Apimeds Pharmaceuticals Us (APUS)
Market Price (1/27/2026): $1.63 | Market Cap: $20.5 MilSector: Health Care | Industry: Pharmaceuticals
Apimeds Pharmaceuticals Us (APUS)
Market Price (1/27/2026): $1.63Market Cap: $20.5 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32% | Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -106% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil | ||
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30% | ||
| High stock price volatilityVol 12M is 122% | ||
| Key risksAPUS key risks include [1] its dependence on a second Phase 3 trial for its sole drug candidate, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -32% |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -106% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.1 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -30% |
| High stock price volatilityVol 12M is 122% |
| Key risksAPUS key risks include [1] its dependence on a second Phase 3 trial for its sole drug candidate, Show more. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
1. Expiration of IPO Lock-up Period.
The lock-up period for Apimeds Pharmaceuticals US (APUS) expired on November 5, 2025. The expiration of a lock-up period often introduces selling pressure as early investors and company insiders become eligible to sell their shares, increasing the supply of stock available in the market. This event likely contributed to the "sell signal" issued on November 17, 2025, after which the stock experienced a significant decline.
2. General Bearish Sentiment in the Healthcare Sector.
During this period, there was a noted trend of the healthcare sector not being particularly favored by investors. A broader bearish sentiment towards healthcare stocks can negatively impact individual companies, especially clinical-stage biopharmaceutical companies like Apimeds Pharmaceuticals US, which are often more susceptible to market-wide downturns.
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Stock Movement Drivers
Fundamental Drivers
The -10.1% change in APUS stock from 9/30/2025 to 1/26/2026 was primarily driven by a -17.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.78 | 1.60 | -10.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 10 | 13 | -17.5% |
| Cumulative Contribution | 0.0% |
Market Drivers
9/30/2025 to 1/26/2026| Return | Correlation | |
|---|---|---|
| APUS | -10.1% | |
| Market (SPY) | 4.0% | 16.0% |
| Sector (XLV) | 13.6% | -5.2% |
Fundamental Drivers
The -9.1% change in APUS stock from 6/30/2025 to 1/26/2026 was primarily driven by a -8.0% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302025 | 1262026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.76 | 1.60 | -9.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 12 | 13 | -8.0% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2025 to 1/26/2026| Return | Correlation | |
|---|---|---|
| APUS | -9.1% | |
| Market (SPY) | 12.4% | 12.3% |
| Sector (XLV) | 17.8% | -0.1% |
Fundamental Drivers
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Market Drivers
12/31/2024 to 1/26/2026| Return | Correlation | |
|---|---|---|
| APUS | ||
| Market (SPY) | 19.2% | 6.8% |
| Sector (XLV) | 16.4% | -2.3% |
Fundamental Drivers
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Market Drivers
12/31/2022 to 1/26/2026| Return | Correlation | |
|---|---|---|
| APUS | ||
| Market (SPY) | 87.9% | 6.8% |
| Sector (XLV) | 21.8% | -2.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| APUS Return | - | - | - | - | -25% | 33% | -1% |
| Peers Return | 29% | 3% | 2% | -5% | 31% | -1% | 68% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 84% |
Monthly Win Rates [3] | |||||||
| APUS Win Rate | - | - | - | - | 50% | 100% | |
| Peers Win Rate | 55% | 53% | 45% | 43% | 57% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 100% | |
Max Drawdowns [4] | |||||||
| APUS Max Drawdown | - | - | - | - | -31% | 0% | |
| Peers Max Drawdown | -9% | -17% | -25% | -18% | -8% | -7% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PCRX, PFE, JNJ, LLY, AMGN.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 1/26/2026 (YTD)
How Low Can It Go
APUS has limited trading history. Below is the Health Care sector ETF (XLV) in its place.
| Event | XLV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -16.1% | -25.4% |
| % Gain to Breakeven | 19.1% | 34.1% |
| Time to Breakeven | 599 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.8% | -33.9% |
| % Gain to Breakeven | 40.4% | 51.3% |
| Time to Breakeven | 116 days | 148 days |
| 2018 Correction | ||
| % Loss | -15.8% | -19.8% |
| % Gain to Breakeven | 18.8% | 24.7% |
| Time to Breakeven | 326 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -40.6% | -56.8% |
| % Gain to Breakeven | 68.3% | 131.3% |
| Time to Breakeven | 1,100 days | 1,480 days |
Compare to PCRX, PFE, JNJ, LLY, AMGN
In The Past
SPDR Select Sector Fund's stock fell -16.1% during the 2022 Inflation Shock from a high on 4/8/2022. A -16.1% loss requires a 19.1% gain to breakeven.
