Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 239

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 239
---
 investment amounted to $77,200, was recorded in other expenses, net, as the Group considered that the
carrying amount of the equity method investment may not be recoverable, and this condition is determined to be other-than-temporary.

Non-marketable investments

The Group’s non-marketable investments are
investments in privately held companies without readily determinable fair values. The carrying value of the non-marketable investments
are adjusted based on price changes from observable 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-marketable investments 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)

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                         Year ended                       Year ended                   
                                                                                              December 31,                       December 31,                     December 31,                 
                                                                                              2024                               2023                             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 did not sell any non-marketable investments
or recorded any realized gains or losses for the non-marketable investments measured at fair value on a non-recurring basis during the
years ended December 31, 2024, 2023 and 2022.

The Group recorded $1million and $