Emmaus Life Sciences (EMMA) turns Q2 2026 profit as NeoImmuneTech license lifts revenue
Rhea-AI Filing Summary
Emmaus Life Sciences, Inc. reported sharply improved results for the three and six months ended June 30, 2026, driven by a License and Exclusive Distribution Agreement with NeoImmuneTech, Inc. Net revenues for the quarter rose 124% to $6.3 million from $2.8 million a year earlier, primarily from recognition of upfront and royalty revenue under the NIT license, partly offset by lower direct Endari sales. Total operating expenses fell to $2.1 million from $3.0 million, mainly due to transferring the sales force to NIT, resulting in income from operations of $3.8 million versus a $0.4 million loss.
Quarterly net income was $1.3 million, or $0.02 per basic share, compared with a net loss of $1.1 million, or ($0.02) per share in 2025. For the six-month period, net revenues were $8.3 million and the company recorded a net loss of $2.0 million, improved from a $3.5 million loss a year earlier. Cash and cash equivalents were $2.8 million at June 30, 2026, up from $2.1 million at December 31, 2025. The balance sheet shows total assets of $16.4 million against total liabilities of $82.5 million, resulting in a stockholders’ deficit of $66.2 million. The company also references previously disclosed doubt about its ability to continue as a going concern in its risk factors.
Positive
- Net revenues increased 124% year-over-year for the quarter to $6.3 million, primarily due to revenue recognition under the NeoImmuneTech license agreement.
- Quarterly performance swung from a $1.1 million net loss to a $1.3 million net income, reflecting higher revenues and lower operating expenses.
- Total operating expenses for the quarter declined to $2.1 million from $3.0 million, aided by transferring the sales force to NeoImmuneTech.
- Cash and cash equivalents increased to $2.8 million at June 30, 2026, from $2.1 million at December 31, 2025.
Negative
- The company reports a substantial stockholders’ deficit of $66.2 million at June 30, 2026, with total liabilities of $82.5 million versus total assets of $16.4 million.
- Despite quarterly profitability, Emmaus posted a six-month net loss of $2.0 million, although improved from a $3.5 million loss a year earlier.
- Forward-looking statement disclosures reference previously reported doubt about the company’s ability to continue as a going concern as a material risk factor.
- Quarterly other expense increased to $2.5 million from $1.4 million, primarily from lower gains on lease modification and equity securities.
8-K Event Classification
Key Figures
Key Terms
License and Exclusive Distribution Agreement financial
Endari medical
conversion feature derivative financial
stockholders’ deficit financial
going concern financial
Earnings Snapshot
FAQ
How did Emmaus Life Sciences (EMMA) perform financially in Q2 2026?
What drove the 124% revenue increase for Emmaus Life Sciences (EMMA) in Q2 2026?
What were Emmaus Life Sciences’ (EMMA) operating expenses and income from operations in Q2 2026?
What is Emmaus Life Sciences’ (EMMA) liquidity position as of June 30, 2026?
Does Emmaus Life Sciences (EMMA) disclose going concern risks?
What were Emmaus Life Sciences’ (EMMA) results for the first half of 2026?
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UNITED STATES
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CURRENT REPORT
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Item 2.02 Results of Operation and Financial Condition.
On August 14, 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 three and six months ended June 30, 2026, 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
(d) Exhibits
See the accompanying Index to Exhibits, which is incorporated herein by reference.
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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.
| Date: August 14, 2026 | Emmaus Life Sciences, Inc. | ||
| By: | /s/ WILLIS LEE | ||
| Name: | Willis Lee | ||
| Title: | Chairman and Chief Executive Officer | ||
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INDEX TO EXHIBITS
| Exhibit Number |
Description | |
| 99.1 | Press release dated August 14, 2026 | |
| 104 | Cover Page Interactive Date File (embedded within Inline XBRL document) |
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Exhibit 99.1
Emmaus Life Sciences Reports Quarterly Financial Results
Torrance CA, August 14, 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 three and six months ended June 30, 2026.
Highlights
“Under our previously announced License and Exclusive Distribution Agreement with NeoImmuneTech, Inc., or NIT, which became effective date on May 15, 2026, we granted NIT an exclusive license to our rights to market, sell, and distribute Endari and any generic equivalents we may develop in sickle cell disease in the U.S. and its territories and possessions and Canada in exchange for an upfront cash payment and royalties on NIT’s sales of the licensed products. We recognized a part of the upfront payment and royalties as revenue which resulted in a 124% increase in net revenues for three month ended June 30, 2026 as compared to the same period in 2025,” commented Willis Lee, Chairman and Chief Executive Officer of Emmaus. “We were also able to further reduce our operating expenses,” he added.
Financial and Operating Results
Net Revenues. Net revenues for the three months ended June 30, 2026 were $6.3 million, compared to $2.8 million in the same period in 2025 due primarily to the recognition of revenue from the NIT license arrangement, partially offset by a decrease in direct Endari® sales.
