Apimeds Pharmaceuticals US, Inc.

Apimeds Pharmaceuticals US, Inc.

High-level overview

• The company is the merged entity formed from Apimeds Pharmaceuticals US, Inc. (APUS) and MindWave Innovations Inc., effective December 1, 2025. MindWave is a direct, wholly owned subsidiary.
• The combined business operates through two primary subsidiaries:
  • Lokahi Therapeutics, Inc. — biopharmaceutical operations focused on a bee venom–based therapy candidate, Apitox.
  • MindWave Innovations Inc. — a technology platform company focused on institutional Digital Asset Treasury (DAT) solutions and related ecosystem.
• Post-merger operating plan: Apimeds’ biopharmaceutical business will operate within a subsidiary, while MindWave’s DAT platform will operate within the public company structure.

Lokahi Therapeutics, Inc. (biopharmaceutical)

• Lead product: Apitox, a bee venom (Apis mellifera)–derived product intended for intradermal administration to treat inflammation and pain associated with knee osteoarthritis (OA); potential future exploration for multiple sclerosis (MS) symptoms.
• Clinical history:
  • Apimeds Korea conducted Phase I–III OA trials with Apitoxin; the Korea MFDA approved Apitoxin for OA pain and mobility in 2003. A post-marketing safety study in Korea included approximately 3,194 patients (2003–2009) with no serious adverse events reported in that study period.
  • A U.S. Phase III OA trial was authorized by the FDA in 2013–2014 based on the Korea data. Results suggested efficacy but did not meet U.S. regulatory standards due to population size and data handling. Lokahi has designed a new Phase III trial targeting knee OA grade 2–4 to address FDA requirements.
  • The prior Korea Phase III trial showed improvements in pain, function, and disease assessment; the safety profile was generally comparable to placebo, with injection-site reactions and one serious event (anaphylaxis) associated with injection rate.
• Regulatory and manufacturing:
  • APUS has a Business Agreement with Apimeds Korea that licenses rights to the Apitox data and development for the U.S.; royalties are payable to Apimeds Korea.
  • U.S. manufacturing is planned with Piramal Pharma Solutions (Lexington, KY) to support Phase III and potential commercialization.
  • The development strategy includes pursuing a Biologics License Application (BLA) with the FDA after successful Phase III and pursuing applicable exclusivity and extension pathways.
• Commercial strategy:
  • Primary commercial focus is on improving symptoms and quality of life for patients with knee OA; MS development may be pursued via adjunctive, non-registered studies.
  • The company intends to pursue a marketing partner and an end-to-end regulatory and commercial entry path for Apitox in the U.S.
• Intellectual property:
  • Apitox is marketed in Korea as Apitoxin. U.S. rights rely on licensed data and trade-secret manufacturing know-how. The active ingredient is bee venom; the protection strategy emphasizes trade secrets and licensing arrangements rather than composition patents.

MindWave Innovations Inc. (DAT platform and ecosystem)

• Core business: Institutional Digital Asset Treasury (DAT) platform designed to help corporations and institutions hold, manage, and generate yield on Bitcoin reserves through an integrated, compliant technology and service stack.
• Key components of the DAT platform:
  • Institutional treasury infrastructure: Segregated, governance-aligned wallet architecture with reporting suitable for public-company requirements and AML/KYC controls.
  • AI-supported yield programs: Risk-managed yield strategies with governance and real-time risk monitoring.
  • Validator-enabled ecosystem: Enterprise-grade validator operations and governance supported by the native token, $NILA.
  • Custody and execution: Assets held with regulated third-party custodians and institutional-grade wallet solutions with emphasis on segregation, control, risk management, and compliance oversight.
  • Compliance and governance: AML/KYC, surveillance, continuous monitoring, and audit-ready processes, with advisory onboarding and enablement services for clients.
• Bitcoin holdings and reserve posture:
  • TechyTrade (Dubai) holds 1,000 Bitcoin for the benefit of MindWave’s Dubai subsidiary within a segregated sub-wallet architecture; TechyTrade (Dubai) retains the private keys and beneficial ownership.
  • The reserve is managed free of encumbrances to preserve purchasing power and to support yield and validator activities.
• Market and revenue model:
  • Target clients include public and private corporate treasuries, institutional investors, asset managers, financial institutions, intermediaries, and high-net-worth entities with significant Bitcoin reserves.
  • Revenue components under development include Treasury Management Fees (AUM-based), Performance/Program Fees from yield programs, Validator Services/Protocol Incentives, and ancillary monetization in ClimateTech, AdTech, and InsurTech verticals.
• Ecosystem verticals powered by $NILA:
  • ClimateTech (AQUAE Impact): Fractionalized environmental credits and related initiatives.
  • AdTech (Wave+): Micro-engagement platform with tokenized value for campaigns.
  • InsurTech (Institutional Insurance Engine): Bitcoin-centric insurance and risk-management constructs.
• Corporate and governance structure:
  • TechyTrade (Dubai) operates the 1,000 BTC reserve; MindWave Ltd. administers the sub-wallets. Private keys and beneficial ownership reside with TechyTrade (Dubai).
  • MindWave/DAT is positioned to operate within the public company structure, with Apimeds’ biopharma assets contained in a subsidiary.
  • The business is pursuing partnerships with regulated custodians, wallet providers, financial institutions, and placement agents and applies policy-based governance, risk controls, and audit-ready reporting.

Corporate actions and ownership

• Merger closing: December 1, 2025; MindWave survived as a wholly owned subsidiary of the Company.
• Ownership post-merger: MindWave holders hold 90.9% of the Company’s equity on a fully diluted basis; APUS holders were allocated 0% of the total Company Common Stock under the Merger Agreement terms.
• Listing and approvals: The merger triggers a change in control and requires NYSE American listing approval. The Company intends to file a listing application. Certain stockholders (approximately 51%) approved actions related to preferred stock conversion, notes conversion, a 1-for-10 reverse stock split, change in par value, and equity plan amendments; these actions are subject to a waiting period and regulatory approvals.
• Post-closing governance: The combined entity plans a two-track strategy with biopharma under a subsidiary and MindWave’s DAT platform operating under the public company structure.

Headquarters and operations

• APUS corporate offices: Matawan, New Jersey.
• MindWave DAT operations: Singapore and Dubai subsidiaries (TechyTrade Singapore and TechyTrade Dubai) with the 1,000 BTC reserve controlled on behalf of TechyTrade Dubai by MindWave Ltd.
• Public site: www.mindwavedao.com.

Financials

• The company has generated revenues, and no single customer accounts for more than 10% of those revenues.

Employees

• MindWave reported 9 total employees as of January 11, 2026, with none based in the United States.
• Another reference in the company materials lists 7 full-time employees in a separate section.

Summary

• The company combines a biopharmaceutical program (Apitox for knee OA, with potential MS work) and an institutional Bitcoin DAT platform (treasury stack, yield programs, validator economy, and $NILA utility).
• Current priorities include advancing the FDA pathway for Apitox, executing a Phase III program and manufacturing plan, and advancing MindWave’s DAT roadmap, partnerships, and monetization strategies while completing post-merger corporate and listing actions.