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Emmaus CEO buys 530K shares in open market

Emmaus Life Sciences’ CEO reported indirect open‑market purchases totaling 530,767 EMMA shares across 2025–2026.

Filing Impact
(Neutral)
Filing Sentiment
(Positive)
Form Type
4

Rhea-AI Filing Summary

Emmaus Life Sciences, Inc. (EMMA) discloses that CEO and director Willis C. Lee, through retirement accounts, reported a series of open-market purchases of common stock. Between May 30, 2025 and August 31, 2026, entities for his benefit bought an aggregate 530,767 shares at weighted average prices generally ranging from about $0.01 to $0.075 per share, all reported as indirect ownership.

Positive

  • None.

Negative

  • None.
Insider LEE WILLIS C
Role CEO
Bought 530,767 shs ($18K)
Type Security Shares Price Value
Purchase Common stock, $0.001 par value F6 100,000 $0.05 $5K
Purchase Common stock, $0.001 par value F5 94,767 $0.06 $6K
Purchase Common stock, $0.001 par value F4 50,000 $0.05 $3K
Purchase Common stock, $0.001 par value F3 46,000 $0.04 $2K
Purchase Common stock, $0.001 par value F2 170,000 $0.01 $2K
Purchase Common stock, $0.001 par value F1 70,000 $0.02 $1K
holding Common stock, $0.001 par value -- -- --
holding Common stock, $0.001 par value -- -- --
Holdings After Transaction: Common stock, $0.001 par value — 690,167 shares (Indirect, Fidelity Roth IRA FBO Willis C. Lee); Common stock, $0.001 par value — 395,124 shares (Direct); Common stock, $0.001 par value — 241,194 shares (Indirect, Fidelity Traditional IRA FBO Willis C. Leeee)
Footnotes (6)
  1. F1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.01 to $0.02, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1), footnote (2), footnote (3), footnote (4), footnote (5) and footnote (6).
  2. F2. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0109 to $0.011, inclusive.
  3. F3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.034 to $0.039, inclusive.
  4. F4. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.044 to $0.051, inclusive.
  5. F5. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.050 to $0.075, inclusive.
  6. F6. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.046 to $0.05, inclusive.
Total shares purchased 530,767 shares Aggregate open-market purchases reported across six transactions from May 30, 2025 to August 31, 2026
Latest purchase size 100,000 shares Shares bought on August 31, 2026 in an indirect account
Latest weighted average purchase price $0.05 per share Weighted average price for the August 31, 2026 100,000‑share purchase (range $0.046–$0.05)
Price range for May 30, 2025 purchase $0.01–$0.02 per share Range of individual trade prices for the 70,000‑share purchase on May 30, 2025
Price range for August 28, 2026 purchase $0.050–$0.075 per share Range of individual trade prices for the 94,767‑share purchase on August 28, 2026
Direct holdings 395,124 shares Common stock held directly as of May 30, 2025 holding entry
Indirect traditional IRA holdings 241,194 shares Common stock held indirectly through a traditional IRA as of May 30, 2025 holding entry
weighted average price financial
"The price reported is a weighted average price. These shares were purchased"
Weighted average price is the average price of a security where each trade or component is counted according to its size, so bigger trades pull the average more than smaller ones. Think of it like calculating the average cost of a grocery haul where items you bought more of have greater influence on the final per-item cost. Investors use it to understand the true average price paid or received, judge execution quality, and compare trading performance against market movement.
indirect ownership financial
"reported as indirect ownership through retirement accounts for the benefit of Willis"
open market or private transaction financial
"Purchase in open market or private transaction"

FAQ

What insider trading activity did EMMA report for CEO Willis C. Lee?
The report shows that entities for the benefit of CEO Willis C. Lee purchased 530,767 shares of Emmaus Life Sciences common stock in open‑market transactions between May 30, 2025 and August 31, 2026, all reported as indirect ownership.

Over what dates did the EMMA insider share purchases occur?
The disclosed purchases occurred on May 30, 2025, August 29, 2025, and on August 25, 27, 28 and 31, 2026, as reported for Emmaus Life Sciences common stock.

How many EMMA shares were bought in the most recent reported transaction?
In the most recent transaction on August 31, 2026, an account for the benefit of Willis C. Lee purchased 100,000 shares of Emmaus Life Sciences common stock at a weighted average price of $0.05 per share, with individual trades ranging from $0.046 to $0.05.

At what prices were the EMMA shares purchased by the CEO’s accounts?
The purchases were reported at weighted average prices, with price ranges in the footnotes from about $0.01–$0.02 per share on May 30, 2025 to $0.050–$0.075 per share on August 28, 2026, covering multiple small trades within each range.

Were the EMMA insider purchases made under a Rule 10b5-1 trading plan?
No. The filing’s Rule 10b5‑1 checkbox is not marked as affirmative, and the footnotes describe weighted average open‑market purchases but do not state that they were made under a Rule 10b5‑1 trading plan.

How are the CEO’s EMMA shares held according to the filing?
The reported purchases are held indirectly through retirement accounts, including a Fidelity Roth IRA FBO Willis C. Lee, and the filing also lists direct holdings of 395,124 shares and additional indirect holdings of 241,194 shares in a separate traditional IRA.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
LEE WILLIS C
(Last)(First)(Middle)
21250 HAWTHORNE BLVD.
SUITE 800
(Street)
TORRANCE CALIFORNIA 90503
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Emmaus Life Sciences, Inc. [ EMMA ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
XOfficer (give title below)Other (specify below)
CEO
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
05/30/2025		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Common stock, $0.001 par value05/30/2025P70,000A$0.02(1)229,400IFidelity Roth IRA FBO Willis C. Lee
Common stock, $0.001 par value395,124D
Common stock, $0.001 par value241,194IFidelity Traditional IRA FBO Willis C. Leeee
Common stock, $0.001 par value08/29/2025P170,000A$0.01(2)275,400IFidelity Roth IRA FBO Willis C. Lee
Common stock, $0.001 par value08/25/2026P46,000A$0.04(3)445,400IFidelity Roth IRA FBO Willis C. Lee
Common stock, $0.001 par value08/27/2026P50,000A$0.05(4)495,400IFidelity Roth IRA FBO Willis C. Lee
Common stock, $0.001 par value08/28/2026P94,767A$0.06(5)590,167IFidelity Roth IRA FBO Willis C. Lee
Common stock, $0.001 par value08/31/2026P100,000A$0.05(6)690,167IFidelity Roth IRA FBO Willis C. Lee
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Explanation of Responses:
1. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.01 to $0.02, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1), footnote (2), footnote (3), footnote (4), footnote (5) and footnote (6).
2. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0109 to $0.011, inclusive.
3. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.034 to $0.039, inclusive.
4. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.044 to $0.051, inclusive.
5. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.050 to $0.075, inclusive.
6. The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.046 to $0.05, inclusive.
Willis C. Lee09/02/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR