# EDGAR Filing Document

**Accession Number:** 0000822370
**File Stem:** 0001213900-26-036886
**Filing Date:** 2026-3
**Character Count:** 15004
**Document Hash:** 040f277051d6dec50e2372579e899081
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-036886.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001213900-26-036886

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260330

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Emmaus Life Sciences, Inc.
- **CENTRAL INDEX KEY:** 0000822370
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 870419387
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35527
- **FILM NUMBER:** 26817109

**BUSINESS ADDRESS:**
- **STREET 1:** 21250 HAWTHORNE BOULEVARD, SUITE 800
- **CITY:** TORRANCE
- **STATE:** CA
- **ZIP:** 90503
- **BUSINESS PHONE:** 310-214-0065

**MAIL ADDRESS:**
- **STREET 1:** 21250 HAWTHORNE BOULEVARD, SUITE 800
- **CITY:** TORRANCE
- **STATE:** CA
- **ZIP:** 90503

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MYnd Analytics, Inc.
- **DATE OF NAME CHANGE:** 20151211

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CNS RESPONSE, INC.
- **DATE OF NAME CHANGE:** 20070313

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATIVATION, INC.
- **DATE OF NAME CHANGE:** 20051115

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934**

**Date of Report (Date of earliest event reported): March 30, 2026**

**Emmaus Life Sciences, Inc.**

(Exact name of registrant as specified in its charter)

<u>Delaware</u> <u>001-35527</u> <u>87-0419387</u> <br> (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)

<u>21250 Hawthorne Boulevard, Suite 800, Torrance, CA</u> <u>90503</u> <br> (Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code (310) 214-0065

(Former name or former address, if changed, since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02 Results of Operation and Financial Condition.**

On March 30, 2026, Emmaus Life Sciences, Inc. ("we," "us," "our," "Emmaus" or the "company") issued a press release announcing our results of operations and financial condition as of and for the year ended December 31, 2025, a copy of which is included as Exhibit 99.1 to this Current Report and incorporated herein by reference.

The information included in this Item 2.02 and in Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(d) Exhibits*

See the accompanying Index to Exhibits, which is incorporated herein by reference.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | | |
|:---|:---|:---|:---|
| Date: March 31, 2026 | Emmaus Life Sciences, Inc. | Emmaus Life Sciences, Inc. | Emmaus Life Sciences, Inc. |
|  | By: | /s/ WILLIS LEE | /s/ WILLIS LEE |
|  |  | Name: | Willis Lee |
|  |  | Title: | Chairman and Chief Executive Officer |

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**INDEX TO EXHIBITS**

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| | |
|:---|:---|
| **Exhibit<br> Number** | **Description** |
| 99.1 | [Press release dated March 30, 2026](ea028389901ex99-1.htm) |
| 104 | Cover Page Interactive Date File (embedded within Inline XBRL document) |

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## Exhibit 99.1

**Exhibit 99.1**

![](ea028389901_ex99-1img1.jpg)

**Emmaus Life Sciences Reports Annual Financial Results**

**Torrance CA, March 30, 2026 - Emmaus Life Sciences, Inc. (OTCQB: EMMA)**, a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, today reported on its financial condition and results of operations as of and for the year ended December 31, 2025.

**Highlights**

"We experienced a 25% decline in net revenues in 2025 as compared to 2024 due to ongoing competition from generic L-Glutamine in the U.S., partially offset by an increase of sales in the Middle East North Africa, or MENA, region," commented Willis Lee, Chairman and Chief Executive Officer of Emmaus. "We nonetheless realized income from operations of $0.2 million compared to loss from operations of $1.9 million in the prior year due to a 34% reduction in operating expenses. We believe the international markets offer greater growth potential and have undertaken a change in strategy for our U.S. operations going forward by entering into a license and exclusive distribution arrangement with NeoImmuneTech, Inc. which we expect to be fully implemented in the second quarter of this year," he added.

**Financial and Operating Results**

**Net Revenues.** Net revenues for the year ended December 31, 2025 were $12.5 million, compared to $16.7 million in the same period in 2024. The decrease was due to a decrease in U.S. sales which management attributes primarily to competition from the generic version of L-Glutamine introduced in the market in mid-2024 partially offset by an increase of sales in the MENA region.

**Operating Expenses**. Total operating expenses for the year ended were $11.4 million compared to $17.3 million in the comparable period in 2024. The decrease was due to a headcount reduction and other cost cutting measures.

**Income (Loss) From Operations.** Income from operations for the year ended December 31, 2025 was $0.2 million compared to loss from operations of $1.9 million in the same period in 2024. This was due to lower operating expenses, which more than offset the decrease in net revenues.

**Other Expense.** The company realized other expense of $7.5 million for the year ended December 31, 2025 compared to $4.5 million in the same period in 2024. The increase was primarily due to increases of $1.4 million in loss on debt extinguishment and $1.4 million in interest expense, and a decrease of $1.0 million in gain on restructured debt, partially offset by an increase of $0.9 million in gain on lease modification.

**Net Loss**. For the year ended December 31, 2025, the company realized net loss of $7.2 million, or $0.11 per share based on approximately 64.0 million weighted-average basic common shares, compared to net loss of $6.5 million, or $0.10 per share based on approximately 63.2 million weighted-average basic common shares in 2024. The increase in net loss was attributable primarily to the increase in other expenses.

