EMMA · Emmaus Life Sciences, Inc.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.046 to $0.05, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.050 to $0.075, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.044 to $0.051, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.034 to $0.039, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.0109 to $0.011, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.01 to $0.02, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1), footnote (2), footnote (3), footnote (4), footnote (5) and footnote (6).

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.12 to $0.13, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.12 to $0.13, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1) and in footnote (2) to this Form 4.

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2024

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2024

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2024

The shares shown were issued in exchange for principal and accrued interest under the promissory note of the Issuer held by the reporting person referred to in footnote (2), below, which promissory note was surrendered by the reporting person for cancellation.

The shares shown were issued in exchange for principal and accrued interest under the promissory note of the Issuer held by the reporting person referred to in footnote (2), below, which promissory note was surrendered by the reporting person for cancellation.

Promissory Note due 9/16/2025 surrendered for cancellation in exchange for shares of common stock referred to in footnote (1) above.

Represent shares previously issuable upon maturity of the Promissory Note due 9/16/2025.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.11 to $0.13, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.11 to $0.13, inclusive.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.12 to $0.13, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1) and in footnotes (2) and (3) to this Form 4.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.20 to $0.27, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1).

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.28 to $0.32, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (1).

The Convertible Promissory Note dated 2023-01-18 was surrendered to the Issuer for cancellation in exchange for the shares referred to in footnote (1), above.

Represent shares previously issuable upon conversion of the Convertible Promissory Note.

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2023

The options vest as to one-third of the option shares on the 12-month anniversary of the grant date and as to the remaining two-thirds of the option shares in 24 equal monthly installments as of the end of each month after such anniversary.

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2023

The options vest as to one-third of the option shares on the 12-month anniversary of the grant date and as to the remaining two-thirds of the option shares in 24 equal monthly installments as of the end of each month after such anniversary.

The options vest as to one-third of the option shares on the 12-month anniversary of the grant date and as to the remaining two-thirds of the option shares in 24 equal monthly installments as of the end of each month after such anniversary.

The options vest in four equal installments as of the last day of each quarter beginning on March 31, 2023

The options vest as to one-third of the option shares on the 12-month anniversary of the grant date and as to the remaining two-thirds of the option shares in 24 equal monthly installments as of the end of each month after such anniversary.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.40 to $0.44, inclusive.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.36 to $0.40, inclusive.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.45 to $0.46, inclusive. The reporting person undertakes to provide to Emmaus Life Sciences, Inc., any security holder of Emmaus Life Sciences, Inc., and the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote (2) and in footnotes (3) and (4) to this Form 4.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.42 to $0.45, inclusive.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.

The price reported is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.42 to $0.44, inclusive.

The shares shown include shares owned jointly with Soomi Niihara, the reporting person's wife.