Apimeds Pharmaceuticals (APUS) Registration Filing summary

Company overview and business model

• Clinical-stage biopharmaceutical company developing Apitox, a bee venom-based biologic for osteoarthritis (OA) and multiple sclerosis (MS) symptom management.

• Holds exclusive U.S. rights to Apitox via a sublicensable, royalty-bearing license from Apimeds Korea.

• No U.S. product revenue to date; Apitox is marketed in South Korea as Apitoxin but not FDA-approved in the U.S.

• Plans to outsource manufacturing and leverage prior clinical data from South Korea.

Financial performance and metrics

• No revenue generated as of June 30, 2024; accumulated deficit of $3.75 million.

• Net loss of $745,836 for the six months ended June 30, 2024, and $777,694 for the year ended December 31, 2023.

• Cash and cash equivalents of $63,326 as of June 30, 2024.

• Pro forma as adjusted shareholders' equity post-offering estimated at $8.44 million.

Use of proceeds and capital allocation

• Estimated net proceeds of $8.8 million (up to $10.2 million with full over-allotment) at $3.00/share IPO price.

• Proceeds to fund Phase III knee OA trial, initiate at least one MS study, manufacturing, and working capital.

• Approximately $6.5M for Phase III OA trial, $1M for MS study, $1M for manufacturing, remainder for general purposes.