Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 201

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 201
---
 of our research and development
expenses for the years ended December 31, 2023, and 2022. As a consequence of exclusive emphasis on its lead projects and suspension of
non-lead projects, there was a notable decrease in the utilization of external consultants and full impairment of patents related to these
non-lead projects. Moreover, the payroll expenses for research and development staff decreased as a result of the reversal of deferred
cash bonus payables to employees and consultants, and reduction of employees during current period. The reversal was due to the Group’s
agreements with employees and consultants to discharge the Group’s obligation to settle their outstanding deferred cash bonus payables
from previous years in exchange of fully vested ordinary shares.

|                                                         |     |   |   Year Ended 
 December 31, 
         2023 |     |   |   Year Ended 
 December 31, 
         2022 |
|:--------------------------------------------------------|:----|:--|-------------:|:----|:--|-------------:|
| Research and Development Expenses:                      |     |   |              |     |   |              |
| Payroll expenses                                        |     | $ |      363,139 |     | $ |    1,305,363 |
| Contracted research organizations services              |     |   |    1,387,534 |     |   |    1,709,927 |
| Sponsored research                                      |     |   |       17,149 |     |   |       17,061 |
| Amortization and depreciation                           |     |   |    1,071,455 |     |   |    1,064,012 |
| Consultation                                            |     |   |    1,207,188 |     |   |    4,423,963 |
| Loss on disposal and impairments of an intangible asset |     |   |      519,497 |     |   |      205,189 |
| Other R&D expenses                                      |     |   |      632,367 |     |   |      494,080 |
| Total Research and Development Expenses                 |     | $ |    5,198,329 |     | $ |    9,219,595 |

<div align='center'>108</div>

General and administrative fees

The following table sets forth a summary of our general and administrative
expenses for the years ended December 31, 2023, and 2022.