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FORM 10-Q For the quarterly period ended December 31, 2025 or Commission File No. 001-40388 (Exact name of registrant as specified in its charter) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of February 6, 2026, the registrant had 40,784,731 shares of common stock, par value $0.001 per share, outstanding. In this report, unless otherwise stated or as the context otherwise requires, references to “Anebulo Pharmaceuticals,” “Anebulo,”“Company,” “we,” “us,” “our” and similar references refer to Anebulo Pharmaceuticals, Inc. The Anebulo logo, and other trademarksor service marks of Anebulo Pharmaceuticals, Inc. appearing in this report are the property of Anebulo Pharmaceuticals, Inc. Thisreport also contains registered marks, trademarks and trade names of other companies. All other trademarks, registered marks andtrade names appearing in this report are the property of their respective holders. We do not intend our use or display of other SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (the “Quarterly Report”) contains “forward-looking statements” within the meaning ofSection 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934,as amended (the “Exchange Act”), which are subject to the “safe harbor” created by those sections. These forward-looking statementsabout us and our industry involve substantial risks and uncertainties and our actual results could differ materially from thoseanticipated in these forward-looking statements as a result of various factors, including those set forth below under Part II, Item 1A,“Risk Factors” in this Quarterly Report and the “Risk Factors” as set forth in the Company’s Annual Report on Form 10-K for the yearended June 30, 2025 filed with the Securities and Exchange Commission (the “SEC”) on September 29, 2025 (the “2025 Form 10-K”).All statements other than statements of historical facts contained in this Quarterly Report, including statements regarding our future We have based these forward-looking statements largely on our current expectations, beliefs, estimates and projections, andvarious assumptions, many of which, by their nature, are inherently uncertain and beyond our control. In addition, statements that “webelieve” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based upon informationavailable to us as of the date of this Quarterly Report, and while we believe such information forms a reasonable basis for such ●our expectations regarding our capital requirements, expenses and other operating results, and needs for additional financing;●the timing or outcome of any of our regulatory submissions;●our ability to obtain funding, including grant funding, especially in light of the fact that we currently intend to no longer be apublic company;●the timing and conduct of our clinical trials, including statements regarding the timing, progress and results of current andfuture nonclinical studies and clinical trials, and our research and development programs;●the clinical utility, potential advantages and timing or likelihood of regulatory filings and approvals of selonabant (formerlyANEB-001);●our expectations regarding future growth;●our ability to obtain and maintain adequate intellectual property rights and adequately protect and enforce such rights;●our ability to maintain our existing licensing arrangements and enter into and maintain other collaborations or licensingarrangements; You should not place undue reliance on these forward-looking statements. Unless required by law, we undertake no obligationto update or revise any forward-looking statements to reflect new information or future events or developments. Thus, you should notassume that our silence over time means that actual events are bearing out as expressed or implied in such forward-looking statements.You should carefully read this Quarterly Report, including the section titled “Risk Factors” and the documents that we reference in this Anebulo Pharmaceuticals, Inc.Condensed Balance Sheets Anebulo Pharmaceuticals, Inc.Condensed Statements of Cash Flows Anebulo Pharmaceuticals, Inc.Notes to Condensed Financial Statements Note 1. Nature of business and basis of presentation Organization Anebulo Pharmaceuticals, Inc. (the “Company”) was founded on April 23, 2020, as a Delaware corporation. The Company isa clinical stage pharmaceutical company focused on developing treatments for cannabis-induced toxicity, such as acute cannabis-induced toxicity in children, acute cannabinoid intoxication (“ACI”) in adults, and the broader landscape of acute cannabis-induced Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development t