Notes Payable (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of notes payable

Notes payable consisted of the following at June 30, 2026 and December 31, 2025 (in thousands except for number of underlying shares):


Year Issued		Interest Rate Range		Term of Notes		Conversion Price				Principal Outstanding June 30, 2026				Unamortized Discount June 30, 2026				Capitalized amount June 30, 2026				Carrying Amount June 30, 2026				Shares Underlying Notes June 30, 2026
Notes payable
2013		10%		Due on demand			—			$	616			$	—			$	—			$	616				—
2022		10% - 12%		Due on demand			—				496				—				—				496				—
2023		11%		Due on demand			—				2,926				—				—				2,926				—
2024		30%		Due on demand			—				1,400				—				—				1,400				—
2025		44% - 53%		18-37 weeks			—				315				6				—				309				—
2026		49%		30 weeks			—				423				16				—				407				—
										$	6,176			$	22			$	—			$	6,154				—
				Current						$	6,176			$	22			$	—			$	6,154				—
Notes payable - related parties
2020		12%		Due on demand			—				100				—				—				100				—
2021		12%		Due on demand			—				700				—				—				700				—
2022		10%-12%		Due on demand - 5 years			—				4,000				37				—				3,963				—
2023		10%-60%		Due on demand			—				577				—				—				577				—
										$	5,377			$	37			$	—			$	5,340				—
				Current						$	3,093			$	—			$	—			$	3,093				—
				Non-current						$	2,284			$	37			$	—			$	2,247				—
Convertible notes payable
2021		10%		Due on Demand		$	0.01				685				—				—				685				18,038,735
2023		13%		Due on Demand		$	10.00		(a)		3,150				—				—				3,150				471,941
2023		10%		Due on Demand		$	0.29				1,000				—				—				1,000				3,448,275
2024		12%		Due on Demand		$	0.01				8,598				—				3,900				12,498				28,861,975
										$	13,433			$	—			$	3,900			$	17,333				50,820,926
				Current						$	13,433			$	—			$	3,900			$	17,333				50,820,926
				Grand Total						$	24,986			$	59			$	3,900			$	28,827				50,820,926


Year Issued		Interest Rate Range		Term of Notes		Conversion Price				Principal Outstanding December 31, 2025				Unamortized Discount December 31, 2025				Capitalized amount December 31, 2025				Carrying Amount December 31, 2025				Shares Underlying Notes December 31, 2025
Notes payable
2013		10%		Due on demand			—			$	638			$	—			$	—			$	638				—
2022		10% - 12%		Due on demand			—				505				—				—				505				—
2023		11%		Due on demand			—				3,093				—				—				3,093				—
2024		30%		Due on demand			—				1,400				—				—				1,400				—
2025		44% - 59%		18-37 weeks			—				2,574				191				—				2,383				—
										$	8,210			$	191			$	—			$	8,019				—
				Current						$	8,210			$	191			$	—			$	8,019				—
Notes payable - related parties
2020		12%		Due on demand			—				100				—				—				100				—
2021		12%		Due on demand			—				700				—				—				700				—
2022		10%-12%		Due on demand - 5 years			—				4,076				50				—				4,026				—
2023		10%-60%		Due on demand			—				577				—				—				577				—
										$	5,453			$	50			$	—			$	5,403				—
				Current						$	3,132			$	—			$	—			$	3,132				—
				Non-current						$	2,321			$	50			$	—			$	2,271				—
Convertible notes payable
2021		10%		Due on Demand		$	0.01				685				—				—				685				18,038,735
2023		13%		Due on Demand		$	10.00		(a)		3,150				—				—				3,150				419,338
2023		10%		Due on Demand		$	0.29				1,000				—				—				1,000				3,448,275
2024		12%		Due on Demand		$	0.01				8,630				—				3,915				12,545				28,861,975
										$	13,465			$	—			$	3,915			$	17,380				50,768,323
				Current						$	13,465			$	—			$	3,915			$	17,380				50,768,323
				Grand Total						$	27,128			$	241			$	3,915			$	30,802				50,768,323

(a) This note is convertible into shares of EMI Holding, Inc., a wholly owned subsidiary of Emmaus Life Sciences, Inc.

Schedule of future contractual principal payments of notes payable

As of June 30, 2026, future contractual principal payments due on notes payable were as follows (in thousands):


Year Ending
2026		$	22,702
2027			2,284
2028			—
2029			—
2030			—
Total		$	24,986

Level 3 [Member] | Conversion Feature Liabilities [Member]

Schedule of fair value of conversion feature liabilities

The following table sets forth the fair value of the conversion feature liability as of June 30, 2026 and December 31, 2025 (in thousands):


Conversion feature liability		June 30, 2026				December 31, 2025
Balance, beginning of period		$	—			$	162
Change in fair value included in the statement of operations			9				(162	)
Balance, end of period		$	9			$	—