately negotiated sales, and potentially on an over-the-counter quotation service. The release does not name a venue or a date for that quotation. Once the Form 15 is filed, the company's obligation to file annual and quarterly reports with the SEC is suspended, and the release does not say whether it will publish financial statements in another form.
The drug the company still has
Anebulo describes itself as a clinical-stage pharmaceutical company developing treatments for cannabis-induced toxicity. Its lead candidate, selonabant, is intended to reverse the effects of THC. The annual report for the fiscal year ended June 30, 2025, filed September 29, 2025, says there are no approved medical treatments for cannabis-induced toxicity, and that the company is not aware of competing products further along in development for reversing cannabinoid effects.
The main evidence is the Netherlands trial, a randomized, double-blind, placebo-controlled Phase 2 study of oral selonabant in healthy adults challenged with THC. Results for Parts A and B, in a total of 134 subjects, were announced on March 28, 2023. An open-label extension, Part C, added 20 subjects and was completed in August 2023. Those subjects were healthy volunteers, not patients who had taken cannabis.
The company met the FDA in July 2023 about a Phase 3 path. According to the report, the FDA said a single well-controlled study in patients presenting to the emergency department, combined with a larger THC challenge study in volunteers, could potentially support a new drug application. The company has chosen not to proceed directly with that study. It has chosen to prioritize an intravenous formulation for children with unintentional cannabis poisoning. It met the FDA in December 2024 about a pre-IND plan for that formulation, and started a single ascending dose study of the IV version in healthy adults in the third quarter of calendar 2025.
The money
The annual report shows research and development expense of $4.3 million in fiscal 2025, up from $3.5 million in fiscal 2024. The net loss was $8.5 million in fiscal 2025, against $8.2 million a year earlier. Cash used in operations was $6.3 million in fiscal 2025 and $8.1 million in fiscal 2024.
The 8-K does not describe the company's cash position at the time of the delisting, and gives no cost figure for staying public, so the savings cannot be set against what the company spends on research.
What comes next
The Form 25 is due on or about February 17, 2026, and the delisting is expected to take effect on February 27, 2026. The Form 15 is due on or about the same day. The company says it will then stop filing periodic reports, and it gives no date for any future financing or for the IV program's next clinical step.