Form 8-K

8-K — Emmaus Life Sciences, Inc.

Accession: 0001213900-26-057828

Filed: 2026-05-15

Period: 2026-05-15

CIK: 0000822370

SIC: 2834 (PHARMACEUTICAL PREPARATIONS)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ea0290896-8k_emmauslife.htm (Primary)

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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):

May 15, 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 May15, 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 months ended March 31, 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.

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: May 15, 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 May 15, 2026

104

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

EX-99.1 — PRESS RELEASE DATED MAY 15, 2026

EX-99.1

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Exhibit 99.1

Emmaus Life Sciences Reports Quarterly Financial

Results

Torrance CA, May 15, 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 months ended March 31, 2026.

Highlights

“We realized an 18% decline in net revenues

for three months ended March 31, 2026 as compared to the same period in 2025 primarily driven by a 33% decrease in U.S. sales amid ongoing

competition from generic L-Glutamine. The decline was partially offset by a 446% increase in sales in the Middle East and North Africa,

or MENA, region,” commented Willis Lee, Chairman and Chief Executive Officer of Emmaus. “Our loss from operations improved

by 16% year-over-year, reflecting the impact of our cost reduction initiatives,” he added.

Financial and Operating Results

Net Revenues. Net revenues for the three

months ended March 31, 2026 were $2.0 million, compared to $2.4 million in the same period in 2025. The decrease was due to a decrease

in U.S. sales which management attributes 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 three months were $2.6 million compared to $3.2 million in the comparable period in 2025. The decrease was due primarily to decreases

in research and development expenses and general and administrative expenses attributable to a reduction in headcount and other cost cutting

measures initiated in the second half of 2024.

Loss From Operations. Loss from operations

for the three months was $0.8 million compared to $1.0 million in the same period in 2025. This was due to the lower operating expenses

partially offset by a decrease in net revenues.

Other Expense. The company realized other expense of $2.5 million

for the three months compared to $1.3 million in the same period in 2025. The increase was primarily due to increases in interest expense

and change in fair value of conversion feature derivative.

Net Loss. For the three months, the company

realized a net loss of $3.3 million, or $0.05 basic net loss per share based on approximately 70.2 million weighted-average common shares,

compared to net loss of $2.3 million, or $0.04 basic net loss per share based on approximately 63.9 million weighted-average common shares

in the comparable period in 2025. The increase in net loss was attributable primarily to the increase in other expense.

Liquidity and Capital Resources. At March

31, 2026, the company had cash and cash equivalents of $1.1 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.

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

1Source: Data & Statistics on Sickle Cell Disease –

National Center on Birth Defects and Developmental Disabilities, Centers for Disease Control and Prevention, December 2020.

2Source: 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 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 May

15, 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

(Financial Tables Follow)

Emmaus Life Sciences, Inc.

Condensed Consolidated Statement of Operations and Comprehensive Income (Loss)

(In thousands, except share and per share amounts)

(unaudited)

Three Months Ended

March 31,

2026

2025

Revenue, Net

$ 1,982

$ 2,406

Cost of Goods Sold

168

225

Gross Profit

1,814

2,181

Operating Expenses

2,637

3,161

Loss from Operations

(823 )

(980 )

Net Loss

(3,335 )

(2,330 )

Comprehensive Loss

(4,253 )

(2,132 )

Net Loss per Share

$ (0.05 )

$ (0.04 )

Weighted Average Common Shares Outstanding

70,188,263

63,865,571

Emmaus Life Sciences, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(unaudited)

As of

March 31,

2026

December 31,

2025

Assets

Current Assets:

Cash and cash equivalents

$ 1,072

$ 2,127

Accounts receivable, net

2,048

2,804

Inventories, net

1,909

1,555

Prepaid expenses and other current assets

966

1,260

Total Current Assets

5,995

7,746

Property and Equipment, net

113

Right of use assets

736

766

Investment in convertible bond

11,664

12,604

Other Assets

203

207

Total Assets

$ 18,696

$ 21,436

Liabilities and Stockholders’ Deficit

Current Liabilities:

Accounts payable and accrued expenses

$ 24,487

$ 22,615

Operating lease liabilities, current portion

349

348

Conversion feature derivative, notes payable

235

Notes payable, current portion

10,652

11,151

Convertible notes payable, net of discount

17,356

17,380

Other current liabilities

17,458

17,578

Total Current Liabilities

70,537

69,072

Other long-term liabilities

16,019

15,972

Total Liabilities

86,556

85,044

Stockholders’ Deficit

(67,860 )

(63,608 )

Total Liabilities & Stockholders’ Deficit

$ 18,696

$ 21,436

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