Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 94

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4
Chunk 94
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Item 4. INFORMATION ON THE COMPANY

A. History and Development of the Company

Aptorum was incorporated under
the laws of the Cayman Islands on September 13, 2010. As of the issuance date of this annual report, our authorized share capital is $100,000,000.00
divided into 9,999,996,000,000 Class A Ordinary Shares with a nominal or par value of $0.00001 each and 4,000,000 Class B Ordinary Shares
with a nominal or par value of $0.00001 each.

The Company now focuses all of its efforts on R& D and therefore
no longer performs any therapeutic services. While the Company may commence therapeutic services in the future, as of December 31, 2024
and the date hereof, it only operates in one segment.

Aptorum is not a Chinese operating company. Aptorum is a Cayman Islands
holding company with operations conducted through our subsidiaries and the variable interest entity (VIE). We have determined that we
have one VIE: Libra, according to the U. S. GAAP. In accordance with ASC 810, we concluded that we are not the primary beneficiary of Libra
and therefore we do not consolidate its financial statements into ours. Previously, we determined that we were the primary beneficiary
of another VIE, Mios Pharmaceuticals Limited; however, Mios was dissolved in 31 October 2024 and therefore we no longer maintain any ownership
over such entity. Our corporate structure is based on the equity ownership and control we have over our subsidiaries. Our corporate structure
was not set up to be used to provide investors with exposure to foreign investment in China-based companies where Chinese law prohibits
direct foreign investment in the operating companies. Foreign investment can be made directly into the VIE, however, your investments
into Aptorum are made into the Cayman Islands holding company, not our VIE, and you may never own any equity into the VIE or any other
subsidiary.

On September 25, 2020, Aptorum,
via its subsidiaries, enters into a series of transactions with Accelerate Technologies Pte. Ltd.’s (“ Accelerate Technologies”),
the commercialization arm of the Singapore Agency for Science, Technology and Research (“ A*STAR”), in relation to the research
and development of PathsDxTest, a novel molecular-based rapid pathogen identification and detection diagnostics technology,
through its subsidiaries. Specifically, Paths