# EDGAR Filing Document

**Accession Number:** 0001734005
**File Stem:** 0001213900-25-099193
**Filing Date:** 2025-10
**Character Count:** 90200
**Document Hash:** 6f86289e6e9ef0020a300e4d1aeac433
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-099193.hdr.sgml**: 20251015

**ACCESSION NUMBER**: 0001213900-25-099193

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251015

**DATE AS OF CHANGE**: 20251015

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Aptorum Group Ltd
- **CENTRAL INDEX KEY:** 0001734005
- **STANDARD INDUSTRIAL CLASSIFICATION:** MEASURING & CONTROLLING DEVICES, NEC [3829]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38764
- **FILM NUMBER:** 251395525

**BUSINESS ADDRESS:**
- **STREET 1:** 17 HANOVER SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1S 1BN
- **BUSINESS PHONE:** 852 3953 7700

**MAIL ADDRESS:**
- **STREET 1:** 17 HANOVER SQUARE
- **CITY:** LONDON
- **STATE:** X0
- **ZIP:** W1S 1BN

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER**

**PURSUANT TO RULE 13a-16 OR 15d-16**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934**

**For the month of October 2025**

**Commission File Number: 001-38764**

**Aptorum Group Limited**

17 Hanover Square

London W1S 1BN, United Kingdom

**(Address of principal executive office)**

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 40-F ☐

**EXPLANATORY NOTE**

As previously disclosed, Aptorum Group Limited, a Cayman Islands exempted company with limited liability ("Aptorum", "APM," "Aptorum Group" or the "Company") and DiamiR Biosciences Corp., a Delaware corporation ("DiamiR"), entered into an Agreement and Plan of Merger on July 14, 2025, (the "Merger Agreement"), pursuant to which, among other matters, Aptorum will form a direct, wholly owned subsidiary in the state of Delaware ("Merger Sub"), which will merge with and into DiamR, with DiamiR surviving as a wholly owned subsidiary of Aptorum, and the surviving corporation of the merger with the Merger Sub (the "Merger"); in addition to the requirement of obtaining Aptorum shareholder approval, the closing of the Merger is subject to the satisfaction or waiver of each of the other closing conditions set forth in the Merger Agreement.

The Company is furnishing this Form 6-K to disclose and attach and incorporated by reference herein DiamiR's financial statements for the quarter ended August 31, 2025 and its discussion and analysis of its financial condition and results of operations for that same period.

This Form 6-K (including the exhibits hereto) is hereby incorporated by reference into the registration statements of the Company on [Form S-8](https://www.sec.gov/Archives/edgar/data/1734005/000121390019012430/fs82019_aptorumgrouplimited.htm) (Registration Number 333-232591) and [Form F-3](https://www.sec.gov/Archives/edgar/data/1734005/000121390022080746/ea170215-f3_aptorumgroup.htm) (Registration Number 333-268873) and into each prospectus outstanding under the foregoing registration statements, to be a part thereof from the date on which this report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

***Cautionary Note Regarding Forward-Looking Statements***

This Form 6-K contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include, without limitation, statements regarding the financial position, financial performance, business strategy, expectations of our business and the plans and objectives of management for future operations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this Form, including the exhibits, forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target," "designed to" or other similar expressions that predict or indicate future events or trends or that are not statements of historical facts. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements.

Forward-looking statements are subject to known and unknown risks and uncertainties and are based on potentially inaccurate assumptions that could cause actual results to differ materially from those expected or implied by the forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements for many reasons, including the factors discussed under the "Risk Factors" section in the Company's Annual Report on Form 20-F filed with the U.S. Securities and Exchange Commission. These forward-looking statements are based on information available as of the date of this news release, and expectations, forecasts and assumptions as of that date, involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

**Financial Statements and Exhibits.**

<u>Exhibits</u>.

The following exhibits are attached.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 10.1 | [Merger Agreement by and between Aptorum and DiamiR, dated July 14, 2025 (incorporated by reference to the Current Report on Form 6-K filed on July 22, 2025)](http://www.sec.gov/Archives/edgar/data/1734005/000121390025066642/ea024961501ex2-1_aptorum.htm) |
| 99.1 | [Unaudited Consolidated Financial Statements as of August 31, 2025 and May 31, 2025 and for the Three Months Ended August 31, 2025 and 2024](ea026060301ex99-1_aptorum.htm) |
| 99.2 | [Management's Discussion And Analysis Of Its Financial Condition And Results Of Operations as of August 31, 2025 and May 31, 2025 and for the Three Months Ended August 31, 2025 and 2024](ea026060301ex99-2_aptorum.htm) |
| 101.INS | Inline XBRL Instance Document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |

---

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 15, 2025

---

| | |
|:---|:---|
| **Aptorum Group Limited** | **Aptorum Group Limited** |
| By: | /s/ Ian Huen |
|  | Ian Huen |
|  | Chief Executive Officer |

---

## Exhibit 99.1

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.1**

**DIAMIR BIOSCIENCES CORP.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **August 31**<br>**2025** | **May 31**<br>**2025** |
|  | (Unaudited) | (Audited) |
| **ASSETS** |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $28313 | $56836 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 100613 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 7963 | 46649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 136889 | 103485 |
| Property and equipment, net | 22046 | 20029 |
| Right of use asset, net | 54003 | 63349 |
| Intangible assets | 197761 | 197761 |
| **Total assets** | $**410699** | $**384624** |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $597096 | $231858 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 38126 | 41383 |
| &nbsp;&nbsp;&nbsp;Deferred revenue | - | 43982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 635222 | 317223 |
| Convertible notes payable to founder | 1122313 | 957662 |
| Lease liability, noncurrent | 13131 | 22698 |
| Income taxes payable | - | 176002 |
| **Total liabilities** | **1770666** | **1473585** |
| **Commitments and contingencies (Note 10)** |  |  |
| **Stockholders' deficit** |  |  |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued or outstanding |  |  |
| Common stock, $0.001 par value; 100,000,000 shares authorized; 4,440,891 and 4,440,891 issued and outstanding at August 31, 2025 and May 31, 2025, respectively | 4441 | 4441 |
| Additional paid in capital | 4741863 | 4729169 |
| Accumulated deficit | (6106271) | (5822571) |
| Total stockholders' deficit | (1359967) | (1088961) |
| **Total liabilities and stockholders' deficit** | $**410699** | $**384624** |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.**

**CONSOLIDATED STATEMENTS OF OPERATIONS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> August 31,** | **For the Three Months Ended <br> August 31,** |
|  | **2025** | **2024** |
| Service revenue | $99878 | $- |
| Grant revenue | - | 208843 |
| Total revenue | $99878 | $208843 |
| Operating costs and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of service revenue | 81452 | - |
| &nbsp;&nbsp;&nbsp;Research and development | 83495 | 188022 |
| &nbsp;&nbsp;&nbsp;General and administrative | 509630 | 170900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 674577 | 358922 |
| Loss from operations | (574699) | (150079) |
| Other income/(expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 142342 | - |
| &nbsp;&nbsp;&nbsp;Interest expense | (27345) | (20166) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income/(expense) | 114997 | (20166) |
| **Net loss before income taxes** | **(459702)** | **(170245)** |
| Income tax (benefit) expense | (176002) | 6030 |
| **Net loss** | $**(283700)** | $**(176275)** |
| Net loss per common share, basic and diluted | $(0.06) | $(0.04) |
| Weighted average number of common shares outstanding |  |  |
| &nbsp;&nbsp;&nbsp;Basic and diluted | 4440891 | 4440891 |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.**

**CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT**

**(Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid**<br>**in Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| **Balance as of May 31, 2024** | **4440891** | $**4441** | $**4670165** | $**(5079336)** | $**(404730)** |
| &nbsp;&nbsp;&nbsp;Stock compensation expense |  |  | 14577 |  | 14577 |
| &nbsp;&nbsp;&nbsp;Discount on note payable to founder |  |  | 12884 |  | 12884 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (176275) | (176275) |
| **Balance as of August 31, 2024** | **4440891** | $**4441** | $**4697626** | $**(5255611)** | $**(553544)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional<br> Paid**<br>**in Capital** | **Accumulated**<br>**Deficit** | **Total<br> Stockholders'**<br>**Deficit** |
| **Balance as of May 31, 2025** | **4440891** | $**4441** | $**4729169** | $**(5822571)** | $**(1088961)** |
| &nbsp;&nbsp;&nbsp;Discount on note payable to founder |  |  | 12694 |  | 12694 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (283700) | (283700) |
| **Balance as of August 31, 2025** | **4440891** | $**4441** | $**4741863** | $**(6106271)** | $**(1359967)** |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended <br> August 31,** | **For the Three Months Ended <br> August 31,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(283700) | $(176275) |
| &nbsp;&nbsp;&nbsp;Reconciliation of net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 4921 | 5179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation | - | 14577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 9346 | 9076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (12824) | (8989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of note discount | 15459 | 8936 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (100613) | 17676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 38686 | (38735) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 365238 | 94611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 11886 | 7365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (43982) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (176002) | 6030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(171585)** | **(60549)** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchases of fixed assets | (6938) | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in investing activities** | **(6938)** | **-**  |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from notes payable to founder | 150000 | 100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **150000** | **100000** |
| **Net (decrease) increase in cash** | **(28523)** | **39451** |
| Cash and cash equivalents at beginning of the year | 56836 | 70276 |
| **Cash and cash equivalents at end of the period** | $28313 | $109727 |
| **Non-cash investing and financing activities:** |  |  |
| Discounts on note payable to founder | $12694 | $12884 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $- | $- |
| Cash paid for taxes | $- | $- |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES** 

DiamiR Biosciences Corp. ("DiamiR" or the "Company") is a molecular diagnostic company focused on developing noninvasive tests for early detection and monitoring of Mild Cognitive Impairment, Alzheimer's, Parkinson's, other neurodegenerative diseases, and cancer. The proprietary technology developed at the Company is based on quantitative analysis of circulating organ-enriched microRNAs in plasma. Short-term objectives of the Company include the development of Lab-Developed tests (LDTs) under CLIA guidelines based on the identified miRNA signatures. The tests will be used for screening, patient stratification, as well as disease and treatment monitoring. The Company's patent portfolio includes United States patents, issued between 2014 and 2024 and set to expire between 2030 and 2038, and certain foreign counterparts, in seven patent families.

The Company was incorporated in 2014 and also operates through its wholly-owned subsidiary, DiamiR, LLC, which was incorporated as a limited liability company in Delaware in 2009. In 2014, the Company entered into a Share Exchange Agreement with DiamiR, LLC, pursuant to which the Company acquired 100% of the issued and outstanding units of DiamiR, LLC in a combination of entities under common control.

In July 2025, the Company entered into a definitive merger agreement with Aptorum Group Limited, a publicly traded Cayman Islands company ("Aptorum"). Pursuant to the merger agreement, if completed, shareholders of the Company would receive shares of the acquirer's common stock in a share exchange. Accounting for the merger, if consummated, is not complete. Under the merger agreement, the Company's outstanding convertible notes are expected to be converted to shares of common stock. Concurrent with the execution of the merger agreement, the companies entered into a management service agreement and a license agreement through earlier of the closing of the merger or December 31, 2025 under which the Company will provide certain development services.

**NOTE 2 – BASIS OF PRESENTATION**

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP in the United States for complete financial statements and should be read in conjunction with the annual financial statements.

The Company currently operates in one business segment focusing on the development and commercialization of methods for the early detection and monitoring of neurodegenerative diseases. The Company is not organized by market and is managed and operated as one business. A single management team reports to the chief operating decision maker, the Chief Executive Officer, who comprehensively manages the entire business. The Company does not currently operate any separate lines of business or separate business entities.

**Going Concern**

The Company has a limited operating history and has incurred a net loss of $743,235 and $614,405 for the years ended May 31, 2025 and 2024, respectively, and $283,700 in the three months ended August 31, 2025. The Company used net cash $313,440 in the year ended May 31, 2025 and $171,585 in the three months ended August 31, 2025 for operating activities.

Since the inception of the Company, the operations of the Company have been funded primarily through capital contributions and loans of its founders as well as grant funding, primarily received through the U.S. Department of Treasury and the National Institutes of Health ("NIH"). Management believes this capital is insufficient to fund the Company's operations for the next twelve months. Management does not anticipate that the Company's existing working capital alone will be sufficient to fund its operations through the successful development and commercialization of products. As a result, the Company will need to raise additional capital to fund its operations and continue to conduct activities to support its product development and commercialization activities. Management may raise additional funds by way of a public or private offering or may be awarded additional grants

Management cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that the Company raises additional funds by issuing equity securities, the Company's shareholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact the Company's ability to conduct business. If the Company is not able to raise additional capital when required or on acceptable terms, the Company may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that the Company would otherwise seek to develop or commercialize.

These conditions raise substantial doubt about the Company's ability to continue as a going concern within twelve months after the date these consolidated financial statements are available to be issued. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might be necessary if the Company is unable to continue as a going concern.

**NOTE 3 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**Use of Estimates**

The preparation of these consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosed in the accompanying notes. Actual results may differ from those estimates and such differences may be material to the consolidated financial statements.

**Principles of Consolidation**

The accompanying consolidated financial statements include the accounts of DiamiR Biosciences Corp. and its wholly-owned subsidiary, DiamiR, LLC (collectively referred to as the "Company"). There are no material intercompany transactions.

**Cash and Cash Equivalents**

The Company considers all highly liquid debt instruments with a maturity of three months or less when purchased to be cash equivalents. The Company had no cash equivalents as of August 31, 2025 and May 31, 2025.

**Related Parties**

Parties are considered related to the Company if the parties that, directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties with which the Company may deal if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. The Company discloses all related party transactions. All transactions are recorded at fair value of the goods or services exchanged. See note 7, Convertible Notes Payable - Founders.

**Research and Development Expenses**

The Company expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including clinical study costs, contracted services, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity is performed or when the goods have been received, rather than when payment is made, in accordance with Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 730, *Research and Development*.

**Equipment**

Equipment is carried at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. The cost of repairs and maintenance is expensed as incurred; major replacements and improvements are capitalized. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the accounts, and any resulting gains or losses are included in income in the year of disposition. The Company examines the possibility of decreases in the value of fixed assets when events or changes in circumstances reflect the fact that their recorded value may not be recoverable.

**Accounting for Income Taxes**

The Company recognizes deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax liabilities and assets are determined based on the difference between the financial statement basis and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The Company estimates the degree to which tax assets and credit carryforwards will result in a benefit based on expected profitability by tax jurisdiction. A valuation allowance for such tax assets and loss carryforwards is provided when it is determined to be more likely than not that the benefit of such deferred tax asset will not be realized in future periods. Tax benefits of operating loss carryforwards are evaluated on an ongoing basis, including a review of historical and projected future operating results, the eligible carryforward period, and other circumstances. If it becomes more likely than not that a tax asset will be used, the related valuation allowance on such assets would be reduced.

**Fair Value of Financial Instruments** 

ASC 820, *Fair Value Measurement and Disclosures*, requires all entities to disclose the fair value of financial instruments, both assets and liabilities for which it is practicable to estimate fair value, and defines fair value of a financial instrument as the amount at which the instrument could be exchanged in a current transaction between willing parties. As of August 31, 2025 and May 31, 2025, the recorded values of cash, accounts receivable, accounts payable and accrued expenses, and convertible note payable to founder approximate the fair values due to the short-term nature of the instruments. See note 7, Convertible Notes Payable – Founder.

