APMD
APMDCIK 0001745648
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10-Q
Filed Sep 8, 2026
· Period ending Jun 30, 2026
Summary not yet generated.
8-K
Filed Sep 8, 2026
· Period ending Sep 8, 2026
Summary not yet generated.
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8-K
Filed Aug 3, 2026
· Period ending Aug 3, 2026
Summary not yet generated.
424B4
Filed Jul 31, 2026
Red flag
Apnimed prices $192M IPO at $16/share; company nets $173.6M for sole OSA drug Oxnimbi
6 material changes detected. Sign up free to read the summary.
S-1/A
Filed Jul 27, 2026
Red flag
APMD's FDA review advances with Feb 2027 PDUFA date; IPO terms set at $15/share
5 material changes detected. Sign up free to read the summary.
S-1
Filed Jul 10, 2026
Summary not yet generated.
Latest financial statements
From 10-Q filed Sep 8, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in thousands, except share and per share amounts)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| REVENUE RELATED PARTY | 12,080 | 17,110 | 96,894 | 20,241 |
| OPERATING EXPENSES: | ||||
| Research and development | 9,900 | 15,969 | 18,004 | 39,425 |
| General and administrative | 12,674 | 5,353 | 19,180 | 10,823 |
| Cost of services related party | 1,210 | 1,724 | 3,370 | 3,041 |
| Total operating expenses | 23,784 | 23,046 | 40,554 | 53,289 |
| INCOME (LOSS) FROM OPERATIONS | (11,704) | (5,936) | 56,340 | (33,048) |
| OTHER INCOME (EXPENSES): | ||||
| Interest income | 970 | 309 | 1,188 | 740 |
| Gain on sale of equity method investment | 85,380 | — | 85,380 | — |
| Gain on reversal of deposit liability | 57,120 | — | 57,120 | — |
| Change in fair value of long-term debt | (1,659) | — | (1,659) | — |
| Change in fair value of revenue interest liability | (460) | — | (460) | — |
| Change in fair value of convertible notes | (796) | — | 1,315 | — |
| Other income (expense) | (2,738) | — | (2,738) | — |
| Total other income | 137,817 | 309 | 140,146 | 740 |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 126,113 | (5,627) | 196,486 | (32,308) |
| Income tax expense | — | — | — | — |
| NET INCOME (LOSS) FROM CONTINUING OPERATIONS | 126,113 | (5,627) | 196,486 | (32,308) |
| Loss from discontinued operations | (178) | (63,847) | (2,832) | (65,812) |
| NET INCOME (LOSS) | 125,935 | (69,474) | 193,654 | (98,120) |
| Net income (loss) per share of Class A, Class B and Class C - Basic: | ||||
| Continuing operations | 26.29 | (1.18) | 40.97 | (6.80) |
| Discontinued operations | (0.04) | (13.43) | (0.59) | (13.85) |
| Basic net income (loss) per share | 26.25 | (14.61) | 40.38 | (20.65) |
| Net income (loss) per share of Class A, Class B and Class C - Diluted: | ||||
| Continuing operations | 3.92 | (1.18) | 6.07 | (6.80) |
| Discontinued operations | (0.01) | (13.43) | (0.09) | (13.85) |
| Diluted net income (loss) per share | 3.91 | (14.61) | 5.98 | (20.65) |
| Weighted average common shares outstanding, basic | 4,797,152 | 4,754,020 | 4,795,472 | 4,751,347 |
| Weighted average common shares outstanding, diluted | 32,353,048 | 4,754,020 | 32,173,441 | 4,751,347 |
Condensed Consolidated Balance Sheets (Unaudited)
(in thousands, except share and per share amounts)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| CURRENT ASSETS: | ||
| Cash and cash equivalents | 172,804 | 41,890 |
| Prepaid research and development | 1,407 | 1,541 |
| Accounts receivable | 690 | 959 |
| Deferred transaction costs | 4,779 | — |
| Prepaid expenses and other current assets | 5,092 | 665 |
| Total current assets | 184,772 | 45,055 |
| PROPERTY AND EQUIPMENT, NET | 53 | 66 |
| ASSETS HELD FOR SALE | — | 26,893 |
| CONTINGENT ASSET | 9,893 | — |
| OPERATING LEASE RIGHT-OF-USE ASSET | 714 | 835 |
| OTHER ASSETS | 24 | 24 |
| TOTAL ASSETS | 195,456 | 72,873 |
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | ||
| CURRENT LIABILITIES: | ||
| Accounts payable | 6,598 | 1,788 |
| Accrued expenses and other current liabilities | 9,184 | 11,026 |
| Operating lease liability | 265 | 250 |
| Short-term deferred revenue | 19,531 | 97,812 |
| Total current liabilities | 35,578 | 110,876 |
