Apimeds Pharmaceuticals US, Inc.

APUSdata completeness 75%3 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Apimeds Pharmaceuticals US, Inc. earns about -1222% on equity, but has diluted owners by 137% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2023	FY 2024	FY 2025
Revenue	—	—	—
Net income	−$777,694¹	−$1.39M²	−$6M²
Operating cash flow	−$627,790³	−$733,526⁴	−$8.93M⁴
Capital expenditure	—	—	$57,333⁵
Free cash flow (derived)	—	—	−$8.98M⁴
Total debt	—	—	—
Cash & equivalents	$410,481⁶	$3,455⁷	$1.64M⁷
Diluted shares	4.6M	7.9M	10.9M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$140.92

your share of equity

Profit it earned you last year

−$5.51

Free cash flow it threw off

−$8.26

Debt you’d be carrying

—

10 shares is a claim on $140.92 of net worth that earned you −$5.51 and generated −$8.26 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-1222% avg · 3y

FY23 -2440%FY24 —FY25 -4%

It earned an average -1222% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+137% shares · 3y

Share count is up 137% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

DCF · Growth Exit 5Y

not applicable

only 1 years of FCF (need ≥3) — model not applicable

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2023-12-31 · accession 0001213900-25-032206 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001213900-26-051139 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001213900-25-032206 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001213900-26-051139 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2025-12-31 · accession 0001213900-26-051139 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001213900-25-032206 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001213900-26-051139 (CashAndCashEquivalentsAtCarryingValue)