The Company determines the fair value of financial and non-financial assets using the highest-level inputs available in the fair value hierarchy, which establishes three levels of inputs that may be used to measure fair value as follows:

Level 1: Inputs that reflect unadjusted quoted prices in active markets that are accessible for identical assets or liabilities;

Level 2: Inputs include quoted prices for similar assets and liabilities in active or inactive markets or that are observable for the asset or liability either directly or indirectly; and

Level 3: Unobservable inputs that are supported by little or no market activity.

Since inception, the Company has made certain fair value estimates that are not recurring, generally related to share values and expected volatility, compensation expense and interest expense. Such estimates involve management's review of available information of comparable companies and are therefore, generally unobservable Level 3 inputs.

**Concentrations of Credit Risk**

Cash, cash equivalents and accounts receivable potentially subject the Company to concentration of credit risk. Cash and cash equivalents are held at U.S. FDIC-insured financial institutions and the amounts on deposit are sometimes above the FDIC insured limits of up to $250,000 per account.

**Intangible Assets**

The Company records acquired intangible assets based on fair value on the date of acquisition. Finite-lived intangible assets are recorded at cost and amortized on a straight-line basis over the estimated lives of the assets. Indefinite-lived intangible assets are not subject to amortization.

**Impairment of Long-lived Assets**

The Company assesses impairment of asset groups, including intangible assets, when events or changes in circumstances indicate that their carrying amount may not be recoverable. Long-lived assets consist of property and equipment, net, right of use assets and other intangible assets, net. Circumstances which could trigger a review include, but are not limited to: (i) changes in Company plans; (ii) competition; (iii) significant adverse changes in the business climate or legal or regulatory factors; (iv) or, expectations that the asset will more likely than not be sold or disposed of significantly before the end of its estimated useful life. If the estimated future undiscounted cash flows, excluding interest charges, from the use of an asset are less than its carrying value, a write-down would be recorded to reduce the related asset to its estimated fair value. The Company recorded no impairment charges in the three months ended August 31, 2025 and August 31, 2024.

 

**Patent Costs**

The Company has no experience or historical data to support a probable future economic benefit for the arising patent application, filing and prosecution costs. Therefore, patent costs were expensed as incurred. Should the Company experience a legal cost to defend the patent in the future, that cost would be capitalized only when it is part of the cost of retaining and obtaining the future economic benefit of the patent. Costs related to an unsuccessful outcome would be expensed.

**Revenue**

*Grant revenue – Government assistance*

The Company's primary source of revenue has been grant revenue from non-customers. The Company applies the provisions of ASC Topic 958, *Not-For-Profit Entities*, applicable to contributions received and recognizes grant revenue as qualified expenses are incurred. In the years ended May 31, 2025 and 2024, all grant revenue was received from the National Institutes of Health ("NIH"). As of May 31, 2025, the Company has used all funding available under the grants.

Under these NIH grants, the Company received funds monthly on a cost-reimbursement basis for agreed-upon direct and indirect costs for specific research and development activities, together with a specified fee. Allowable direct costs included personnel costs, fees for laboratory and other contract services and supplies, among others.

The Company was responsible for performing research and development activities but was not required to achieve any specified identified results. Accordingly, these grants did not contain general payback provisions. However, the Company's performance, costs and compliance are subject to periodic review and audit and the Company may be required to repay funds already received in the event of noncompliance. Grant-years ending after May 31, 2024 remained subject to review as of August 31, 2025.

 

*Revenue from customers*

The Company recognizes service revenue from customers in accordance with FASB Topic 606, *Revenue from Contracts with Customers* ("ASC 606"). Under ASC 606, the Company recognizes revenue when (or as) customers obtain control of promised goods or services, in an amount that reflects the consideration which is expected to be received in exchange for those goods or services. The Company recognizes revenue following the five-step model prescribed under ASC 606: (i) identify contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenues when (or as) the Company satisfies a performance obligation. The Company applies the provisions of ASC 606 to an arrangement when a substantive contract exists and collectability is probable.

The Company's deferred revenue represents amounts invoiced in excess of revenue earned and relates to fees for the Company's laboratory testing services. The deferred revenue is expected to be recognized as revenue within a year, as samples are tested in accordance with customer specifications. There is no variable consideration. Customer acquisition costs are not significant.

Contract assets and deferred revenues related to contracts with customers consist of the following as of August 31, 2025 and May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract assets** | **Contract assets** | **Contract assets** | |
|  | **Contract <br> costs** | **Unbilled <br> revenue** | **Total** | **Contract<br> liabilities**<br>**Deferred <br> revenue** |
| May 31, 2024 | $— | $— | $— | $— |
| Net change due to billings |  |  |  | 43982 |
| Revenue recognized |  |  |  |  |
| May 31, 2025 |  |  |  | 43982 |
| Net change due to billings |  | 43982 | 43982 |  |
| Revenue recognized |  | 55895 | 55895 | 43982 |
| August 31, 2025 | $— | $11913 | $11913 | $— |

---

 

*Other income*

In the three months ended August 31, 2025, the Company's other revenue consists of fees received under a management services agreement with Aptorum. Concurrent with the execution of the merger agreement with Aptorum, the companies entered into a management services agreement under which the Company will provide certain development and management services through earlier of a closing of the merger or December 31, 2025. The services to be provided by the Company under the agreement are employee services that do not vary significantly in nature on a periodic basis and the Company recognizes income in equal monthly amounts. As of August 31, 2025, $88,700 of management services revenue is included in accounts receivable.

**Accounting for Derivative Financial Instruments**

The Company evaluates stock options, stock warrants or other contracts to determine if those contracts or embedded components of those contracts qualify as derivatives to be separately accounted for under the relevant sections of ASC Topic 815-40, *Derivative Instruments and Hedging: Contracts in Entity's Own Equity* ("ASC Topic 815-40") and ASC Topic 470, *Debt*. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative instrument and is marked-to-market at each balance sheet date and recorded as a liability. Financial instruments that are initially classified as equity that become subject to reclassification under ASC Topic 815-40 are reclassified to a liability account at the fair value of the instrument on the reclassification date. The Company has no financial instruments meeting the criteria for derivative accounting as of August 31, 2025 and May 31, 2025.

**Stock Based Compensation**

The Company accounts for share-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all share-based payments including share options. The fair value method requires the Company to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The Company uses the Black-Scholes option-pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the requisite service period, which is generally the vesting period. The Company accounts for forfeitures as they occur.

**Leases**

The Company accounts for its operating leases under ASC 842, *Leases*. Accordingly, the Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments.

**Convertible Notes Payable**

Debt issuance costs and discounts (premiums) related to notes payable are reported as direct deductions (increases) to the outstanding debt and amortized over the term of the debt using the effective interest method as an addition (reduction) to interest expense.

**Segment Information**

FASB ASC 280, Segment Reporting ("ASC 280"), establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company performs research and development activities of its own and for others substantially in one location using resources common to internal research activities and revenue-producing services, which have been limited to date. Accordingly, the Company's chief operating decision maker ("CODM"), the Executive Chairman, manages the Company's business activities as a single operating and reportable segment at the consolidated level using cash flow and EBITDA measures to allocate resources and assess performance. Further, the CODM reviews and utilizes functional expenses (personnel, other research and development, and general and administrative) at the consolidated level to manage the Company's operations. Other segment items included in consolidated net income are depreciation and amortization, stock based compensation, interest expense and the provision for income taxes.

**Recently Issued Accounting Pronouncements**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosure of certain amounts included in the expense captions presented on the condensed consolidated statement of operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued. The Company is currently evaluating the impact of ASU 2024-03 on its condensed consolidated financial statements and related disclosures.

There are no other recently issued accounting pronouncements that the Company believes might have a material impact on its financial position or results of operations.

