Emmaus Life Sciences delays 2024 annual report, sees revenue down more than $12 million

Emmaus Life Sciences, Inc. said it will not file its annual report on Form 10-K for the year ended December 31, 2024 by the due date and gave preliminary figures for the year.

In a Form 12b-25 notice of late filing, the Torrance, California company said it needs more time to provide information for the first audit of its annual financial statements by its registered independent accounting firm. Emmaus retained that firm in September 2024. It expects to file the 10-K on or before the 15th calendar day after the due date.

The company also estimated that net revenues for 2024 will decline by more than $12 million, or more than 40%, compared with 2023. It said the decline was due primarily to a lack of finished goods inventory for much of the first half of 2024.

Emmaus expects the revenue drop to be partly offset by a cut in operating expenses of more than $7 million, or about 30%. It estimates a loss from operations of approximately $1.9 million for 2024, compared with income from operations of approximately $3.5 million in 2023.

The company estimated a net loss of approximately $0.10 per share in 2024, against a net loss of $0.07 per share in 2023.

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