Emmaus Life Sciences, Inc. (EMMA)
CIK 822370 · all EDGAR filings →
Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.
Shares outstanding over time
Latest: 70.2M shares as of Aug 11, 2026 (10-Q). Share count fell from 107.5M to 2.2M between Aug 15, 2016 and Dec 21, 2016, a pattern consistent with a reverse split (roughly 1-for-48); simultaneous issuance can skew the raw ratio, so confirm in the filings. The red bar marks the cliff.
Cash runway
Going-concern warning
auditor flagged substantial doubt
The company itself flagged going-concern doubt in a filing.
Full breakdown: cash runway tool · source filing →
Warrants
| Tranche | Warrants | Exercise price | Term | Notes |
|---|---|---|---|---|
| Warrant | 1.0M | not tagged | — | — |
| Professional Relations and Consulting Service | 500,000 | $0.47 | — | — |
Tranches exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.
Warrants outstanding: 8.2M underlying shares, as reported Mar 31, 2022 (10-Q).
Reported exercise price: $4.5 (aggregate figure as tagged; individual tranches vary).
Balance-sheet fair value of warrants: $84,000 as of Jul 31, 2022.
Rough fully diluted estimate: 78.4M = 70.2M O/S + 8.2M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.
Convertible notes
| Note | Principal | Carrying | Conv. price | Rate | If converted |
|---|---|---|---|---|---|
| Convertible Notes Payable Two Thousand Twenty Four | not tagged | $12.5M | $0.01 | 12% | — |
| Convertible Promissory Note | $8.6M | — | $0.01 | 2%-10% | ~860.0M sh |
| Convertible Notes Payable 2023 | not tagged | $3.1M | $10 | 13% | — |
| Convertible Notes Payable Two Thousand Twenty Three | not tagged | $1.0M | $0.29 | 10% | — |
| Convertible Notes Payable 2021 | not tagged | $685,000 | $0.01 | 10% | — |
If every note above converted at its tagged price: ~860.0M new shares on 70.2M currently outstanding. An estimate from principal ÷ conversion price, with inputs carrying different as-of dates; make-whole adjustments, capped calls and partial repurchases are not modeled.
Notes exactly as the company dimensioned them in its 10-Q filed Aug 14, 2026 →. Principal is face amount as tagged, not what remains after repurchases unless the filer updated the tag. A note the filer did not dimension is absent here, not absent from the balance sheet; the exhibits stay the ground truth.
Fully diluted build-up
Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.
| Shares outstanding | 70.2M | Aug 11, 2026 |
| + Warrant (if exercised) | 1.0M | Jun 30, 2026 |
| + Professional Relations and Consulting Service (if exercised) | 500,000 | Jan 27, 2023 |
| + Convertible Promissory Note (if fully converted) | 860.0M | Jun 30, 2026 |
| Fully diluted estimate | 931.7M | +1227.4% vs O/S |
Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.
Registrations and offerings
Last 12 months: 1 executed · 0 registered.
Full history and shelf status: offering checker · S-3 shelf checker
Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.
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