**NOTE 4 – ACCOUNTS RECEIVABLE**

Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31,<br> 2025** | **May 31,<br> 2025** |
| Unbilled revenue from contracts with customers | $11913 | $- |
| Management services revenue from Aptorum | 88700 | - |
| Total | $100613 | $&nbsp;&nbsp;&nbsp;&nbsp; - |

---

**NOTE 5 – PREPAID EXPENSES AND OTHER CURRENT ASSETS**

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31,<br> 2025** | **May 31,<br> 2025** |
| Advances to suppliers | $- | $45252 |
| Other | 7963 | 1397 |
| Total | $7963 | $46649 |

---

**NOTE 6 – INTANGIBLE ASSETS**

In the Company's fiscal year ended May 31, 2021, the Company acquired laboratory assets and operations, including the laboratory's CLIA certification and its state operating licenses from a provider of molecular diagnostic tests. The Company allocated $197,761 of the total purchase price to the certification and licenses, which it considers indefinite-lived intangible assets.

**NOTE 7 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES**

Accounts payable and accrued expenses consist of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31,<br> 2025** | **May 31,<br> 2025** |
| Outside services | $573328 | $220411 |
| Employee compensation | 12154 | 5884 |
| Other | 11614 | 5563 |
| Total | $597096 | $231858 |

---

**NOTE 8 – CONVERTIBLE NOTES PAYABLE**

**Founders** 

Convertible notes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **August 31,<br> 2025** | **May 31, <br> 2025** |
| Executive director | $1034735 | $872245 |
| Former Chief Scientific Officer | 87578 | 85417 |
| Total | $1122313 | $957662 |

---

In the three months ended August 31, 2025, the Company amended its outstanding convertible note ("Note") to one founder to reflect additional borrowings of $150,000 during the period. The Company estimates that the nominal interest rate on the Note is less than rates that may be obtained from third parties. The Company recorded a discount of $12,694 on the additional borrowing at an estimated effective rate of 9.5%, as an addition to paid-in capital. Other terms and conditions of the Note were not affected.

No payments of principal or interest on the notes are required prior to maturity. The notes call for interest at 4% per annum and are convertible at the option of the holder upon the Company's next equity financing involving the Company's sale of its equity securities to third party investors. Upon any conversion, all unpaid principal and accrued unpaid interest on the Notes will be exchanged for the Company's securities at the lowest per unit price for securities sold to third parties in the next equity financing.

In addition, the Notes are due upon demand at the option of the holder when there is a liquidation event, which shall include:

&nbsp;&nbsp;&nbsp;&nbsp;(i) The closing of the sale, lease, transfer or other disposition of all or substantially all of the assets of Company or the grant of any exclusive license to any material portion of the Company's intellectual property;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) The consummation of the merger or consolidation of the Company with or into another entity (except a merger or consolidation in which the holders of capital stock of the Company immediately prior to such merger or consolidation continue to hold, directly or indirectly, at least fifty percent (50%) of the voting power of the capital stock of the Company or the surviving or acquiring entity);

&nbsp;&nbsp;&nbsp;&nbsp;(iii) The closing of the transfer (whether by merger, consolidation or otherwise), in one transaction or a series of related transactions, to a person or group of affiliated persons (other than an underwriter of the Company's securities), of the Company's securities if, after such closing, such person or group of affiliated persons would hold, directly or indirectly, fifty percent (50%) or more of the outstanding voting stock of the Company (or the surviving or acquiring entity);

&nbsp;&nbsp;&nbsp;&nbsp;(iv) An initial public offering of securities by Company or one of its subsidiaries; or

&nbsp;&nbsp;&nbsp;&nbsp;(v) A liquidation, dissolution or winding up of the Company.

The Company estimates that the nominal interest rate on the Notes is less than rates that may be obtained from third parties. The Company has recorded discounts on the Notes, calculated at an estimated effective rate of 10%, as an addition to paid-in capital. Unamortized discounts presented as a deduction from the face amount of the Notes amounted to $93,567 and $96,332 as of August 31, 2025 and May 31, 2025, respectively.

**Interest expense**

Interest expense consists of the following in the three months ended August 31:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Interest on notes | $11886 | $11230 |
| Amortization of discount | 15459 | 8936 |
| Total | $27345 | $20166 |

---

**NOTE 9 – COMMITMENTS AND CONTINGENCIES**

**Legal**

The Company is not involved in any legal matters arising in the normal course of business. While incapable of estimation, in the opinion of the management, the individual regulatory and legal matters in which it might involve in the future are not expected to have a material adverse effect on the Company's financial position, results of operations, or cash flows.

**Advisory Fees**

In the three months ended August 31, 2025, the Company entered into a financial advisory agreement with H.C. Wainwright & Co., LLC ("Wainwright"), with Wainwright to act as exclusive financial advisor to the company in connection with the merger with Aptorum. As compensation for its services, upon the consummation of the Merger, Wainwright will receive common stock purchase warrants to purchase up to a number of shares of common stock of the combined company equal to $500,000 divided by the closing price of the combined company's common stock on the date of consummation of the Merger, which warrants shall have an exercise price of $0.01 per share and a term of exercise of five years. In the event that the company (or the combined company) consummates one or more financing transactions, with gross proceeds of at least $4,000,000 following the execution of the Merger Agreement through and including the consummation of the Merger and within 90 days thereafter, Wainwright shall receive a cash fee of $250,000, which cash fee shall be paid in lieu of a number of warrants equal to $250,000. The Executive Director and co-founder of the company, is currently a managing director of Wainwright.

**NOTE 10 – STOCKHOLDERS' EQUITY**

**Stock-Based Compensation**

The Company maintains stock option plans, under which shares are available for issuance of stock-based awards under terms established by the board of directors. Through August 31, 2025, awards under the plans generally consisted of stock options with exercise prices equal to the estimated fair market value of the Company's common stock, vesting and service conditions of 18 months to three years without market or performance conditions and ten-year lives, and to restricted stock units with performance conditions. As of May 31, 2025, 600,000 shares remain available for future grant under the 2024 Stock Option Plan.

In the three months ended August 31, 2025, stock-based compensation expense amounted to $0. In the three months ended August 31, 2024, stock-based compensation expense amounted to $14,577, which is included in research and development expenses. As of August 31, 2025, unrecognized stock-based compensation expense related to options for which vesting is considered probable was $0.

As of August 31, 2025, unrecognized stock-based compensation expense related to options for which vesting is not considered probable was $1,093,712. As of August 31, 2025, the grant-date fair value and unrecognized compensation expense related to restricted stock units for which vesting is not considered probable was $652,080.

**Founder Contribution**

In three months ended August 31, 2024, its founders made a contribution to the Company in the form of a loan with an interest rate below market. The Company recorded a discount of $12,694 on the loan as additional paid-in capital.

**Warrant**

In the three months ended August 31, 2024, the holder agreed to exchange 29,336 warrants to purchase shares of our common stock exercisable at a price of $5.87 per share, for 29,336 shares of our Common Stock in the event of a public offering of securities by the Company prior to January 1, 2025. The warrant expired in the year ended May 31, 2025, in accordance with its terms.

**NOTE 11 – INCOME TAXES**

As of August 31, 2025 and May 31, 2025, the Company's net deferred tax assets consisted primarily of research and development expenses and stock compensation A valuation allowance has been provided against its net deferred tax assets as, based on all available evidence, it is considered more likely than not that the deferred tax assets will not be realized in future periods.

Uncertain tax positions are evaluated based on the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes a tax benefit from an uncertain tax position when it is more-likely-than-not that it will be sustained upon examination by tax authorities.

Income tax expense in the three months ended August 31, 2024 reflects increases in unrecognized tax benefits related to current deductions for certain funded research and development expenses subject to interpretations of applicable tax law, in excess of available net operating carryforwards. Income tax expense in the three months ended August 31, 2025 reflects the reversal of prior-period provisions for such unrecognized tax benefits. On July 4, 2025, H.R.1, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBB eliminates the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred, among other provisions.

