Apimeds Pharmaceuticals Us's Business Segments

Apimeds Pharmaceuticals US, Inc. (APUS) is a Delaware corporation operating through its wholly owned subsidiaries, Lokahi Therapeutics, Inc. and MindWave Innovations Inc. Lokahi Therapeutics is a clinical-stage biopharmaceutical company developing Apitox, an intradermally administered bee venom-based toxin targeting inflammation and pain management symptoms primarily associated with knee osteoarthritis and, to a lesser extent, multiple sclerosis. Apitox is marketed and sold in South Korea by Apimeds Inc. (Apimeds Korea) under the name "Apitoxin" for osteoarthritis treatment but has not received approval from the U.S. Food and Drug Administration (FDA) for any indication. Apitox consists of purified pharmaceutical-grade bee venom from the Apis mellifera (western honeybee), classified by the FDA as an active pharmaceutical ingredient. Bee venom has a history of use in Asia and Europe for pain treatment and is FDA-approved for subcutaneous injection to reduce allergic reactions to bee stings. The company recently completed a merger with MindWave Innovations Inc., making MindWave a direct wholly owned subsidiary, and undertook corporate actions including stock conversions, a reverse stock split, and equity plan amendments. These actions are part of a change in control and require approval from NYSE American for listing purposes.

Following the completion of the MindWave Merger on December 1, 2025, the Company operates in two segments: the biopharmaceutical segment, focused on the clinical development of Apitox through Lokahi, and the digital asset operations segment, which includes the holding, sale, and advancement of the MindWaveDAO blockchain and related digital assets through MindWave.