Anebulo Pharmaceuticals (ANEB) 10-K 22 Sep 23 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Jun. 30, 2023	Sep. 14, 2023	Dec. 31, 2022
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--06-30
Entity File Number	001-40388
Entity Registrant Name	ANEBULO PHARMACEUTICALS, INC.
Entity Central Index Key	0001815974
Entity Tax Identification Number	85-1170950
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1017 Ranch Road 620 South
Entity Address, Address Line Two	Suite 107
Entity Address, City or Town	Lakeway
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	78734
City Area Code	(512)
Local Phone Number	598-0931
Title of 12(b) Security	Common Stock
Trading Symbol	ANEB
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 9,468,006
Entity Common Stock, Shares Outstanding		25,633,217
Documents Incorporated by Reference	Portions of the Registrant’s definitive proxy statement (the “Proxy Statement”) that will be filed for the 2023 Annual Meeting of Stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. The Proxy Statement will be filed with the U.S. Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Annual Report relates.
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	274
Auditor Name	EISNERAMPER LLP
Auditor Location	Iselin, New Jersey

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Current assets:
Cash	$ 11,247,403	$ 14,548,471
Prepaid expenses	422,748	1,030,960
Total assets	11,670,151	15,579,431
Current liabilities:
Accounts payable	534,545	380,828
Accrued expenses	534,256	131,703
Total liabilities	1,068,801	512,531
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 2,000,000 and no shares authorized, and no shares issued or outstanding at June 30, 2023 and 2022
Common stock, $0.001 par value; 40,000,000 shares authorized; 25,633,217 and 23,344,567 shares issued and outstanding at June 30, 2023 and 2022, respectively	25,634	23,345
Additional paid-in capital	67,777,757	60,513,258
Accumulated deficit	(57,202,041)	(45,469,703)
Total stockholders’ equity	10,601,350	15,066,900
Total liabilities and stockholders’ equity	$ 11,670,151	$ 15,579,431

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Jun. 30, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	2,000,000	0
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	25,633,217	23,344,567
Common stock, shares outstanding	25,633,217	23,344,567

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Research and development	$ 5,600,197	$ 2,961,538
General and administrative	6,183,402	3,869,636
Total operating expenses	11,783,599	6,831,174
Loss from operations	(11,783,599)	(6,831,174)
Other (income) expenses:
Interest income	(92,407)	(7,332)
Other	41,146	1,777
Total other income, net	(51,261)	(5,555)
Net loss	$ (11,732,338)	$ (6,825,619)
Weighted average common shares outstanding, basic	25,074,481	23,344,567
Weighted average common shares outstanding, diluted	25,074,481	23,344,567
Net loss per share, basic	$ 0.47	$ 0.29
Net loss per share, diluted	$ 0.47	$ 0.29

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Jun. 30, 2021	$ 23,345	$ 60,032,597	$ (38,644,084)	$ 21,411,858
Balance, shares at Jun. 30, 2021	23,344,567
Stock-based compensation expense		480,661		480,661
Net loss			(6,825,619)	(6,825,619)
Balance at Jun. 30, 2022	$ 23,345	60,513,258	(45,469,703)	15,066,900
Balance, shares at Jun. 30, 2022	23,344,567
Stock-based compensation expense		884,723		884,723
Net loss			(11,732,338)	(11,732,338)
Issuance of common stock, net of offering costs of $317,083	$ 2,265	6,327,400		6,329,665
Issuance of common stock, net of offering costs of $317,083, shares	2,264,650
Common stock issued upon exercise of options	$ 24	52,376		$ 52,400
Common stock issued upon exercise of options, shares	24,000			24,000
Balance at Jun. 30, 2023	$ 25,634	$ 67,777,757	$ (57,202,041)	$ 10,601,350
Balance, shares at Jun. 30, 2023	25,633,217

Statements of Stockholders' E_2

Statements of Stockholders' Equity (Parenthetical) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Statement of Stockholders' Equity [Abstract]
Offering costs	$ 317,083

