Commercial-stage biopharmaceutical company Emmaus Life Sciences Inc. (OTCQB:EMMA) on Monday reported net revenues of USD16.7bn for the year ended 31 December 2024, down almost 44% from USD29.6m for 2023.

The drop was attributed to inventory shortages that began early in 2024 and extended into the third quarter.

"Although sales rebounded once the shortage was resolved, they could not make up for the lost sales earlier in the year," explained Willis Lee, chairman of the board and CEO of Emmaus.

The decline in net revenues was partially offset by a nearly 30% reduction in net operating expenses, resulting in a loss from operations of approximately USD1.9m compared with income from operations of approximately USD3.5m in 2023. In the second half of 2024 Emmaus recorded slightly positive income from operations.

Net loss increased to USD6.5m, or USD0.10 per share, from USD3.7m or USD0.07 per share in 2023.