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EMMA on OTC

Emmaus Life Sciences, Inc.

In its 2026 annual report the company says: “We are a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sale of innovative treatments and therapies, primarily for rare and orphan diseases. Our only product, Endari® (prescription grade L-glutamine oral powder) is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease in adult and pediatric patients five years of age and older. Our a pplication for marketing authorization in the Kingdom of Saudi Arabia, or KSA, is pending.”4 It is headquartered in Torrance, California.1 Its shares trade on OTC under the symbol EMMA.1

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Last updated Oct 21, 2026.

Overview

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  • TickerEMMA on OTC1
  • IndustryPharmaceutical Preparations1
  • HeadquartersTorrance, California1
  • Incorporated inDE2
  • Business address21250 Hawthorne Boulevard, Suite 800, Torrance, Ca 905032
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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We are a commercial-stage biopharmaceutical company engaged in the discovery, development, marketing and sale of innovative treatments and therapies, primarily for rare and orphan diseases. Our only product, Endari® (prescription grade L-glutamine oral powder) is approved by the U.S. Food and Drug Administration, or FDA, to reduce the acute complications of sickle cell disease (“SCD”) in adult and pediatric patients five years of age and older. Endari® was approved for marketing in the United Arab Emirates, or U.A.E, Qatar, Kuwait, Bahrain and Oman. Our a pplication for marketing authorization in the Kingdom of Saudi Arabia, or KSA, is pending. While the application is pending, the FDA approval of Endari® can be referenced to allow access to Endari® in Saudi Arabia on a named-patient basis. In January 2025, Endari® was afforded market exclusivity in the KSA by the KSA’s unified purchasin…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

93.1%Gross margin5
1.9%Operating margin5
-60.2%Net margin5
-25.2%Revenue growth, 20255
-$12.0KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Endari U S brought in 73% of the revenue Emmaus Life Sciences, Inc. broke down this way in fiscal 2025.

  1. Endari U S$9.0M573%down 33% from 2024
  2. Endari International$3.2M526%up 19% from 2024
  3. Product and Service, Other$225.0K52%down 56% from 2024
Products and services by year
Products and services20242025
Endari U S$13.5M$9.0M
Endari International$2.7M$3.2M
Product and Service, Other$506.0K$225.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue7¢$857.0K
  • Research and development3¢$313.0K
  • Other costs33¢$4.1M
  • Interest57¢$7.1M
  • Income tax0¢$9.0K

Out of $12.5M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$12.5M in 2025−45% since 2019
0$10.0M$20.0M$30.0M2019: $22.8M$22.8M20192020: $23.2M$23.2M2020+2%2021: $20.6M$20.6M2021−11%2022: $18.4M$18.4M2022−11%2023: $29.6M$29.6M2023+61%2024: $16.7M$16.7M2024−44%2025: $12.5M$12.5M2025−25%
Gross profit6789105$11.6M in 2025−46% since 2019
0$10.0M$20.0M$30.0M2019: $21.7M$21.7M20192020: $20.9M$20.9M2020−3%2021: $17.3M$17.3M2021−17%2022: $15.8M$15.8M2022−9%2023: $28.3M$28.3M2023+79%2024: $15.5M$15.5M2024−45%2025: $11.6M$11.6M2025−25%
Operating income6789105$231.0K in 2025
-$10.0M-$5.0M0$5.0M2019: -$4.5M-$4.5M20192020: -$32.0K-$32.0K2020−99%2021: -$6.1M-$6.1M2021+19050%2022: -$6.6M-$6.6M2022+7%2023: $3.5M$3.5M20232024: -$1.9M-$1.9M20242025: $231.0K$231.0K2025
Net income6789105-$7.5M in 2025−86% since 2019
-$60.0M-$40.0M-$20.0M0$20.0M2019: -$54.8M-$54.8M20192020: $1.4M$1.4M20202021: -$15.9M-$15.9M20212022: -$10.6M-$10.6M2022−33%2023: -$3.7M-$3.7M2023−65%2024: -$6.5M-$6.5M2024+73%2025: -$7.5M-$7.5M2025+16%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
REVENUES, NET$12.5M$16.7M
COST OF GOODS SOLD$857.0K$1.2M
GROSS PROFIT$11.6M$15.5M
Research and development$313.0K$657.0K
Selling$2.9M$6.0M
General and administrative$8.2M$10.7M
Total operating expenses$11.4M$17.3M
INCOME (LOSS) FROM OPERATIONS$231.0K-$1.9M
Debt extinguishment-$1.4M
Change in fair value of warrant derivative liabilities-$5.0K$57.0K
Change in fair value of conversion feature derivative, notes payable$162.0K$291.0K
Realized loss on investment in convertible bond-$531.0K-$544.0K
Gain on restructured debt$1.0M
Gain (loss) on lease modification$861.0K-$4.0K
Foreign exchange loss$26.0K-$148.0K
Interest and other income (net)$270.0K$278.0K
Interest expense-$7.1M-$5.5M
Total other expense-$7.7M-$4.5M
LOSS BEFORE INCOME TAXES-$7.5M-$6.4M
Income tax provision$9.0K$29.0K
NET LOSS-$7.5M-$6.5M
Unrealized gain (loss) on debt securities available for sale (net of tax)-$84.0K-$3.1M
Reclassification adjustment for loss included in net loss$354.0K$197.0K
Foreign currency translation adjustments-$4.0K$54.0K
Other comprehensive income (loss)$266.0K-$2.8M
COMPREHENSIVE LOSS-$7.2M-$9.3M
NET LOSS PER COMMON SHARE - BASIC-$0.12-$0.10
NET LOSS PER COMMON SHARE - DILUTED-$0.12-$0.10
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING BASIC64.0M shares63.2M shares
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING DILUTED64.0M shares63.2M shares

