Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 157

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 4A
Chunk 157
---
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  

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. Before the Merger Agreement was terminated,
we determined it was best to focus all of our attention and resources on completing the Merger and therefore paused the majority of our
R& D activities during that time; following the termination of the Merger Agreement 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                       Year Ended                   
  Research and Development Expenses:                                                                               
  Contracted research organizations services         $                   166,972      $                 1,387,534  
  Sponsored research                                                      39,972                           17,149  
  Amortization and depreciation                                          251,567                        1,071,455  
  Consultation                                                            44,872                        1,207,188  
  Loss on impairments of an intangible asset                             128,128                          519,497  
  Impairment of properties, plant and equipment                        1,421,782                                -