Emmaus Life Sciences

EMMA

Biotechnology · Healthcare

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Winston Score History

The full picture

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.

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

-17.6% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-30.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

39.1%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~9 years

$13M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$13M cash & investments at current burn rate

Revenue declining

Emmaus Life Sciences's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

91.5%

Premium pricing power — 91.5% gross margin

Profit after running costs

Operating Margin

-41.5%

Losing money on operations — -41.5%

Return on the money invested

ROCE

N/A

—

Data not available

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Growth

Sales growth

Sales YoY

-27.3%

Shrinking sales (-27.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-5.3%

Burning cash (-5.3%)

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

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

0.05x

Dangerous — barely covers interest (0.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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