Compare Emmaus Life Sciences, Inc. with another company

Corporate structure

Emmaus Life Sciences, Inc. sits at the top of its group. 5 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Emmaus Life Sciences, Inc.

  • Seah H. Lim Filed SCHEDULE 13G/A on Emmaus Life Sciences, Inc., latest Feb 4, 2025 (2 filings since Dec 22, 2023)
  • Yutaka Niihara Filed SC 13D/A on Emmaus Life Sciences, Inc., latest Feb 21, 2023 (4 filings since Dec 1, 2021)
  • Emmaus Life Sciences, Inc. Torrance, California
    • Emmaus Medical Europe, Ltd. Subsidiary · United Kingdom
    • Emmaus Medical Japan, Inc. Subsidiary · Japan
    • Emmaus Medical, Inc. Subsidiary · Delaware, United States
    • Newfield Nutrition Corp. Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Emmaus Life Sciences, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$469.0K5 Dec 31, 2025$402.0K5 Dec 31, 2024+16.7%
Accumulated depreciation$356.0K5 Dec 31, 2025$356.0K5 Dec 31, 20240%
Property and equipment, net$113.0K5 Dec 31, 2025$46.0K5 Dec 31, 2024+145.7%
Operating-lease assets (leased space)$766.0K5 Dec 31, 2025$1.5M5 Dec 31, 2024−49.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.1M5 Dec 31, 2025$1.4M5 Dec 31, 2024+53.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.6M5 Dec 31, 2025$1.6M5 Dec 31, 2024−4.9%
Work in process$26.0K5 Dec 31, 2025$184.0K5 Dec 31, 2024−85.9%
Finished goods$5.3M5 Dec 31, 2025$5.3M5 Dec 31, 2024+0.3%

Properties, in its own words

We lease 4,639 square feet of office space for our headquarters in Torrance, California, at a base rental of $18,556 per month pursuant to lease, as amended, which will expire on April 1, 2030. In connection with an amendment to the lease effective on April 2, 2025, we recognized $0.9 million gain on lease modification included in the consolidated statement of operations for the year ended December 31, 2025. We also lease 1,163 square feet of office space in Dubai, UAE, which lease will expire on June 19, 2026. Rent expense for the years ended December 31, 2025 and 2024 was approximately $0.5 million and $1.1 million, respectively.

We believe our existing facilities are adequate for our current and planned future operations, and we expect to be able to renew the leases on commercially reasonable terms.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led Emmaus Life Sciences, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Silas A. Phillips2006
  2. Leonard J. Brandt2007
  3. George C. Carpenter Iv.2010–2018
  4. Patrick Herguth2018
  5. Yutaka Niihara2019–2023
  6. Willis C. Lee2026–now

Chair

  1. Yutaka Niihara2019–2023

President

  1. Leonard J. Brandt2007
  2. George C. Carpenter Iv.2007–2013
  3. Daniel A. Hoffman2010
  4. George Sekulich2024
  5. Willis C. Lee2024

Chief financial officer

  1. Silas A. Phillips2006
  2. Horace Hertz2007
  3. Paul Buck2010–2016
  4. Donald Eric D'Ambrosio2017–2019
  5. Joseph Charles Sherwood Iii.2019
  6. Yasushi Nagasaki2023–2024

