$EMMA
Emmaus Life Sciences, Inc.

2022 Q1 Form 10-K Financial Statement

#000156459022013054 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $3.234M $3.020M $20.61M
YoY Change -39.38% -51.7% -11.04%
Cost Of Revenue $1.007M $2.001M $3.312M
YoY Change 130.96% 138.21% 47.33%
Gross Profit $2.227M $1.019M $17.30M
YoY Change -54.54% -81.17% -17.31%
Gross Profit Margin 68.86% 33.74% 83.93%
Selling, General & Admin $4.829M $4.906M $19.32M
YoY Change 2.64% 9.56% 4.17%
% of Gross Profit 216.84% 481.45% 111.67%
Research & Development $466.0K $1.078M $4.110M
YoY Change -74.24% 89.12% 70.68%
% of Gross Profit 20.93% 105.79% 23.76%
Depreciation & Amortization $11.00K $15.00K $59.00K
YoY Change -26.67% 0.0% -1.67%
% of Gross Profit 0.49% 1.47% 0.34%
Operating Expenses $5.295M $5.984M $4.110M
YoY Change -18.71% 18.47% 70.68%
Operating Profit -$3.068M -$4.965M -$6.128M
YoY Change 89.97% -1475.35% 19050.0%
Interest Expense $737.0K -$2.925M $3.101M
YoY Change -30.08% 41.03% -48.22%
% of Operating Profit
Other Income/Expense, Net $222.0K $188.0K $761.0K
YoY Change 16.84% -80.91% -66.96%
Pretax Income -$1.645M -$6.895M -$15.92M
YoY Change -80.43% 847.12% -1736.28%
Income Tax -$103.0K -$33.00K $25.00K
% Of Pretax Income
Net Earnings -$1.542M -$6.862M -$15.90M
YoY Change -81.69% 2470.04% -1274.3%
Net Earnings / Revenue -47.68% -227.22% -77.15%
Basic Earnings Per Share -$0.03 -$0.32
Diluted Earnings Per Share -$31.27K -$139.2K -$323.8K
COMMON SHARES
Basic Shares Outstanding 49.31M 49.25M
Diluted Shares Outstanding 49.31M 49.25M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $813.0K $2.279M $2.279M
YoY Change -78.37% -8.36% -8.36%
Cash & Equivalents $813.0K $2.279M
Short-Term Investments
Other Short-Term Assets $379.0K $394.0K $1.380M
YoY Change 59.92% -38.72% -7.07%
Inventory $3.453M $4.392M $4.392M
Prepaid Expenses $399.0K $326.0K
Receivables $938.0K $1.040M $1.040M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.448M $9.091M $9.091M
YoY Change -54.4% -19.24% -19.24%
LONG-TERM ASSETS
Property, Plant & Equipment $138.0K $147.0K $3.632M
YoY Change 26.61% 22.5% -13.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.29M $17.62M $43.72M
YoY Change -5.58% 10.62% -0.17%
Other Assets $297.0K $295.0K $295.0K
YoY Change 1.37% -0.34% -0.34%
Total Long-Term Assets $45.05M $47.64M $47.64M
YoY Change -6.32% -1.32% -1.32%
TOTAL ASSETS
Total Short-Term Assets $6.448M $9.091M $9.091M
Total Long-Term Assets $45.05M $47.64M $47.64M
Total Assets $51.49M $56.73M $56.73M
YoY Change -17.24% -4.71% -4.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.873M $2.719M $2.583M
YoY Change 105.36% 34.4% 27.68%
Accrued Expenses $6.085M $5.800M $7.346M
YoY Change 50.36% 21.62% 11.64%
Deferred Revenue
YoY Change
Short-Term Debt $7.663M $8.707M $8.707M
YoY Change -12.92% 832.23% 832.23%
Long-Term Debt Due $12.86M $12.56M $12.56M
YoY Change 178.49% 24.72% 24.72%
Total Short-Term Liabilities $34.55M $37.10M $37.10M
YoY Change 41.56% 58.67% 58.67%
LONG-TERM LIABILITIES
Long-Term Debt $4.650M $4.650M $4.650M
YoY Change -61.87% 37.9% 37.9%
Other Long-Term Liabilities $31.51M $33.17M $36.43M
YoY Change -8.6% -3.76% -3.97%
Total Long-Term Liabilities $31.51M $33.17M $41.08M
YoY Change -8.6% -3.76% -0.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.55M $37.10M $37.10M
Total Long-Term Liabilities $31.51M $33.17M $41.08M
Total Liabilities $73.79M $78.18M $78.18M
YoY Change 25.33% 20.85% 20.85%
SHAREHOLDERS EQUITY
Retained Earnings -$241.3M
YoY Change 7.19%
Common Stock $220.1M
YoY Change 0.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$22.30M -$21.45M -$21.45M
YoY Change
Total Liabilities & Shareholders Equity $51.49M $56.73M $56.73M
YoY Change -17.24% -4.71% -4.71%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$1.542M -$6.862M -$15.90M
YoY Change -81.69% 2470.04% -1274.3%
Depreciation, Depletion And Amortization $11.00K $15.00K $59.00K
YoY Change -26.67% 0.0% -1.67%
Cash From Operating Activities -$4.733M $865.0K -$1.254M
YoY Change 18.3% -54.74% -48.84%
INVESTING ACTIVITIES
Capital Expenditures $2.000K -$62.00K $73.00K
YoY Change 3000.0% 386.67%
Acquisitions
YoY Change
Other Investing Activities $1.229M -$1.063M -$6.304M
YoY Change -169.47% -96.18% -214.93%
Cash From Investing Activities $1.227M -$1.125M -$6.377M
YoY Change -169.36% -95.96% -216.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.056M 200.0K 7.411M
YoY Change -70.82% -108.96% -420.82%
NET CHANGE
Cash From Operating Activities -4.733M 865.0K -1.254M