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AI Analysis | Feedback
- A smaller, developing pharmaceutical company, aspiring to be a major drug maker like Merck.
- Like a pharmaceutical startup, focused on developing new drugs, similar to a nascent Pfizer.
- A drug development company, akin to a scaled-down, earlier-stage version of Eli Lilly.
AI Analysis | Feedback
I am unable to identify the major products for a public company named Apimeds Pharmaceuticals US (symbol: APUS) because it does not appear in standard financial databases as a publicly traded pharmaceutical entity.
The stock symbol APUS is primarily associated with American Public University System, an educational institution, not a pharmaceutical company. Therefore, I cannot provide a list of products for the company as described.
AI Analysis | Feedback
Apimeds Pharmaceuticals US (symbol: APUS) is a development-stage pharmaceutical company focused on developing and commercializing generic and branded pharmaceutical products. As a pharmaceutical manufacturer, APUS primarily sells its products to other companies within the healthcare supply chain (B2B model) rather than directly to individuals.
Due to its development stage, specific major commercial customers generating significant revenue for APUS are not publicly disclosed. However, based on the typical business model for pharmaceutical manufacturers, its target major customers once products are commercialized would include:
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Pharmaceutical Wholesalers and Distributors: These companies are the primary direct customers for most drug manufacturers, purchasing products in bulk for distribution to pharmacies, hospitals, and other healthcare providers. Examples of such major public companies in this sector include:
- McKesson Corporation (NYSE: MCK)
- AmerisourceBergen Corporation (NYSE: ABC)
- Cardinal Health, Inc. (NYSE: CAH)
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Large Retail Pharmacy Chains: While often supplied through wholesalers, major pharmacy chains may also establish direct purchasing agreements with manufacturers for certain high-volume or strategic products. Examples of such public companies include:
- CVS Health (NYSE: CVS)
- Walgreens Boots Alliance, Inc. (NASDAQ: WBA)
- Hospital Systems and Group Purchasing Organizations (GPOs): Hospitals and GPOs purchase pharmaceuticals for inpatient and outpatient care, either directly from manufacturers or through distributors, to serve their patient populations.
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Erik Emerson Chief Executive Officer and Director
Erik Emerson assumed the role of CEO in September 2023. His experience includes building commercial organizations, extensive fundraising, and M&A transactions. Prior to joining Apimeds, he served as Chief Commercial Officer at Odyssey Health, Inc. In 2013, Mr. Emerson co-founded Symplmed Pharmaceuticals LLC, where he served as its President and Chief Executive Officer, leading the development and commercialization of pharmaceutical products. His earlier career included roles as Senior Director of Commercial Development at XOMA Corporation and Marketing Director at Gilead Sciences, Inc.
Erick J. Frim Chief Financial Officer
Erick J. Frim was appointed Chief Financial Officer on May 30, 2025. He brings over 40 years of experience as an accountant, financial executive, and consultant. Mr. Frim most recently served as Interim Chief Financial Officer of Helio Corporation since December 2024. Since 2019, he has been a partner at CFO Squad, LLC, where he advised clients on technical accounting and regulatory compliance and assisted numerous companies with their initial public offerings. Before CFO Squad, Mr. Frim was a director in the public company audit practice of EisnerAmper LLP. He also served as a financial executive for digital media pioneer DIVA Systems Corporation from 1995 to 2003.
Dr. Christopher Kim, MD Chairman and Chief Medical Officer
Dr. Christopher Kim has served as Chairman and Chief Medical Officer since Apimeds' inception and was interim Chief Executive Officer from July 2022 to September 2023. He is the inventor and developer of Apitox and the founder of Apimeds Korea, where he served as CEO from May 2003 to August 2011. Prior to founding Apimeds Korea, Dr. Kim led clinical trials for Apitoxin in Korea, which was approved in 2003 for osteoarthritis pain and inflammation relief.
Susan Kramer, DrPH Senior Vice President, Development
Dr. Susan Kramer was appointed Senior Vice President of Development in July 2025. She has over 30 years of experience in biopharmaceutical research and development, including 18 years at Genentech. Most recently, Dr. Kramer served as Executive Vice President of Development at Concentric Analgesics.
Brian Peters Senior Vice President, ai² Division
Brian Peters was named Senior Vice President, ai² Division in July 2025. He is a senior commercial executive with over 30 years of experience in global branding, business development, and product launches across various therapeutic areas. Mr. Peters most recently served as Chief Strategy & Insights Officer at Heller Agency. Prior to that, he spent over a decade at Medexus Pharma, where he oversaw U.S. marketing and sales efforts and launched multiple products.
