Revenue: As of FY2025, the actual value is USD 0.EPS: As of FY2025, the actual value is USD -0.55.EBIT: As of FY2025, the actual value is USD -11.74 M.Apimeds Pharmaceuticals US, Inc. operates in two segments: the biopharmaceutical segment (Lokahi Therapeutics Inc.) and the digital asset operations segment (MindWave Innovations Inc.). The company generated no revenue from biopharmaceutical operations during 2025 or 2024 . Proceeds from NILA Token sales are recognized as realized gains on digital assets, not revenue .<h4>Consolidated Operational Metrics (Year Ended December 31)</h4><ul><li>Research and Development Expenses: Increased to $1,632,581 in 2025 from $0 in 2024 .</li><li>General and Administrative Expenses: Increased to $10,279,981 in 2025 from $1,275,095 in 2024 .</li><li>Total Operating Expenses: Increased to $11,912,562 in 2025 from $1,275,095 in 2024 .</li><li>Loss from Operations: Was -$11,912,562 in 2025 compared to -$1,275,095 in 2024 .</li><li>Total Other Income (Expense): Was $5,911,425 in 2025 compared to -$114,895 in 2024 . This included an unrealized gain on digital assets of $1,812,348, a realized gain on sale of digital assets of $4,197,394, and trading gains, net of $97 .</li><li>Net Loss: Was -$6,001,137 in 2025 compared to -$1,389,990 in 2024 .</li></ul><h4>Segmented Operational Metrics (Year Ended December 31, 2025)</h4><ul><li>BioBusiness Segment:<ul><li>Revenue: $0 .</li><li>Research and Development Expenses: $1,632,581 .</li><li>General and Administrative Expenses: $7,179,165 .</li><li>Total Operating Expenses: $8,811,746 .</li><li>Loss from Operations: -$8,811,746 .</li><li>Net Loss: -$8,811,746 .</li></ul></li><li>Digital Asset Segment:<ul><li>Revenue: $0 .</li><li>Research and Development Expenses: $0 .</li><li>General and Administrative Expenses: $3,100,816 .</li><li>Total Operating Expenses: $3,100,816 .</li><li>Loss from Operations: -$3,100,816 .</li><li>Total Other Income (Expense), net: $6,009,317 .</li><li>Net Income: $2,908,502 .</li></ul></li></ul><h4>Consolidated Cash Flows (Year Ended December 31)</h4><ul><li>Net cash used in operating activities: Was -$8,925,777 in 2025 compared to -$733,526 in 2024 .</li><li>Net cash used in investing activities: Was -$10,060,351 in 2025 compared to $0 in 2024 . This included $8,000,000 deposited into a DACA restricted cash account and $2,000,000 invested in short-term instruments .</li><li>Net cash provided by financing activities: Was $20,619,327 in 2025 compared to $326,500 in 2024 . This included $11,629,727 from IPO proceeds and $10,000,000 from a PIPE convertible note .</li><li>Cash, cash equivalents, and restricted cash, end of period: Was $9,636,655 in 2025 compared to $3,455 in 2024 .</li></ul><h4>Unique Metrics: Digital Assets (Digital Asset Segment)</h4><ul><li>Digital Asset Holdings (as of December 31, 2025):<ul><li>Bitcoin (BTC): $88,318,950 .</li><li>Tether (USDT): $6,484,632 .</li><li>NILA Tokens: $55,081,789 .</li><li>Total Digital Assets: $149,885,371 .</li></ul></li><li>Digital Asset Activity (December 1, 2025 - December 31, 2025):<ul><li>Digital assets acquired in Merger: $146,305,021, comprising BTC ($90,838,200), USDT ($4,662,517), and NILA Tokens ($50,804,304) .</li><li>Tokens sold (NILA for USDT): -$2,429,392, consisting of NILA ($-4,251,507) and USDT ($1,822,115) .</li><li>Realized gain on sale of NILA Tokens: $4,197,394 .</li><li>Unrealized gain (loss) recognized: $1,812,348, comprising BTC ($-2,519,250) and NILA Tokens ($4,331,598) .</li></ul></li></ul><h4>Outlook / Guidance</h4>Apimeds Pharmaceuticals US, Inc. anticipates continued significant operating losses as it advances the clinical development of Apitox and builds its operational infrastructure . Management plans to address near-term liquidity needs by continuing sales of NILA Tokens for USDT, pursuing additional tranches under the Securities Purchase Agreement, and seeking further equity or debt financing . However, there is no assurance that these financing efforts will be successful or available on acceptable terms .

Apimeds Pharmaceuticals US | 10-K: FY2025 Revenue: USD 0