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net loss	$ (11,732,338)	$ (6,825,619)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	884,723	480,661
Changes in operating assets and liabilities:
Prepaid expenses	608,212	636,886
Accounts payable	153,717	270,780
Accrued expenses	402,553	118
Net cash used in operating activities	(9,683,133)	(5,437,174)
Cash flows from financing activities:
Proceeds from issuance of common stock to the public, net of underwriter discount	6,646,748
Payment of initial public offering costs	(317,083)
Proceeds from issuance of common stock upon exercise of options	52,400
Net cash provided by financing activities	6,382,065
Net decrease in cash	(3,301,068)	(5,437,174)
Cash, beginning of period	14,548,471	19,985,645
Cash, end of the period	$ 11,247,403	$ 14,548,471

Nature of business and basis of

Nature of business and basis of presentation	12 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of business and basis of presentation	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 is a clinical stage biotechnology company focused on developing and commercializing new treatments for patients suffering from Acute Cannabis Intoxication (“ACI”) and substance addiction. The Company’s principal operations are located in Lakeway, Texas. Liquidity and capital resources Since inception, the Company’s activities have consisted primarily of performing research and development to advance its product candidates. The Company is still in the development phase and has not been marketing any developed products to date. Since inception, the Company has incurred losses, including a net loss of $ 11,732,338 57,202,041 Until such time, if ever, as the Company can generate substantial product revenue from sales of any current or future product candidates, the Company expects to seek additional funding in order to reach its development and commercialization objectives through various potential sources, such as equity and debt financings or through collaboration, license and development agreements. The Company may not be able to obtain funding or enter into collaboration, license or development agreements on acceptable terms, or at all. The terms of any funding may be dilutive to or adversely affect the rights of the Company’s stockholders. If the Company is unable to obtain funding on satisfactory terms, or at all, the Company could be forced to delay, scale back or eliminate the development of its current or future product candidates or other business. Risks and uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include uncertainty regarding results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current or future product candidates, uncertainty of market acceptance of the Company’s product candidates, if approved, competition from substitute products and larger companies, securing and protecting proprietary technology, ability to establish strategic relationships and dependence on key individuals and sole source suppliers. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities and may not ultimately lead to a marketing approval and commercialization of a product. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The Company will need to generate significant revenue to achieve profitability, and it may never do so. Basis of presentation The accompanying financial statements have been prepared in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2. Summary of Significant Accounting Policies Use of estimates The preparation of the audited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Fair Value of Financial Instruments Fair value is applied for all financial assets and liabilities. The carrying amount of the Company’s financial instruments, including accounts payable and accrued expenses, approximate fair value due to the short-term duration of those instruments. Equity Issuance Costs The Company capitalizes incremental legal, professional, accounting and other third-party fees that are directly associated with its stock offerings as other non-current assets until the offerings are consummated. Upon consummation, these costs are recorded in stockholders’ equity as a reduction of additional paid-in-capital generated as a result of the offerings. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statement of operations. After consummation of an equity offering, which closed on September 28, 2022, total offering costs of approximately $ 317,000 no Research and Development Costs Research and development costs are charged to expense as incurred. Payments for these activities will be based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Research and development activities may consist of salaries and benefits, contract services, materials and supplies, stock-based compensation expense, and other outside expenses. Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, for stock options that only have service vesting requirements or performance-based vesting requirements without market conditions using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards with service vesting requirements is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Determining the appropriate amount to expense for performance-based awards based on the achievement of stated goals requires judgment. The estimate of expense is revised periodically based on the probability of achieving the required performance targets and adjustments are made as appropriate. The cumulative impact of any revisions is reflected in the period of change. If any applicable financial performance goals are not met, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Black-Scholes option-pricing model requires the use of highly subjective assumptions, which determine the fair value of stock-based awards. These assumptions include: Expected term Common stock price Valuation of Privately-Held Company Equity Securities Issued as Compensation, Expected volatility Risk-free interest rate Expected dividend The Company has made an entity-wide accounting policy election to account for pre-vesting award forfeitures when they occur. Leases The Company determines if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the expected lease term. The Company does not record leases with an initial term of 12 months or less on the Company’s balance sheet but continue to record rent expense on a straight-line basis over the lease term. To the extent that any lease agreements include options to extend or renew the lease terms, such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. The Company accounts for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. In August 2020, the Company entered into a month-to-month sub-lease for office space in Lakeway, Texas, from a related party and recorded rent expense of approximately $ 15,100 14,400 Loss Per Share Basic and diluted net income (loss) per share are calculated using the weighted average number of shares of common stock outstanding for the year. Basic and diluted net loss per share are the same because the impact of assuming the exercise of common stock options outstanding would be anti-dilutive and excludes such common stock options from the computation of diluted weighted-average shares outstanding. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States. The Company has one lead product candidate, ANEB-001, under development, which was licensed from Vernalis Development Ltd in May 2020 (“License Agreement”), as described in Note 4.

