Company: APM
Filing Date: 2025-11-17
Form Type: F-1
Source: 0001213900-25-111548
Chunk: 187

Company: Aptorum Group Ltd
Filing Date: 2025-11-17
Form: F-1
Chunk 187
---
 capitalization under the U.S. GAAP;                          |

| ● | cost associated with sponsored research programs with various 
 universities and research institutions                        |

| ● | facilities, depreciation, and other expenses, which include 
 office leases and other overhead expenses; and              |

| ● | costs associated with patent applications. |

104 Research and development expenses incurred totaled $19,375, $2.2 million, $5.2 million, and $9.2 million for the six months ended June 30, 2025 and the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 4.8%, 55.7%, 46.6%, and 49.0% of our total operating expenses for the respective period. RESULTS OF OPERATIONS Results of Operations for the six months ended June 30, 2025 are incorporated by reference to the Current Report on Form 6-K that was filed on October 3, 2025. For the Years ended December 31, 2024, and 2023 During the second quarter of 2023, the Company decided to streamline its operations by terminating clinic services and suspending non-lead R&D projects. This measure is aimed at optimizing the allocation of our resources and focusing our efforts on advancing our lead projects, which hold the most promise for commercial success and beneficial impact. This decision aligns with our commitment to enhance shareholder value and effectively drive our core objectives forward in the competitive landscape. The following table summarizes our results of operations for the years ended December 31, 2024, and 2023.

|                                                                          |     | Year Ended   
 December 31, 
 2024         |            |   |     | Year Ended   
 December 31, 
 2023         |             |   |
|:-------------------------------------------------------------------------|:----|:-------------|-----------:|:--|:----|:-------------|------------:|:--|
| Revenue                                                                  |     |              |            |   |     |              |             |   |
| Healthcare services income                                               |     | $            |          - |   |     | $            |     431,378 |   |
| Operating expenses                                                       |     |              |            |   |     |              |             |   |
| Cost of healthcare services                                              |     |              |          - |   |     |              |    (420,812 | ) |
| Research and development expenses                                        |     |              | (