**Liquidity and Capital Resources**. At December 31, 2025, the company had cash and cash equivalents of $2.1 million, compared to $1.4 million at December 31, 2024.

**About Emmaus Life Sciences** 

Emmaus Life Sciences, Inc. is a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease. Endari® (L-glutamine oral powder), indicated to reduce the acute complications of sickle cell disease in adults and children 5 years and older, is approved for marketing in the United States, Israel, Kuwait, Qatar, the United Arab Emirates, Bahrain and Oman and is available on a named patient or early access basis in France, the Netherlands, and the Kingdom of Saudi Arabia, where Emmaus' application for marketing authorization is awaiting final action by the Saudi Food & Drug Authority. For more information, please visit www.emmausmedical.com.

**About Endari®** (prescription grade L-glutamine oral powder)

Endari®, Emmaus' prescription grade L-glutamine oral powder, was approved by the U.S. Food and Drug Administration (FDA) in July 2017 for treating sickle cell disease in adult and pediatric patients five years of age and older.

**Indication**

Endari® is indicated to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older.

**Important Safety Information**

The most common adverse reactions (incidence >10 percent) in clinical studies were constipation, nausea, headache, abdominal pain, cough, pain in extremities, back pain, and chest pain.

Adverse reactions leading to treatment discontinuation included one case each of hypersplenism, abdominal pain, dyspepsia, burning sensation, and hot flash.

The safety and efficacy of Endari® in pediatric patients with sickle cell disease younger than five years of age has not been established.

For more information, please see full Prescribing Information of Endari® at: www.ENDARIrx.com/PI.

**About Sickle Cell Disease**

There are approximately 100,000 people living with sickle cell disease (SCD) in the United States and millions more globally. The sickle gene is found in every ethnic group, not just among those of African descent; and in the United States an estimated 1-in-365 African Americans and 1-in-16,300 Hispanic Americans are born with SCD.<sup>1</sup> The genetic mutation responsible for SCD causes an individual's red blood cells to distort into a "C" or a sickle shape, reducing their ability to transport oxygen throughout the body. These sickled red blood cells break down rapidly, become very sticky, and develop a propensity to clump together, which causes them to become stuck and cause damage within blood vessels. The result is reduced blood flow to distal organs, which leads to physical symptoms of incapacitating pain, tissue and organ damage, and early death.<sup>2</sup>

<sup>1</sup> Source: Data & Statistics on Sickle Cell Disease – National Center on Birth Defects and Developmental Disabilities, Centers for Disease Control and Prevention, December 2020.

<sup>2</sup> Source: Committee on Addressing Sickle Cell Disease – A Strategic Plan and Blueprint for Action -- National Academy of Sciences Press, 2020.

**Forward-looking Statements**

This press release contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, including doubt about the company's ability to continue as a going concern, uncertainties regarding the implementation of the change in strategy for our U.S., operations and commercialization efforts in the MENA region, and other factors disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2025 and actual results may differ materially. Such forward-looking statements speak only as of the date they are made, and Emmaus assumes no duty to update them, except as may be required by law.

**Company Contact:**

Emmaus Life Sciences, Inc.

Investor Relations

(310) 214-0065

IR@emmauslifesciences.com

(Financial Tables Follow)

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| |
|:---|
| &nbsp;&nbsp;**Emmaus Life Sciences, Inc.** |
| &nbsp;&nbsp;**Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)** |

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(In thousands, except share and per share amounts)

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| | | |
|:---|:---|:---|
|  | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** |
| Revenue, Net | $12453 | $16653 |
| Cost of Goods Sold | 857 | 1201 |
| Gross Profit | 11596 | 15452 |
| Operating Expenses | 11365 | 17346 |
| Income (loss) from Operations | 231 | (1894) |
| Net Loss | (7492) | (6453) |
| Comprehensive Loss | (7226) | (9288) |
| Net Loss per Share | $(0.12) | $(0.10) |
| Weighted Average Common Shares Outstanding | 64038795 | 63234789 |

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**Emmaus Life Sciences, Inc.**

**Condensed Consolidated Balance Sheets**

(In thousands)

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| | | |
|:---|:---|:---|
|  | **As of December** | **As of December** |
|  | **2025** | **2024** |
| Assets |  |  |
| Current Assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $2127 | $1389 |
| &nbsp;&nbsp;&nbsp;Accounts receivable, net | 2804 | 2623 |
| &nbsp;&nbsp;&nbsp;Inventories, net | 1555 | 1635 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 1260 | 1120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 7746 | 6767 |
| Property and Equipment, net | 113 | 46 |
| Right of use assets | 766 | 1530 |
| Investment in convertible bond | 12604 | 15037 |
| Other Assets | 207 | 222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | $21436 | $23602 |
| Liabilities and Stockholders' Deficit |  |  |
| Current Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $22615 | $16926 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, current portion | 348 | 2423 |
| &nbsp;&nbsp;&nbsp;Conversion feature derivative, notes payable |  | 162 |
| &nbsp;&nbsp;&nbsp;Notes payable, current portion | 11151 | 10465 |
| &nbsp;&nbsp;&nbsp;Convertible notes payable, net of discount | 17380 | 17014 |
| &nbsp;&nbsp;&nbsp;Other current liabilities | 17578 | 16565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 69072 | 63555 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | 15972 | 16526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 85044 | 80081 |
| &nbsp;&nbsp;&nbsp;Stockholders' Deficit | (63608) | (56479) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities & Stockholders' Deficit | $21436 | $23602 |

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