**NOTE 12 – LOSS PER SHARE**

The following common stock equivalents have been excluded from the calculation of loss per share because their effects would be antidilutive in the three months ended August 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Stock options |  | 511950 |  | 511950 |
| Restricted stock |  | 88000 |  | 88000 |
| Warrants |  | - |  | 29336 |

---

Additional shares are issuable under the Company's convertible notes, the amount of which is dependent on future events.

## Exhibit 99.2

**Exhibit 99.2**

**MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*You should read the following discussion and analysis of our financial condition and results of operations together* *our consolidated financial statements and related notes, which are included the proxy statement/prospectus on Form S-4 filed with the SEC by Aptorum Group Limited on October 6, 2025 (File No. 333-290742). Some of the information contained in this discussion and analysis or set forth elsewhere in this filing, including information with respect to our plans and strategy for our business and related financing, includes forward-looking statements that involve risks and uncertainties. See "Cautionary Note Regarding Forward-Looking Statements." Our actual results may differ materially from those described below. You should read the "Risk Factors" section the proxy statement/prospectus on Form S-4 filed with the SEC by Aptorum Group Limited on October 6, 2025 (File No. 333-290742) for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.*

**Overview**

DiamiR Biosciences Corp. ("DiamiR") is a molecular diagnostic company focused on developing minimally invasive tests for early detection and monitoring of Mild Cognitive Impairment, Alzheimer's, Parkinson's, other neurodegenerative diseases, and cancer. The proprietary technology developed at DiamiR is based on quantitative analysis of circulating organ-enriched microRNAs in plasma. Short-term objectives of DiamiR include the development of Lab-Developed tests (LDTs) under CLIA guidelines based on the identified miRNA expression signatures. The tests will be used for screening, patient stratification, as well as disease and treatment monitoring.

DiamiR was incorporated in Delaware on June 16, 2014, and primarily operates through its wholly-owned subsidiary, DiamiR, LLC, which was incorporated as a limited liability company in Delaware on September 17, 2009. In October 2014, DiamiR entered into a Share Exchange Agreement with DiamiR, LLC, pursuant to which DiamiR acquired 100% of the issued and outstanding units of DiamiR, LLC in exchange for 4,282,000 shares (100%) of DiamiR's common stock (the "Share Exchange"), and DiamiR, LLC became a wholly-owned subsidiary of DiamiR. The Share Exchange was recognized as a combination of entities under common control as both DiamiR, LLC and DiamiR have been controlled before and after the transaction by the same shareholders.

In July 2025, the Company entered into a definitive merger agreement with Aptorum Group Limited, a publicly traded Cayman Islands company ("Aptorum"). Pursuant to the merger agreement, if completed, shareholders of the Company would receive shares of the surviving company's common stock in a share exchange. Under the merger agreement, the Company's outstanding convertible notes are expected to be converted to shares of the surviving company's common stock. Concurrent with the execution of the merger agreement, the companies entered into a management service agreement and a license agreement through earlier of the closing of the merger or December 31, 2025, under which the Company will provide certain development services to Aptorum. In addition to the requirement of obtaining Aptorum shareholder approval, the closing of the merger is subject to the satisfaction or waiver of each of the other closing conditions set forth in the merger agreement and therefore, it is possible that the merger may not occur.

DiamiR has incurred net losses in each year since its inception, including net losses of $743,235 and $614,405 for the years ended May 31, 2025 and 2024, respectively, and $283,700 in the three months ended August 31, 2025. At August 31, 2025, DiamiR had an accumulated deficit of $6,106,271, primarily due to operating expenses. DiamiR has devoted most of its financial resources to conducting studies on analysis of circulating organ-enriched miRNA biomarkers and building its patent portfolio. DiamiR has not completed development of any product candidate and has therefore not generated any revenues from product sales. Because of the numerous risks and uncertainties associated with the development of DiamiR's LDTs, DiamiR is unable to accurately predict the timing or amount of increased expenses or when, or if, DiamiR will be able to achieve or maintain profitability. DiamiR expects to incur increased expenses as it conducts its clinical studies. DiamiR also expects an increase in its expenses associated with creating additional infrastructure (including hiring additional personnel) to develop and launch CogniMIR<sup>®</sup> and support operations. As a result, DiamiR expects to continue to incur net losses and negative cash flows for the foreseeable future. These net losses and negative cash flows have had, and will continue to have, an adverse effect on DiamiR's stockholders' equity and working capital.

To date, DiamiR has financed its operations through grant funding, including SBIR grants of approximately $9.7 million, an Alzheimer's Drug Discovery Foundation (ADDF) Award of $492,000, the sale of DiamiR equity securities to its founders in the total aggregate amount of $350,000 and borrowings from its founders in the total aggregate amount of $1,075,000. In addition, while DiamiR has not earned revenue from its planned primary operations, DiamiR has received fees for performing specified clinical and other testing services from commercial entities from time to time. DiamiR has not, however, received such fees since March 2022. The amount of DiamiR's future net losses will depend, in part, on the rate of future growth of its expenses and DiamiR's ability to generate revenues. If DiamiR is unable to develop and commercialize CogniMIR<sup>®</sup> or any other product candidates that it may seek to develop, either alone or with collaborators, or if revenues from any product candidate that receives marketing approval are insufficient, DiamiR will not achieve profitability. Even if DiamiR does achieve profitability, DiamiR may not be able to sustain or increase profitability.

Since inception, DiamiR has raised over $9.7 million in grant funding from government agencies and disease foundations. On October 1, 2020, DiamiR announced that it received two grants from the National Institutes of Health (NIH) in the total amount of approximately $3.86 million. The National Institute on Aging (NIA) awarded DiamiR approximately $3.36 million in a Commercialization Readiness Pilot (CRP) grant as part of its Small Business Innovation Research (SBIR) program. The award builds upon earlier studies conducted by DiamiR in collaboration with leading academic centers and continues to support development of CogniMIR<sup>®</sup>, DiamiR's lead diagnostic product candidate for early detection and monitoring of mild cognitive impairment and AD. The second award of $498,572 was granted to DiamiR by the National Institute for Neurological Disorders and Stroke (NINDS) for a project entitled "Circulating Organ-enriched microRNAs as biomarkers of Rett Syndrome." As of August 31, 2025, funding available under these grants has been exhausted.

The accompanying unaudited consolidated financial statements have been prepared assuming that DiamiR will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited consolidated financial statements do not include any adjustments that might be necessary if DiamiR is unable to continue as a going concern.

 

*Recent Events*

In August 2025, DiamiR received a Clinical Laboratory Evaluation Program (CLEP) Test Approval for its APOE Genotyping test from the New York State Department of Health (NYSDOH). The approval allows DiamiR to offer its APOE Genotyping molecular testing in blood, buccal swab, saliva, and tissue, through its CLIA certified, CAP accredited clinical laboratory by licensed healthcare providers in New York State and nationwide.

In May 2025, DiamiR entered into a fee-for-service agreement to perform exploratory blood biomarker testing for a life sciences company developing therapeutic agent for AD. DiamiR was compensated based on the number of samples tested and paid on achieving certain milestones related to the completion of analytical work on a percentage of samples in the study. The study was pre-clinical/research in nature and was not part of an FDA submission.

In May 2025, DiamiR successfully renewed its CT State and CLIA licenses after an inspection of its New Haven CT laboratory by State inspectors. These 2 licenses will expire on June 15, 2026 and April 13, 2027, respectively.

In April 2025, DiamiR began offering its microRNA biomarker testing services and updated its website to advertise this service to prospective biopharma customers. DiamiR's biomarker testing services are fee for service laboratory testing and are considered to be R&D work. As such, these tests do not fall under LDT regulations specified by the FDA for commercial tests that are used for patient care and treatment decisions.

In April 2025, DiamiR successfully passed its CAP inspection and its accreditation was renewed for an additional 2 years until April 13, 2027.