Prepaid Expenses

Prepaid Expenses	12 Months Ended
	Jun. 30, 2023
Prepaid Expenses
Prepaid Expenses	Note 2. Prepaid Expenses Prepaid expenses consisted of the following: Schedule of Prepaid Expenses 2023 2022 June 30, 2023 2022 Prepaid insurance $ 391,750 $ 790,343 Prepaid research and development - 210,865 Prepaid other 30,998 29,752 Total prepaid expenses $ 422,748 $ 1,030,960

Accrued Expenses

Accrued Expenses	12 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses	Note 3. Accrued Expenses Accrued expenses consisted of the following: Schedule of Accrued Expenses 2023 2022 June 30, 2023 2022 Accrued research and development $ 344,135 $ 105,980 Accrued payroll related expenses 190,121 25,723 Total accrued expenses $ 534,256 $ 131,703

License Agreement

License Agreement	12 Months Ended
	Jun. 30, 2023
License Agreement
License Agreement	Note 4. License Agreement In May 2020, the Company licensed certain intellectual property, know-how and clinical trial data from Vernalis Development Limited (“Vernalis”) pursuant to the License Agreement. The initial consideration in exchange for the license was $ 150,000 350,000 3,000,000 29,900,000 10,000,000 25,000,000 500,000,000 1,000,000,000 As part of the IPO in May 2021, the Company issued 192,857 1,350,000

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Stockholders’ Equity	Note 5. Stockholders’ Equity On September 28, 2022, the Company completed a private placement financing of 2,264,650 6,647,000 2.935 6,330,000 317,000 4.215 The Company’s amended and restated certificate of incorporation (the “Restated Certificate”) with the Secretary of the State of Delaware authorizes the company to issue up to 40,000,000 0.001 2,000,000 0.001

