The company remains in a pre-revenue stage, with operating losses widening to $4.1 million in 2026Q1 as SG&A expenses surged to $11.3 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - |
| Cost of Goods Sold | 20.04K | 5.71K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - |
| Gross Profit | -20.04K | -5.71K | 0 | 0 | 0 | 0 |
| Gross Margin % | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | - |
| Operating Expenses | 15.6M | 11.91M | 1.28M | 747.44K | 639.53K | 1.02M |
| OpEx % of Revenue | - | - | - | - | - | - |
| Selling, General & Admin | 21.2M | 10.27M | 1.28M | 648.89K | 271.53K | 529.55K |
| SG&A % of Revenue | - | - | - | - | - | - |
| Research & Development | 2.53M | 1.63M | 0 | 98.54K | 368K | 489.94K |
| R&D % of Revenue | - | - | - | - | - | - |
| Other Operating Expenses | -1000K | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -15.62M | -11.91M | -1.28M | -747.44K | -639.53K | -1.02M |
| Operating Margin % | - | - | - | - | - | - |
| Operating Income Growth % | - | -834.25% | -70.6% | -16.87% | 37.27% | - |
| EBITDA | -15.59M | -11.91M | -1.27M | -739.63K | -639.53K | -1.02M |
| EBITDA Margin % | - | - | - | - | - | - |
| EBITDA Growth % | -1040.75% | -835.87% | -72.02% | -15.65% | 37.27% | - |
| D&A (Non-Cash Add-back) | 25.75K | 5.71K | 0 | 0 | 0 | 0 |
| EBIT | -39.55M | -5.72M | -1.27M | -739.63K | -639.53K | -1.02M |
| Net Interest Income | -996.78K | -175.42K | -114.89K | -30.26K | -29.14K | -6.74K |
| Interest Income | 107.6K | 107.59K | 2.82K | 7.81K | 0 | 0 |
| Interest Expense | 1.1M | 283.01K | 117.72K | 38.07K | 29.14K | 6.74K |
| Other Income/Expense | -25.04M | 5.91M | -114.89K | -30.26K | -29.14K | -6.74K |
| Pretax Income | -40.66M | -6M | -1.39M | -777.69K | -668.67K | -1.03M |
| Pretax Margin % | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -40.66M | -6M | -1.39M | -777.69K | -668.67K | -1.03M |
| Net Margin % | - | - | - | - | - | - |
| Net Income Growth % | -2617.98% | -331.74% | -78.73% | -16.31% | 34.84% | - |
| Net Income (Continuing) | -40.66M | -6M | -1.39M | -777.69K | -668.67K | -1.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.62 | -0.55 | -1.10 | -0.61 | -0.53 | -0.81 |
| EPS Growth % | -424.95% | 50% | -79.45% | -16.32% | 34.78% | - |
| EPS (Basic) | - | -0.55 | -1.20 | -0.68 | -0.58 | -0.89 |
| Diluted Shares Outstanding | 15.51M | 10.88M | 1.27M | 1.27M | 1.27M | 1.27M |
| Basic Shares Outstanding | 15.51M | 10.88M | 1.15M | 1.15M | 1.15M | 1.15M |
| Dividend Payout Ratio | - | - | - | - | - | - |
Insufficient capital for trials
As reported in recent financial statements, APUS experienced a significant surge in SG&A expenses to $11.3 million in 2026Q1, reflecting a rapid expansion in overhead that far outpaces the company's current ability to generate any meaningful revenue or offset clinical development costs.
The sharp increase in SG&A suggests that the company is aggressively building out its US infrastructure, likely in anticipation of regulatory milestones. However, this spending trajectory appears disconnected from the firm's pre-revenue status, raising concerns regarding the sustainability of current administrative and operational outlays.
According to the latest quarterly filings, APUS recorded $114.2K in stock-based compensation during 2026Q1, which serves to further dilute existing shareholders while the company continues to report substantial net losses and remains entirely devoid of commercial revenue streams.
The introduction of stock-based compensation in a period of deepening net losses warrants close scrutiny by investors. It may indicate a shift toward non-cash incentives to preserve limited liquidity, yet it simultaneously complicates the path to future earnings per share accretion.
Based on the provided income statement data, the company's operating loss widened to $4.1 million in 2026Q1, demonstrating that the firm has yet to achieve any meaningful operating leverage as expenses continue to scale significantly faster than the non-existent gross profit.
The absence of revenue combined with rising R&D and SG&A costs suggests that the company is currently in a phase of pure capital consumption. Investors should monitor whether the current cost structure is a necessary investment for future commercialization or a sign of inefficient resource allocation.
As indicated by the company's reported figures, the combination of a $35.1 million net loss in 2026Q1 and a cash balance of only $1.6 million suggests that the firm faces an imminent and severe liquidity crisis that may necessitate dilutive financing.
The current burn rate appears fundamentally incompatible with the capital-intensive nature of Phase III clinical trials. This discrepancy suggests that the company may be forced to seek external funding under potentially unfavorable terms, which could significantly impair the value for current equity holders.
Quick answers to the most common questions about buying APUS stock.
For fiscal year 2025, Apimeds Pharmaceuticals US, Inc (APUS) reported total revenue of $0.0M.
Apimeds Pharmaceuticals US, Inc (APUS) reported a net loss of $6.0M for the fiscal year ending 2025.