Form 8-K

8-K — Emmaus Life Sciences, Inc.

Accession: 0001213900-26-036886

Filed: 2026-03-31

Period: 2026-03-30

CIK: 0000822370

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ea0283899-8k_emmaus.htm (Primary)

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8-K — CURRENT REPORT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities

Exchange Act of 1934

Date of Report (Date of earliest event reported):

March 30, 2026

Emmaus Life Sciences, Inc.

(Exact name of registrant as specified in its charter)

Delaware

001-35527

87-0419387

(State or other jurisdiction

of incorporation)

(Commission File Number)

(I.R.S. Employer

Identification No.)

21250 Hawthorne Boulevard, Suite 800, Torrance, CA

90503

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including

area code (310) 214-0065

(Former name or former address, if changed, since

last report.)

Check the appropriate box below if the Form 8-K

filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13a-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

None

Indicate by check mark whether the registrant

is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the

Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check

mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting

standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operation and Financial

Condition.

On March 30, 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 year ended December 31, 2025, 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.

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: March 31, 2026

Emmaus Life Sciences, Inc.

By:

/s/ WILLIS LEE

Name:

Willis Lee

Title:

Chairman and Chief Executive Officer

INDEX TO EXHIBITS

Exhibit

Number

Description

99.1

Press release dated March 30, 2026

104

Cover Page Interactive Date File (embedded within Inline XBRL document)

EX-99.1 — PRESS RELEASE DATED MARCH 30, 2026

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Exhibit 99.1

Emmaus Life Sciences Reports Annual Financial

Results

Torrance CA, March 30, 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 year ended December 31, 2025.

Highlights

“We experienced a 25% decline in net revenues

in 2025 as compared to 2024 due to ongoing competition from generic L-Glutamine in the U.S., partially offset by an increase of sales

in the Middle East North Africa, or MENA, region,” commented Willis Lee, Chairman and Chief Executive Officer of Emmaus. “We

nonetheless realized income from operations of $0.2 million compared to loss from operations of $1.9 million in the prior year due to

a 34% reduction in operating expenses. We believe the international markets offer greater growth potential and have undertaken a change

in strategy for our U.S. operations going forward by entering into a license and exclusive distribution arrangement with NeoImmuneTech,

Inc. which we expect to be fully implemented in the second quarter of this year,” he added.

Financial and Operating Results

Net Revenues. Net revenues for the year

ended December 31, 2025 were $12.5 million, compared to $16.7 million in the same period in 2024. The decrease was due to a decrease in

U.S. sales which management attributes primarily to competition from the generic version of L-Glutamine introduced in the market in mid-2024

partially offset by an increase of sales in the MENA region.

Operating Expenses. Total operating expenses

for the year ended were $11.4 million compared to $17.3 million in the comparable period in 2024. The decrease was due to a headcount

reduction and other cost cutting measures.

Income (Loss) From Operations. Income from

operations for the year ended December 31, 2025 was $0.2 million compared to loss from operations of $1.9 million in the same period in

2024. This was due to lower operating expenses, which more than offset the decrease in net revenues.

Other Expense. The company realized other expense of $7.5 million

for the year ended December 31, 2025 compared to $4.5 million in the same period in 2024. The increase

was primarily due to increases of $1.4 million in loss on debt extinguishment and $1.4 million in interest expense, and a decrease of

$1.0 million in gain on restructured debt, partially offset by an increase of $0.9 million in gain on lease modification.

Net Loss. For the year ended December 31,

2025, the company realized net loss of $7.2 million, or $0.11 per share based on approximately 64.0 million weighted-average basic common

shares, compared to net loss of $6.5 million, or $0.10 per share based on approximately 63.2 million weighted-average basic common shares

in 2024. The increase in net loss was attributable primarily to the increase in other expenses.

Liquidity and Capital Resources. At December

31, 2025, the company had cash and cash equivalents of $2.1 million, compared to $1.4 million at December 31, 2024.

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.

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

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.

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, uncertainties regarding the implementation of the change in strategy for our U.S., operations

and commercialization efforts in the MENA region, and other factors disclosed in the company’s Annual Report on Form 10-K for the

year ended December 31, 2025 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

(Financial Tables Follow)

Emmaus Life Sciences, Inc.

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share amounts)

Years Ended December 31,

2025

2024

Revenue, Net

$ 12,453

$ 16,653

Cost of Goods Sold

857

1,201

Gross Profit

11,596

15,452

Operating Expenses

11,365

17,346

Income (loss) from Operations

231

(1,894 )

Net Loss

(7,492 )

(6,453 )

Comprehensive Loss

(7,226 )

(9,288 )

Net Loss per Share

$ (0.12 )

$ (0.10 )

Weighted Average Common Shares Outstanding

64,038,795

63,234,789

Emmaus Life Sciences, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

As of December

2025

2024

Assets

Current Assets:

Cash and cash equivalents

$ 2,127

$ 1,389

Accounts receivable, net

2,804

2,623

Inventories, net

1,555

1,635

Prepaid expenses and other current assets

1,260

1,120

Total Current Assets

7,746

6,767

Property and Equipment, net

113

Right of use assets

766

1,530

Investment in convertible bond

12,604

15,037

Other Assets

207

222

Total Assets

$ 21,436

$ 23,602

Liabilities and Stockholders’ Deficit

Current Liabilities:

Accounts payable and accrued expenses

$ 22,615

$ 16,926

Operating lease liabilities, current portion

348

2,423

Conversion feature derivative, notes payable

—

162

Notes payable, current portion

11,151

10,465

Convertible notes payable, net of discount

17,380

17,014

Other current liabilities

17,578

16,565

Total Current Liabilities

69,072

63,555

Other long-term liabilities

15,972

16,526

Total Liabilities

85,044

80,081

Stockholders’ Deficit

(63,608 )

(56,479 )

Total Liabilities & Stockholders’ Deficit

$ 21,436

$ 23,602

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