Income Taxes

Income Taxes	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Note 6. Income Taxes The reconciliation of the U.S. federal statutory rate ( 21 Schedule of Effective Income Tax Rate 2023 2022 U.S. statutory federal income tax rate 21.0 % 21.0 % Change in valuation allowance -21.0 % -21.0 % Effective tax rate 0.0 % 0.0 % The significant components of the Company’s deferred tax assets consist of the following at June 30, 2023 and 2022: Schedule of Deferred Tax Assets 2023 2022 June 30, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 2,866,860 $ 1,843,175 Other assets and liabilities 272,162 265,741 Stock- based compensation 298,135 120,576 Capitalized research and development expenditures 1,248,760 - Gross deferred tax assets 4,685,917 2,229,492 Valuation allowance $ (4,685,917 ) $ (2,229,492 ) Total deferred tax assets, net of valuation allowance - - The Company did not record a benefit for income taxes. ASC 740 requires a valuation allowance to reduce the deferred tax assets reported if, based on the weight of available evidence, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based upon the level of historical U.S. losses and future projections over the period in which the net deferred tax assets are deductible, at this time, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences, and as a result the Company continues to maintain a valuation allowance for the full amount of the deferred tax assets until there is sufficient evidence to support the reversal of some portion of the allowance. The valuation allowance increased by approximately $ 2.5 As of June 30, 2023, the Company had federal net operating losses (“NOLs”) of approximately $ 13.7 Under Internal Revenue Code Section 382, if a corporation undergoes an “ownership change,” the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offset its post-change income may be limited. Generally, an ownership change occurs when certain shareholders increase their aggregated ownership by more than 50 percentage points over their lowest ownership percentage in a testing period (typically three years). The Company has not completed a study to assess whether an ownership change has occurred or whether there have been multiple ownership changes since becoming a “loss corporation” as defined in Section 382. Future changes in stock ownership, which may be outside of the Company’s control, may trigger an ownership change. In addition, future equity offerings or acquisitions that have an equity component of the purchase price could result in an ownership change. If an ownership change has occurred or does occur in the future, utilization of the NOL carryforwards or other tax attributes may be limited, which could potentially result in the expiration of a portion of the federal and state net operating losses and tax credit carryforwards before utilization, the reduction of the Company’s gross deferred tax assets and corresponding valuation allowance, and increased future tax liability to the Company. The Company has no unrecognized tax benefits. Interest and penalty charges, if any, related to uncertain tax positions would be classified as income tax expenses in the accompanying statements of operations. At June 30, 2023 and 2022, the Company had no accrued interest or penalties related to uncertain tax positions. Since the Company is in a loss carryforward position, the Company is generally subject to examination by the U.S. federal tax authorities for all tax years in which a loss carryforward was generated or used. The statute of limitations for assessment by federal and state tax jurisdictions in which the Company has business operations is open until three years from the year the net operating losses are used.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7. Stock-Based Compensation In June 2020, the Board of Directors adopted the 2020 Stock Incentive Plan, which provided for the grant of qualified incentive stock options and nonqualified stock options or other awards to the Company’s employees, officers, directors, advisors, and outside consultants for the purchase of up to 1,650,000 3,650,000 Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant 594,187 756,041 The Company grants non-qualified stock option awards under the 2020 Stock Incentive Plan to its directors, employees and consultants of the Company. These awards are subject to vesting requirements pursuant to the award and satisfaction of certain performance targets in some cases. The Company estimates the fair value of stock-based compensation utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as assumptions the Company makes for the volatility of the Company’s common stock, the expected term of the stock options, the risk-free interest rate for a period that approximates the expected term, and the Company’s expected dividend yield. Each of these inputs is subjective and generally requires significant judgement to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The following table provides the assumptions used in determining the fair value of option awards for the fiscal years ended June 30, 2023 and 2022: Schedule of Fair Value Assumptions of Stock Options June 30, 2023 June 30, 2022 Expected volatility 50.0 60.0 % 50 % Risk-free interest rate 2.87 4.32 % 0.79 2.97 % Expected dividend yield – – Expected term (in years) 4.5 6.25 3.0 4.5 The following table summarizes stock option activity for the fiscal year ended June 30, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited (10,800 ) $ 6.00 Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 $ 96,734 Options exercisable at June 30, 2023 829,112 $ 4.29 3.3 $ 63,458 The weighted-average grant date fair value of options awarded during the fiscal years ended June 30, 2023 and 2022 was approximately $ 1.86 2.32 2.4 2.6 The Company recorded stock-based compensation expenses for the following years ended: Schedule of Stock- Based Compensation Expenses 2023 2022 June 30, 2023 2022 Research and development $ - $ 26,604 General and administrative 884,723 454,057 Total $ 884,723 $ 480,661

Net Loss Per Share Attributable

Net Loss Per Share Attributable to Common Stockholders	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	Note 8. Net Loss Per Share Attributable to Common Stockholders The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2023 2022 June 30, 2023 2022 Stock options outstanding 2,049,313 1,911,459 Warrants outstanding 2,264,650 - Total 4,313,963 1,911,459

