EMMA on OTC

Emmaus Life Sciences, Inc.

We are a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sale of innovative treatments and therapies, primarily for rare and orphan diseases.1

Price unavailable

Last updated Oct 19, 2026.

Overview

Compare with Spero Therapeutics, Inc., Prelude Therapeutics Inc or Evommune, Inc., or pick any stock.

  • TickerEMMA on OTC1
  • IndustryPharmaceutical Preparations1
  • HeadquartersTorrance, California1
  • Incorporated inDE2
  • Business address21250 Hawthorne Boulevard, Suite 800, Torrance, Ca 905032
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

We are a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sale of innovative treatments and therapies, primarily for rare and orphan diseases. Our only product, Endari® (prescription grade L-glutamine oral powder) is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease (“SCD”) in adult and pediatric patients five years of age and older. Endari® was approved for marketing in the United Arab Emirates, or U.A.E, Qatar, Kuwait, Bahrain and Oman. Our a pplication for marketing authorization in the Kingdom of Saudi Arabia, or KSA, is pending. While the application is pending, the FDA approval of Endari® can be referenced to allow access to Endari® in Saudi Arabia on a named-patient basis. In January 2025, Endari® was afforded market exclusivity in the KSA by the KSA’s unified purchasin…3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

93.1%Gross margin4
1.9%Operating margin4
-60.2%Net margin4
-25.2%Revenue growth, 20254
-$12.0KFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Endari U S brought in 73% of the revenue Emmaus Life Sciences, Inc. broke down this way in fiscal 2025.

  1. Endari U S$9.0M473%down 33% from 2024
  2. Endari International$3.2M426%up 19% from 2024
  3. Product and Service, Other$225.0K42%down 56% from 2024
Products and services by year
Products and services20242025
Endari U S$13.5M$9.0M
Endari International$2.7M$3.2M
Product and Service, Other$506.0K$225.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$857.0K
  • Research and development3¢$313.0K
  • Other costs33¢$4.1M
  • Interest57¢$7.1M
  • Income tax0¢$9.0K

Out of $12.5M in revenue.4 The company lost money this year.

Financial statements

Revenue567894$12.5M in 2025−45% since 2019
0$10.0M$20.0M$30.0M2019: $22.8M$22.8M20192020: $23.2M$23.2M2020+2%2021: $20.6M$20.6M2021−11%2022: $18.4M$18.4M2022−11%2023: $29.6M$29.6M2023+61%2024: $16.7M$16.7M2024−44%2025: $12.5M$12.5M2025−25%
Gross profit567894$11.6M in 2025−46% since 2019
0$10.0M$20.0M$30.0M2019: $21.7M$21.7M20192020: $20.9M$20.9M2020−3%2021: $17.3M$17.3M2021−17%2022: $15.8M$15.8M2022−9%2023: $28.3M$28.3M2023+79%2024: $15.5M$15.5M2024−45%2025: $11.6M$11.6M2025−25%
Operating income567894$231.0K in 2025
-$10.0M-$5.0M0$5.0M2019: -$4.5M-$4.5M20192020: -$32.0K-$32.0K2020−99%2021: -$6.1M-$6.1M2021+19050%2022: -$6.6M-$6.6M2022+7%2023: $3.5M$3.5M20232024: -$1.9M-$1.9M20242025: $231.0K$231.0K2025
Net income567894-$7.5M in 2025−86% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$54.8M-$54.8M20192020: $1.4M$1.4M20202021: -$15.9M-$15.9M20212022: -$10.6M-$10.6M2022−33%2023: -$3.7M-$3.7M2023−65%2024: -$6.5M-$6.5M2024+73%2025: -$7.5M-$7.5M2025+16%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
REVENUES, NET$12.5M$16.7M
COST OF GOODS SOLD$857.0K$1.2M
GROSS PROFIT$11.6M$15.5M
Research and development$313.0K$657.0K
Selling$2.9M$6.0M
General and administrative$8.2M$10.7M
Total operating expenses$11.4M$17.3M
INCOME (LOSS) FROM OPERATIONS$231.0K-$1.9M
Debt extinguishment-$1.4M
Change in fair value of warrant derivative liabilities-$5.0K$57.0K
Change in fair value of conversion feature derivative, notes payable$162.0K$291.0K
Realized loss on investment in convertible bond-$531.0K-$544.0K
Gain on restructured debt$1.0M
Gain (loss) on lease modification$861.0K-$4.0K
Foreign exchange loss$26.0K-$148.0K
Interest and other income (net)$270.0K$278.0K
Interest expense-$7.1M-$5.5M
Total other expense-$7.7M-$4.5M
LOSS BEFORE INCOME TAXES-$7.5M-$6.4M
Income tax provision$9.0K$29.0K
NET LOSS-$7.5M-$6.5M
Unrealized gain (loss) on debt securities available for sale (net of tax)-$84.0K-$3.1M
Reclassification adjustment for loss included in net loss$354.0K$197.0K
Foreign currency translation adjustments-$4.0K$54.0K
Other comprehensive income (loss)$266.0K-$2.8M
COMPREHENSIVE LOSS-$7.2M-$9.3M
NET LOSS PER COMMON SHARE - BASIC-$0.12-$0.10
NET LOSS PER COMMON SHARE - DILUTED-$0.12-$0.10
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC64.0M shares63.2M shares
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED64.0M shares63.2M shares

Compare Emmaus Life Sciences, Inc. with another company

Leadership

Who has led Emmaus Life Sciences, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Silas A. Phillips2006
  2. Leonard J. Brandt2007
  3. George C. Carpenter Iv.2010–2018
  4. Patrick Herguth2018
  5. Yutaka Niihara2019–2023
  6. Willis C. Lee2026–now

