Forensic Analysis · Pharmaceuticals & Biotechnology · as of Nov 9, 2026
Apimeds Pharmaceuticals US, Inc. (APUS)
A forensic read on Apimeds Pharmaceuticals US, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
12.0
Distress distance
3
Forensic signals
-7.9%
ROE
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Apimeds Pharmaceuticals US, Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 12.0, placing it in the Grey zone. 3 forensic signals were flagged in its latest SEC filings, led by share-count dilution.
What the filings flag
+37.7%/yr
FY2024–FY2025
Share-count dilution.Diluted share count changed +38% over the last 1 year to FY2025 (+37.7%/yr). The count is growing — 7.9M shares in FY2024, 10.9M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~37.7% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2024 has been diluted ~27%.
-$9.7M
FY2024–FY2025
Cash burn vs. reported loss.Over FY2024–FY2025, the company reported a cumulative net loss of $7.4M against operating cash flow of -$9.7M. Cash burn ran heavier than the reported loss — something outside net income (working capital, a cash item not in the P&L) is consuming cash faster than the loss alone implies.
n/m (sign flip)
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets flipped from negative to positive FY2024→FY2025 (FY2024 $-1.4M to FY2025 $+157.7M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.
Key fundamentals
Free Cash Flow-$9.0M
Return on Equity-7.9%
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Apimeds Pharmaceuticals US, Inc.'s actual 10-K/10-Q/8-K filings?