Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 166

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 166
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 approval, first commercial sale of the licensed products, or other achievements. The aggregate amounts of the contingent
milestone payments that the Group is required to pay up to different achievements of conditions and milestones under all license agreements
in effect as of December 31, 2024, are below:

                                                                      Amount                  
  Drug molecules: up to the conditions and milestones of                                      
  Preclinical to IND filing                                           $               30,000  
  From entering phase 1 to before first commercial sale                            2,120,000  
  First commercial sale                                                            1,600,000  
  Net sales amount more than certain threshold in a year                          14,000,000  
  Subtotal                                                            $           17,750,000  
  Diagnostics technology: up to the conditions and milestones of                              
  Before FDA approval                                                 $              146,417  
                                                                      $           17,896,417  

For the years ended December
31, 2024, 2023 and 2022, the Group incurred $61,123, $50,000 and $nil milestone payments under license agreements, respectively. For the
years ended December 31, 2024, 2023 and 2022, the Group did not incur any royalties or research and development funding, respectively.

C. Research and Development, Patents and Licenses, etc.

As of the date of this annual
report, the Company has 2 exclusively licensed technologies in the area of infectious diseases, and diagnostics. In addition, the Company
is actively developing 1 proprietary technology.

For the years ended December
31, 2024, 2023, and 2022, the Group incurred $2,195,161, $5,198,329, and $9,219,595, respectively, on research and development expenses.

D. Trend Information

Other than as disclosed elsewhere
in this annual report, we are not aware of any material recent trends in production, sales and inventory, the state of the order book
and costs and selling prices since our last fiscal year. We are also unaware of any known trends, uncertainties, demands, commitments
or events for the year ended December 31, 2024, that are reasonably likely to have a material adverse effect on our revenues, net income,
profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of
future operating results or financial conditions.

E. Critical Accounting Estimates

In preparing the consolidated