$APUS

Apimeds Pharmaceuticals US, Inc.

CIK:0001894525|SEC Filings

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Operating expenses:
Research and development expenses	$ 959,742	$ 651,784	$ 1,860,886	$ 651,784
General and administrative expenses	5,319,018	2,012,120	16,603,568	2,376,488
Total operating expenses	6,278,760	2,663,904	18,464,454	3,028,272
Loss from operations	(6,278,760)	(2,663,904)	(18,464,454)	(3,028,272)
Other income (expense)
Unrealized gain from changes in fair value of digital assets	(13,178,928)		(35,257,529)
Realized gain on sale of digital assets	1,704,378		1,719,477
Trading gains, net	282,989		285,018
Digital assets received as yield income	282,732		282,732
Foreign currency gains/(losses), net	458		(1,109)
Change in fair value of warrant liability		9,518		9,518
Change in fair value of derivative	215,993		264,272
Interest income	21,764	15,247	21,771	15,250
Interest expense	(3,223,755)	(23,054)	(4,083,160)	(61,086)
Total other income (expense)	(13,894,369)	1,711	(36,768,528)	(36,318)
Net loss	$ (20,173,129)	$ (2,662,193)	$ (55,232,982)	$ (3,064,590)
Net loss per common share - basic	$ (11.77)	$ (2.57)	$ (33.83)	$ (3.35)
Net loss per common share - diluted	$ (11.77)	$ (2.57)	$ (33.83)	$ (3.35)
Weighted average common shares outstanding - basic	1,713,402	1,036,913	1,632,818	915,019
Weighted average common shares outstanding - diluted	1,713,402	1,036,913	1,632,818	915,019

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (55,232,982)	$ (3,064,590)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock based compensation - Option grants	219,376	192,053
Common stock issued to executive officers		1,700,000
Advisory shares committed for issuance	8,113,318
Depreciation and amortization expense	40,324	232
Change in fair value of warrant liability		(9,518)
Change in fair value of derivative liability	(264,272)
Non-cash interest	1,212,398	21,253
Accretion on convertible notes	2,710,762	39,832
Unrealized gain from changes in fair value of digital assets	35,257,529
Realized gain and trading gains on digital assets	(2,004,495)
Digital assets received as yield income	(282,732)
Proceeds from sales of digital assets, net of purchases	177,901
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	22,623	(1,788,619)
Accounts payable and accrued expenses	2,302,994	(472,052)
Operating lease liability	(7,636)
Net cash used in operating activities	(7,734,893)	(3,381,409)
Cash flows from investing activities:
Redemption of short term investments	2,000,000
Purchases of property, plant and equipment	(9,394)	(13,369)
Net cash provided by (used in) investing activities	1,990,606	(13,369)
Cash flows from financing activities:
Proceeds from initial public offering, net of issuance costs		11,629,727
Proceeds from notes payable, net of original issue discount	5,970,000	573,319
Payment of debt issuance costs	(585,000)
Repayment of notes payable	(1,000,000)
Cash advances from related parties		(76,400)
Proceeds from subscription receivable on subsidiary shares	1,002
Net cash provided by financing activities	4,386,002	12,126,646
Net change in cash and cash equivalents	(1,358,284)	8,731,868
Cash, cash equivalents, and restricted cash, beginning of period	9,636,655	3,455
Cash, cash equivalents and restricted cash, end of period	8,278,371	8,735,323
Supplemental disclosure of cash flow information:
Cash paid for interest	160,000
Cash paid for taxes
Non-cash investing and financing activities:
Conversion of related-party convertible notes and accrued interest into common stock		499,222
Issuance of representative warrants in connection with IPO		139,388
Debt issuance costs accrued in connection with notes payable	865,000
Common stock issued in settlement of shares committed for issuance	4,476,805
Reconciliation of cash, cash equivalents, and restricted cash:
Cash and cash equivalents	278,371	8,735,323
Restricted cash	8,000,000
Total cash, cash equivalents, and restricted cash	$ 8,278,371	$ 8,735,323

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 278,371	$ 1,636,655
Restricted cash	8,000,000	8,000,000
Short term investments		2,000,000
Prepaid expenses	2,235,996	2,298,704
Other current assets	48,501	48,500
Total current assets	10,678,438	13,983,859
Digital assets, at fair value	116,737,168	149,885,371
Long-term portion of prepaid expenses		75,485
Operating lease right of use asset, net	156,162	187,395
Property and equipment, net	51,929	51,626
Total assets	127,623,697	164,183,736
Current liabilities:
Accounts payable and accrued expenses	3,221,643	918,649
Accrued offering costs	780,000	500,000
Accrued interest	1,200,000
Advance payable to related party	12,000	12,000
Notes payable - related party	500,100	500,100
Notes payable, net	5,000,000
Derivative liability	1,352,641	1,616,913
Convertible notes, net	8,907,026	7,091,263
Operating lease liability	59,523	39,578
Total current liabilities	21,073,283	10,706,455
Long-term liabilities
Long-term portion of operating lease liability	101,873	129,454
Total liabilities	21,175,156	10,835,909
Commitments and contingencies (note 8)
Shareholders’ equity:
Preferred stock, par value $0.001, 10,000,000 shares authorized; 747,702 shares issued and outstanding as of June 30, 2026 and December 31, 2025	748	748
Common stock, par value $0.001, 100,000,000 shares authorized; 1,509,118 and 1,257,598 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	1,509	1,258
Common Shares to be issued	3,636,262
Additional paid-in capital	168,436,065	163,738,882
Accumulated deficit	(65,626,043)	(10,393,061)
Total shareholders’ equity (deficit)	106,448,541	153,347,827
Total liabilities and shareholders’ equity	127,623,697	164,183,736
Related Party
Current assets:
Due from related parties	115,570
Current liabilities:
Accrued interest — related party	$ 40,350	$ 27,952