In April 2025 and June 2025, DiamiR amended the convertible note with Kira Sheinerman, one of its founders and the Executive Director, such that the founder loaned DiamiR additional $100,000 and $150,000, respectively.

Cyber Attack

DiamiR recently discovered a cyber-attack and is still uncovering the full details of it. As of the date hereof, the basis of the attack is believed to be phishing. As DiamiR learns more about the source of the attack and its implications, it will disclose such details in future amendments to this proxy statement/prospectus.

**Financial Operations Overview**

 ****

***Revenue***

In 2010, DiamiR began the process of developing CogniMIR<sup>®</sup>. To date, DiamiR has primarily earned revenue from grants and have not generated any product revenue other than revenues from research testing services for third parties and other revenue generated for performing laboratory services DiamiR previously provided to Interpace Biosciences, Inc. ("Interpace"). DiamiR's ability to generate product revenue, which it does not expect to occur until at least second half 2025, if ever, will depend heavily on DiamiR's ability to comply with regulatory requirements for, and to commercialize successfully, CogniMIR<sup>®</sup> and other tests in development.

 ****

 ****

***Total Operating Expense***

Total operating costs and expenses consisted primarily of analyzing samples and clinical data associated with revenues from research testing services performed, patent costs and general and administrative costs.

**Results of Operations**

 ****

***Three Months Ended August 31, 2025 and August 31, 2024***

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Three-Months <br> Ended** | **For the Three-Months <br> Ended** | |
|  | **August 31, <br> 2025** | **August 31, <br> 2024** |<br>**Change** |
| **Statement of Operations Data:** | | | |
| Service revenue | $99878 | $- | $99878 |
| Grant revenue | - | 208843 | (208843) |
| Total revenue | 99878 | 208843 | (108965) |
| Cost of service revenue | 81452 |  | 81452 |
| Research and development | 83495 | 188022 | (104527) |
| General and administrative | 509630 | 170900 | 338731 |
| Total operating costs and expenses | 674577 | 358922 | 315656 |
| Loss from operations | (574699) | (150079) | (424621) |
| Other income (expense) |  |  |  |
| Other income | 142342 |  | 142342 |
| Interest expense | (27345) | (20166) | (7179) |
| Total other expense | 114997 | (20166) | 135163 |
| **Net loss before income taxes** | (459702) | (170245) | (289457) |
| Income (benefit) expense | (176002) | 6030 | (182032) |
| **Net loss** | $(283700) | $(176275) | $(107425) |

---

 

*Revenue*

In the three months ended August 31, 2025, DiamiR recorded $99,878 of service revenue under an agreement to perform exploratory blood biomarker testing for a life sciences company developing therapeutic agent for AD. DiamiR was compensated based on the number of samples tested and paid on achieving certain milestones related to the completion of analytical work on a percentage of samples in the study.

Grant revenue was $0 for the three months ended August 31, 2025 compared to $208,843 for the three months ended August 31, 2024. Since inception, DiamiR has earned a substantial portion of its revenue from grants from government agencies and disease foundations. In the three months ended August 31, 2024, Diamir recorded $208,843 of revenue from the National Institutes of Health (NIH) for DiamiR's CogniMIR<sup>®</sup> product candidate. Diamir depleted available grant funding in January 2025. As of August 31, 2025, DiamiR has no remaining funds available under its grants.

 

*Cost of service revenue*

Cost of service revenue represents costs related to Diamir's blood biomarker testing and includes the cost of consumables and employee compensation.

 

 

*Research and Development Expenses*

Research and Development expense was $83,495 for the three months ended August 31, 2025, compared to $188,022 for the three months ended August 31, 2024. The decrease reflects, lower personnel costs from salary reductions and reduced other direct expenses for our CogniMIR<sup>®</sup> product candidate corresponding to the decrease in available grant funding. In addition, greater portion of fixed employee compensation represented cost of services and general and administrative expenses.

 

*General and Administrative Expenses*

General and Administrative expense was $509,630 for the three months ended August 31, 2025 compared to $170,900 for the three months ended August 31, 2024, primarily reflecting approximately $327,000 of professional and consulting fees related to financing and merger activities and an increase ion the portion of CEO compensation allocable to general and administrative activities, partially offset by decreases in other expenses. In the three months ended August 31, 2024, similar professional and consulting fees associated with Diamir's planned initial public offering of stock had been deferred to future periods.

 

*Other income*

Other income reflects income from Diamir's management services agreement signed in July 2025 with Aptorum Group Limited for certain research and administrative activities performed prior to any closing of the companies' definitive merger agreement.

*Interest Expense*

Interest expense relates to interest accrued and the amortization of discounts on loans obtained from founders. Interest expense was $27,345 for the three months ended August 31, 2025 compared to $20,166 for the three months ended August 31, 2024. The increase reflects additional loans received from the founders in the intervening periods.

 

*Income Taxes*

In its fiscal years ended May 31, 2023, May 31, 2024 and May 31, 2025, Diamir's income tax expense reflected a provision for uncertain tax positions related to research and development expenses. On July 4, 2025, H.R.1, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States, eliminating the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S.-based research and experimental expenditures. In the three months ended August 31, 2025 DiamiR reversed its previously-accumulated provisions.

**Liquidity and Capital Resources**

 

*Sources of Liquidity*

To date, DiamiR has generated minimal revenue from its planned principal operations. DiamiR has funded its operations to date primarily through grant funding, an equity investment from Alzheimer's Drug Discovery Foundation, sales of its equity securities to DiamiR's founders and borrowings from DiamiR's founders.

 

*SBIR Grants*

Since DiamiR's inception, it has raised over $9.7 million in grant funding from government agencies and disease foundations, including the following two grants. In October 2020, DiamiR received two grants from the National Institutes of Health (NIH) in the total amount of approximately $3.86 million. The National Institute on Aging (NIA) awarded DiamiR approximately $3.36 million in a Commercialization Readiness Pilot (CRP) grant as part of its Small Business Innovation Research (SBIR) program. The award supported development of CogniMIR<sup>®</sup>, DiamiR's lead diagnostic product candidate for early detection and monitoring of mild cognitive impairment and AD. The second award of $0.5 million was granted to DiamiR by the National Institute for Neurological Disorders and Stroke (NINDS) for a project entitled "Circulating Organ-enriched microRNAs as biomarkers of Rett Syndrome." As of May 31, 2025, DiamiR had received and applied all of its existing grant funding. DiamiR expects net cash used in operating activities may increase significantly in future periods as a result of unfunded research and development expenses.

 

 

*Founders Equity*

DiamiR was capitalized by its two founders with a cash contribution by one of its founders of $250,000 for 2,200,000 shares of common stock and a non-cash contribution by the other founder for 2,000,000 shares of common stock. The non-cash contribution consisted of all of the founders' rights, title, and interest in any intellectual property, proprietary property or other property of a similar nature related to the business to be conducted by DiamiR involving methods of using small RNA from bodily fluids for diagnosis and monitoring of neurodegenerative diseases. Subsequent to founder's initial investment, one of its founders made a cash contribution of $100,000 for 14,265 shares of common stock.

 

*Founders Notes*

In 2014, DiamiR issued convertible notes to two of DiamiR's founders under which DiamiR borrowed an aggregate total of $425,000, which matured in July 2019. In July 2019, the notes were amended and the due dates for principal and accrued interest were extended to December 31, 2022. In March 2023, DiamiR cancelled the prior notes and entered into new notes with these same founders under which DiamiR borrowed an aggregate total of $492,016 (the "2023 Notes"); the 2023 Notes mature in December 31, 2026. The 2023 Notes have a 4% interest rate per annum, compounded monthly. The 2023 Notes are convertible, at the option of the holder, upon DiamiR's next equity financing involving the Company's sale of its equity securities to third party investors, including upon the closing of this Offering. Upon conversion, all unpaid principal and accrued unpaid interest on the 2023 Notes will be exchanged for DiamiR's securities at the lowest per Share price for securities sold to third parties in the next equity financing.