Chair

  1. Yutaka Niihara2019–2023

President

  1. Leonard J. Brandt2007
  2. George C. Carpenter Iv.2007–2013
  3. Daniel A. Hoffman2010
  4. George Sekulich2024
  5. Willis C. Lee2024

Chief financial officer

  1. Silas A. Phillips2006
  2. Horace Hertz2007
  3. Paul Buck2010–2016
  4. Donald Eric D'Ambrosio2017–2019
  5. Joseph Charles Sherwood Iii.2019
  6. Yasushi Nagasaki2023–2024

Chief operating officer

  1. Willis C. Lee2019–2024
2010201520202025
Board members and other officers (37)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorLim Seah named Jan 20, 2023 to Jan 31, 202359
  • DirectorRobert Dickey named Jun 30, 202260

Former names

  • MYnd Analytics, Inc.Dec 28, 2015 to Jul 12, 20192
  • CNS RESPONSE, INC.Mar 13, 2007 to Dec 10, 20152
  • STRATIVATION, INC.Nov 15, 2005 to Mar 1, 20072
  • SalesTactix, Inc.Aug 17, 2004 to Aug 23, 20052
  • AGE RESEARCH INCAug 11, 1999 to Aug 5, 20042

Timeline

  1. Sep 2, 2026New chief executive Willis C. Lee becomes CEO12
  2. Jul 29, 2019New chief executive Yutaka Niihara becomes CEO13
  3. Dec 14, 2018New chief executive Patrick Herguth becomes CEO14
  4. Jan 22, 2010New chief executive George C. Carpenter Iv. becomes CEO15
  5. Mar 20, 2007New chief executive Leonard J. Brandt becomes CEO16
  6. Jul 26, 2006New chief executive Silas A. Phillips becomes CEO17

Filings

159 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 46 major events, 75 insider forms, 6 large holders, 3 private raises, 8 other. The latest 20:

  1. Sep 2, 20264 EDGAR
  2. Aug 14, 20268-K CURRENT REPORT EDGAR
  3. Aug 14, 202610-Q EDGAR
  4. May 15, 20268-K CURRENT REPORT EDGAR
  5. May 15, 202610-Q EDGAR
  6. Apr 21, 20263 EDGAR
  7. Apr 17, 20268-K CURRENT REPORT EDGAR
  8. Apr 14, 20268-K CURRENT REPORT EDGAR
  9. Mar 31, 20268-K CURRENT REPORT EDGAR
  10. Mar 31, 202610-K EDGAR
  11. Mar 4, 20268-K CURRENT REPORT EDGAR
  12. Dec 31, 20258-K CURRENT REPORT EDGAR
  13. Dec 22, 20258-K CURRENT REPORT EDGAR
  14. Dec 19, 20258-K CURRENT REPORT EDGAR
  15. Nov 14, 20258-K CURRENT REPORT EDGAR
  16. Nov 14, 202510-Q EDGAR
  17. Aug 14, 20258-K CURRENT REPORT EDGAR
  18. Aug 14, 202510-Q EDGAR
  19. Jul 1, 20258-K CURRENT REPORT EDGAR
  20. May 15, 20258-K CURRENT REPORT EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

143 open-market trades by officers, directors and large owners since October 2021: 141 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 31, 2026LEE WILLIS CCEOBuy100,000$0.05$5.0KForm 4
Aug 28, 2026LEE WILLIS CCEOBuy94,767$0.06$5.7KForm 4
Aug 27, 2026LEE WILLIS CCEOBuy50,000$0.05$2.5KForm 4
Aug 25, 2026LEE WILLIS CCEOBuy46,000$0.04$1.8KForm 4
Aug 29, 2025LEE WILLIS CCEOBuy170,000$0.01$1.7KForm 4
May 30, 2025LEE WILLIS CCEOBuy70,000$0.02$1.4KForm 4
Sep 16, 2024Lim Seah H.DirectorBuy20,000$0.04$800Form 4
Feb 29, 2024LEE WILLIS CCEOBuy77,000$0.13$10.0KForm 4
Feb 28, 2024LEE WILLIS CCEOBuy15,000$0.12$1.8KForm 4
Feb 27, 2024LEE WILLIS CCEOBuy10,000$0.13$1.3KForm 4
Feb 26, 2024LEE WILLIS CCEOBuy13,200$0.12$1.6KForm 4
Dec 20, 2023Lim Seah H.DirectorSale32,500$0.05$1.6KForm 4
Dec 15, 2023Lim Seah H.DirectorSale6,000$0.11$660Form 4
Nov 30, 2023LEE WILLIS CCEOBuy59,400$0.12$7.1KForm 4
Nov 30, 2023LEE WILLIS CCEOBuy7,417$0.12$890Form 4
Nov 29, 2023LEE WILLIS CCEOBuy36,000$0.12$4.3KForm 4
Nov 29, 2023LEE WILLIS CCEOBuy4,325$0.12$519Form 4
Nov 28, 2023LEE WILLIS CCEOBuy12,000$0.12$1.4KForm 4
Nov 28, 2023LEE WILLIS CCEOBuy1,470$0.12$176Form 4
Nov 14, 2023LEE WILLIS CCEOBuy1,100$0.12$132Form 4

All 143 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 30, 2023Filed a private offering of securities Form D: $235,000 offered in all Form D
  2. Jan 12, 2023Filed a private offering of securities Form D: $34 million offered in all Form D
  3. Jun 29, 2022Raised $110,000 in a private offering of equity Form D: $220,000 offered in all Form D

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
  32. 32
  33. 33
  34. 34
  35. 35
  36. 36
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52
  53. 53
  54. 54
  55. 55
  56. 56
  57. 57
  58. 58
  59. 59
  60. 60
  61. 61
  62. 62