Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 196

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 196
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 long-term investments, net |     |              |          - |   |     |              |   6,431,088 |   |
| Impairment loss of long-term investment                                  |     |              | (1,000,000 | ) |     |              |     (77,200 | ) |
| Interest expense, net                                                    |     |              |   (146,924 | ) |     |              |    (121,145 | ) |
| Gain on disposal of subsidiaries                                         |     |              |        703 |   |     |              |           - |   |
| Government subsidies                                                     |     |              |    928,461 |   |     |              |     123,015 |   |
| Sundry income                                                            |     |              |        564 |   |     |              |      36,784 |   |
| Total other (expense) income, net                                        |     |              |   (217,196 | ) |     |              |   6,383,276 |   |
| Net loss                                                                 |     |              | (4,157,737 | ) |     |              |  (4,340,975 | ) |

<div align='center'>105</div>

Revenue

Healthcare services income was $nil and $431,378 for the years ended
December 31, 2024, and 2023, which related to the service income derived from clinic. The decline in healthcare services income was attributed
to the strategic decision to suspend 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 $nil and $420,812 for the years ended
December 31, 2024, and 2023, which related to the cost incurred by clinic. The decline in cost of healthcare services was attributed to
the strategic decision to suspend clinic services in the second quarter of 2023.

Research and development expenses

The following table sets forth a summary of our research and development
expenses for the years ended December 31, 2024, and 2023. In the fourth quarter of fiscal 2024 we determined that searching for other
business combination opportunities could maximize shareholder value, and R&D focused on non-lead products remain suspended.

|                                               |     |   |   Year Ended 
 December 31, 
         2024 |     |   |