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Use of estimates	Use of estimates The preparation of the audited financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is applied for all financial assets and liabilities. The carrying amount of the Company’s financial instruments, including accounts payable and accrued expenses, approximate fair value due to the short-term duration of those instruments.
Equity Issuance Costs	Equity Issuance Costs The Company capitalizes incremental legal, professional, accounting and other third-party fees that are directly associated with its stock offerings as other non-current assets until the offerings are consummated. Upon consummation, these costs are recorded in stockholders’ equity as a reduction of additional paid-in-capital generated as a result of the offerings. Should a planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statement of operations. After consummation of an equity offering, which closed on September 28, 2022, total offering costs of approximately $ 317,000 no
Research and Development Costs	Research and Development Costs Research and development costs are charged to expense as incurred. Payments for these activities will be based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development. Research and development activities may consist of salaries and benefits, contract services, materials and supplies, stock-based compensation expense, and other outside expenses.
Stock-Based Compensation	Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options granted to employees and non-employees based on the estimated fair value of the awards on the date of grant. The Company estimates the grant date fair value, and the resulting stock-based compensation expense, for stock options that only have service vesting requirements or performance-based vesting requirements without market conditions using the Black-Scholes option-pricing model. The grant date fair value of the stock-based awards with service vesting requirements is generally recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the respective awards. Determining the appropriate amount to expense for performance-based awards based on the achievement of stated goals requires judgment. The estimate of expense is revised periodically based on the probability of achieving the required performance targets and adjustments are made as appropriate. The cumulative impact of any revisions is reflected in the period of change. If any applicable financial performance goals are not met, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Black-Scholes option-pricing model requires the use of highly subjective assumptions, which determine the fair value of stock-based awards. These assumptions include: Expected term Common stock price Valuation of Privately-Held Company Equity Securities Issued as Compensation, Expected volatility Risk-free interest rate Expected dividend The Company has made an entity-wide accounting policy election to account for pre-vesting award forfeitures when they occur.
Leases	Leases The Company determines if an arrangement is or contains a lease at inception. Right-of-use (“ROU”) assets and lease liabilities are recognized at commencement based on the present value of the lease consideration in the contracts over the expected lease term. The Company does not record leases with an initial term of 12 months or less on the Company’s balance sheet but continue to record rent expense on a straight-line basis over the lease term. To the extent that any lease agreements include options to extend or renew the lease terms, such options are excluded from the ROU assets and lease liabilities unless they are reasonably certain to be exercised. The Company accounts for the lease and non-lease components as a single lease component. Operating lease expense is recognized on a straight-line basis over the lease term. In August 2020, the Company entered into a month-to-month sub-lease for office space in Lakeway, Texas, from a related party and recorded rent expense of approximately $ 15,100 14,400
Loss Per Share	Loss Per Share Basic and diluted net income (loss) per share are calculated using the weighted average number of shares of common stock outstanding for the year. Basic and diluted net loss per share are the same because the impact of assuming the exercise of common stock options outstanding would be anti-dilutive and excludes such common stock options from the computation of diluted weighted-average shares outstanding.
Income Taxes	Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the Company’s financial statements and tax returns. Deferred tax assets and liabilities are determined based upon the differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities and for loss and credit carryforwards, using enacted tax rates expected to be in effect in the year in which the differences are expected to reverse. Deferred tax assets are reduced by a valuation allowance if it is more likely than not that these assets may not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency.
Segment and geographic information	Segment and geographic information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker (“CODM”) or decision-making group, in deciding how to allocate resources and in assessing performance. The CODM is the Company’s Chief Executive Officer. The Company views its operations as and manages its business in one operating segment operating exclusively in the United States. The Company has one lead product candidate, ANEB-001, under development, which was licensed from Vernalis Development Ltd in May 2020 (“License Agreement”), as described in Note 4.

Prepaid Expenses (Tables)

Prepaid Expenses (Tables)	12 Months Ended
	Jun. 30, 2023
Prepaid Expenses
Schedule of Prepaid Expenses	Prepaid expenses consisted of the following: Schedule of Prepaid Expenses 2023 2022 June 30, 2023 2022 Prepaid insurance $ 391,750 $ 790,343 Prepaid research and development - 210,865 Prepaid other 30,998 29,752 Total prepaid expenses $ 422,748 $ 1,030,960

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following: Schedule of Accrued Expenses 2023 2022 June 30, 2023 2022 Accrued research and development $ 344,135 $ 105,980 Accrued payroll related expenses 190,121 25,723 Total accrued expenses $ 534,256 $ 131,703

