---
title: "Apimeds Pharmaceuticals US | 10-K: FY2025 Revenue: USD 0"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285060382.md"
datetime: "2026-05-04T10:59:43.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285060382.md)
  - [en](https://longbridge.com/en/news/285060382.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285060382.md)
---

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

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 .

#### Consolidated Operational Metrics (Year Ended December 31)

-   **Research and Development Expenses**: Increased to $1,632,581 in 2025 from $0 in 2024 .
-   **General and Administrative Expenses**: Increased to $10,279,981 in 2025 from $1,275,095 in 2024 .
-   **Total Operating Expenses**: Increased to $11,912,562 in 2025 from $1,275,095 in 2024 .
-   **Loss from Operations**: Was -$11,912,562 in 2025 compared to -$1,275,095 in 2024 .
-   **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 .
-   **Net Loss**: Was -$6,001,137 in 2025 compared to -$1,389,990 in 2024 .

#### Segmented Operational Metrics (Year Ended December 31, 2025)

-   **BioBusiness Segment**:
    -   **Revenue**: $0 .
    -   **Research and Development Expenses**: $1,632,581 .
    -   **General and Administrative Expenses**: $7,179,165 .
    -   **Total Operating Expenses**: $8,811,746 .
    -   **Loss from Operations**: -$8,811,746 .
    -   **Net Loss**: -$8,811,746 .
-   **Digital Asset Segment**:
    -   **Revenue**: $0 .
    -   **Research and Development Expenses**: $0 .
    -   **General and Administrative Expenses**: $3,100,816 .
    -   **Total Operating Expenses**: $3,100,816 .
    -   **Loss from Operations**: -$3,100,816 .
    -   **Total Other Income (Expense), net**: $6,009,317 .
    -   **Net Income**: $2,908,502 .

#### Consolidated Cash Flows (Year Ended December 31)

-   **Net cash used in operating activities**: Was -$8,925,777 in 2025 compared to -$733,526 in 2024 .
-   **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 .
-   **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 .
-   **Cash, cash equivalents, and restricted cash, end of period**: Was $9,636,655 in 2025 compared to $3,455 in 2024 .

#### Unique Metrics: Digital Assets (Digital Asset Segment)

-   **Digital Asset Holdings (as of December 31, 2025)**:
    -   Bitcoin (BTC): $88,318,950 .
    -   Tether (USDT): $6,484,632 .
    -   NILA Tokens: $55,081,789 .
    -   Total Digital Assets: $149,885,371 .
-   **Digital Asset Activity (December 1, 2025 - December 31, 2025)**:
    -   Digital assets acquired in Merger: $146,305,021, comprising BTC ($90,838,200), USDT ($4,662,517), and NILA Tokens ($50,804,304) .
    -   Tokens sold (NILA for USDT): -$2,429,392, consisting of NILA ($-4,251,507) and USDT ($1,822,115) .
    -   Realized gain on sale of NILA Tokens: $4,197,394 .
    -   Unrealized gain (loss) recognized: $1,812,348, comprising BTC ($-2,519,250) and NILA Tokens ($4,331,598) .

#### Outlook / Guidance

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 .

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