Emmaus Life Sciences, Inc. Quarterly report [Sections 13 or 15(d)]

Quarterly report [Sections 13 or 15(d)]

Notes Payable (Tables)

Notes Payable (Tables)

9 Months Ended

Sep. 30, 2025

Notes payable consisted of the following at September 30, 2025 and December 31, 2024 (in thousands except for number of underlying shares):


Year Issued	Interest Rate Range	Term of Notes	Conversion Price			Principal Outstanding September 30, 2025		Unamortized Discount September 30, 2025		Capitalized Accrued Interest September 30, 2025		Carrying Amount September 30, 2025		Underlying Shares September 30, 2025
Notes payable
2013	10%	Due on demand		—		$	676	$	—	$	—	$	676		—
2022	1%-12%	Due on demand		—			520		—		—		520		—
2023	11%	Due on demand		—			3,167		—		—		3,167		—
2024	30%	Due on demand		—			1,400		—		—		1,400		—
2025	42% - 56%	18-34 weeks		—			1,988		111		—		1,877		—
						$	7,751	$	111	$	—	$	7,640		—
		Current				$	7,751	$	111	$	—	$	7,640		—
Notes payable - related parties
2020	12%	Due on demand		—			100		—		—		100		—
2021	12%	Due on demand		—			700		—		—		700		—
2022	10%-12%	Due on demand - 5 years		—			4,076		57		—		4,019		—
2023	10%-60%	Due on demand		—			577		—		—		577		—
						$	5,453	$	57	$	—	$	5,396		—
		Current				$	3,132	$	—	$	—	$	3,132		—
		Non-current				$	2,321	$	57	$	—	$	2,264		—
Convertible notes payable
2021	10%	Due on demand	$	0.01			685		—		—		685		101,161,109
2023	13%	Due on demand	$	10.00	(a)		3,150		—		—		3,150		409,016
2023	10%	Due on demand	$	0.29			1,000		—		—		1,000		4,163,438
2024	12%	Due on demand	$	0.01			11,030		—		939		11,969		200,000,000
						$	15,865	$	—	$	939	$	16,804		305,733,563
		Current				$	15,865	$	—	$	939	$	16,804		305,733,563
		Total				$	29,069	$	168	$	939	$	29,840		305,733,563


Year Issued	Interest Rate Range	Term of Notes	Conversion Price			Principal Outstanding December 31, 2024		Unamortized Discount December 31, 2024		Capitalized Accrued Interest December 31, 2024		Carrying Amount December 31, 2024		Shares Underlying Notes December 31, 2024
Notes payable
2013	10%	Due on demand		—		$	638	$	—	$	—	$	638		—
2022	10% - 12%	Due on demand		—			505		—		—		505		—
2023	10% - 13%	Due on demand		—			3,200		—		—		3,200		—
2024	30%-48%	Due on demand -34 weeks		—			2,854		104		—		2,750		—
						$	7,197	$	104	$	—	$	7,093		—
		Current				$	7,197	$	104	$	—	$	7,093		—
Notes payable - related parties
2020	12%	Due on demand		—			100		—		—		100		—
2021	12%	Due on demand		—			700		—		—		700		—
2022	10%-12%	Due on demand - 5 years		—			4,316		75		—		4,241		—
2023	10%-60%	Due on demand		—			577		—		—		577		—
						$	5,693	$	75	$	—	$	5,618		—
		Current				$	3,372	$	—	$	—	$	3,372		—
		Non-current				$	2,321	$	75	$	—	$	2,246		—
Convertible notes payable
2021	2%	Due on Demand	$	0.13			895		—		—		895		39,455,164
2023	13%	Due on Demand	$	10.00	(a)		3,150		—		—		3,150		378,388
2023	10%	Due on Demand	$	0.29			1,000		—		—		1,000		3,905,526
2024	10%	1 year	$	0.13			11,030		—		939		11,969		132,861,455
						$	16,075	$	—	$	939	$	17,014		176,600,533
		Current				$	16,075	$	—	$	939	$	17,014		176,600,533
		Total				$	28,965	$	179	$	939	$	29,725		176,600,533

(a)

This note is convertible into shares of EMI Holding, Inc., a wholly owned subsidiary of Emmaus Life Sciences, Inc.

Schedule of future contractual principal payments of notes payable

As of September 30, 2025, future contractual principal payments due on notes payable were as follows (in thousands):


Year Ending
2025 (three months)	$	26,142
2026		606
2027		2,321
Total	$	29,069

Level 3 [Member] | Conversion Feature Liabilities [Member]

Schedule of fair value of conversion feature liabilities

The following table sets forth the fair value of the conversion feature liability as of December 31, 2024 (in thousands). As of September 30, 2025, the convertible promissory note became due and the conversion rate exceeded stock price and, therefore, the fair value of conversion feature was determined to be zero.


Convertible promissory notes	September 30, 2025			December 31, 2024
Balance, beginning of period	$	162		$	451
Change in fair value included in the statements of operations		(162	)		(289	)
Balance, end of period	$	—		$	162