Anebulo Pharmaceuticals : Corporate Presentation November 2022

NASDAQ: ANEB

Corporate Presentation

November 2022

Cautionary Note Regarding Forward-Looking Statements

Forward-Looking Statements

This presentation contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, along with terms such as "anticipate," "expect," "intend," "may," "will," "should" and other comparable terms, involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of Anebulo Pharmaceuticals and members of its management, as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, including risks attendant to developing, testing and commercializing the company's product candidates, and those described in Anebulo Pharmaceutical's most recent annual report on Form 10-K and in other periodic reports filed with the SEC, and that actual results may differ materially from those contemplated by such forward-looking statements. Except as required by federal securities law, Anebulo Pharmaceuticals undertakes no obligation to update or revise forward-looking statements to reflect changed conditions.

Recipients are cautioned not to place undue reliance on these statements and that the foregoing may not contain all of the forward-looking statements made in this presentation. The Company does not undertake any obligation to publicly update these forward-looking statements, except as required by law.

Market & Industry Data

This presentation includes market and industry data and forecasts that the Company has developed from independent research reports, publicly available information, various industry publications, other published industry sources or the Company's internal data and estimates. Independent research reports, industry publications and other published industry sources generally indicate that the information contained therein was obtained from sources believed to be reliable, but do not guarantee the accuracy and completeness of such information. Although the Company believes that the publications and reports are reliable, the Company has not independently verified the data and makes no representation or warranty with respect to the accuracy of such information. Any and all trademarks and trade names referred to in this presentation are the

property of their respective owners. The Company's internal data, estimates and forecasts are based on information obtained from trade and business organizations and other contracts in the markets in which it operates and management's understanding of industry conditions. Although the Company believes that such information is reliable, the Company has not had such information verified by any independent sources.

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Anebulo overview

• Biopharmaceutical company developing novel antidote for acute cannabinoid intoxication and, longer term, other indications related to abuse and addiction
• ANEB-001is believed to reverse the negative effects of acute cannabinoid intoxication within one hour of administration
• • Potent, small molecule CB1 antagonist with a high affinity for the human CB1 receptor
  • Completed clinical trials demonstrate ANEB-001 is rapidly absorbed and well tolerated
  • Phase 2 proof-of-concept trial for cannabinoid intoxication initiated with topline results expected 1H22
• May 6, 2021 IPO raised gross proceeds of $21 million
• Cash runway into CY24
• 23.4 million shares outstanding

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Investment highlights

Addressing unmet medical need to treat acute cannabinoid intoxication, a large and growing market

• No product is approved for this indication and no other compound is further along in clinical testing

• In 2019, ~1.7 million cannabinoid-related emergency department (ED) visits in the U.S., growing 15% annually

• Legalization of cannabis for medical and recreational use is driving intoxications and hospital ED visits

ANEB-001 is a de-risked asset with a well-understood mechanism of action

• In-licensed from Vernalis, a (former) subsidiary of Ligand Pharmaceuticals

• Central effects of THC are CB1 mediated and ANEB-001 is a CB1 antagonist

• Phase 1 study demonstrated ANEB-001 is rapidly absorbed, well tolerated and crosses the blood-brain barrier

Rapid path to proof-of-concept

• Phase 2 proof-of-concept study initiated with topline results released in September 2022

• Study being conducted in the Netherlands (experienced with these type of trials)

• Expected near-term news flow with significant, value-creating milestones

Capital-efficient business model

• Outsourcing clinical research and data management

• Exploring strategic collaborations for commercialization

• Lean corporate structure

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Leadership

	Executive Management	Ken Cundy, PhD
Simon Allen	Rex Merchant, CFA
Chief Scientific Officer
Chief Executive Officer	Chief Financial officer
Started in the lab at Gilead before spending over	JFL Capital Management,	Broad experience in drug discovery, preclinical
and clinical development, and product approval
two decades in sell-side business development and
Western Investment, Benchmark Plus
spans more than 30 years with various
leadership
	companies and includes blockbuster drugs such
Ambrx Biopharma, CovX, Skyepharma, Kalypsys
Stanford University	as Gilead's HIV drug tenofovir and the filing of
Gilead Sciences	more than 15 INDs and 6 NDAs
University of Sydney		University of Manchester, University of Kentucky
Australian Graduate School of Management

Board of Directors

Joseph Lawler,	Simon Allen	Aron English	Jason Aryeh	Areta Kupchyk	Nat Calloway, PhD	Ken Lin, MD	Karah Parschauer
MD, PhD
Founder, Chairman	Chief Executive Officer	Affiliated Director	Independent Director	Independent Director	Independent Director	Independent Director	Independent Director

General Partner	Ambrx Biopharma, CovX,	General Partner	General Partner
JFL Capital Management	Skyepharma, Kalypsys,	22NW	JALAA Equities,
	Gilead Sciences		Board Member Ligand
			Pharmaceuticals

FDA lawyer, Partner Foley	Analyst and Partner	Former CEO Ab Initio
Hoag, former Associate	22 NW	Biotherapeutics, former
Chief Counsel for Drugs	Cornell University and	VP of Corporate
and Biologics at FDA	Columbia University	Development and IR at
		Ulthera
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General Counsel

Ultragenyx, Board

Member Evolus and

Arcturus

Former Head of Legal

and Compliance at

Allergan