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- Material Weakness (worsened) — Material weaknesses in internal controls remain unresolved for at least one year with no disclosed remediation efforts.
APUS posts $35M Q1 loss on crypto writedowns; new digital-asset segment now co-equal to pharma
Filed May 26, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 20, 2025 · ~1 min read
Key Changes
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Q1 2026 net loss exploded to $35.1M from $0.4M prior year, driven by $22.1M unrealized crypto losses and $8.1M one-time advisor stock comp. Accumulated deficit jumped from $4.8M to $45.5M in one year.
MD&A: Financial Results verify on EDGAR → -
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Company now defines success as both drug approvals and cryptocurrency appreciation. New Digital Asset segment holds Bitcoin, Tether, and NILA tokens; management warns crypto volatility will be significant going forward.
MD&A: Business Description verify on EDGAR → -
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Closed $120.9M PIPE facility in Dec 2025, drawable in tranches subject to market conditions. Drew $10.9M by March 31, with $8M held as restricted cash. Liquidity now depends on Tether proceeds from token sales.
MD&A: Liquidity verify on EDGAR →
2 more material changes behind this preview — plus the full narrative summary, section-by-section diffs against the prior filing, and verbatim quotes with EDGAR citations.
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Source-verified from EDGAR · Narrative written by AI · May 27, 2026 · How we verify