Emmaus Life Sciences is a small commercial-stage biopharmaceutical company with a single FDA-approved product: Endari, a prescription-grade L-glutamine oral powder approved to reduce acute complications of sickle cell disease (SCD) in patients aged five and older. SCD is a rare hereditary blood disorder affecting roughly 100,000 patients in the U.S., and Endari works by reducing oxidative stress in sickle red blood cells, making them less likely to block blood vessels. Emmaus sells Endari in the U.S. through the four largest specialty pharmaceutical distributors, and internationally through exclusive distributor arrangements across several MENA countries, with Saudi Arabia representing a near-term expansion opportunity. Emmaus's business model relies on prescription volume, payor reimbursement rates, and net pricing after rebates and patient assistance programs. In December 2025, Emmaus signed a deal with NeoImmuneTech to hand over U.S. and Canadian marketing rights for Endari; if completed, Emmaus would shift from direct U.S. sales to supplying Endari at a cost-plus margin and collecting a royalty on NeoImmuneTech's sales. Emmaus has largely suspended R&D, has only 28 full-time employees, and is focused on managing debt and commercializing Endari. The company's orphan drug exclusivity in the U.S. expired in July 2024, and a generic competitor has since launched, putting pressure on reimbursement rates and net revenues.