Cash From Investing Activities 1.227M -1.125M -6.377M
Cash From Financing Activities 2.056M 200.0K 7.411M
Net Change In Cash -1.466M -60.00K -208.0K
YoY Change -215.25% -99.79% -128.97%
FREE CASH FLOW
Cash From Operating Activities -$4.733M $865.0K -$1.254M
Capital Expenditures $2.000K -$62.00K $73.00K
Free Cash Flow -$4.735M $927.0K -$1.327M
YoY Change -51.54% -46.19%

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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NOTE 1—DESCRIPTION OF BUSINESS</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Organization<span style="font-weight:normal;">—On July 17, 2019 Emmaus Life Sciences, Inc. (formerly, “MYnd Analytics, Inc.” and herein the “Company” or “Emmaus”) completed its merger transaction (the “Merger”) with EMI Holding, Inc., formerly known as Emmaus Life Sciences, Inc. (“EMI”). In the Merger, a wholly owned subsidiary of the Company merged into EMI Holding, with EMI Holding surviving the Merger as a wholly owned subsidiary. Immediately after completion of the Merger, the Company changed its name to “Emmaus Life Sciences, Inc.”</span></p> <p style="margin-bottom:12pt;margin-top:12pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Merger was treated as a reverse recapitalization under the acquisition method of accounting in accordance with accounting principles generally accepted in the U.S. (“GAAP”) For accounting purposes, EMI Holding was considered to have acquired the Company. </p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with and prior to the Merger, the Company contributed and transferred to Telemynd, Inc. (“Telemynd”), a newly formed, subsidiary of the Company, all or substantially all of the Company’s historical business, assets and liabilities and the Company’s board of directors declared a stock dividend of share of the Telemynd common stock held by the Company for each outstanding share of Company common stock after giving effect to a 1-for-6 reverse stock of the Company’s outstanding shares of common stock. The dividend, together with the contribution and transfer of the Company’s historical business, assets, and liabilities described above, is referred to as the “spin-off.”</p> <p style="margin-bottom:12pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As a result of the spin-off and the Merger, the Company’s ongoing business became EMI Holding’s business, which is that of a commercial-stage biopharmaceutical company focused on the development, marketing and sale of innovative treatments and therapies, including those in the rare and orphan disease categories. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">References herein to the “Company” or “Emmaus” means Emmaus Life Sciences, Inc. and its direct and direct subsidiaries.</p> <p style="margin-bottom:10pt;margin-top:10pt;text-indent:7.14%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> <span style="font-weight:bold;">Nature of Business</span>—The Company is a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sales of innovative treatments and therapies, primarily for rare and orphan diseases. The Company’s lead product Endari® (prescription grade L-glutamine oral powder) is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease (“SCD”) in adult and pediatric patients five years of age and older. <span style="color:#000000;">Endari® has received Orphan Drug designation from the FDA and Orphan Medicinal designation from the European Commission, which designations generally afford marketing exclusivity for Endari® for a <span style="-sec-ix-hidden:F_000361">seven-year</span> period in the U.S. and for a <span style="-sec-ix-hidden:F_000362">ten-year</span> period in the European Union, respectively, following marketing approval. </span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Endari® is marketed and sold by the internal commercial sales team. Endari® is reimbursable by the Centers for Medicare and Medicaid Services, and every state provides coverage for Endari® for outpatient prescriptions to all eligible Medicaid enrollees within their state Medicaid programs. Endari® is also reimbursable by many commercial payors. The Company has agreements in place with the nation’s leading distributors, as well as physician group purchasing organizations and pharmacy benefits managers, making Endari® available at selected retail and specialty pharmacies nationwide.