aibioApimeds Pharmaceuticals adds Sungjoon Chae to board
Tickers APUS
The appointment on September 10, 2026 followed a First Amendment to a settlement agreement that sets the board's interim makeup. Chae has been Co-Chief Executive Officer since May 4, 2026.
Key facts
- Company
- Apimeds Pharmaceuticals US, Inc. (AMEX: APUS)
- News type
- Company Updates
- Primary source
- Apimeds Pharmaceuticals US, Inc. 8-K (2026-09-11)
Apimeds Pharmaceuticals US, Inc. said in a Form 8-K dated September 11, 2026 that its board of directors appointed Sungjoon Chae as a director on September 10, 2026, effective that day. Chae has served as Co-Chief Executive Officer of the company since May 4, 2026. The company made the appointment under a settlement agreement, as amended, after Chae was nominated by the Inscobee Parties.
The amendment
The First Amendment, dated September 10, 2026, amends a Confidential Settlement and Mutual Release Agreement dated April 24, 2026. The parties to that settlement are the company, MindWave Innovations Inc., Lokahi Therapeutics, Inc., Erik Emerson, Inscobee Inc., which is now named FreeT Inc., and Apimeds Inc., a South Korean corporation and wholly owned subsidiary of FreeT. The amendment changes Section 10(a) of the settlement agreement, which governs the composition of the board. The amendment is filed as Exhibit 10.1 to the report.
During the interim period between the effective date of the settlement agreement and the Preferred Stock Conversion, as defined in that agreement, the board consists solely of Elona Kogan, Carol O'Donnell, Dr. Bennett Weintraub and Sungjoon Chae. None of them may be removed without the written consent of Dr. Vin Menon and the Inscobee Parties. After that interim period, the board will have seven members: four independent directors nominated by MindWave, two directors nominated by Menon, one of whom will be Menon, and Sungjoon Chae.
Who Chae is
The filing gives the following biography. Chae is an architect and urban designer who specializes in large-scale real estate development and urban regeneration. He holds degrees from the Illinois Institute of Technology and Harvard University. The filing says he has worked on complex projects across South Korea and the United States and has led multidisciplinary teams on redevelopment work. It describes his approach as practical and implementation-oriented, aligning design intent with financial viability, regulatory frameworks and market conditions.
The company said the material terms of Chae's compensation as a director have not yet been determined and will be disclosed once finalized. The filing also says there are no related party transactions between the company and Chae that would require disclosure under Item 404(a) of Regulation S-K.
Background and finances
On December 1, 2025, the company entered into and closed an Agreement and Plan of Merger with Apimeds Merger Sub, Inc., MindWave Innovations Inc., Lokahi Therapeutics, Inc. and Erik Emerson, who acted as representative for the Bio Business. Merger Sub merged into MindWave, which survived as a direct wholly owned subsidiary of the company. The annual report says the holders of MindWave common stock were to receive preferred stock and a common stock allocation capped at 0% of the common shares outstanding under the merger agreement, structured so that they would hold, on an as-converted and fully diluted basis, 90.9% of the company's equity capital as of the closing.
The annual report said the transactions would cause a change in control and require a new NYSE American listing application.
For the fiscal year ended December 31, 2025, the company reported research and development expense of $1.6 million and a net loss of $6.0 million, compared with a net loss of $1.4 million for 2024. Cash from operations was negative $8.9 million in 2025 and negative $733,526 in 2024. The XBRL data also show year-end 2025 cash and cash equivalents of $1.6 million and short-term investments of $2.0 million, as tagged in a 10-Q filed on August 14, 2026. Cash and cash equivalents were $278,371 at June 30, 2026, according to that same 10-Q.
What the settlement means for control
The seat comes from a settlement, not from a shareholder vote. During the interim period the four directors cannot be removed without the written consent of Dr. Menon and the Inscobee Parties, so the board has limited room to change course. Mr. Chae's listed background is architecture and real estate, and the filing names no experience in drug development. The filing gives no date for the Preferred Stock Conversion, and it says nothing on funding, though cash and cash equivalents were $278,371 on June 30, 2026. His director pay has not been set.