Exhibit 10.1

FIRST AMENDMENT TO

CONFIDENTIAL SETTLEMENT AND MUTUAL RELEASE AGREEMENT

This First Amendment to Confidential Settlement and Mutual Release Agreement (this “Amendment”) between Apimeds Pharmaceuticals US, Inc., a Delaware corporation (“Company”), MindWave Innovations Inc, a Delaware corporation and a wholly owned subsidiary of the Company, (“MindWave”), Erik Emerson, individually and as Bio Business Representative under the Merger Agreement referenced below (“Emerson”), Lokahi Therapeutics, Inc., a Nevada corporation (“Lokahi,”) and FreeT Inc., a company organized under the laws of the Republic of Korea (f/k/a Inscobee Inc.) (“FreeT”), and Apimeds Inc., a South Korean corporation and wholly owned subsidiary of FreeT (“Apimeds Korea” together with Company, MindWave, Emerson, Lokahi, and FreeT, each a “Party” and collectively, the “Parties”) is dated September 10, 2026 (the “Signing Date”).

BACKGROUND

A. The Parties previously entered into that certain Confidential Settlement and Mutual Release Agreement dated April 24, 2026 (the “Original Agreement”). Capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Original Agreement;

B. In connection with Section 23(j) of the Original Agreement, the Original Agreement may be amended by a written instrument signed by the Parties; and

C. By executing this Amendment, the Parties agree as follows:

AGREEMENT

i. Interim Period. During the period of time between the Effective Date and the Preferred Stock Conversion, the Company’s Board of Directors shall consist solely of Elona Kogan, Carol O’Donnell, Dr. Bennett Weintraub, and Sungjoon Chae (such time period referred to as the “Interim Period”). No members of the Company’s board of directors shall be removed without the written consent of Menon and the Inscobee Parties until the completion of the Preferred Stock Conversion. Menon shall serve as Co-Chief Executive Officer of the Company. At the end of the Interim Period, Elona Kogan, Carol O’Donnell, and Dr. Bennett Weintraub shall each resign as directors of the Company.

ii. Post-Closing. Following the Interim Period, the Board shall consist of seven (7) members. Four (4) members of the Company’s board of directors shall be nominated by Mindwave and required to qualify as an independent director under the relevant listing rules, two (2) members of the Company’s board shall be nominated by Menon, one of whom shall be Menon and one (1) member shall be Sungjoon Chae. The parties will take all reasonable steps to ensure that the Company’s board complies with all requirements of the applicable listing exchange rules. No members of the Company’s Post-Closing board of directors shall be removed without the written consent of Menon.”

[Signatures follow.]

Each Party has executed this Amendment as of the Signing Date.