Ascending Dose Trial of FABP5 Inhibitor to Read Out Soon
Research Report

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Disclosures for D. Boral Capital, Artelo Biosciences, April 2, 2025

Analyst Certification I, Jason Kolbert, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressed in this research report. Company-Specific Disclosures General Disclosures The information contained in Research Reports or other Research products produced by D. Boral Capital LLC is for informational purposes only and does not constitute solicitation of the sale or purchase of securities or other investments. The information in such products is derived from sources that are believed to be reliable. Prices, numbers, and similar data include past results, estimates, and forecasts, all of which may differ from actual data. These prices, numbers, and similar data may also change without prior notification. D. Boral Capital holds the copyright on this research report. Any unauthorized use or transmission of any part of this research report for any reason, whether by digital, mechanical, or any other means, is prohibited. If you have any questions, please contact your sales representative. Additional information is available upon request. Certain company names, product and/or service names that appear in this research report are trademarks or registered trademarks of D. Boral Capital or other companies mentioned in the report. Copyright 2025 D. Boral Capital LLC. D. Boral Capital rating definitions are expressed as the total return relative to the expected performance of S&P 500 over a 12-month period. BUY (B) - Total return expected to exceed S&P 500 by at least 10% HOLD (H) - Total return expected to be in-line with S&P 500 SELL (S) - Total return expected to underperform S&P 500 by at least 10%

Artelo Biosciences Inc. (ARTL:NASDAQ) will present scientific insights on ART26.12, its FABP5 (fatty acid binding protein 5) inhibitor, on April 3, 2025, at the 4th ACE Drug Discovery Summit in London, reported Jason Kolbert, D. Boral Capital analyst, in an April 2 research note.

"The upcoming presentation aims to shed light on the downstream biological effects of FABP5 inhibition, which could inform future therapeutic developments across multiple indications," wrote Kolbert.

598% Return Potential

D. Boral maintained its US$6 per share price target on Artelo, trading at the time of the report at about US$0.86 per share. The difference between these prices implies a possible gain of 598%.

The biopharma remains a Buy.

Artelo's market cap is US$3 million. Its 52-week range is US$0.91–US$1.70 per share.

Data Due in Q2/25

Kolbert reported that at the upcoming ACE Drug Discovery Summit, Myles Osborn, Artelo's lead medicinal chemist, will present "Comparative Multi-Omics to Interrogate Consensus Mechanisms of FABP5i Across Diverse Indications." Osborn will discuss the effects of FABP5 inhibition on various disease models and share new perspectives on this therapeutic target.

In preclinical models, Artelo's ART26.12 showed the potential to treat neuropathic pain, osteoarthritis, cancer and cancer-related bone pain, noted Kolbert. ART26.12 is currently in a Phase 1 single ascending dose study, the first ever clinical evaluation of a selective FABP5 inhibitor, Kolbert wrote. The trial is due to read out in Q2/25.

Updates on Pipeline

Kolbert commented on Artelo's other clinical programs. The lead, ART27.13, a benzimidazole derivative, is "a peripherally selective cannabinoid receptor agonist designed to stimulate appetite and maintain lean body mass without central nervous system-related side effects commonly associated with traditional cannabinoid therapies," the analyst described.

The biopharma is advancing ART27.13 through clinical trials for cancer-related anorexia and cachexia, a metabolic disorder from which patients suffer severe weight loss and muscle wasting, Kolbert relayed. The data generated so far suggest ART27.13 can stimulate appetite and stabilize weight in cachectic patients. Initial data from the Phase 2 part of the CAReS trial, evaluating ART27.13 as a treatment of cancer-related anorexia and weight loss, is expected by mid-2025.

"With no U.S. Food and Drug Administration-approved treatments currently available for cancer cachexia, ART27.13 represents a significant opportunity to address an unmet medical need," wrote Kolbert.

Artelo is also advancing ART12.11, a novel cocrystal of cannabidiol (CBD) and tetramethylpyrazine (TMP) targeting anxiety and depression, toward first-in-human trials.

"While these developments highlight Artelo's ability to execute on its clinical strategy," Kolbert pointed out, "financial headwinds may pose challenges in maintaining momentum."