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).

• Holds exclusive U.S. rights to Apitox via a license from Apimeds Korea; not associated with sales in South Korea.

• Apitox is a purified bee venom product, with prior clinical use and approval in South Korea for OA.

• Plans to advance Apitox through a new Phase III trial in advanced knee OA and initiate non-registered studies in MS.

• Manufacturing is outsourced, with proprietary processes and trade secrets providing protection.

Financial performance and metrics

• No revenue generated to date; operations funded by equity and convertible notes.

• Net loss of $1,078,357 for the nine months ended September 30, 2024; net loss of $777,694 for 2023.

• Accumulated deficit of $4,080,291 as of September 30, 2024.

• Cash balance of $26,571 as of September 30, 2024; pro forma cash post-offering estimated at $16.1 million.

• Material weaknesses in internal controls and a going concern explanatory paragraph in the audit report.

Use of proceeds and capital allocation

• Net proceeds of ~$16.1 million (or ~$18.5 million with full over-allotment) expected at $4.00/share IPO price.

• Proceeds allocated to Phase III knee OA trial (~$10M), MS study (~$1.5M), manufacturing (~$1M), debt repayment (~$0.7M), and working capital.

• Funds expected to support operations for at least 12 months post-offering.