Chief operating officer

  1. Willis C. Lee2019–2024
2010201520202025
Board members and other officers (37)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorLim Seah named Jan 20, 2023 to Jan 31, 202360
  • DirectorRobert Dickey named Jun 30, 202261

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Emmaus Medical Europe, Ltd. United Kingdom3
  • Emmaus Medical Japan, Inc. Japan3
  • Emmaus Medical, Inc. Delaware3
  • Newfield Nutrition Corp. Delaware3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MYnd Analytics, Inc.Dec 28, 2015 to Jul 12, 20192
  • CNS RESPONSE, INC.Mar 13, 2007 to Dec 10, 20152
  • STRATIVATION, INC.Nov 15, 2005 to Mar 1, 20072
  • SalesTactix, Inc.Aug 17, 2004 to Aug 23, 20052
  • AGE RESEARCH INCAug 11, 1999 to Aug 5, 20042

Timeline

  1. Sep 2, 2026New chief executive Willis C. Lee becomes CEO13
  2. Aug 14, 20268-K Results of operations62
  3. May 15, 20268-K Results of operations63
  4. Apr 17, 20268-K Executive or director change64
  5. Apr 14, 20268-K Executive or director change65
  6. Mar 31, 20268-K Results of operations66
  7. Mar 4, 20268-K Entered a material agreement67
  8. Dec 31, 20258-K Entered a material agreement; Other events68
  9. Dec 22, 20258-K Entered a material agreement; New debt or obligation; Unregistered sale of shares69
  10. Dec 19, 20258-K Executive or director change70
  11. Nov 14, 20258-K Results of operations71
  12. Aug 14, 20258-K Results of operations72
  13. Jul 1, 20258-K Executive or director change73
  14. Jul 29, 2019New chief executive Yutaka Niihara becomes CEO14
  15. Dec 14, 2018New chief executive Patrick Herguth becomes CEO15
  16. Jan 22, 2010New chief executive George C. Carpenter Iv. becomes CEO16
  17. Mar 20, 2007New chief executive Leonard J. Brandt becomes CEO17
  18. Jul 26, 2006New chief executive Silas A. Phillips becomes CEO18

Calendar

Coming up

  1. Around Nov 13, 2026Next results, estimated About a quarter after its last report. The company hasn't announced the date.

When it reported results

  1. Aug 14, 2026Reported quarterly or annual results62
  2. May 15, 2026Reported quarterly or annual results63
  3. Mar 31, 2026Reported quarterly or annual results66
  4. Nov 14, 2025Reported quarterly or annual results71
  5. Aug 14, 2025Reported quarterly or annual results72
  6. May 15, 2025Reported quarterly or annual results74
  7. Apr 14, 2025Reported quarterly or annual results75
  8. Nov 19, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

159 filings to the SEC since October 2021: 6 annual reports, 15 quarterly reports, 46 major events, 75 insider forms, 6 large holders, 3 private raises, 8 other. The latest 20:

  1. Sep 2, 20264 EDGAR
  2. Aug 14, 20268-K CURRENT REPORT EDGAR
  3. Aug 14, 202610-Q EDGAR
  4. May 15, 20268-K CURRENT REPORT EDGAR
  5. May 15, 202610-Q EDGAR
  6. Apr 21, 20263 EDGAR
  7. Apr 17, 20268-K CURRENT REPORT EDGAR
  8. Apr 14, 20268-K CURRENT REPORT EDGAR
  9. Mar 31, 20268-K CURRENT REPORT EDGAR
  10. Mar 31, 202610-K EDGAR
  11. Mar 4, 20268-K CURRENT REPORT EDGAR
  12. Dec 31, 20258-K CURRENT REPORT EDGAR
  13. Dec 22, 20258-K CURRENT REPORT EDGAR
  14. Dec 19, 20258-K CURRENT REPORT EDGAR
  15. Nov 14, 20258-K CURRENT REPORT EDGAR
  16. Nov 14, 202510-Q EDGAR
  17. Aug 14, 20258-K CURRENT REPORT EDGAR
  18. Aug 14, 202510-Q EDGAR
  19. Jul 1, 20258-K CURRENT REPORT EDGAR
  20. May 15, 20258-K CURRENT REPORT EDGAR

