Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 263

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 263
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1)                                                     $                      ( 0.78      $                      ( 0.62      $                      ( 2.75  

  (1)      All per share amounts and shares outstanding for all periods have been retroactively restated to reflect APTORUM GROUP LIMITED’s 1 for 10 reverse stock split, which was effective on January 23,...  

For the years ended December 31, 2024, 2023 and
2022, the total number of share options, warrants and convertible notes excluded from the calculation of diluted earnings per share due
to their anti-dilutive nature, are1,392,277,1,293,723and54,054, respectively.

F-31

APTORUM GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in U. S. Dollars)

20. COMMITMENTS AND CONTINGENCIES

Contingent Payment Obligations

As of December 31, 2024, the Group does not have
any non-cancellable purchase commitments.

The Group has contingency payment obligations
under each of the license agreements, such as milestone payments, royalties, research and development funding, if certain condition or
milestone is met.

Milestone payments are due upon achievements of
specific conditions, such as Investigational New Drugs (“ IND”) filing or U. S. Food and Drug Administration (“ FDA”)
approval, first commercial sale of the licensed products, or other achievements. The aggregate amounts of the contingent milestone payments
that the Group is required to pay up to different achievements of conditions and milestones under all license agreements in effect as
of December 31, 2024 are below:

                                                                      Amount                  
  Drug molecules: up to the conditions and milestones of                                      
  Preclinical to IND filing                                           $               30,000  
  From entering phase 1 to before first commercial sale                            2,120,000  
  First commercial sale                                                            1,600,000  
  Net sales amount more than certain threshold in a year                          14,000,000  
  Subtotal                                                            $           17,750,000  
  Diagnostics technology: up to the conditions and milestones of                              
  Before FDA approval                                                 $              146,417  
                                                                      $           17,896,417  

For the years ended December 31, 2024, 2023 and
2022, the Group incurred $61,123, $50,000and $ nilmilestone payments under license