Company: APM
Filing Date: 2025-10-06
Form Type: S-4
Source: 0001213900-25-096656
Chunk: 476

Company: Aptorum Group Ltd
Filing Date: 2025-10-06
Form: S-4
Chunk 476
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 of Association and their respective board of directors (the sole director of each of Mios and Scipio is an executive director of the Group), and determined that we have the power to manage and make decisions that affect Mios and Scipio’s research and development activities, which activities most significantly impact Mios and Scipio’s economic performance. However, we do not have such power over Libra’s research and development activities, which activities most significantly impact Libra’s economic performance. Accordingly, we determined that we are the primary beneficiary of Mios and Scipio, but not the primary beneficiary of Libra. In November 2024, the Group acquired 10,000Class A Ordinary Shares and 5,850,000Class B Ordinary Shares of Scipio, achieving control over the entity. As a result of this acquisition, Scipio is no longer classified as a VIE under the Group and it became a subsidiary under the Group. In October 2024, Mios was dissolved and ceased operation and it was deemed disposed by the Group. F-26

APTORUM GROUP LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Stated in U.S. Dollars) 13. VARIABLE INTEREST ENTITY (cont.)

The following tables summarize the aggregate carrying value of VIEs’ assets and liabilities in the consolidated balance sheets that are consolidated:

| December 31, 2024 |     | Assets |        |     | Liabilities |       |     | Net Assets |        |
|:------------------|:----|:-------|-------:|:----|:------------|------:|:----|:-----------|-------:|
| Total             |     | $      |      — |     | $           |     — |     | $          |      — |
| December 31, 2023 |     |        |        |     |             |       |     |            |        |
| Total             |     | $      | 24,352 |     | $           | 3,558 |     | $          | 20,794 |

As of December 31, 2024 and 2023, the aggregate carrying value of assets and liabilities in the Group’s consolidated balance sheets that relate to the VIE in which the Group holds a variable interest but is not the primary beneficiary were $nil and $nil respectively.

The Group’s maximum exposure to loss from its involvement with unconsolidated VIE represents the estimated loss that would