Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 156

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 156
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 million, $5.2
million, and $9.2 million for the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 55.7%, 46.6%,
and 49.0% of our total operating expenses for the respective period.

We have been able to fund
the research and development expenses for our drug candidates through a range of sources, including the proceeds raised from our public
offering and follow-on offerings on Nasdaq, private placement to other investors and line of credit facilities from shareholders, related
parties, and banks.

This diversified approach
to funding allows us to not depend on any one method of funding for our research and development activities, thereby reducing the risk
that sufficient financing will be unavailable as we continue to accelerate the development of our drug candidates.

RESULTS OF OPERATIONS

Results of Operations for the Years ended
December 31, 2024, and 2023

During the second quarter
of 2023, the Company made a decision to streamline its operations by terminating clinic services and suspending non-lead R& D projects.
This measure is aimed at optimizing the allocation of our resources and focusing our efforts on advancing our lead projects, which hold
the most promise for commercial success and beneficial impact. This decision aligns with our commitment to enhance shareholder value and
effectively drive our core objectives forward in the competitive landscape.

The following table summarizes our results of operations for the years
ended December 31, 2024, and 2023.

  Revenue                                                                                                    
  Healthcare services income                                                             -          431,378  
  Operating expenses                                                                                         
  Cost of healthcare services                                                            -         (420,812  
  Research and development expenses                                             (2,195,161       (5,198,329  
  General and administrative fees                                                 (669,486       (1,930,637  
  Legal and professional fees                                                     (803,285       (2,538,161  
  Other operating expenses                                                        (272,609       (1,067,690  
  Total expenses                                                                (3,940,541      (11,155,629  
  Other (expense) income, net                                                                                
  Loss on investments in marketable securities, net                                      -           (9,266  
  Unrealized gain from fair value change of the long-term investments, net               -        6,431,088  
  Impairment loss of long-term investment                                       (1,000,