<span style="font-size:12pt;color:#000000;"> </span></p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:7.14%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 4, 2018, the FDA acknowledged receipt of the Company’s investigational new drug application, or IND, for the treatment of diverticulosis using the same prescription-grade L-glutamine (“PGLG”) oral powder used in Endari<span style="color:#000000;">®</span>. The Company subsequently received a “Study May Proceed” letter from the FDA. In April 2019 the Company commenced a Pilot/Phase 1 study of the safety and efficacy of PGLG oral powder in diverticulosis. The study will evaluate the change in the number and size of colonic diverticula and assess safety in a total of up to 10 to 15 patients at multiple study sites.</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:7.14%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Estimates<span style="font-weight:normal;">—Financial statements prepared in accordance with GAAP require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Significant assumptions made by management include those relating to revenue recognition on product sales, the estimated useful lives of equipment, impairment of assets, the variables used to calculate the valuation of conversion features, stock options and warrants, and estimated accruals on an ongoing basis. The Company’ bases its estimates on historical experience and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates under different assumptions or conditions. To the extent there are material differences between these estimates and actual results, the Company’s financial statements will be affected.</span></p>
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CY2021Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
427000
CY2020Q4 us-gaap Deferred Tax Liabilities Unrealized Gains On Trading Securities
DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities
427000
CY2021Q4 us-gaap Deferred Tax Liabilities Other
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CY2020Q4 us-gaap Deferred Tax Liabilities Other
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459000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
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429000
CY2020Q4 us-gaap Deferred Income Tax Liabilities
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2700000
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2020 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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187000
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CY2020 us-gaap Income Tax Reconciliation Tax Credits Other
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IncomeTaxReconciliationOtherAdjustments
502000
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2021 us-gaap Income Tax Expense Benefit
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CY2020 us-gaap Income Tax Expense Benefit
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1200000
CY2020 us-gaap Operating Lease Expense
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LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1174000
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1058000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1063000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1092000
CY2021Q4 emma Lessee Operating Leases Liability Payments Due Year Four And Thereafter
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836000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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5223000
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1222000
CY2021Q4 us-gaap Operating Lease Liability
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4001000
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3500000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Liability
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P4Y7M6D
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CY2020Q4 emma Marketable Securities Common Stock Outstanding
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CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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0.90
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0.50
CY2021 us-gaap Defined Benefit Plan Contributions By Employer
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91000
CY2020 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
71000

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