$APMD

Apnimed, Inc.

CIK:0001745648|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue - related party	$ 12,080	$ 17,110	$ 96,894	$ 20,241
OPERATING EXPENSES:
Research and development	9,900	15,969	18,004	39,425
General and administrative	12,674	5,353	19,180	10,823
Cost of services - related party	1,210	1,724	3,370	3,041
Total operating expenses	23,784	23,046	40,554	53,289
INCOME (LOSS) FROM OPERATIONS	(11,704)	(5,936)	56,340	(33,048)
OTHER INCOME (EXPENSES):
Interest income	970	309	1,188	740
Gain on sale of equity method investment	85,380	0	85,380	0
Gain on reversal of deposit liability	57,120	0	57,120	0
Change in fair value of revenue interest liability	(460)	0	(460)	0
Change in fair value of convertible notes	(796)	0	1,315	0
Other income (expense)	(2,738)	0	(2,738)	0
Total other income	137,817	309	140,146	740
NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES	126,113	(5,627)	196,486	(32,308)
Income tax expense	0	0	0	0
NET INCOME (LOSS) FROM CONTINUING OPERATIONS	126,113	(5,627)	196,486	(32,308)
Loss from discontinued operations	(178)	(63,847)	(2,832)	(65,812)
NET INCOME (LOSS)	$ 125,935	$ (69,474)	$ 193,654	$ (98,120)
Net income (loss) per share of Class A, Class B and Class C - Basic:
Continuing operations			$ 40.97
Net income (loss) per share of Class A, Class B and Class C - Diluted:
Continuing operations			$ 6.07
Weighted average number of shares, basic	4,797,152	4,754,020	4,795,472	4,751,347
Weighted average number of shares, diluted	32,353,048	4,754,020	32,173,441	4,751,347
Tranche A Term Loan [Member]
OTHER INCOME (EXPENSES):
Change in fair value of Tranche A Term Loan	$ (1,659)	$ 0	$ (1,659)	$ 0
Common Class A [Member]
Net income (loss) per share of Class A, Class B and Class C - Basic:
Continuing operations	$ 26.29	$ (1.18)	$ 40.97	$ (6.8)
Discontinued operations	(0.04)	(13.43)	(0.59)	(13.85)
Basic net income (loss) per share	26.25	(14.61)	40.38	(20.65)
Net income (loss) per share of Class A, Class B and Class C - Diluted:
Continuing operations	3.92	(1.18)	6.07	(6.8)
Discontinued operations	(0.01)	(13.43)	(0.09)	(13.85)
Diluted net income (loss) per share	$ 3.91	$ (14.61)	$ 5.98	$ (20.65)
Weighted average number of shares, basic			1,846,804	1,802,679
Weighted average number of shares, diluted			29,224,773	1,802,679

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES:
Net Income (Loss)	$ 125,935	$ 193,654	$ (98,120)
Loss from discontinued operations	178	2,832	65,812
Stock-based compensation		2,120	1,668
Non-cash lease expense		121	112
Depreciation		13	13
Change in fair value of convertible notes	796	(1,315)	0
Change in fair value of revenue interest liability	460	460	0
Change in fair value of contingent asset	(100)	(116)	0
Debt issuance costs expensed upon issuance of long-term debt recorded using the fair value option		2,845	0
Gain on sale of equity method investment	(85,380)	(85,380)	0
Adjustments to reconcile net loss to net cash used in operating activities:
Prepaid research and development		134	1,332
Accounts receivable		269	160
Prepaid assets, other current assets and other assets		(4,427)	(35)
Accounts payable		2,715	2,279
Accrued expenses and other current liabilities		(2,741)	(6,735)
Deferred revenue		(93,525)	(4,964)
Deposit liability		(57,120)	(7,235)
Operating lease liability		(123)	(109)
Net cash used in operating activities		(37,925)	(45,822)
INVESTING ACTIVITIES:
Transfer fees related to sale of equity method investment		(336)	0
Proceeds from sale of equity method investment		100,000	0
Net cash provided by investing activities		99,664	0
FINANCING ACTIVITIES:
Proceeds from issuance of convertible preferred stock		25,000	16,500
Issuance costs of convertible preferred stock		(208)	(243)
Payment of initial public offering costs		(1,785)	0
Proceeds from issuance of long-term debt and revenue interest liability		48,185	0
Issuance costs of long-term debt and revenue interest liability		(2,845)	0
Proceeds from Issuance of Warrants	767	815	0
Issuance costs of warrants	(48)	(48)	0
Proceeds from exercise of stock options		61	36
Net cash provided by financing activities		69,175	16,293
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		130,914	(29,529)
CASH AND CASH EQUIVALENTS Beginning of period		41,890	68,350
CASH AND CASH EQUIVALENTS End of period	172,804	172,804	38,821
SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:
Equity method investment obtained in exchange for revenue arrangement (see Note 4)		0	62,236
Deferred transaction costs included in accounts payable and accrued expenses and other current liabilities		2,994	0
Tranche A Term Loan [Member]
OPERATING ACTIVITIES:
Change in fair value long-term debt	$ 1,659	$ 1,659	$ 0

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS:
Cash and cash equivalents	$ 172,804	$ 41,890
Prepaid research and development	1,407	1,541
Accounts receivable	690	959
Deferred transaction costs	4,779	0
Prepaid assets, other current assets and other assets	5,092	665
Total current assets	184,772	45,055
PROPERTY AND EQUIPMENT, NET	53	66
ASSETS HELD FOR SALE	0	26,893
CONTINGENT ASSET	9,893	0
OPERATING LEASE RIGHT-OF-USE ASSET	714	835
OTHER ASSETS	24	24
TOTAL ASSETS	195,456	72,873
CURRENT LIABILITIES:
Accounts payable	6,598	1,788
Accrued expenses and other current liabilities	9,184	11,026
Operating lease liability	265	250
Short-term deferred revenue	19,531	97,812
Total current liabilities	35,578	110,876
LONG TERM LIABILITIES:
Operating lease liability, net of current	485	623
Convertible notes	39,331	40,646
Debt	40,267	0
Revenue Interest Liability	10,037	0
Deposit liability	0	57,120
Deferred revenue	0	15,244
TOTAL LIABILITIES	125,698	224,509
COMMITMENTS AND CONTINGENCIES (NOTE 7)
STOCKHOLDERS' DEFICIT:
Common stock, $0.00001 par value, 51,712,954 (48,567,709 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of June 30, 2026 and 45,627,228 (42,481,983 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of December 31, 2025; 4,801,823 (1,853,155 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of June 30, 2026 and 5,420,855 (2,472,187 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of December 31, 2025.	1	1
Additional paid-in capital	27,508	24,560
Accumulated deficit	(203,690)	(397,344)
Total stockholders' deficit	(176,181)	(372,783)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT	195,456	72,873
Convertible Preferred Stock [Member]
LONG TERM LIABILITIES:
Convertible Preferred Stock, $0.00001 par value, 29,557,303 and 25,934,116 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 28,522,107 shares issued and outstanding as of June 30, 2026 and December 31, 2025. Liquidation preference of $249,518 and $224,518 as of June 30, 2026 and December 31, 2025, respectively.	$ 245,939	$ 221,147