Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 194

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 194
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-class or best-in-class drug candidates requires significant investment of resources over a prolonged period of time. As
a result of this commitment, our pipeline of drug candidates has been steadily advancing.

Our drug candidates are still in development, and we have incurred
and will continue to incur significant research and development costs for pre-clinical studies and clinical trials. We expect that our
research and development expenses may significantly increase in future periods in line with the advancement and expansion of the development
of our drug candidates.

We have been able to fund the research and development expenses for
our drug candidates through a range of sources, including the proceeds raised from our public offering and follow-on offerings on Nasdaq,
private placement to other investors and line of credit facilities from shareholders, related parties and banks.

This diversified approach to funding allows us to not depend on any
one method of funding for our research and development activities, thereby reducing the risk that sufficient financing will be unavailable
as we continue to accelerate the development of our drug candidates.

Research and development expenses include:

| ● | employee and consultant compensation related expenses, including 
 salaries, benefits and share based compensation expenses;        |

| ● | expenses incurred for payments to CROs, investigators and 
 clinical trial sites that conduct our clinical studies;   |

| ● | the cost of acquiring IP rights which did not meet the criteria 
 of 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. |

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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