The 159 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

143 open-market trades by officers, directors and large owners since October 2021: 141 buys and 2 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 31, 2026LEE WILLIS CCEOBuy100,000$0.05$5.0KForm 4
Aug 28, 2026LEE WILLIS CCEOBuy94,767$0.06$5.7KForm 4
Aug 27, 2026LEE WILLIS CCEOBuy50,000$0.05$2.5KForm 4
Aug 25, 2026LEE WILLIS CCEOBuy46,000$0.04$1.8KForm 4
Aug 29, 2025LEE WILLIS CCEOBuy170,000$0.01$1.7KForm 4
May 30, 2025LEE WILLIS CCEOBuy70,000$0.02$1.4KForm 4
Sep 16, 2024Lim Seah H.DirectorBuy20,000$0.04$800Form 4
Feb 29, 2024LEE WILLIS CCEOBuy77,000$0.13$10.0KForm 4
Feb 28, 2024LEE WILLIS CCEOBuy15,000$0.12$1.8KForm 4
Feb 27, 2024LEE WILLIS CCEOBuy10,000$0.13$1.3KForm 4
Feb 26, 2024LEE WILLIS CCEOBuy13,200$0.12$1.6KForm 4
Dec 20, 2023Lim Seah H.DirectorSale32,500$0.05$1.6KForm 4
Dec 15, 2023Lim Seah H.DirectorSale6,000$0.11$660Form 4
Nov 30, 2023LEE WILLIS CCEOBuy59,400$0.12$7.1KForm 4
Nov 30, 2023LEE WILLIS CCEOBuy7,417$0.12$890Form 4
Nov 29, 2023LEE WILLIS CCEOBuy36,000$0.12$4.3KForm 4
Nov 29, 2023LEE WILLIS CCEOBuy4,325$0.12$519Form 4
Nov 28, 2023LEE WILLIS CCEOBuy12,000$0.12$1.4KForm 4
Nov 28, 2023LEE WILLIS CCEOBuy1,470$0.12$176Form 4
Nov 14, 2023LEE WILLIS CCEOBuy1,100$0.12$132Form 4

All 143 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jan 30, 2023Filed a private offering of securities Form D: $235,000 offered in all Form D
  2. Jan 12, 2023Filed a private offering of securities Form D: $34 million offered in all Form D
  3. Jun 29, 2022Raised $110,000 in a private offering of equity Form D: $220,000 offered in all Form D

SEC filer profile

How Emmaus Life Sciences, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAREmmaus Life Sciences, Inc.1
  • CIK0000822370
  • Employer ID (EIN)87-04193874
  • Filer statusNon‑accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address21250 Hawthorne Boulevard, Suite 800, Torrance, CA 905031
  • Phone310-214-00651
  • Shares outstanding70,188,263 as of Aug 11, 202612
  • Public float$581.7K as of Jun 30, 20254
  • AuditorCBIZ CPAs P.C., Costa Mesa, California PCAOB ID 199; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 7, 19991
  • Filings1,250 in all: 4 (399), 8-K (263), 3 (63), 10-Q (54), SC 13D/A (31), 10QSB (28), UPLOAD (27), D (23)1
    All 61 form types

    CORRESP (21), DEFA14A (21), 10-K (18), 4/A (17), NT 10-Q (17), S-1/A (17), SC 13D (16), DFAN14A (14), 425 (13), 8-K/A (13), DEF 14A (12), NT 10-K (12), PRRN14A (12), SC 13G (12), EFFECT (11), 10KSB (9), 3/A (9), S-8 (9), 10-K/A (8), 424B3 (8), PRE 14A (8), SC 13G/A (8), S-1 (7), D/A (6), 10-Q/A (5), DEF 14C (4), PRE 14C (4), PRER14C (4), 10QSB/A (3), 424B5 (3), CERTNAS (3), FWP (3), S-3 (3), SC 14F1 (3), 10KSB/A (2), 8-A12B (2), DEFN14A (2), DFRN14A (2), POS AM (2), PREC14A (2), PREN14A (2), RW (2), S-3/A (2), S-4/A (2), 10SB12G (1), 10SB12G/A (1), 25-NSE (1), 424B4 (1), ARS (1), PRER14A (1), S-4 (1), SB-2 (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 14, 2026
    Proxy statement (DEF 14A) Oct 31, 2022
    Latest 8-K (8-K) Aug 14, 2026

Risk factors and legal proceedings

The risks Emmaus Life Sciences, Inc. names in Item 1A of its 10-K filed Mar 31, 2026: 32 risks under these headings, as written.4