Between March 2023 and June 2025, DiamiR amended and restated Kira Sheinerman's note from time to time, to reflect additional loans during the period. Founder loans amounted to $200,000 and $300,000 in the years ended May 31, 2024 and 2025, respectively, and $150,000 in the three months ended August 31, 2025. As of August 31, 2025, the total amount outstanding under both founder notes was $1,122,313, including accrued interest.

There are no agreements with the founders with regard to any future financing.

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***Cash Flows***

DiamiR's net cash flow from operating, investing and financing activities for the periods below were as follows:

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| | | |
|:---|:---|:---|
|  | **For the Three Months <br> Ended** | **For the Three Months <br> Ended** |
|  | **August 31, <br> 2025** | **August 31, <br> 2024** |
| **Net cash (used in) provided by:** | | |
| Operating activities | $(171585) | $(60549) |
| Investing Activities | (6938) |  |
| Financing activities | 150000 | 100000 |
| Net (decrease) increase in cash and cash equivalents | $(28523) | $39451 |

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*Operating Activities*

Net cash used in operating activities for the three months ended August 31, 2025 primarily reflects $283,700 of net loss offset primarily by an increase of in accounts payable, accrued expenses and income taxes payable of $189,236. In the three months ended August 31, 2024, DiamiR had a net loss of $176,275 net of grant revenue.

 

 

*Financing Activities*

Net cash provided by financing activities was $150,000 for the three months ended August 31, 2025, representing proceeds from a founder loan. Proceeds from founder loans amounted to $100,000 in the three months ended August 31, 2024.

***Funding Requirements***

DiamiR has not completed development of any of its product candidates. DiamiR expects to continue to incur operating losses in the foreseeable future. Subject to receiving additional financing, it anticipates that its expenses will increase substantially due to continued development of CogniMIR<sup>®,</sup>, increased development activities for pipeline projects and planned commercialization efforts.

DiamiR expects that its existing cash and cash equivalents, and anticipated interest income, will not enable it to complete its development of CogniMIR<sup>®</sup>. DiamiR's forecast of the period of time through which its financial resources will be adequate to support its operations is a forward-looking statement and involves risks and uncertainties, and actual results could vary as a result of a number of factors, including the factors discussed in the section entitled "Risk Factors" and elsewhere in the proxy statement/prospectus on Form S-4 filed with the SEC on October 6, 2025 (File No. 333-290742) (the "**Form S-4**"). DiamiR has based this estimate on assumptions that may prove to be wrong, and it could utilize its available capital resources sooner than currently expected.

DiamiR's future funding requirements, both near- and long-term, will depend on many factors, including, but not limited to:

● the initiation, progress, timing, costs, and results of clinical validation for CogniMIR<sup>®</sup>

● the terms and timing of any future collaboration, licensing, or other arrangements that DiamiR may establish;

● the outcome, timing, and cost of meeting regulatory requirements;

● the cost of obtaining, maintaining, defending, and enforcing intellectual property rights, including patent rights;

● the effect of competing technological and market developments;

● market acceptance of CogniMIR<sup>®</sup> if DiamiR meets regulatory requirements for its commercialization; and

● the extent to which DiamiR acquires, licenses, or invests in businesses, products or technologies.

Until DiamiR can generate a sufficient amount of revenue from CogniMIR<sup>®</sup> and related services and products, if ever, DiamiR expects to finance future cash needs through public or private equity offerings, debt financings or grants. Additional funds may not be available when needed on terms that are acceptable to DiamiR, or at all. If adequate funds are not available, DiamiR may be required to delay, reduce the scope of or eliminate its commercialization efforts. To the extent that DiamiR raises additional funds by issuing shares of common stock, its shareholders may experience additional dilution, and debt financing, if available, may involve restrictive covenants. To the extent that DiamiR raises additional funds through collaborations and licensing arrangements, it may be necessary to relinquish some rights to its technologies or its product candidates or grant licenses on terms that may not be favorable to DiamiR. DiamiR may seek to access the public or private capital markets whenever conditions are favorable, even if DiamiR does not have an immediate need for additional capital at that time.

DiamiR does not expect CogniMIR<sup>®</sup> to be commercially available with reimbursement in place before fiscal 2027, if at all. DiamiR will need to raise substantial additional capital to complete the development and commercialization of CogniMIR<sup>®</sup>. Because successful development of CogniMIR<sup>®</sup> is uncertain, DiamiR is unable to estimate the actual funds required to complete research and development and commercialize CogniMIR<sup>®</sup>. DiamiR also will need to raise substantial additional capital to complete the development and commercialization of other products currently in development.

**Going Concern**

DiamiR has a limited operating history and incurred net losses of $743,235 and $614,405 for the years ended May 31, 2025 and 2024, respectively, and $283,700 in the three months ended August 31, 2025. DiamiR used net cash of $313,440 in the year ended May 31, 2025 and $171,585 in the three months ended August 31, 2025 for operating activities. The accompanying consolidated financial statements have been prepared assuming DiamiR will continue as a going concern, which contemplates, among other things, the realization of assets and satisfaction of liabilities in the normal course of business. These conditions raise substantial doubt about DiamiR's ability to continue as a going concern within twelve months after the date of the consolidated financial statements.

Since the inception of DiamiR in December 2009, the operations of DiamiR has been funded primarily through grant funding, primarily received through the U.S. Department of Treasury and the National Institutes of Health ("NIH"), as well as capital contributions of the founders of DiamiR. Management believes this capital is insufficient to fund DiamiR's operations for the next twelve months. Management does not anticipate that DiamiR's existing working capital alone will be sufficient to fund its operations through the successful development and commercialization of products. As a result, DiamiR will need to raise additional capital to fund its operations and continue to conduct activities to support its product development and commercialization activities. Management may raise additional funds by way of a public or private offering or may be awarded additional grants.

Management cannot be certain that additional funding will be available on acceptable terms, or at all. To the extent that DiamiR raises additional funds by issuing equity securities, DiamiR's shareholders may experience significant dilution. Any debt financing, if available, may involve restrictive covenants that impact DiamiR's ability to conduct business. If DiamiR is not able to raise additional capital when required or on acceptable terms, DiamiR may have to (i) significantly delay, scale back or discontinue the development and/or commercialization of one or more product candidates; (ii) seek collaborators for product candidates at an earlier stage than otherwise would be desirable and on terms that are less favorable than might otherwise be available; or (iii) relinquish or otherwise dispose of rights to technologies, product candidates or products that DiamiR would otherwise seek to develop or commercialize.

The consolidated financial statements do not include any adjustments that might be necessary if DiamiR is unable to continue as a going concern.

**Critical Accounting Policies and Significant Judgments and Estimates**

DiamiR's management's discussion and analysis of financial condition and results of operations is based on its consolidated financial statements, which have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP. The preparation of DiamiR's consolidated financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, DiamiR evaluates our estimates based on historical experience, known trends and events and various other factors, which management believes to be reasonable under the circumstances, the results of which form the basis for judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions.

The notes to our unaudited consolidated financial statements included herein and our audited consolidated financial statements, which are included in the Form S-4, contains a summary of DiamiR's significant accounting policies. DiamiR considers the following accounting policies and estimates critical to the understanding of the results of its operations.

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***Founder Contributions***

DiamiR was capitalized by its two founders with a cash contribution by one of its founders of $250,000 for 2,200,000 shares of common stock and a non-cash contribution by the other founder for 2,000,000 shares of common stock.

The founders subsequently made contributions to DiamiR in the form of uncompensated services and loans bearing interest at interest rates DiamiR believes to be below market value.

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***Grants Received from Government Agencies***

Research and development grants received from government institutions are recognized as revenue as related research obligations are performed, with qualified expenses classified as expenses. If grant funds are received in advance of performance, they are initially recognized as liabilities, to the extent they are refundable.