| LONG TERM LIABILITIES: | ||
| Operating lease liability, net of current | 485 | 623 |
| Convertible notes | 39,331 | 40,646 |
| Debt | 40,267 | — |
| Revenue interest liability | 10,037 | — |
| Deposit liability | — | 57,120 |
| Deferred revenue | — | 15,244 |
| TOTAL LIABILITIES | 125,698 | 224,509 |
| COMMITMENTS AND CONTINGENCIES (NOTE 7) | ||
| Convertible Preferred Stock, $0.00001 par value, 29,557,303 and 25,934,116 shares authorized as of June 30, 2026 and December 31, 2025, respectively; 28,522,107 shares issued and outstanding as of June 30, 2026 and December 31, 2025. Liquidation preference of $249,518 and $224,518 as of June 30, 2026 and December 31, 2025, respectively. | 245,939 | 221,147 |
| STOCKHOLDERS’ DEFICIT: | ||
| Common stock, $0.00001 par value, 51,712,954 (48,567,709 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of June 30, 2026 and 45,627,228 (42,481,983 Class A, 2,948,668 Class B, and 196,577 Class C) shares authorized as of December 31, 2025; 4,801,823 (1,853,155 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of June 30, 2026 and 4,781,256 (1,832,588 Class A, 2,752,091 Class B, and 196,577 Class C) shares issued and outstanding as of December 31, 2025. | 1 | 1 |
| Additional paid-in capital | 27,508 | 24,560 |
| Accumulated deficit | (203,690) | (397,344) |
| Total stockholders’ deficit | (176,181) | (372,783) |
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ DEFICIT | 195,456 | 72,873 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| OPERATING ACTIVITIES: | ||
| Net income (loss) | 193,654 | (98,120) |
| Loss from discontinued operations | 2,832 | 65,812 |
| Stock-based compensation | 2,120 | 1,668 |
| Non-cash lease expense | 121 | 112 |
| Depreciation | 13 | 13 |
| Change in fair value of convertible notes | (1,315) | — |
| Change in fair value of long-term debt | 1,659 | — |
| Change in fair value of revenue interest liability | 460 | — |
| Change in fair value of contingent asset | (116) | — |
| Debt issuance costs expensed upon issuance of long-term debt recorded using the fair value option | 2,845 | — |
| Gain on sale of equity method investment | (85,380) | — |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Prepaid research and development | 134 | 1,332 |
| Accounts receivable | 269 | 160 |
| Prepaid assets, other current assets and other assets | (4,427) | (35) |
| Accounts payable | 2,715 | 2,279 |
| Accrued expenses and other current liabilities | (2,741) | (6,735) |
| Deferred revenue | (93,525) | (4,964) |
| Deposit liability | (57,120) | (7,235) |
| Operating lease liability | (123) | (109) |
| Net cash used in operating activities | (37,925) | (45,822) |
| INVESTING ACTIVITIES: | ||
| Transfer fees related to sale of equity method investment | (336) | — |
| Proceeds from sale of equity method investment | 100,000 | — |
| Net cash provided by investing activities | 99,664 | — |
| FINANCING ACTIVITIES: | ||
| Proceeds from issuance of convertible preferred stock | 25,000 | 16,500 |
| Issuance costs of convertible preferred stock | (208) | (243) |
| Payment of initial public offering costs | (1,785) | — |
| Proceeds from issuance of Credit Agreement | 48,185 | — |
| Issuance costs of Credit Agreement | (2,845) | — |
| Proceeds from issuance of warrants | 815 | — |
| Issuance costs of warrants | (48) | — |
| Proceeds from exercise of stock options | 61 | 36 |
| Net cash provided by financing activities | 69,175 | 16,293 |
| NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 130,914 | (29,529) |
| CASH AND CASH EQUIVALENTS —Beginning of period | 41,890 | 68,350 |
| CASH AND CASH EQUIVALENTS —End of period | 172,804 | 38,821 |
| SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: | ||
| Equity method investment obtained in exchange for revenue arrangement (see Note 4) | — | 62,236 |
| Deferred transaction costs included in accounts payable and accrued expenses and other current liabilities | 2,994 | — |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except share and per share amounts); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