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

Notes Payable (Tables)

3 Months Ended

Mar. 31, 2026

Notes payable consisted of the following at March 31, 2026 and December 31, 2025 (in thousands except for number of underlying shares):


Year Issued	Interest Rate Range	Term of Notes	Conversion Price			Principal Outstanding March 31, 2026		Unamortized Discount March 31, 2026		Capitalized amount March 31, 2026		Carrying Amount March 31, 2026		Shares Underlying Notes March 31, 2026
Notes payable
2013	10%	Due on demand		—		$	626	$	—	$	—	$	626		—
2022	10% - 12%	Due on demand		—			501		—		—		501		—
2023	11%	Due on demand		—			3,007		—		—		3,007		—
2024	30%	Due on demand		—			1,400		—		—		1,400		—
2025	44% - 53%	18-37 weeks		—			1,171		60		—		1,111		—
2026	49%	30 weeks		—			953		69		—		884		—
						$	7,658	$	129	$	—	$	7,529		—
		Current				$	7,658	$	129	$	—	$	7,529		—
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		—			4,067		44		—		4,023		—
2023	10%-60%	Due on demand		—			577		—		—		577		—
						$	5,444	$	44	$	—	$	5,400		—
		Current				$	3,123	$	—	$	—	$	3,123		—
		Non-current				$	2,321	$	44	$	—	$	2,277		—
Convertible notes payable
2021	10%	Due on Demand	$	0.01			685		—		—		685		18,038,735
2023	13%	Due on Demand	$	10.00	(a)		3,150		—		—		3,150		458,409
2023	10%	Due on Demand	$	0.29			1,000		—		—		1,000		3,448,275
2024	12%	Due on Demand	$	0.01			8,621		—		3,900		12,521		28,861,975
						$	13,456	$	—	$	3,900	$	17,356		50,807,394
		Current				$	13,456	$	—	$	3,900	$	17,356		50,807,394
		Grand Total				$	26,558	$	173	$	3,900	$	30,285		50,807,394


Year Issued	Interest Rate Range	Term of Notes	Conversion Price			Principal Outstanding December 31, 2025		Unamortized Discount December 31, 2025		Capitalized amount December 31, 2025		Carrying Amount December 31, 2025		Shares Underlying Notes December 31, 2025
Notes payable
2013	10%	Due on demand		—		$	638	$	—	$	—	$	638		—
2022	10% - 12%	Due on demand		—			505		—		—		505		—
2023	11%	Due on demand		—			3,093		—		—		3,093		—
2024	30%	Due on demand		—			1,400		—		—		1,400		—
2025	44% - 59%	18-37 weeks		—			2,574		191		—		2,383		—
						$	8,210	$	191	$	—	$	8,019		—
		Current				$	8,210	$	191	$	—	$	8,019		—
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		50		—		4,026		—
2023	10%-60%	Due on demand		—			577		—		—		577		—
						$	5,453	$	50	$	—	$	5,403		—
		Current				$	3,132	$	—	$	—	$	3,132		—
		Non-current				$	2,321	$	50	$	—	$	2,271		—
Convertible notes payable
2021	10%	Due on Demand	$	0.01			685		—		—		685		18,038,735
2023	13%	Due on Demand	$	10.00	(a)		3,150		—		—		3,150		419,338
2023	10%	Due on Demand	$	0.29			1,000		—		—		1,000		3,448,275
2024	12%	Due on Demand	$	0.01			8,630		—		3,915		12,545		28,861,975
						$	13,465	$	—	$	3,915	$	17,380		50,768,323
		Current				$	13,465	$	—	$	3,915	$	17,380		50,768,323
		Grand Total				$	27,128	$	241	$	3,915	$	30,802		50,768,323

(a)

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

As of March 31, 2026, future contractual principal payments due on notes payable were as follows (in thousands):

The following table set forth and the fair value of the conversion feature liability as of March 31, 2026 and December 31, 2025 (in thousands):


Conversion feature liability	March 31, 2026		December 31, 2025
Balance, beginning of year	$	—	$	162
Change in fair value included in the statement of operations		235		(162	)
Balance, end of year	$	235	$	—