  • Risks Related to Our Business
  • We have operated at a loss and may continue to operate at a loss for the foreseeable future.
  • We are dependent on restructuring or refinancing our existing indebtedness and on new financing to sustain our operations, and there is substantial doubt regarding our ability to continue as a going concern.
  • We recently changed our strategy for commercialization of Endari® in the U.S., the effectiveness of which is subject to certain conditions and which may not prove successful, and our historical results of operations are no indication of our future performance.
  • We are dependent on the commercial success of our only product, Endari®.
  • Endari® faces intense competition from treatments of companies with greater resources than us, and if our competitors are successful in marketing or developing alternative treatments, our commercial opportunities may be reduced or eliminated.
  • If we or NIT are unable to achieve and maintain adequate levels of coverage and reimbursement for Endari®, on reasonable pricing terms, its commercial success may be severely hindered.
  • The majority of Endari® sales are to a few customers and the loss of a customer could adversely affect our results of operations.
  • The market exclusivity for Endari® for SCD in the U.S. expired in July 2024 and Endari® has no or limited market exclusivity in the MENA region, which lack of exclusivity could adversely affect our Endari® sales and results of operations in the U.S. and in the MENA region.
  • Many of our potential customers are in markets with underdeveloped health care systems.
  • A variety of risks associated with marketing Endari® internationally could hurt our business.
  • Our business may be adversely impacted by the consequences of the war with Iran.
The other 21 risks
  • We may not be able to anticipate the demand for and appropriate supply of Endari®.
  • If the single manufacturer of prescription-grade L-glutamine or, as has happened in the past the single packager upon which we rely for our finished goods inventory of Endari®, fails to produce in the volumes and quality that we require on a timely basis or fails to comply with stringent regulations applicable to pharmaceutical manufacturers, we may face interruptions in sales of, or be unable to meet demand for, Endari®, including our obligation to supply Endari® to NIT under the exclusive supply agreement, and may lose potential revenues.
  • Endari® may cause undesirable side effects or have other unexpected properties that could result in post-approval regulatory action.
  • We face potential product liability exposure relating to Endari® and, if successful claims are brought against us, we may incur substantial liability if our insurance coverage for those claims is inadequate.
  • Our business and operations may be adversely affected by information technology (“IT”) system failures or cybersecurity or data breaches.
  • We have identified material weaknesses in our internal controls over financial reporting and governance matters.
  • Risks Related to Our Intellectual Property
  • We may not be able to obtain and enforce intellectual property rights that cover our commercial activities or are sufficient to prevent third parties from competing against us.
  • We will depend on licenses of certain patents for the resumption of development of some of our product candidates. If any of these licenses terminate, or if any of the licensed patents is successfully challenged, we may be unable to continue the development of the affected product candidates.
  • Risks Related to Regulatory Oversight of Our Business and Compliance with Law
  • Endari® is subject to ongoing and continued regulatory review, compliance with which may result in significant expense and limit our ability to commercialize Endari®.
  • We are subject to numerous complex regulations and failure to comply with these regulations, or the cost of compliance with these regulations, may harm our business.
  • Health care reform measures and changes in policies, funding, staffing and leadership at the FDA and other agencies could hinder or prevent the commercial success of Endari®.
  • If we fail to comply with federal and state healthcare laws, including fraud and abuse and health information privacy and security laws, we could face substantial penalties and our business, results of operations, financial condition and prospects could be adversely affected.
  • Risks Related to Our Securities
  • We have been delinquent in our past SEC reporting obligations, and if we fail to timely file our future SEC reports, our security holders and prospective investors will not have current information regarding our financial statements and status of our business and operations and our common stock may no longer be eligible for quotation on the OTC Markets Group, Inc.
  • We have experienced, and may continue to experience, significant volatility in our stock price.
  • Trading on the OTC Markets is volatile and sporadic, which could depress the market price of our common stock and make it difficult for our investors and stockholders to resell their common stock.
  • Our outstanding convertible promissory notes may result in dilution to our stockholders.
  • Stockholders may experience future dilution from future financings.
  • A substantial number of shares of common stock may be sold in the market, which may depress the market price for our common stock.
  • Our common stock is not traded on a national securities exchange, which may adversely affect our ability to raise needed financing.
  • As long as our common stock is quoted on the OTC Markets, our stockholders may face significant restrictions on the resale of our common stock due to state “blue sky” laws.
  • We may issue preferred stock in the future, and the terms of the preferred stock may reduce the value of our common stock.

Sources

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