Emmaus Life Sciences Inc (OTCQX:EMMA) has announced that its first-quarter 2023 net revenues rose 109% year over year to $6.8 million, which the company attributable primarily to higher sales in both the US and the Middle East North Africa (MENA) region.
The commercial-stage biopharmaceutical firm also said it 1Q loss from operations improved to $1.2 million from $3.1 million in the same period in 2022.
“We enjoyed a fifth straight increase in quarterly net revenues … as a result, we were able to substantially reduce loss from operations and realized income from operations excluding share-based compensation,” Emmaus Life Sciences CEO Yutaka Niihara said in a statement.
“We hope to build on this momentum and achieve income from operations in the coming quarters, as well as obtaining potential marketing approval of Endari in the Kingdom of Saudi Arabia,” Niihara added.
Emmaus noted that Endari, a US Food and Drug Administration (FDA) approved medication for treating sickle cell disease, was approved for marketing in the MENA region, including Kuwait, in late 2022.
The company added that it ended the quarter with cash and equivalents of $1.8 million as of March 31, 2023.
Torrance, California-based Emmaus Life Sciences is a commercial-stage biopharmaceutical company engaged in the discovery, development, and sales of innovative treatments and therapies, including those in the rare and orphan disease categories.
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