Emmaus Life Sciences Inc. reported net revenues of $3.4 million for the three months ended September 30, 2025, a 38% decrease compared to $5.5 million in the same period in 2024. The decline was attributed to competition from generic L-Glutamine in the U.S. and lower sales in the Middle East North Africa region. Operating expenses were reduced to $2.4 million from $4.3 million, reflecting cost-cutting measures implemented in the second half of 2024. The company recorded income from operations of $0.7 million, slightly down from $0.8 million in the prior year period. Net loss for the quarter was $2.1 million, or $0.03 per share, compared to net income of $1.8 million, or $0.03 per share, in the same quarter last year. Cash and cash equivalents stood at $0.3 million as of September 30, 2025, compared to $1.4 million at the end of 2024.