GlucoTrack files financials for merged Lokahi Therapeutics, flags going concern doubt

GlucoTrack, Inc. filed Amendment No. 1 to a Form 8-K on August 28, 2026, adding financial statements and pro forma data for Lokahi Therapeutics, Inc. tied to a merger completed earlier in the year. The amendment supplies financial statements and pro forma financial information required under Item 9.01, following a reverse merger transaction previously reported in the company's original Form 8-K filed July 15, 2026.¹

Lokahi is described in the filing as a development-stage biopharmaceutical company incorporated in Delaware that is focused on developing Apitox, a drug derived from purified honeybee venom aimed at treating acute pain and inflammation linked to knee osteoarthritis.¹ Before the merger, the company operated as a subsidiary of Apimeds Pharmaceuticals US, Inc.¹

The unaudited condensed financials show a steep decline in liquidity. As of June 30, 2026, the company had cash and cash equivalents of $53,186.¹ It reported an accumulated deficit of $8,799,232, with a net loss of $8,098,087 and $3,624,474 in cash used in operating activities for the six months ended June 30, 2026, and it expects continued substantial losses.¹ The auditor's report from Kreit & Chiu CPA LLP includes an emphasis-of-matter paragraph stating that the company has suffered recurring losses from operations and negative cash flows that raise substantial doubt about its capacity to continue operating.¹

The filing also discloses potential legal exposure. In August 2026, counsel for Alto Opportunity Master Fund B contacted Lokahi's legal counsel about a $10.9 million note owed by APUS, asserting Lokahi could bear responsibility since it was formerly an APUS subsidiary, and indicated intent to pursue litigation against APUS, the company, and other parties.¹ As of the filing date, Alto had not specified a legal basis, an amount sought, or commenced any proceeding against the company.¹