Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 62

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 3
Chunk 62
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angibles not reflected on our balance sheet, which
may depend upon the market value of our Class A Ordinary Shares from time to time. Further, while we will endeavor to use a classification
methodology and valuation approach that is reasonable, the IRS may challenge our classification or valuation of our goodwill and other
unbooked intangibles for purposes of determining whether we are a PFIC in the current or one or more future taxable years.

If we are a PFIC for any taxable
year during which a U. S. Holder owns our Class A Ordinary Shares or warrants, certain adverse U. S. federal income tax consequences could
apply to such U. S. Holder. As discussed under “ Taxation - Material U. S. Federal Income Tax Considerations for U. S. Holders
 - Passive Foreign Investment Company Rules”, a U. S. Holder may be able to make certain tax elections that would lessen the
adverse impact of PFIC status; however, in order to make such elections the U. S. holder will usually have to have been provided information
about the company by us, and there is no assurance that the company will provide such information.

For a more detailed discussion
of the application of the PFIC rules to us and the consequences to U. S. holders if we were determined to be a PFIC. (See “ Item 10.
Additional Information - E. Taxation - Material U. S. Federal Income Tax Considerations for U. S. Holders - Passive
Foreign Investment Company Rules”)

Our results of operation may be negatively
affected should the 2019-nCov virus (Coronavirus) continue to spread on a wider scale.

Our business could be adversely
affected by the effects of a widespread outbreak of contagious disease, including the outbreak of respiratory illness caused by a novel
coronavirus. Any outbreak of contagious diseases, and other adverse public health developments, particularly in China, could have a material
and adverse effect on our business operations. These could include disruptions or restrictions on our ability to travel or to distribute
our products, as well as temporary closures of our facilities or the facilities of our suppliers or customers.

The COVID-19 pandemic continues
to rapidly evolve. The extent to which the outbreak impacts our business, preclinical studies and clinical trials will depend on future
developments, which are highly uncertain and cannot be predicted with confidence, such as the ultimate geographic spread of the disease,
the duration of the pandemic, travel restrictions and social distancing in