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate	Schedule of Effective Income Tax Rate 2023 2022 U.S. statutory federal income tax rate 21.0 % 21.0 % Change in valuation allowance -21.0 % -21.0 % Effective tax rate 0.0 % 0.0 %
Schedule of Deferred Tax Assets	The significant components of the Company’s deferred tax assets consist of the following at June 30, 2023 and 2022: Schedule of Deferred Tax Assets 2023 2022 June 30, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 2,866,860 $ 1,843,175 Other assets and liabilities 272,162 265,741 Stock- based compensation 298,135 120,576 Capitalized research and development expenditures 1,248,760 - Gross deferred tax assets 4,685,917 2,229,492 Valuation allowance $ (4,685,917 ) $ (2,229,492 ) Total deferred tax assets, net of valuation allowance - -

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Fair Value Assumptions of Stock Options	The following table provides the assumptions used in determining the fair value of option awards for the fiscal years ended June 30, 2023 and 2022: Schedule of Fair Value Assumptions of Stock Options June 30, 2023 June 30, 2022 Expected volatility 50.0 60.0 % 50 % Risk-free interest rate 2.87 4.32 % 0.79 2.97 % Expected dividend yield – – Expected term (in years) 4.5 6.25 3.0 4.5
Schedule of Stock Option Activity	The following table summarizes stock option activity for the fiscal year ended June 30, 2023: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at June 30, 2022 1,911,459 $ 4.63 4.4 - Granted 172,654 $ 3.31 Exercised (24,000 ) $ 2.18 Forfeited (10,800 ) $ 6.00 Outstanding at June 30, 2023 2,049,313 $ 4.54 3.7 $ 96,734 Options exercisable at June 30, 2023 829,112 $ 4.29 3.3 $ 63,458
Schedule of Stock- Based Compensation Expenses	The Company recorded stock-based compensation expenses for the following years ended: Schedule of Stock- Based Compensation Expenses 2023 2022 June 30, 2023 2022 Research and development $ - $ 26,604 General and administrative 884,723 454,057 Total $ 884,723 $ 480,661

Net Loss Per Share Attributab_2

Net Loss Per Share Attributable to Common Stockholders (Tables)	12 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share	The following common stock equivalents were excluded from the calculation of net loss per share due to their anti-dilutive effect: Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share 2023 2022 June 30, 2023 2022 Stock options outstanding 2,049,313 1,911,459 Warrants outstanding 2,264,650 - Total 4,313,963 1,911,459

Nature of business and basis _2

Nature of business and basis of presentation (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net income loss	$ 11,732,338	$ 6,825,619
Accumulated deficit	$ 57,202,041	$ 45,469,703

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Sep. 28, 2022
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs	$ 0	$ 0
Rent expense	$ 15,100	$ 14,400
Income tax description	The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency.
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Deferred offering costs			$ 317,000

Schedule of Prepaid Expenses (D

Schedule of Prepaid Expenses (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Prepaid Expenses
Prepaid insurance	$ 391,750	$ 790,343
Prepaid research and development		210,865
Prepaid other	30,998	29,752
Total prepaid expenses	$ 422,748	$ 1,030,960

Schedule of Accrued Expenses (D

Schedule of Accrued Expenses (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Payables and Accruals [Abstract]
Accrued research and development	$ 344,135	$ 105,980
Accrued payroll related expenses	190,121	25,723
Total accrued expenses	$ 534,256	$ 131,703

License Agreement (Details Narr

License Agreement (Details Narrative) - USD ($)	1 Months Ended		12 Months Ended
	May 31, 2021	May 31, 2020	Jun. 30, 2023	Jun. 30, 2022
Research and development expense			$ 5,600,197	$ 2,961,538
Vernalis Development Limited [Member]
Research and development expense		$ 150,000
Development milestone payment		29,900,000
Vernalis Development Limited [Member] | IPO [Member]
Number of shares of common stock	192,857
Future milestone payments	$ 1,350,000
Vernalis Development Limited [Member] | Minimum [Member]
Marketing authorization amount		350,000
Sales milestone payments		10,000,000
Cumulative annual net sales amount		500,000,000
Vernalis Development Limited [Member] | Maximum [Member]
Marketing authorization amount		3,000,000
Sales milestone payments		25,000,000
Cumulative annual net sales amount		$ 1,000,000,000

