Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 243

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 243
---
 costs, including stock-based compensation.
Other general and administrative expenses include facility and office expenses, conference fees and travel.

General and Administrative expense was $614,074
and $949,188 for the years ended May 31, 2024 and 2023, respectively. Stock-based compensation expense decreased approximately $519,093,
primarily as a result of estimated vesting of performance-based awards to the CFO in the prior-year period and to forfeitures by the CFO
recognized during the current-year period. This decrease was partially offset by increased auditing and accounting services and other
consulting fees.

<div align='center'>125</div>

Interest Expense

Interest expense primarily relates to interest
accrued and discounts amortized on working capital loans obtained from DiamiR’s founders and convertible notes outstanding to ADDF.

Interest expense was $48,599 and $114,175 for
the years ended May 31, 2024 and 2023, respectively. The decrease primarily reflects the conversion into common stock of our note payable
to ADDF in May 2023.

Income Tax Expense

Income Tax expense was $114,403 and $46,572 for
the years ended May 31, 2024 and 2023, respectively, and reflects a provision for uncertain tax positions related to research and development
expenses and is subject to changes in periodic revenue and expense levels. Lower income tax expense for the year ended May 31, 2023 reflects
the impact of available net operating losses in the prior year period.

Liquidity and Capital Resources

Sources of Liquidity

To date, DiamiR has generated minimal revenue. DiamiR has funded its
operations to date through grant funding, an ADDF award, sales of its equity securities to DiamiR’s founders and borrowings from
DiamiR’s founders. As of February 28, 2025 and May 31, 2024 DiamiR had $140,231 and $70,276 respectively, in cash and cash equivalents.

SBIR Grants

Since DiamiR’s inception, it has raised over $9.7 million in
grant funding from government agencies and disease foundations, including the following two grants. On October 1, 2020, DiamiR announced
that it received two grants from the National Institutes of Health (NIH) in the total amount of approximately $3.86 million. The National
Institute on Aging (NIA) awarded DiamiR approximately $3.