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Emmaus Life Sciences, Inc. (EMMA0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $5.5 million from $5.0 million in the same quarter the previous year, attributed to increased sales in the MENA region.
Cost of goods sold for the quarter was $0.4 million, representing an increase from $0.2 million in the same quarter of the previous year, due to higher sales volume.
The company reported a gross profit of $5.1 million for the quarter, compared to $4.8 million in the previous year.
Research and development expenses decreased to $0.1 million from $0.4 million, primarily due to reduced CRO expenses.
Selling expenses decreased to $1.3 million from $1.5 million, mainly due to lower travel expenses and sponsorships.
General and administrative expenses were $2.8 million, slightly down from $2.9 million in the previous year.
The company recorded a net income of $1.8 million for the quarter, up from $0.1 million in the previous year, driven by increased other income and reduced expenses.
Emmaus had cash and cash equivalents of $1.3 million as of September 30, 2024. The company acknowledges the need for additional capital to meet future obligations.
The filing also details various financial agreements, including a convertible bond with Telcon RF Pharmaceutical, Inc. and notes payable to related parties.
Emmaus continues to focus on the commercialization of Endari® in the U.S. and MENA regions, despite the introduction of a generic version of L-Glutamine oral powder in the U.S. market.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Emmaus Life Sciences Incorporation quarterly 10-Q report dated November 19, 2024. To report an error, please email earnings@qz.com.