Financial stability has deteriorated rapidly, with the current ratio falling from 12.79 in 2025Q2 to a precarious 0.90 as of 2026Q1.
| Total Current Assets | 13.15M | 13.98M | 13.06K | 422.08K | 6.17K | 172.17K |
| Cash & Short-Term Investments | 2.48M | 3.64M | 3.46K | 410.48K | 6.17K | 171.44K |
| Cash Only | 979.53K | 1.64M | 3.46K | 410.48K | 6.17K | 171.44K |
| Short-Term Investments | 1.5M | 2M | 0 | 0 | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - |
| Other Current Assets | 10.67M | 8.05M | 0 | 11.6K | 0 | 0 |
| Total Non-Current Assets | 128.07M | 150.2M | 0 | 0 | 0 | 0 |
| Property, Plant & Equipment | 228.37K | 239.02K | 0 | 0 | 0 | 0 |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 149.89M | 149.89M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 127.84M | 75.48K | 0 | 0 | 0 | 0 |
| Total Assets | 141.22M | 164.18M | 13.06K | 422.08K | 6.17K | 172.17K |
| Asset Turnover | 0.00x | - | - | - | - | - |
| Asset Growth % | 1350754.32% | 1257338.43% | -96.91% | 6739.67% | -96.42% | - |
| Total Current Liabilities | 14.58M | 10.71M | 1.02M | 123.31K | 319.78K | 10.65K |
| Accounts Payable | 0 | 918.65K | 0 | 0 | 36.88K | 10.65K |
| Days Payables Outstanding | 4.18K | 58.76K | - | - | - | - |
| Short-Term Debt | 9.36M | 7.59M | 250K | 0 | 260K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 1.58M | 1.62M | 180.55K | 0 | 0 | 0 |
| Current Ratio | 0.90x | 1.31x | 0.01x | 3.42x | 0.02x | 16.16x |
| Quick Ratio | 0.90x | 1.31x | 0.01x | 3.42x | 0.02x | 16.16x |
| Cash Conversion Cycle | - | - | - | - | - | - |
| Total Non-Current Liabilities | 118.81K | 129.45K | 346.84K | 266.89K | 400K | 400K |
| Long-Term Debt | 118.81K | 0 | 346.84K | 266.89K | 400K | 400K |
| Capital Lease Obligations | 129.45K | 129.45K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 14.7M | 10.84M | 1.37M | 390.2K | 719.78K | 410.65K |
| Total Debt | 9.53M | 7.76M | 596.84K | 266.89K | 660K | 400K |
| Net Debt | 8.55M | 6.12M | 593.39K | -143.59K | 653.83K | 228.56K |
| Debt / Equity | 0.08x | 0.05x | - | 8.37x | - | - |
| Debt / EBITDA | -0.61x | - | - | - | - | - |
| Net Debt / EBITDA | -0.55x | - | - | - | - | - |
| Interest Coverage | -35.82x | -20.20x | -10.81x | -19.43x | -21.95x | -151.26x |
| Total Equity | 126.52M | 153.35M | -1.36M | 31.87K | -713.61K | -238.48K |
| Equity Growth % | 21021.14% | 11391.18% | -4361.31% | 104.47% | -199.23% | - |
| Book Value per Share | 8.16 | 14.09 | -1.07 | 0.03 | -0.56 | -0.19 |
| Total Shareholders' Equity | 126.52M | 153.35M | -1.36M | 31.87K | -713.61K | -238.48K |
| Common Stock | 125.76K | 125.76K | 79.04K | 205.5K | 100K | 100K |
| Retained Earnings | -45.45M | -10.39M | -4.39M | -3M | -2.22M | -1.56M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient capital for trials
As reported in recent financial statements, APUS has seen its equity position swing from a deficit of $264.6K in 2024Q1 to a precarious $126.5M in 2026Q1, a shift largely driven by aggressive capital infusions that mask the underlying lack of operational self-sustainability.
The trajectory of the balance sheet suggests a company attempting to buy its way toward clinical milestones through rapid asset accumulation. However, the widening gap between total assets and the persistent negative retained earnings indicates that capital is being consumed rather than converted into productive, revenue-generating capacity.
Based on the company's reported figures, the current ratio plummeted from 12.79 in 2025Q2 to 0.90 in 2026Q1, signaling that the firm's ability to cover short-term obligations has eroded significantly as cash reserves are exhausted by ongoing clinical trial expenditures.
The sharp decline in the current ratio suggests that the company is approaching a liquidity crunch that may force management to seek dilutive financing. Investors should monitor the cash runway closely, as the current balance of $979.5K appears insufficient to support the high-cost environment of late-stage pharmaceutical development.
According to the latest quarterly filings, the company's retained earnings have deteriorated to a deficit of $45.5M in 2026Q1, reflecting the heavy toll that sustained R&D spending and operational overhead have taken on the firm's total equity base over the past two years.
The negative retained earnings highlight the structural challenge of a pre-revenue biotech firm where equity is essentially a proxy for investor confidence in future clinical success. The lack of positive earnings suggests that shareholders are currently funding the entire cost of operations without any offset from commercial activities.
As indicated by the balance sheet data, the reported $141.2M in total assets as of 2026Q1 is heavily skewed toward non-productive items, which warrants further investigation into whether these assets can actually be liquidated to support the company's ongoing clinical trial requirements.
The absence of significant PPE or tangible revenue-generating assets suggests that the balance sheet is highly sensitive to impairment risks if clinical trials fail to meet regulatory standards. This composition implies that the firm's value is entirely tied to intangible intellectual property that remains unproven in a commercial setting.
Quick answers to the most common questions about buying APUS stock.
As of 2025, Apimeds Pharmaceuticals US, Inc (APUS) had total assets of $164.2M including $14.0M in current assets.
Apimeds Pharmaceuticals US, Inc (APUS) carries total debt of $7.8M, offset by $3.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Apimeds Pharmaceuticals US, Inc (APUS) has total shareholders' equity (book value) of $153.3M ($14.09 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Apimeds Pharmaceuticals US, Inc (APUS) reported a current ratio of 1.31x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.