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BALCAO · PHARMACEUTICAL PREPARATIONS · SMALL CAP

Emmaus Life Sciences, Inc. EMMA

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$12.5M
▼ 25.2% YoY
$-7.5M
$-12,000

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

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. As previously reported, we have suspended substantially all research and development activities to reduce operating expenses while we seek to restructure or refinance out existing indebtedness, and we cannot predict whether or when we will be able to resume such activities. In partnership with a third-party contract research organization, we are undertaking a prospective, observational real-world evidence study of Endari® in patients with sickle cell disease receiving treatment in routine clinical practice. In December 2025, we entered into an exclusive option agreement with a prominent U.S. academic medical center.

Written from the business description in Emmaus Life Sciences, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 31 March 2026. Every sentence was checked against that document before publication.

Growth

USD 12.5M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 12.5 · Net income -7.5
15M30M-30M-60M
201020132016201920222025
Compound annual growth
−12.2%
−11.7%
+62.0%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at −11.7% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−60 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating 1.9% · Net -60.2%
-2000%-4000%
201020172025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -0.0
-2.5M-5.0M
201020172025

Total assetsUSD 21.4M
EquityUSD -63.6M
CashUSD 2.1M
Gross debtUSD 27.1M
Net debtUSD 25.0M
Current ratio0.11×

Equity was zero or negative — liabilities equaled or exceeded assets. No ratio is shown.

The 16-year record

16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
EMMA, 16-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.0◌0.00.0
Operating income $B0.0−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.0−0.00.0−0.0−0.00.0−0.0−0.0◌◌◌−0.0−0.0−0.0◌◌
Income tax $B0.00.0−0.00.00.0−0.00.00.00.00.00.00.00.00.00.00.0
Net income $B−0.0−0.0−0.0−0.0−0.00.0−0.1−0.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0◌◌◌◌◌◌
EPS, diluted $−0.12−0.10−0.07−0.21−0.3230.00−1.30−1.97−2.52−9.26−6.64−0.03−0.14−1.81−4.74−0.16
Dividend / sh $◌◌◌◌◌◌◌◌◌◌−0.03−0.03◌◌◌◌
Payout % — not applicable: no dividend————————————————
ROE % — not applicable: negative equity————————————————
Shares out B0.070.060.060.050.050.050.050.010.000.000.000.100.090.000.060.06

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures · 1 divergence in 73 reconciliationsAUDITED

Reconciled in 15 of the 16 fiscal years we could check. 1 of those reconciliations are divergences — the figures exist but don't fit the formula this check expects; that isn't the same as an error. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: EPS is not tagged before 2010. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures1 divergent
ActivityPharmaceutical Preparations
Listed onOTC market
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2010

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