Emmaus Life Sciences Reports Delayed Filing of Annual Report

Rhea-AI Summary

Emmaus Life Sciences, a biopharmaceutical company specializing in sickle cell disease treatment, announced a delay in filing its Annual Report for 2023 due to ongoing accounting review. The company aims to submit the Form 10-K within the next week.

Positive

• None.

Negative

• The delay in filing the Annual Report may raise concerns among investors about the company's financial transparency and compliance with regulatory requirements.

TORRANCE, Calif., April 15, 2024 /PRNewswire/ -- Emmaus Life Sciences, Inc. (OTCQX: EMMA), a commercial-stage biopharmaceutical company and leader in the treatment of sickle cell disease, reported today that the filing of its Annual Report on Form 10-K for the year ended December 31, 2023 will be delayed.

"We had hoped to file our Annual Report by today's filing deadline but are still working with our independent registered public accounting firm to complete its review of our accounting for the disposition of our equity interest in a variable interest entity, or VIE, near the end of 2023. We anticipate filing the Form 10-K within the next week or so," explained Willis Lee, Chairman of the Board and Co-president of Emmaus.

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, including statements regarding the anticipated filing of the company's Annual Report on Form 10-K for the year ended December 31, 2023, 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.    
Willis Lee     
Chairman and Co-president             
(310) 214-0065, Ext. 1130   
wlee@emmauslifesciences.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/emmaus-life-sciences-reports-delayed-filing-of-annual-report-302117185.html

SOURCE Emmaus Life Sciences, Inc.

FAQ

Why is Emmaus Life Sciences delaying the filing of its Annual Report?

Emmaus Life Sciences is delaying the filing of its Annual Report due to the ongoing review of its accounting for the disposition of its equity interest in a variable interest entity.

What is the expected timeline for Emmaus Life Sciences to file the Form 10-K?

Emmaus Life Sciences anticipates filing the Form 10-K within the next week.

What is Emmaus Life Sciences' ticker symbol?

Emmaus Life Sciences' ticker symbol is EMMA.

Who is the Chairman of the Board and Co-president of Emmaus Life Sciences?

Willis Lee is the Chairman of the Board and Co-president of Emmaus Life Sciences.