Emmaus Life Sciences Inc (OTCQX:EMMA) has said sales momentum is “strong” for the coming year as it reported results for the 12 months ended December 31, 2022.
In a statement, Dr Yutaka Niihara, chairman and chief executive officer of Emmaus, said: "Despite significant Covid-related interruptions that affected our net revenues in early 2022, there were steady and significant increases quarter over quarter throughout the rest of the year.
“Also, we were able to get marketing authorization approvals for Endari in Qatar and Kuwait in Q4 2022 following approval in the UAE earlier in 2022, so the sales momentum is strong for the upcoming year."
READ: Emmaus Life Sciences CEO Dr Yutaka Niihara highly praised by the Indian government for developing Endari
Emmaus said net revenues for 2022 were $18.4 million, compared to $20.6 million for 2021. Although sales volume as measured by the number of boxes of sickle-cell treatment Endari sold increased compared to 2021, net revenues were adversely affected by somewhat higher and more frequent discounts afforded to distributors on bulk orders in 2022 compared to 2021, it noted.
The net loss for the year was reduced to $10.6 million, or $0.21 per share, down from $15.9 million, or $0.32 per share in 2021, primarily attributable to a decrease in other expenses, which fell by 59%, to $4.0 million.
Emmaus had cash and cash equivalents of $2.0 million at the end of 2022, compared with $2.3 million a year earlier. It noted that based on the company's cash and cash equivalents and anticipated future revenues and operating expenses, there is substantial doubt about the company's ability to continue as a going concern, and the audit report of the company's independent registered public accounting firm on the 2022 financials contains a going-concern qualification.
Emmaus Life Sciences 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 US, Bahrain, Oman, Qatar, and the United Arab Emirates (UAE) 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 Administration.
Contact the author at jon.hopkins@proactiveinvestors.com