AI Analysis | Feedback
Apimeds Pharmaceuticals US (APUS) faces several significant risks to its business, primarily stemming from its nature as a clinical-stage biopharmaceutical company.- Regulatory Approval and Clinical Trial Success: Apimeds is a clinical-stage biopharmaceutical company with its primary product candidate, Apitox, in late-stage clinical development, and it currently generates no revenue from product sales. The company's success is contingent on achieving regulatory milestones and obtaining U.S. FDA approval for Apitox. A previous Phase 3 trial for Apitox did not meet FDA standards, and the company is currently pursuing a second Phase 3 trial. Delays or rejections in obtaining these crucial regulatory approvals could significantly harm the company's prospects and stock performance.
- Financing and Capital Needs: Apimeds Pharmaceuticals US is currently incurring substantial losses and has a notable cash burn rate. While the company recently completed an initial public offering (IPO) and a PIPE (Private Investment in Public Equity) financing, raising capital for clinical development, it continues to emphasize the need for additional funding to support its research, development, and commercial operations. This ongoing reliance on external financing indicates persistent financial uncertainty, and the ability to secure further capital is critical for its continued operations.
- Operational Challenges and Governance Concerns: Recent financial reports have highlighted a significant increase in the company's cash burn, with General and Administrative (G&A) expenses consuming a disproportionately large share of operational costs compared to Research & Development (R&D) spending. Furthermore, concerns have been raised regarding a "material weakness in internal controls" due to insufficient review of journal entries and inadequate segregation of duties, as well as a substantial lock-up waiver fee, which have collectively sparked governance alarms and potentially eroded investor confidence.
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Apimeds Pharmaceuticals US (symbol: APUS) is a clinical-stage biopharmaceutical company primarily focused on developing Apitox, a purified honeybee venom-based toxin, for the treatment of inflammation and pain associated with knee osteoarthritis and multiple sclerosis.
Addressable Markets:
Knee Osteoarthritis (OA) Treatment Market:
- Globally, the knee osteoarthritis drugs market was valued at approximately USD 6.7 billion in 2024 and is projected to reach USD 14.3 billion by 2034, growing at a Compound Annual Growth Rate (CAGR) of 8%. Another estimate places the global knee osteoarthritis market at USD 7.70 billion in 2024, with a projection to reach USD 15.69 billion by 2032 at a CAGR of 9.30%. The injectable treatments segment alone for global knee osteoarthritis was valued at USD 3.24 billion in 2024 and is expected to reach approximately USD 6.37 billion by 2034.
- In the U.S., the knee osteoarthritis drugs market was valued at about USD 2.6 billion in 2024. The U.S. osteoarthritis therapeutics market (which includes knee OA) was estimated at USD 3.27 billion in 2024, increasing to USD 3.5 billion in 2025, and is projected to reach around USD 6.46 billion by 2034, with a CAGR of 7.14%. The U.S. osteoarthritis injectables market, a relevant sub-segment, was estimated at USD 3.99 billion in 2023 and is projected to reach USD 6.30 billion by 2030, with a CAGR of 6.8%.
Multiple Sclerosis (MS) Treatment Market:
- Globally, the multiple sclerosis therapeutic market was estimated at USD 27.39 billion in 2024 and is projected to reach USD 38.62 billion by 2030, with a CAGR of 5.93%. Other reports indicate the global multiple sclerosis drugs market was valued around USD 21.26 billion in 2024, with projections to increase to approximately USD 45.90 billion by 2034 at a CAGR of 8.00%.
- In the U.S., the multiple sclerosis therapeutic market was estimated at USD 7.42 billion in 2024 and is expected to reach around USD 12.77 billion by 2033, expanding at a CAGR of 6.2%. The U.S. multiple sclerosis drugs market was valued at USD 7.81 billion in 2024 and is predicted to increase from USD 8.44 billion in 2025 to approximately USD 17.15 billion by 2034, expanding at a CAGR of 8.18%. Another source estimates the US Multiple Sclerosis Drugs Market Size at USD 7.58 Billion in 2024, projected to reach USD 17.87 Billion by 2035.
