Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 206

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 206
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received CTA and IND approvals for ALS-4 and SACT-1 from Health Canada and US FDA to initiate human clinical trial. We have not submitted
other applications for IND to the FDA or other regulatory agencies.

Competition

Our industry is highly competitive
and subject to rapid and significant change. While we believe that our development and commercialization experience, scientific knowledge
and industry relationships provide us with competitive advantages, we face competition from pharmaceutical and biotechnology companies,
including specialty pharmaceutical companies, and generic drug companies, academic institutions, government agencies and research institutions.

There are a number of large
pharmaceutical and biotechnology companies that currently market and sell drugs or are pursuing the development of drugs for the diagnosis
and treatment of diseases for which we are developing products or technology. Moreover, a number of additional drugs are currently in
clinical trials and may become competitors if and when they receive regulatory approval.

| 3 | https://www.ke.hku.hk/story/innovation/the-magic-of-chinese-yam-for-treatment-of-menopausal-syndrome; 
 see also, Scientific Reports, 5-10179.                                                                |

| 4 | https://www.everydayhealth.com/menopause/osteoporosis-and-menopause.aspx |

Many of our competitors have
longer operating histories, better name recognition, stronger management capabilities, better supplier relationships, a larger technical
staff and sales force and greater financial, technical or marketing resources than we do. Mergers and acquisitions in the pharmaceutical
and biotechnology industries may result in even more resources being concentrated among a smaller number of our competitors. Our commercial
opportunity could be reduced or eliminated if our competitors develop or market products or other novel therapies that are more effective,
safer or less costly than our current drug candidates, or any future drug candidates we may develop, or obtain regulatory approval for
their products more rapidly than we may obtain approval for our current drug candidates or any such future drug candidates. Our success
will be based in part on our ability to identify, develop and manage a portfolio of drug candidates that are safer and more effective
than competing products.

Inflation

Inflation affects us by generally
increasing our cost of labor and research and development costs, the way it does to all labor and research costs. However, we do not anticipate
that inflation will materially affect our business in the foreseeable future.

Seasonality

We believe our operation and
sales do not experience seasonality.

Employees

As of the date hereof,