Company: APM
Filing Date: 2025-10-06
Form Type: S-4
Source: 0001213900-25-096656
Chunk: 300

Company: Aptorum Group Ltd
Filing Date: 2025-10-06
Form: S-4
Chunk 300
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 income, net                                           |     |   |     (121,145 | ) |     |   |      146,588 |   |
| Government subsidies                                                     |     |   |      123,015 |   |     |   |      335,499 |   |
| Sundry income                                                            |     |   |       36,784 |   |     |   |       48,007 |   |
| Total other income, net                                                  |     |   |    6,383,276 |   |     |   |    5,984,011 |   |
| Net loss                                                                 |     |   |   (4,340,975 | ) |     |   |  (11,525,102 | ) |

162

Revenue Healthcare services income was $431,378 and $1,295,889 for the years ended December 31, 2023, and 2022, which related to the service income derived from clinic. The decline in healthcare services income was attributed primarily to the decision to terminate clinic services in the second quarter of 2023. This was done to reallocate resources towards the development of the Company’s leading projects. Cost of healthcare services Cost of healthcare services was $420,812 and $1,215,824 for the years ended December 31, 2023, and 2022, which related to the cost incurred by clinic. The decline in cost of healthcare services was aligned with the decline in revenue when compared to last period. Research and development expenses The following table sets forth a summary of our research and development expenses for the years ended December 31, 2023, and 2022. As a consequence of exclusive emphasis on its lead projects and suspension of non -leadprojects, there was a notable decrease in the utilization of external consultants and full impairment of patents related to these non -leadprojects. Moreover, the payroll expenses for research and development staff decreased as a result of the reversal of deferred cash bonus payables to employees and consultants, and reduction of employees during current period. The reversal was due to the Group’s agreements with employees and consultants to discharge the Group’s obligation to settle their outstanding deferred cash bonus payables from previous years in exchange of fully vested ordinary shares.

|                                                         |     |   |   Year Ended 
 December 31, 
         2023 |     |   |   Year Ended 
 December 31, 
         2022 |
|:--------------------------------------------------------|:----|:--|-------------