Artelo Biosciences (ARTL) jumped more than 40% in pre-market trading Wednesday after the company announced a fully-funded clinical study to test its synthetic cannabinoid compound ART27.13 in glaucoma patients.
Artelo Biosciences, Inc., ARTL
The investigator-initiated study was secured through an agreement with the Belfast Health and Social Care Trust (BHSCT). Funding is being provided by Glaucoma UK and the HSC R&D Division.
The study is a pilot, randomized, cross-over trial. It will look at whether ART27.13 can lower intraocular pressure (IOP) in patients with glaucoma or ocular hypertension.
ART27.13 is a peripherally selective synthetic cannabinoid receptor agonist. That means it targets cannabinoid receptors in peripheral tissues — including in the eye — without acting on the central nervous system.
Existing glaucoma treatments are mostly topical eye drops, which can struggle with patient adherence and long-term effectiveness. Artelo says ART27.13’s design may avoid the psychotropic side effects that have limited cannabinoid-based eye treatments in the past.
The study protocol has already been approved by an ethics committee and the UK’s Medicines and Healthcare products Regulatory Agency (MHRA). First patient enrollment is expected in Q2 2026.
The trial will be led by Professor Augusto Azuara-Blanco, a clinical professor of ophthalmology at Queen’s University Belfast and a recognized expert in glaucoma research.
Glaucoma affects more than 80 million people worldwide and is a leading cause of irreversible blindness. Elevated IOP is the main treatable risk factor in its progression.
CEO Greg Gorgas framed the deal as part of a broader capital-efficient development plan. The company is letting external funders run this study while keeping its internal focus on ART27.13’s primary indication — cancer-related anorexia.
“This collaboration exemplifies our capital-efficient development strategy,” Gorgas said in the announcement. “Each study contributes to a growing body of evidence that could enhance the value of ART27.13.”
Under the agreement, Artelo will supply ART27.13 capsules as the Investigational Medicinal Product for the trial. Beyond that, the financial burden sits with the study’s external funders.
The pre-market surge comes against a challenging financial backdrop. Artelo reported a net loss of $12.9 million for the fiscal year ending December 31, 2025, up from a $9.8 million loss the previous year.
Cash and investments stood at just $0.6 million as of that date. InvestingPro’s Financial Health Score rates the company as “WEAK.”
On March 10, 2026, the company completed a 1-for-3 reverse stock split. Outstanding common shares dropped from approximately 2.1 million to 708,323 following the restructuring.
Prior to Wednesday’s move, ARTL had declined 67% over the previous six months. The stock was trading at $4.85 with a market cap of roughly $3.47 million before the pre-market spike.
The glaucoma study represents Artelo’s first move into ophthalmology and its first externally-funded clinical agreement.
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