NOTE 14—SUBSEQUENT EVENTS

In February 2026, Emmaus Medical entered into a Sale of Future Receipts Agreement with a third party pursuant to which it sold and assigned $1.7 million of future receipts (the "Purchased Amount") in exchange for net cash proceeds of $1.1 million. Under the agreement, the Company agreed to pay the third party approximately $57 thousand weekly for 30 weeks until the Purchase Amount has been collected. The portion of proceeds was used to pay December 2025 loan.

In January 2026 NIT hired selected members of our U.S. sales force and the Company entered into a Commercial Personal Services Agreement with NIT as contemplated by the License and Exclusive Distribution Agreement, or License Agreement, with NIT. Under the Commercial Personal Services Agreement, pending the “Effective Date” of the License Agreement, NIT will render to the sales and marketing services for Endari® in the field in the Territory in exchange for a payment of quarterly fees in the low-to-mid six figures. The Company will continue to realize all revenues from sales of Endari® in the territory pending the Effective Date.

In March 2026 the Company entered into the Exclusive Supply Agreement contemplated by the License Agreement. Subject to the occurrence of the “Effective Date” of the License Agreement, pursuant to the Exclusive Supply Agreement the Company will agree to supply exclusively to NIT, and NIT will agree, subject to certain exceptions, to purchase exclusively from the Company all of NIT’s requirements for the products under the License Agreement at a purchase price based upon our cost of production plus a specified double digit percentage margin.

The Effective Date of the License Agreement is subject to NIT’s obtaining the necessary regulatory approvals and licensing to sell and distribute the Product and other specified conditions, and there is no assurance that the Effective Date will occur. The License Agreement may be terminated by either party if the Effective Date does not occur by October 1, 2026 unless the failure to occur is due to the Company's wrongful acts.