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```htmlExpected Drivers of Future Revenue Growth for Apimeds Pharmaceuticals US (APUS)
Over the next 2-3 years, Apimeds Pharmaceuticals US (APUS), a clinical-stage biopharmaceutical company, is expected to drive future revenue growth through the following key areas:
- Successful Regulatory Approval and Commercialization of Apitox for Osteoarthritis: The primary driver of future revenue for Apimeds Pharmaceuticals US is the successful completion of its ongoing second Phase III trial for Apitox, an intradermally administered bee venom-based toxin, as a treatment for knee osteoarthritis. Upon successful completion of this trial and demonstrating therapeutic effect and extended safety, the company intends to submit a Biologics License Application (BLA) to the FDA. FDA approval and subsequent market launch would mark the company's transition from a clinical-stage to a commercial-stage entity, generating its first significant product revenue.
- Market Penetration and Adoption of Apitox: Following potential FDA approval, the company's ability to effectively penetrate the market and achieve broad adoption of Apitox among patients with knee osteoarthritis who have not responded to conservative therapies will be crucial for revenue growth. The historical use of Apitoxin in South Korea for similar indications since 2003 may offer insights into its potential, but successful market entry and physician acceptance in the U.S. will be key.
- Expansion of Apitox Indications or Development of New Bee Venom-Based Therapies: Apitox is described as potentially exhibiting "diverse therapeutic effects." While the immediate focus is on osteoarthritis, future revenue growth could stem from developing Apitox for additional indications, such as multiple sclerosis, which has been mentioned in company descriptions. Furthermore, leveraging their bee venom platform to develop other novel therapeutic products could diversify their pipeline and open new revenue streams beyond osteoarthritis.
- Pipeline Expansion through "ai² Futures Lab™ Program": Apimeds Pharmaceuticals US has established an "ai² Futures Lab™ Program" involving collaborations with universities. This initiative aims to evaluate early-stage or shelved pharmaceutical assets, conduct market and intellectual property analysis, and identify business strategies for advancing patient care. The success of this program in identifying, in-licensing, or developing new product candidates could significantly contribute to long-term revenue growth by expanding the company's therapeutic portfolio.
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Share Issuance
- Apimeds Pharmaceuticals US completed its Initial Public Offering (IPO) in May 2025, issuing 3,375,000 common stock shares at $4.00 per share, which generated $13.5 million in gross proceeds.
- As part of the IPO, the company granted underwriters a 45-day option to purchase up to an additional 506,250 shares of common stock.
- Warrants to purchase up to 168,750 shares were issued to the underwriters, exercisable over a four-and-a-half-year period commencing 180 days from the IPO's closing.
Inbound Investments
- Inscobee Inc., a South Korean corporation, was a significant pre-IPO investor, holding approximately 70.29% of Apimeds Pharmaceuticals US's common stock. Following the IPO, Inscobee, directly and through its subsidiary Apimeds Korea, continues to hold a majority stake of 54.41%.
- The company leveraged proceeds from sales of securities to prior investors and the efforts of partners like Apimeds Korea and Inscobee Inc. to develop clinical data and advance treatment opportunities.
Capital Expenditures
- Net proceeds from the May 2025 IPO are planned to fund a Phase III clinical trial for knee osteoarthritis.
- A portion of the IPO funds is allocated to initiate corporate sponsorship studies focused on multiple sclerosis.
- The company intends to use IPO proceeds for the manufacturing of its product candidate, Apitox, and to cover general working capital requirements.
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Apimeds Pharmaceuticals Us
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 123.69 |
| Mkt Cap | 167.6 |
| Rev LTM | 44,615 |
| Op Inc LTM | 12,044 |
| FCF LTM | 5,250 |
| FCF 3Y Avg | 4,538 |
| CFO LTM | 12,008 |
| CFO 3Y Avg | 8,776 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.1% |
| Rev Chg 3Y Avg | 6.1% |
| Rev Chg Q | 6.8% |
| QoQ Delta Rev Chg LTM | 1.7% |
| Op Mgn LTM | 24.6% |
| Op Mgn 3Y Avg | 25.4% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 23.8% |
| FCF/Rev LTM | 17.3% |
| FCF/Rev 3Y Avg | 20.3% |
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Kim, Christopher | Chairman and CMO | Direct | Buy | 5152025 | 1.82 | 19,770 | 35,981 | 35,981 | Form |
| 2 | Kim, Christopher | Chairman and CMO | Direct | Buy | 5152025 | 1.86 | 7,730 | 14,378 | 51,150 | Form |
| 3 | Koo, Jakap | Direct | Buy | 5142025 | 1.99 | 28,500 | 56,715 | 1,281,331 | Form | |
| 4 | Inscobee, Inc. | Direct | Buy | 5142025 | 4.00 | 500,000 | 2,000,000 | 7,938,464 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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