Apimeds Pharmaceuticals US, Inc.

Apimeds Pharmaceuticals US, Inc. announced that its 1-for-10 reverse stock split will become effective on July 24, 2026, at 12:01 a.m. Eastern Time. This revised effective date replaces the previously announced March 26, 2026. Stockholders approved the split on December 1, 2025, and the company's common stock is expected to begin trading on a split-adjusted basis on the NYSE American LLC under the symbol "APUS" at the open of trading on July 24, 2026.

Apimeds Pharmaceuticals US, Inc. reported a substantial net loss of $(35.06) million for the first quarter of 2026, a significant increase from the prior year, primarily driven by increased operating expenses including a one-time charge and unrealized losses on digital assets. The company's accumulated deficit has grown to over $45 million, raising substantial doubt about its ability to continue as a going concern. Despite drawing $10.9 million from a PIPE financing, the financial results reflect considerable challenges in both its biopharmaceutical and digital asset segments.

Apimeds Pharmaceuticals US, Inc. announced the appointment of Sungjoon Chae as its Co-Chief Executive Officer, effective May 4, 2026. Mr. Chae was nominated by a company stockholder. His compensation arrangements are yet to be determined and will be disclosed once finalized. Sungjoon Chae brings extensive experience as an architect and urban designer, specializing in large-scale real estate development and urban regeneration across South Korea and the United States.

Apimeds Pharmaceuticals US, Inc. completed a merger with MindWave Innovations Inc. and Lokahi Therapeutics, Inc. on December 1, 2025, making MindWave a wholly-owned subsidiary. As a result, MindWave's former shareholders will hold 90.9% of Apimeds US's equity on an as-converted basis. Concurrently, shareholders approved a 1-for-10 reverse stock split and new equity incentive plans. The company will now seek NYSE American approval for a new listing application. Apimeds US, through its subsidiary Lokahi Therapeutics, is focused on developing Apitox, a bee venom-based therapy, for knee osteoarthritis and multiple sclerosis, with plans for a new Phase III trial for OA in the US.

Apimeds Pharmaceuticals US, Inc. (APUS) and its subsidiaries, along with Lokahi Therapeutics, Inc., entered into a Confidential Settlement and Mutual Release Agreement with Inscobee Inc. and Apimeds Inc. This agreement resolves all outstanding disputes stemming from the December 2025 Merger Agreement. Key terms include Lokahi retaining the Apitox program and providing a $4 million working capital contribution, while forgiving $750,000 in prior advances. APUS will also form a new subsidiary, Newco, with a planned spin-off, and distribute 51% of Lokahi's common stock. The settlement also includes conditions for potential merger unwind tied to the 2025 Form 10-K filing and audit.

Apimeds Pharmaceuticals US, Inc. received a notice from NYSE Regulation on April 17, 2026, indicating non-compliance with continued listing requirements due to its failure to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The company has an initial six-month period to regain compliance by filing the Form 10-K. Apimeds expects to file the Form 10-K by April 30, 2026, but there is no assurance it will meet this date.

Apimeds Pharmaceuticals US, Inc. announced it will not file its 2025 Annual Report on Form 10-K within the extended deadline, citing ongoing financial statement preparation and audit completion. This delay is expected to lead to a notice from NYSE American regarding non-compliance with continued listing requirements. The company is working diligently and aims to file the Form 10-K by April 30, 2026, though this timeline is not guaranteed.

Apimeds Pharmaceuticals US, Inc. (APUS) announced that actions previously taken by majority stockholders, Inscobee Inc. and Apimeds, Inc. (Apimeds Korea), to remove four directors and two executive officers are null and void. The company stated that these purported removals, including those of CEO Dr. Vin Menon and CFO Erick Frim, violated binding contractual obligations under a Support Agreement and applicable Delaware law. This declaration highlights an ongoing corporate governance dispute following a Merger Agreement signed in December 2025, signaling potential instability or further legal challenges regarding company leadership.