Emmaus Life Sciences Reports 2023 Financial Results
Recent Highlights
"We are pleased to report that we were able to increase annual net revenues in 2023 by nearly 61% as compared to 2022 on the strength of growth in sales in the MENA region, as well as in the U.S. As a result of the increased net revenues and the elimination of spending unrelated to Endari sales, we were able to increase income from operations by approximately
"The much-improved financial results for 2023 accomplished under our new management were adversely affected by a slowdown in Endari sales in the fourth quarter due to a shortage of finished goods inventory, which also has had a material, adverse impact on sales in Q1 2024 and to date in Q2," noted
Financial and Operating Results
Net Revenues. Net revenues for the year were
Operating Expenses. Total operating expenses for the year were
Income From Operations. Income from operations for the year was
Other Expense. The company incurred other expense of
Net Loss. For the year, the company realized 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 trend in sales in the MENA region and in the
Company Contact:
Willis Lee
Chairman and Co-president
(310) 214-0065, Ext. 1130
wlee@emmauslifesciences.com
(Financial Tables Follow)
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Years Ended |
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2023 |
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2022 |
Revenues, Net |
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Cost of Goods Sold |
1,342 |
|
2,588 |
Gross Profit |
28,255 |
|
15,802 |
Operating Expenses |
24,715 |
|
22,388 |
Income (Loss) from Operations |
3,540 |
|
(6,586) |
Total Other Expense |
(7,332) |
|
(3,979) |
Net Loss |
(3,733) |
|
(10,625) |
Comprehensive Loss |
(1,274) |
|
(12,989) |
Net Loss per Share |
( |
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( |
Weighted Average Common Shares Outstanding |
53,105,388 |
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49,439,867 |
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As of |
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2023 |
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2022 |
Assets |
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Current |
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Cash and cash equivalents |
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Accounts receivable, net |
5,524 |
|
375 |
Inventories, net |
1,711 |
|
2,379 |
Prepaid expenses and other current assets |
1,727 |
|
1,514 |
Total Current Assets |
11,509 |
|
6,289 |
Property and Equipment, net |
59 |
|
75 |
Equity method investment |
- |
|
18,828 |
Right of use assets |
2,337 |
|
2,799 |
Investment in convertible bond |
20,978 |
|
19,971 |
Other Assets |
296 |
|
263 |
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 |
451 |
|
3,248 |
Notes payable, current portion |
8,215 |
|
6,814 |
Convertible notes payable, net of discount |
16,383 |
|
14,655 |
Other current liabilities |
18,733 |
|
16,057 |
Total Current Liabilities |
61,507 |
|
54,323 |
Notes payable, less current portion |
- |
|
380 |
Other long-term liabilities |
21,428 |
|
27,613 |
Total Liabilities |
82,935 |
|
82,316 |
Stockholders' Deficit |
(47,756) |
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(34,091) |
Total Liabilities & Stockholders' Deficit |
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