Apimeds Pharmaceuticals US is a holding company with two unrelated operating subsidiaries: Lokahi Therapeutics, a clinical-stage biopharmaceutical company, and MindWave Innovations, an early-stage Bitcoin treasury platform. Both businesses are pre-commercial in the U.S. and capital-intensive. Lokahi is developing Apitox, a purified honeybee venom administered via intradermal injection, targeting inflammation and pain in knee osteoarthritis, with a secondary focus on multiple sclerosis. Apitox is already sold in South Korea by Apimeds Korea, a related party that licensed its clinical data and manufacturing know-how to Lokahi in exchange for a 5% royalty on future U.S. earnings. Lokahi has no U.S. revenue and must complete a second Phase III trial before submitting a Biologics License Application to the FDA. If approved, Lokahi plans to sell Apitox through a strategic marketing partner rather than building its own sales force. MindWave is building an institutional Digital Asset Treasury platform to help corporations hold, manage, and generate yield on Bitcoin reserves, with revenue expected from treasury management fees, performance fees, validator services, and token-based ecosystem verticals. MindWave holds 1,000 Bitcoin on its balance sheet and is pre-revenue on its platform. The two businesses were combined through a December 2025 reverse merger in which MindWave merged into the Apimeds shell and are now operated in parallel under the same public listing.