Company: APM
Filing Date: 2025-10-06
Form Type: S-4
Source: 0001213900-25-096656
Chunk: 460

Company: Aptorum Group Ltd
Filing Date: 2025-10-06
Form: S-4
Chunk 460
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 transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment if the carrying amount of the non -marketableinvestments may not be fully recoverable. Any changes in carrying value are recorded within other income (expenses), net in the consolidated statements of operations and comprehensive loss. F-16

APTORUM GROUP LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Stated in U.S. Dollars) 5. LONG-TERM INVESTMENT AND FAIR VALUE MEASUREMENT (cont.)

The following is a summary of annual upward or downwards adjustments and impairment recorded in other income (expenses), net, and included as adjustments to the carrying value of non-marketable investments held as of December 31, 2024, 2023 and 2022 based on the observable price in an orderly transaction for the same or similar security of the same issuers:

|                                                                                        |     | Year ended   
 December 31, 
 2024         |            |   |     | Year ended   
 December 31, 
 2023         |           |     | Year ended   
 December 31, 
 2022         |           |   |
|:---------------------------------------------------------------------------------------|:----|:-------------|:-----------|:--|:----|:-------------|----------:|:----|:-------------|----------:|:--|
| Upward adjustments                                                                     |     | $            | —          |   |     | $            | 6,431,088 |     | $            | 6,108,872 |   |
| Downward adjustments                                                                   |     |              | —          |   |     |              |         — |     |              |         — |   |
| Impairment                                                                             |     |              | (1,000,000 | ) |     |              |         — |     |              |  (520,821 | ) |
| Total unrealized (loss) gain from fair value change of non-marketable investments, net |     | $            | (1,000,000 | ) |     | $            | 6,431,088 |     | $            | 5,588,051 |   |

The Group holds preferred stock of Alzheon, Inc. (“Alzheon”) with initial cost of $million. Pursuant to ASC 321-10-35-2, as the investment in Alzheon lacks readily determinable fair values, the Group