Financial Performance - For the three months ended September 30, 2025, Apimeds Pharmaceuticals reported a net loss of $1,781,255, compared to a net loss of $332,521 for the same period in 2024, representing an increase in loss of $1,448,734[141]. - For the nine months ended September 30, 2025, the net loss was $4,845,845, compared to a net loss of $1,078,357 for the same period in 2024, indicating an increase in loss of $3,767,488[142]. - Net loss for the nine months ended September 30, 2025, was $4,845,845, compared to a net loss of $1,078,357 in the same period of 2024, indicating an increase in loss of $3,767,488[147]. Expenses - Research and development expenses for the three months ended September 30, 2025, totaled $619,693, reflecting an increase of $619,693 compared to no such expenses in the same period of 2024[138]. - General and administrative expenses for the three months ended September 30, 2025, were $1,224,546, an increase of $924,547 from $299,999 in the same period of 2024[139]. - Research and development expenses for the nine months ended September 30, 2025, amounted to $1,271,477, reflecting an increase of $1,271,477 compared to no such expenses in the same period of 2024[144]. - General and administrative expenses increased to $3,601,034 for the nine months ended September 30, 2025, up from $999,482 in 2024, representing a rise of $2,601,552[145]. - Stock-based compensation costs contributed approximately $1,482,469 to the increase in general and administrative expenses[145]. - The increase in operating expenses was primarily driven by higher payroll expenses, professional services, and expanded operational and research activities[141]. Revenue and Income - The Company had no revenue for both the three and nine months ended September 30, 2025, and 2024[137][143]. - Other income for the three months ended September 30, 2025, was $62,984, compared to an expense of $32,522 for the same period in 2024, representing an increase of $95,506[140]. - Other income was $26,666 for the nine months ended September 30, 2025, compared to an expense of $78,875 in 2024, reflecting an increase of $105,541[146]. - Interest income rose by approximately $68,882, while interest expense decreased by approximately $14,282, contributing to the increase in other income[146]. Cash Flow and Financing - Net cash used in operating activities was $5,107,575 for the nine months ended September 30, 2025, compared to $633,910 in 2024, resulting in an increase of $4,473,665[149]. - Financing activities provided approximately $12,126,646 of cash during the nine months ended September 30, 2025, primarily from the IPO, compared to $250,000 in 2024[152]. - Cash increase for the nine months ended September 30, 2025, was $6,983,162, compared to a decrease of $383,910 in 2024, resulting in a positive change of $7,367,072[149]. Future Outlook - As of September 30, 2025, the accumulated deficit for the Company was $9,237,769, with expectations of continued substantial losses in the future[135]. - The company has generated no revenue and expects to continue incurring significant operating losses for the foreseeable future[148]. - The company is dependent on obtaining necessary equity and/or debt financing to continue operations until a revenue stream is established[148]. IPO Information - The Company completed its initial public offering on May 12, 2025, selling 3,375,000 shares at $4.00 per share, generating net proceeds of $11.9 million[135].
Apimeds Pharmaceuticals US Inc(APUS) - 2025 Q3 - Quarterly Report