aibioAnebulo Pharmaceuticals files Form 25 to withdraw its stock from Nasdaq
Tickers ANEB
Anebulo filed a Form 25 on February 17, 2026 to withdraw its common stock from Nasdaq as a voluntary withdrawal, while its lead drug candidate remains at an early stage and its cash fell in the second half of 2025.
Key facts
- Company
- Anebulo Pharmaceuticals Inc (OTC: ANEB)
- News type
- Listings
- Primary source
- Anebulo Pharmaceuticals Inc 25 (2026-02-17)
Anebulo Pharmaceuticals, Inc. filed a Form 25 with the SEC on February 17, 2026. The form is the notice that removes a security from listing and registration on an exchange. Here the exchange is The Nasdaq Stock Market LLC, and the security is the company's common stock, $0.001 par value per share, under Commission File Number 001-40388.
The company checked the box for 17 CFR 240.12d2-2(c). That rule covers a voluntary withdrawal, in which the issuer itself asks to end the listing, rather than an exchange striking the stock from its list. In the form, the company certifies that it has reasonable grounds to believe it meets all of the requirements for filing the Form 25, and that it has complied with the exchange's rules and the SEC rule governing voluntary withdrawal.
The notice is signed by Richard Anthony Cunningham, who is listed as chief executive officer and interim chief financial officer. The company's principal executive offices are in Lakeway, Texas.
What the company is developing
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 main psychoactive compound in cannabis. 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 report cites an estimate of about 1.1 million cannabis-related emergency department visits in 2014, and says the company believes the number grew to about 1.8 million patients in 2021. Those figures come from a published analysis the company cites, and the company says it expects the problem to grow as more states legalize cannabis.
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 the adult Phase 3 program. 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. At June 30, 2024 the company held $3.1 million in cash and cash equivalents.
A quarterly report filed February 12, 2026 gives the company's cash at June 30, 2025 as $11.6 million, and at December 31, 2025 as $9.0 million. Its cash therefore fell in the second half of 2025.
What the form leaves out
The Form 25 covers the listing only. It does not say when the removal takes effect, what the company will do with its stock after the removal, or whether it will continue to publish financial statements. The form is signed by a chief executive who is also acting as the interim chief financial officer, and it names no advisers.
What comes next
The filings in this story give no date for any financing, no timetable for the IV program's next clinical step, and no figure for the cost of remaining a reporting company.