Since inception, DiamiR raised over $9.7 million grant funding from government agencies and disease foundations. On October 1, 2020, DiamiR announced that it received two grants from the National Institutes of Health (NIH) in the total amount of approximately $3.86 million. The National Institute on Aging (NIA) awarded the company approximately $3.36 million in a Commercialization Readiness Pilot (CRP) grant as part of its Small Business Innovation Research (SBIR) program. The award built upon earlier studies conducted by DiamiR in collaboration with leading academic centers and continues to support development of CogniMIR<sup>®</sup>, the company's lead diagnostic product candidate for early detection and monitoring of mild cognitive impairment and AD. The second award of $498,572 was granted to DiamiR by the National Institute for Neurological Disorders and Stroke (NINDS) for a project entitled "Circulating Organ-enriched microRNAs as biomarkers of Rett Syndrome." As of August 31, 2025, Diamir has used all of its available grant funding.

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***Stock-based compensation***

Stock-based compensation for acquiring goods or providing services is recognized at fair value when the goods are obtained or over the service period. If the award contains performance conditions, the measurement date of the award is the earlier of the date at which a commitment for performance by the non-employee is reached or the date at which performance is reached. A performance commitment is reached when performance by the non-employee is probable because of sufficiently large disincentives for nonperformance.

DiamiR issued 88,000 RSUs and 154,000 stock options in the fiscal year ending May 31, 2023 to our Chief Executive Officer as compensation for services, subject to certain vesting conditions. No compensation expense related to these awards has been recognized through August 31, 2025, as the vesting conditions were not considered to be probable of achievement for accounting purposes.

As of August 31, 2025, unrecognized stock-based compensation expense related to awards for which vesting is not considered probable was $1,093,712. As of August 31, 2025, unrecognized stock-based compensation expense related to restricted stock units for which vesting is not considered probable was $652,080. This compensation expense will be recognized in future periods if DiamiR determines the vesting conditions have become probable.

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***Fair Value of Stock***

Due to the absence of an active market for our common stock, the fair value of DiamiR's stock was determined by its board of directors, based on the definition of 'fair value' in the FASB ASC Topic 820, *Fair* Value Measurement and Disclosures, which states that "fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date." In arriving at a conclusion, the board reviewed and analyzed information provided by management, including financial information, business plans, and cost data, and collected and analyzed firm values and transactional data from comparable companies in the biotech industry. DiamiR evaluated several valuation approaches including an income approach (discounted cash flows or discounted market multiples), market approach (price/earnings, price/revenue, price/EBITDA) and an asset approach (tangible book value, net asset value, intangible total replacement cost) and selected the asset approach, utilizing replacement cost, as the best alternative to estimate the value of DiamiR's member units.

The asset approach considers the accumulated value of all of its tangible and intangible net assets. The valuation approach used under the asset approach was the asset accumulation method. Its tangible assets and liabilities were measured at their carrying values since our tangible assets were primarily comprised of cash, recently purchased equipment and accounts payable. Our intangible assets were valued using a replacement cost new method, which measures the total cost, in current prices, to develop a new intangible asset having the same functionality or utility as the intangible asset. The replacement cost new method considers the following cost components: direct costs, indirect costs, the intangible asset developer's profit, and an opportunity cost or entrepreneurial incentive (e.g., a measure of lost income opportunity cost during the development period adequate to motivate the development process). For this purpose, our costs included personnel costs, using national averages of the costs for the services provided, that were otherwise expensed in our Statements of Operations. The constructed replacement cost was then evaluated for physical, functional, and economic obsolescence. The enterprise value was calculated as the sum of the net tangible assets and the replacement cost of intangible assets. The per unit value was calculated by dividing the enterprise value by the number of outstanding member units, with the resulting value discounted for restrictions on resale and lack of marketability of the member units.

There are significant judgments and estimates inherent in the determination of the valuation method selected and of the inputs to the valuation method used to value our stock. While the assumptions used represent management's best estimates, these estimates involve inherent uncertainties and the application of management's judgment. As a result, if revisions are made to the underlying assumptions and estimates, the costs DiamiR recognize when issuing stock-based compensation for acquiring goods or providing services could vary significantly from period to period.

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***Stock Option Plans***

DiamiR maintains two stock option plans, under which shares are available for issuance of stock-based awards under terms established by the board of directors. Through May 31, 2025, awards under the plans generally consisted of options with exercise prices equal to fair market value, vesting and service conditions of 18 months to three years without market or performance conditions and ten-year lives. Options granted in the year ended May 31, 2023, for an aggregate of 246,000 shares are subject to vesting conditions related to research and financing milestones. As of May 31, 2025, no shares remain available for future grants under the 2014 Stock Option Plan, which expired in September 2024, and 600,000 shares remain available for future grant under the 2024 Stock Option Plan. The number of shares available under the 2024 Stock Option Plan will increase by 2% per year or such lower number of shares as may be determined by the Company's board of directors.

There was no stock option activity in the three months ended August 31, 2025.

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***Laboratory Acquisition and Intangible Assets***

On April 15, 2021, pursuant to an Asset Purchase Agreement, DiamiR acquired certain laboratory assets, facilities and operations from Interpace, a provider of molecular diagnostic tests. The total purchase consideration consisted of 42,820 shares DiamiR common stock with an estimated fair value of $300,000. At acquisition, $197,761 of the purchase price was allocated to laboratory certifications and licenses.

Certifications and licenses represent the laboratory's CLIA certification and its state operating licenses and intangible assets, which are transferable together with other related acquired assets and operations under certain conditions. DiamiR intends to use the certification and licenses to provide future proprietary and other testing services and have not identified any plans, regulatory restrictions, competition, significant maintenance costs or other factors that would limit their useful lives. Accordingly, DiamiR considers them to be indefinite-lived assets and do not amortize them. It will periodically evaluate the assets for impairment and may record charges, if and when an impairment is identified based on changes in the factors described above or on future economic or operating developments. The estimated useful lives of the property and equipment is three to seven years.

***Income Taxes***

DiamiR evaluates uncertain tax positions based on the facts and circumstances that exist at each reporting period. Subsequent changes in judgment based upon new information may lead to changes in recognition, derecognition, and measurement. Adjustment may result, for example, upon resolution of an issue with the taxing authorities or expiration of a statute of limitations barring an assessment for an issue. The Company recognizes a tax benefit from an uncertain tax position when it is more-likely-than-not that it will be sustained upon examination by tax authorities. As of May 31, 2025, DiamiR's income tax liability of $176,002 reflected unrecognized tax benefits related to current deductions for certain funded research and development expenses subject to interpretations of applicable tax law, in excess of available net operating carryforwards.

On July 4, 2025, H.R.1, the One Big Beautiful Bill Act ("OBBBA") was enacted in the United States. The OBBB eliminating the requirement under Internal Revenue Code Section 174 to capitalize and amortize U.S.-based research and experimental expenditures over five years, making these expenditures fully deductible in the period incurred, among other provisions. DiamiR adjusted its recorded tax liability for the provisions of the law in the period it was enacted. Accordingly income tax (benefit) expense in the three months ended August 31, 2025 reflects the reversal of prior-period provisions for such unrecognized tax benefits.

**Recently Issued Accounting Pronouncements**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Topic 220): Disaggregation of Income Statement Expenses ("ASU 2024-03"). ASU 2024-03 requires additional disclosure of certain amounts included in the expense captions presented on the condensed consolidated statement of operations as well as disclosures about selling expenses. The ASU is effective on a prospective basis, with the option for retrospective application, for annual periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. DiamiR is currently evaluating the impact of ASU 2024-03 on its condensed consolidated financial statements and related disclosures.

There are no other recently issued accounting pronouncements that DiamiR believes might have a material impact on its financial position or results of operations.

**Statement Regarding Unaudited Financial Information**

The unaudited financial information set forth above is subject to adjustments that may be identified when audit work is performed on the Company's year-end financial statements, which could result in significant differences from this unaudited financial information.