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Emmaus Life Sciences, Inc. reported a board change, disclosing that director Ian Zwicker resigned from the company’s board of directors on December 15, 2025, with the resignation to take effect on December 31, 2025. The filing does not describe any related financial effects or changes to the company’s operations, focusing solely on this governance update. Emmaus remains a Delaware corporation headquartered in Torrance, California, and the report was signed by Chairman and Chief Executive Officer Willis Lee.
Emmaus Life Sciences, Inc. filed a current report to note that it issued a press release on November 14, 2025 announcing its results of operations and financial condition for the three months ended September 30, 2025. The company attached this press release as Exhibit 99.1 and incorporated it by reference. The company also clarified that the earnings information in Item 2.02 and Exhibit 99.1 is being furnished, not filed, so it is not subject to certain liability provisions of the Exchange Act and is not automatically incorporated into other securities filings.
Emmaus Life Sciences filed its Q3 2025 10-Q, highlighting a sharp revenue decline and liquidity strain alongside a going concern warning. Q3 revenue was $3.38 million versus $5.48 million a year ago, and the company posted a net loss of $2.08 million versus net income of $1.83 million in Q3 2024. Operating profit of $0.70 million was outweighed by other expense of $2.19 million, driven mainly by interest expense of $1.93 million.
For the nine months, revenue was $8.60 million versus $13.36 million. Cash was $0.29 million with current liabilities of $64.17 million, and total liabilities of $80.24 million against assets of $20.76 million, resulting in a stockholders’ deficit of $59.49 million. Management states there is substantial doubt about continuing as a going concern without restructuring debt and raising additional financing. The company also recorded a $0.53 million realized loss year‑to‑date on its Telcon convertible bond.