Apimeds Pharmaceuticals Us (APUS) is like:

• A **smaller, specialized version of GW Pharmaceuticals** (known for developing cannabis-based drugs), but focused on bringing **bee venom-based therapies** that are already approved and sold in South Korea through the rigorous **US FDA approval process**.

Major Products

• Apitox for Osteoarthritis (OA): An intradermally administered bee venom-based toxin currently in Phase III clinical development as a potential treatment for knee pain associated with osteoarthritis.

Apimeds Pharmaceuticals Us (APUS) is a clinical-stage biopharmaceutical company focused on developing Apitox. Based on the provided description, the company has not yet generated any revenue from the sale or distribution of Apitox in the United States.

Therefore, Apimeds Pharmaceuticals Us does not currently have any major customers, either other companies or individuals, for its product.

• Apimeds Inc.
• Inscobee Inc.

Dr. Vin Menon, Chief Executive Officer and Director

Dr. Vin Menon is a veteran in the technology services industry, credited with the strategic direction behind several disruptive technology companies. He has held various leadership positions at multinational corporations like HP & Compaq with global responsibilities. Driven by his passion for technology and innovation, Dr. Menon has been a forerunner in technological innovation and has helped create the business ecosystem of disruptive technologies and high-growth companies. His experience has helped him as an entrepreneur and advisor, leading several startups from inception to meteoric growth across continents. Dr. Menon's proven track record of setting up motivated and high-caliber teams, establishing development centers from scratch to scale, and building company competencies led him to being awarded 'Entrepreneur of the Year 2012' by Rotary-ASME, 'Outstanding Entrepreneur Award 2011' by APEA, and the 'Spirit of Enterprise 2010' by SOE Singapore. He was also selected as a 'Leading Indian Entrepreneur of the Year 2010' by the Singapore Indian Chamber of Commerce. From 2021 to 2023, he co-founded and served as Strategic Advisor to CGCX, a Fintech, decentralized finance, and digital assets platform, where he provided strategic advisory services and growth initiatives. He currently serves as Chief Executive Officer of AQUAE Impact, a sustainable financial and environmental assets platform that uses blockchain technology and artificial intelligence, which he co-founded and currently forms part of its executive leadership providing oversight of product and sustainability initiatives. He also currently serves as Chief Executive Officer of AQUAE Labs Pte Ltd, the research and development and technology arm of AQUAE Impact, where he provides product and technology leadership.

Erick J. Frim, Chief Financial Officer

Mr. Frim has over 40 years of experience as an accountant, financial executive, and consultant. He joined Helio Corporation in December 2024. In 2019, he joined CFO Squad as a partner, where he advised clients on technical accounting and regulatory compliance, assisting numerous companies with their initial public offerings. Prior to CFO Squad, Mr. Frim served as 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. Mr. Frim is a former CPA.

Erik Emerson, President & Director

Mr. Emerson's annual base salary was increased to $500,000 effective November 13, 2025. The amendment to his executive employment agreement also updated severance terms.

Dr. Christopher Kim, MD, Chief Medical Officer

Dr. Christopher Kim served as the interim Chief Executive Officer of Apimeds Pharmaceuticals US from July 2022 to September 2023.

Susan Kramer, DrPH, Senior Vice President, Development

Dr. Kramer possesses more than 30 years of experience in biopharmaceutical research and development, with her first 18 years spent at Genentech. She was a co-founder of Corthera, Inc., which was later acquired by Novartis. Dr. Kramer has also held senior management and key alliance management roles at various other biotech companies, including XOMA, Anesiva, and Annexon Biosciences. Most recently, she served as Executive Vice President of Development at Concentric Analgesics.

Key Business Risks for Apimeds Pharmaceuticals US (APUS)

1. Failure to obtain U.S. Food and Drug Administration (FDA) approval for Apitox. The company's entire business model is contingent upon the successful completion of a second Phase III clinical trial and subsequent FDA approval for Apitox as an osteoarthritis treatment. A previous Phase III trial by Apimeds Korea did not meet FDA standards due to an insufficient study population and inadequate data handling, highlighting significant regulatory hurdles.
2. Lack of commercialized products and revenue. Apimeds US currently generates no revenue from the sale or distribution of Apitox in the United States and is dependent on proceeds from security sales to prior investors for its operations.
3. Competition from existing osteoarthritis treatments. The successful market entry of Apitox is dependent on demonstrating clinical benefits beyond current treatment options for osteoarthritis, which could pose a challenge in a competitive therapeutic landscape.

1. Successful Completion of Phase III Clinical Trial and U.S. FDA Approval for Apitox in Knee Osteoarthritis: The primary driver of future revenue will be the successful completion of its second Phase III clinical trial for Apitox as a treatment for advanced knee osteoarthritis, followed by obtaining U.S. Food and Drug Administration (FDA) marketing approval. This regulatory milestone is a prerequisite for commercialization and revenue generation from product sales in the U.S.
2. Commercial Launch and Market Penetration of Apitox for Advanced Knee Osteoarthritis: Following FDA approval, revenue growth will be driven by the successful commercial launch of Apitox in the U.S. market. This includes the effective marketing, sales, and increasing adoption of Apitox by healthcare providers and patients suffering from advanced knee osteoarthritis, leading to growing sales volumes.
3. Revenue Generation from MindWave Innovations' Digital Treasury and Digital Asset Yield Generation: A significant new driver of company revenue is the merger with MindWave Innovations Inc. in December 2025. This integration introduces an AI-driven digital treasury and digital asset yield generation business, which aims to provide substantial cash flow and accelerate Apimeds' therapeutic programs. This represents a distinct, non-biopharmaceutical revenue stream contributing to overall company growth.
4. Expansion of Apitox's Indications to Other Inflammatory and Autoimmune Diseases: Beyond knee osteoarthritis, Apimeds Pharmaceuticals US has indicated plans to explore and potentially advance Apitox for other inflammatory and autoimmune conditions, such as rheumatoid arthritis, lupus, and psoriasis. While commercial sales from these new indications may extend beyond the immediate 2-3 year timeframe, progress in preclinical or clinical stages for these additional indications would significantly drive future revenue growth potential and enhance the company's valuation.

Share Issuance

• The company issued securities to prior investors, generating proceeds to fund clinical data development and advance treatment opportunities.
• Prior investments in the form of convertible notes were converted into equity.

Inbound Investments

• The company received proceeds from the sale of its securities to prior investors.
• Convertible notes from prior investments were converted into equity, which eliminated existing debt.
• On August 2, 2021, Apimeds Korea, a principal stockholder, granted Apimeds US a sublicensable, royalty-bearing license to utilize all prior clinical development data for Apitox and to advance clinical research, develop, manufacture, and commercialize Apitox in the United States.