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($)	Sep. 28, 2022	Jun. 30, 2023	Jun. 30, 2022	May 04, 2021
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized		40,000,000	40,000,000
Common stock, par value		$ 0.001	$ 0.001
Preferred stock, shares authorized		2,000,000	0
Preferred stock, par value		$ 0.001	$ 0.001
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issued during period, shares, new issues	2,264,650
Stock issued during period, value, new issues	$ 6,647,000
Stock issued value per unit	$ 2.935
Proceeds from issuance or sale of equity	$ 6,330,000
Net proceeds after deducting financing fees	$ 317,000
Warrant exercise price per share	$ 4.215
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized				40,000,000
Common stock, par value				$ 0.001
Preferred stock, shares authorized				2,000,000
Preferred stock, par value				$ 0.001

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. statutory federal income tax rate	21%	21%
Change in valuation allowance	(21.00%)	(21.00%)
Effective tax rate	0%	0%

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 2,866,860	$ 1,843,175
Other assets and liabilities	272,162	265,741
Stock- based compensation	298,135	120,576
Capitalized research and development expenditures	1,248,760
Gross deferred tax assets	4,685,917	2,229,492
Valuation allowance	(4,685,917)	(2,229,492)
Total deferred tax assets, net of valuation allowance

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
U.S. federal statutory rate	21%	21%
Valuation allowance increased	$ 2.5
Federal net operating losses	$ 13.7

Schedule of Fair Value Assumpti

Schedule of Fair Value Assumptions of Stock Options (Details)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility		50%
Expected dividend yield
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	50%
Risk-free interest rate	2.87%	0.79%
Expected term (in years)	4 years 6 months	3 years
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	60%
Risk-free interest rate	4.32%	2.97%
Expected term (in years)	6 years 3 months	4 years 6 months

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Number of shares, outstanding, beginning balance	1,911,459
Weighted average exercise price, outstanding, beginning balance	$ 4.63
Weighted average remaining contractual term (years), outstanding, ending balance	3 years 8 months 12 days	4 years 4 months 24 days
Aggregate intrinsic value, outstanding, beginning balance
Number of shares, granted	172,654
Weighted average exercise price, granted	$ 3.31
Number of shares, exercised	(24,000)
Weighted average exercise price, exercised	$ 2.18
Number of shares, forfeited	(10,800)
Weighted average exercise price, forfeited	$ 6
Number of shares, outstanding, ending balance	2,049,313	1,911,459
Weighted average exercise price, outstanding, ending balance	$ 4.54	$ 4.63
Aggregate intrinsic value, outstanding, ending balance	$ 96,734
Number of shares, exercisable, ending balance	829,112
Weighted average exercise price, exercisable, ending balance	$ 4.29
Weighted average remaining contractual term (years), exercisable, ending balance	3 years 3 months 18 days
Aggregate intrinsic value, exercisable, ending balance	$ 63,458

Schedule of Stock- Based Compen

Schedule of Stock- Based Compensation Expenses (Details) - USD ($)	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 884,723	$ 480,661
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total		26,604
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total	$ 884,723	$ 454,057

Stock-Based Compensation (Detai

Stock-Based Compensation (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Jun. 30, 2023	Jun. 30, 2022	Oct. 22, 2021
Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average grant date fair value, per share		$ 1.86	$ 2.32
Unvested Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation		$ 2.4
weighted average period for recognition		2 years 7 months 6 days
2020 Stock Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for grant				3,650,000
Share-based compensation, terms of award	Other stock-based awards are awards valued in whole or in part by reference to, or are otherwise based on, shares of common stock. Stock options generally vest over a four-year period, at achievement of a performance requirement, or upon change of control (as defined in the applicable plan). The awards expire in five to ten years from the date of grant
Common stock, capital shares reserved for future issuance		594,187	756,041
2020 Stock Incentive Plan [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of stock option granted	1,650,000

Schedule of Anti-dilutive Secur

Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	4,313,963	1,911,459
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,049,313	1,911,459
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,264,650