Emmaus Life Sciences Reports Quarterly Financial Results
Recent Highlights
"As previously reported, after increasing annual net revenues in 2023 by nearly 61% as compared to 2022 we suffered a 55% decline in net revenues for the six months ended
"We are working with alternative manufacturers to avoid similar shortages in the future," remarked
Financial and Operating Results
Net Revenues. Net revenues for the six months ended
Operating Expenses. Total operating expenses for the six months were
Income (Loss) From Operations. Loss from operations for the six months was
Other Expense. The company incurred other expense of
Net Loss. For the six months, the company realized a net loss of
Liquidity and Capital Resources. At
About Emmaus Life Sciences
About Endari® (prescription grade L-glutamine oral powder)
Endari®, Emmaus' prescription grade L-glutamine oral powder, was approved by the
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,
2Source:
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, including statements regarding the expected net revenues for the full year 2024 and the possible effect on Endari sales and net revenues of the introduction of competing generic drugs. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time, including the company's need to restructure or refinance its existing indebtedness and raise additional funds from related-party loans, third-party loans or other financing to meet its current liabilities and fund its business and operations and 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
Company Contact:
Investor Relations
(310) 214-0065
IR@emmauslifesciences.com
(Financial Tables Follow)
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Three Months Ended |
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Six Months Ended |
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2024 |
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2023 |
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2024 |
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2023 |
Revenues, Net |
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Cost of Goods Sold |
241 |
|
508 |
|
498 |
|
937 |
Gross Profit |
5,136 |
|
10,251 |
|
7,385 |
|
16,575 |
Operating Expenses |
4,554 |
|
6,925 |
|
9,543 |
|
14,414 |
Income (Loss) from Operations |
582 |
|
3,326 |
|
(2,158) |
|
2,161 |
Total Other Expenses |
(2,735) |
|
(4,918) |
|
(4,350) |
|
(7,155) |
Net Loss |
(2,184) |
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(1,558) |
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(6,532) |
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(5,009) |
Comprehensive Income (Loss) |
(3,708) |
|
1,305 |
|
(9,766) |
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(2,504) |
Net Loss Per Share |
( |
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( |
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( |
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( |
Weighted Average Common |
63,355,121 |
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52,865,353 |
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62,600,542 |
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51,793,445 |
Condensed Consolidated Balance Sheets (In thousands) |
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As of |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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Accounts receivable, net |
4,598 |
|
5,524 |
Inventories, net |
1,628 |
|
1,711 |
Prepaid expenses and other current assets |
1,261 |
|
1,727 |
Total Current Assets |
9,012 |
|
11,509 |
Property and equipment, net |
54 |
|
59 |
Right of use assets |
1,903 |
|
2,337 |
Investment in convertible bond |
14,662 |
|
20,978 |
Other assets |
308 |
|
296 |
Total Assets |
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Liabilities and Stockholders' Deficit |
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Current Liabilities: |
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Accounts payable and accrued expenses |
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Conversion feature derivative, notes payable |
2,800 |
|
451 |
Notes payable, current portion |
7,879 |
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8,215 |
Convertible notes payable, net of discount |
16,329 |
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16,383 |
Other current liabilities |
18,097 |
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18,733 |
Total Current Liabilities |
64,025 |
|
61,507 |
Other long-term liabilities |
18,928 |
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21,428 |
Total Liabilities |
82,953 |
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82,935 |
Stockholders' Deficit |
(57,014) |
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(47,756) |
Total Liabilities & Stockholders' Deficit |
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