MeritValue

Anebulo Pharmaceuticals, Inc.

ANEBdata completeness 63%5 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'capex'; no data for concept 'totalDebt'; no data for concept 'incomeTaxExpense'

The thesis, from the filings

Anebulo Pharmaceuticals, Inc. earns about -117% on equity, but has diluted owners by 148% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$30.3M1−$6.83M2−$11.7M3−$8.2M4−$8.48M4
Operating cash flow−$4.87M5−$5.44M6−$9.68M7−$8.09M8−$6.35M8
Capital expenditure—————
Free cash flow (derived)—————
Total debt—————
Cash & equivalents——$11.2M9$3.09M10$11.6M10
Diluted shares13.6M23.3M25.1M25.8M33.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$3.45
your share of equity
Profit it earned you last year
−$2.51
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $3.45 of net worth that earned you −$2.51 last year.

iii. Is this a good business?
Moat signal · return on equity
-117% avg · 5y
FY21 -141%FY22 -45%FY23 -111%FY24 -215%FY25 -73%

It earned an average -117% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+148% shares · 5y

Share count is up 148% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 0 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-06-30 · accession 0001493152-22-025448 (NetIncomeLoss)
  2. 10-K · period ending 2022-06-30 · accession 0001493152-23-033452 (NetIncomeLoss)
  3. 10-K · period ending 2023-06-30 · accession 0001493152-24-038127 (NetIncomeLoss)
  4. 10-K · period ending 2024-06-30 · accession 0001493152-25-016015 (NetIncomeLoss)
  5. 10-K · period ending 2021-06-30 · accession 0001493152-22-025448 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-06-30 · accession 0001493152-23-033452 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-06-30 · accession 0001493152-24-038127 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-06-30 · accession 0001493152-25-016015 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-06-30 · accession 0001493152-24-038127 (CashAndCashEquivalentsAtCarryingValue)
  10. 10-K · period ending 2024-06-30 · accession 0001493152-25-016015 (CashAndCashEquivalentsAtCarryingValue)