Operating Expenses. Total operating expenses for the three months were $2.1 million compared to $3.0 million in the comparable period in 2025. The decrease was due primarily to decreased expenses attributable to the transfer of our sales force to NIT in connection with the license arrangement.
Income (Loss) From Operations. Income from operations for the three months was $3.8 million compared to $0.4 million loss from operations in the same period in 2025. This was due to the increase in net revenues and lower operating expenses.
Other Expense. The company realized other expense of $2.5 million for the three months compared to $1.4 million in the same period in 2025. The increase was primarily due to decreases of gain on lease modification and change in fair value of investment in equity securities.
Net Income (Loss). For the three months, the company realized a net income of $1.3 million, or $0.02 basic earnings per share based on approximately 70.2 million weighted-average common shares, compared to net loss of $1.1 million, or ($0.02) basic earnings per share based on approximately 63.9 million weighted-average common shares in the comparable period in 2025. The increase in net income was attributable primarily to the increase in net revenues.
Liquidity and Capital Resources. At June 30, 2026, the company had cash and cash equivalents of $2.8 million, compared to $2.1 million at December 31, 2025.
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.
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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.1 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.2
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 and other factors disclosed in the company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on March 31, 2026 and Quarterly Report on Form 10-Q filed on August 14, 2026, 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
| 1 | Source: Data & Statistics on Sickle Cell Disease – National Center on Birth Defects and Developmental Disabilities, Centers for Disease Control and Prevention, December 2020. |
| 2 | Source: Committee on Addressing Sickle Cell Disease – A Strategic Plan and Blueprint for Action -- National Academy of Sciences Press, 2020. |
(Financial Tables Follow)
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| Emmaus Life Sciences, Inc. |
| Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) |
(In thousands, except share and per share amounts)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Revenues, Net | $ | 6,318 | $ | 2,817 | $ | 8,300 | $ | 5,223 | ||||||||
| Cost of Goods Sold | 344 | 150 | 512 | 375 | ||||||||||||
| Gross Profit | 5,974 | 2,667 | 7,788 | 4,848 | ||||||||||||
| Operating Expenses | 2,183 | 3,037 | 4,820 | 6,198 | ||||||||||||
| Income (Loss) from Operations | 3,791 | (370 | ) | 2,968 | (1,350 | ) | ||||||||||
| Net Income (Loss) | 1,339 | (1,135 | ) | (1,996 | ) | (3,465 | ) | |||||||||
| Comprehensive Income (Loss) | 1,684 | 2,901 | (2,569 | ) | 769 | |||||||||||
| Net Income (Loss) per Share | $ | 0.02 | $ | (0.02 | ) | $ | (0.03 | ) | $ | (0.05 | ) | |||||
| Weighted Average Common Shares Outstanding | 70,188,263 | 63,865,571 | 70,188,263 | 63,865,571 | ||||||||||||
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| Emmaus Life Sciences, Inc. |
| Condensed Consolidated Balance Sheets |
(In thousands)
| As of | ||||||||
| June 30, 2026 | December 31, 2025 | |||||||
| Assets | ||||||||
| Current Assets: | ||||||||
| Cash and cash equivalents | $ | 2,808 | $ | 2,127 | ||||
| Accounts receivable, Net | 709 | 2,804 | ||||||
| Inventories, net | 1,589 | 1,555 | ||||||
| Prepaid expenses and other current assets | 897 | 1,260 | ||||||
| Total Current Assets | 6,003 | 7,746 | ||||||
| Property and Equipment, Net | 86 | 113 | ||||||
| Right of use assets | 808 | 766 | ||||||
| Investment in convertible bond | 8,691 | 12,604 | ||||||
| Investment in equity security | 580 | - | ||||||
| Other Assets | 203 | 207 | ||||||
| Total Assets | $ | 16,370 | $ | 21,436 | ||||
| Liabilities and Stockholders’ Deficit | ||||||||
| Current Liabilities: | ||||||||
| Accounts payable and accrued expenses | $ | 23,466 | $ | 22,615 | ||||
| Operating lease liabilities, current portion | 390 | 348 | ||||||
| Conversion feature derivative, notes payable | 9 | - | ||||||
| Notes payable, current portion | 9,247 | 11,151 | ||||||
| Convertible notes payable, net of discount | 17,333 | 17,380 | ||||||
| Other current liabilities | 15,671 | 17,578 | ||||||
| Total Current Liabilities | 66,116 | 69,072 | ||||||
| Other long-term liabilities | 16,430 | 15,972 | ||||||
| Total Liabilities | 82,546 | 85,044 | ||||||
| Stockholders’ Deficit | (66,176 | ) | (63,608 | ) | ||||
| Total Liabilities & Stockholders’ Deficit | $ | 16,370 | $ | 21,436 | ||||
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