Emmaus Life Sciences

EMMA

Biotechnology · Healthcare

Price

$0.01

-0.00 (-0.52%)

Market Cap

$800,146

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+30.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 49.3M (2021) → 64.0M (2025)

Emmaus Life Sciences is a small biotechnology company focused on treating rare blood disorders. Its main product is Endari (L-glutamine oral powder), a prescription treatment for sickle cell disease — a painful inherited condition that affects red blood cells. Endari was approved by the U.S. Food and Drug Administration in 2017, making it one of the few FDA-approved therapies specifically for sickle cell disease.

The company earns revenue by selling Endari directly to patients and healthcare providers, primarily in the United States. With a market cap near zero and a negative return on invested capital, Emmaus is a very small, financially fragile business. Its main competitive advantage is the FDA approval itself, which creates a regulatory barrier, but the company faces serious risk from larger pharmaceutical firms developing newer sickle cell treatments — including gene therapies — that could reduce demand for Endari over time.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.0% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-21.2% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$313,000/ year

↓ Declining (-52% vs prior year)

2.5% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

39.1%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$2M cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Emmaus Life Sciences is a rare growth stock that's already generating positive cash flow while growing at 17%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

93.9%

Premium pricing power — 93.9% gross margin

Operating Margin

23.0%

Excellent — 23.0% operating margin

ROCE

N/A

—

Data not available

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Growth

Sales YoY

-25.2%

Shrinking sales (-25.2% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-0.1%

Burning cash (-0.1%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

0.03x

Dangerous — barely covers interest (0.0x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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