# EDGAR Filing Document

**Accession Number:** 0001734005
**File Stem:** 0001213900-26-006378
**Filing Date:** 2026-1
**Character Count:** 253675
**Document Hash:** 508fbc38cfb5561ea61654600e822d4c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-26-006378.hdr.sgml**: 20260122

**ACCESSION NUMBER**: 0001213900-26-006378

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 81

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20260122

**DATE AS OF CHANGE**: 20260121

**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:** 26549343

**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 January 2026**

**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; 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.

Aptorum Group Limited (the "Company") is furnishing this Form 6-K to (i) provide nine-months interim consolidated financial statements ended September 30, 2025, and to incorporate such consolidated financial statements into the Company's registration statements referenced below, (ii) to disclose and attach and incorporated by reference herein DiamiR's financial statements for the quarter ended November 30, 2025 and its discussion and analysis of its financial condition and results of operations for that same period and (iii) provide certain unaudited pro forma condensed combined financial statements.

This Form 6-K 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), [Form F-3](https://www.sec.gov/Archives/edgar/data/1734005/000121390022080746/ea170215-f3_aptorumgroup.htm) (Registration Number 333-268873) and [Form F-3](https://www.sec.gov/Archives/edgar/data/1734005/000121390026005167/ea0272660-f3_aptorumgroup.htm) (Registration Number 333-292793) 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** |
| 99.1 | [Unaudited Interim Condensed Consolidated Financial Statements as of September 30, 2025, and December 31, 2024, and for the Nine Months Ended September 30, 2025 and 2024](ea027242601ex99-1_aptorum.htm) |
| 99.2 | [Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Nine Months Ended September 30, 2025 and 2024](ea027242601ex99-2_aptorum.htm) |
| 99.3 | [DiamiR Biosciences Corp.'s Unaudited Interim Condensed Consolidated Financial Statements as of November 30, 2025 and May 31, 2025, and for the Six Months Ended November 30, 2025 and 2024](ea027242601ex99-3_aptorum.htm) |
| 99.4 | [DiamiR Biosciences Corp.'s Operating and Financial Review and Prospects in Connection with the Unaudited Interim Consolidated Financial Statements for the Six Months Ended November 30, 2025 and 2024](ea027242601ex99-4_aptorum.htm) |
| 99.5 | [Unaudited Pro Forma Condensed Combined Financial Statements](ea027242601ex99-5_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: January 21, 2026

---

| | |
|:---|:---|
| **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**

**INDEX TO FINANCIAL STATEMENTS**

**INDEX TO APTORUM'S CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024](#a_001) | F-2 |
| [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss for the nine months ended September 30, 2025 and 2024](#a_002) | F-3 |
| [Unaudited Condensed Consolidated Statements Of Changes in Equity for the nine months ended September 30, 2025 and 2024](#a_003) | F-4 |
| [Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024](#a_004) | F-5 |
| [Notes to Consolidated Financial Statements](#a_005) | F-6 |

---

**APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2025 and December 31, 2024 (Stated in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **September 30,<br> 2025** | **December 31,<br> 2024** |
| **ASSETS** |  |  |
| **Current assets:** |  |  |
| Cash | $2272611 | $874238 |
| Other receivables and prepayments | 207294 | 85316 |
| **Total current assets** | 2479905 | 959554 |
| Long-term investments | 15098846 | 15098846 |
| Long-term deposits |  | 71823 |
| **Total Assets** | $17578751 | $16130223 |
| **LIABILITIES AND EQUITY** |  |  |
| **LIABILITIES** |  |  |
| **Current liabilities:** |  |  |
| Amounts due to related parties | $79395 | $79644 |
| Accounts payable and accrued expenses | 911480 | 918611 |
| Operating lease liabilities, current | 50972 | 102225 |
| Convertible notes to a related party | 3374500 | 3238500 |
| **Total current liabilities** | 4416347 | 4338980 |
| Operating lease liabilities, non-current |  | 14182 |
| **Total Liabilities** | $4416347 | $4353162 |
| **Commitments and contingencies (Note 18)** | **—**  | **—**  |
| **EQUITY** |  |  |
| Class A Ordinary Shares ($0.00001 par value, 9,999,996,000,000 shares authorized, 5,346,823 shares issued and outstanding as of September 30, 2025; 3,811,823 shares issued and outstanding as of December 31, 2024) | $52 | $37 |
| Class B Ordinary Shares ($0.00001 par value; 4,000,000 shares authorized, 1,796,934 shares issued and outstanding as of September 30, 2025 and December 31, 2024) | 18 | 18 |
| Additional paid-in capital | 96174010 | 93474825 |
| Accumulated other comprehensive (income) loss | (158805) | 89162 |
| Accumulated deficit | (73485303) | (72429528) |
| **Total equity attributable to the shareholders of Aptorum Group Limited** | 22529972 | 21134514 |
| Non-controlling interests | (9367568) | (9357453) |
| **Total equity** | 13162404 | 11777061 |
| **Total Liabilities and Equity** | $17578751 | $16130223 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

**APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the nine months ended September 30, 2025 and 2024 (Stated in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
| **Operating expenses** |  |  |
| Research and development expenses | (261168) | (2479627) |
| General and administrative fees | (361342) | (570663) |
| Legal and professional fees | (656865) | (443521) |
| Other operating income (expenses) | 286978 | (67086) |
| Total operating expenses | (992397) | (3560897) |
| **Other (expenses) income** |  |  |
| Interest expense, net | (73493) | (109168) |
| Sundry income |  | 286946 |
| Loss on disposal of subsidiaries |  | (4271) |
| Total other (expenses) income, net | (73493) | 173507 |
| **Net loss** | $(1065890) | $(3387390) |
| Less: net loss attributable to non-controlling interests | (10115) | (39484) |
| **Net loss attributable to Aptorum Group Limited** | $(1055775) | $(3347906) |
| Net loss per share – basic and diluted | $(0.15) | $(0.62) |
| Weighted-average shares outstanding – basic and diluted | 7132512 | 5400840 |
| **Net loss** | $(1065890) | $(3387390) |
| **Other comprehensive (loss) gain** |  |  |
| Exchange differences on translation of foreign operations | (247967) | 66269 |
| Other comprehensive (loss) gain | (247967) | 66269 |
| **Comprehensive loss** | (1313857) | (3321121) |
| Less: comprehensive loss attributable to non-controlling interests | (10115) | (39484) |
| **Comprehensive loss attributable to the shareholders of Aptorum Group Limited** | (1303742) | (3281637) |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

**APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY For the nine months ended September 30, 2025 and 2024 (Stated in U.S. Dollars)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A <br> Ordinary Shares** | **Class A <br> Ordinary Shares** | **Class B <br> Ordinary Shares** | **Class B <br> Ordinary Shares** | | | | | |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Additional<br> Paid-in<br> Capital**<br>**Amount** | **Accumulated<br> deficit**<br>**Amount** | **Accumulated<br> other<br> comprehensive<br> (loss) income**<br>**Amount** | **Non-<br> controlling<br> interests**<br>**Amount** | **Total**<br>**Amount** |
| **Balance, January 1, 2025** | **3811823** | $**37** | **1796934** | $**18** | $**93474825** | $**(72429528)** | $**89162** | $**(9357453)** | $**11777061** |
| Placing of Class A Ordinary Shares | 1535000 | 15 |  |  | 2699185 |  |  |  | **2699200** |
| Net loss |  |  |  |  |  | (1055775) |  | (10115) | **(1065890)** |
| Exchange difference on translation of foreign operations |  |  |  |  |  |  | (247967) |  | **(247967)** |
| **Balance, September 30, 2025** | **5346823** | $**52** | **1796934** | $**18** | $**96174010** | $**(73485303)** | $**(158805)** | $**(9367568)** | $**13162404** |
| **Balance, January 1, 2024** | **2937921** | $**31** | **2243776** | $**22** | $**93018528** | $**(68161722)** | $**(10623)** | $**(9462883)** | $**15383353** |
| Conversion of Class B Ordinary Shares to Class A Ordinary Shares | 446842 | 4 | (446842) | (4) |  |  |  |  | **—**  |
| Net loss |  |  |  |  |  | (3347906) |  | (39484) | **(3387390)** |
| Exercise of share options | 427060 | 2 |  |  | 451658 |  |  |  | **451660** |
| Exchange difference on translation of foreign operations |  |  |  |  |  |  | 66269 |  | **66269** |
| **Balance, September 30, 2024** | **3811823** | $**37** | **1796934** | $**18** | $**93470186** | $**(71509628)** | $**55646** | $**(9502367)** | $**12513892** |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

**APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS For the nine months ended September 30, 2025 and 2024 (Stated in U.S. Dollars)**

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities** |  |  |
| **Net cash used in operating activities** | (1300827) | (1309380) |
| **Cash flows from investing activities** |  |  |
| **Net cash provided by investing activities** |  | 58621 |
| **Cash flows from financing activities** |  |  |
| Proceeds from issuance of Class A Ordinary Shares | 3070000 |  |
| Payment of offering cost | (370800) |  |
| **Net cash provided by financing activities** | 2699200 |  |
| Net increase (decrease) in cash | 1398373 | (1250759) |
| Cash – Beginning of period | 874238 | 2005351 |
| Cash – End of period | $2272611 | $754592 |
| **Supplemental disclosures of cash flow information** |  |  |
| Interest paid | $— | $— |
| Income taxes paid | $— | $— |
| **Non-cash operating, investing and financing activities** |  |  |
| Settlement of deferred cash bonus by issuance of share options or shares | $— | 451660 |

---

See accompanying notes to the unaudited condensed consolidated financial statements.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**1. ORGANIZATION**

The unaudited condensed consolidated financial statements include the financial statements of Aptorum Group Limited (the "Company") and its subsidiaries of which the Company is the primary beneficiary (collectively the "Group").

The Company, formerly known as APTUS Holdings Limited and STRIKER ASIA OPPORTUNITIES FUND CORPORATION, is a company incorporated on September 13, 2010 under the laws of the Cayman Islands with limited liability.

The Company researches and develops life science and biopharmaceutical products within its wholly-owned subsidiary, Aptorum Therapeutics Limited, formerly known as APTUS Therapeutics Limited ("Aptorum Therapeutics") and its indirect subsidiary companies (collectively, "Aptorum Therapeutics Group").

On July 14, 2025 the Group and DiamiR Biosciences Corp. ("DiamiR"), have entered into a definitive agreement for an all-stock merger transaction, in which DiamiR will retain its name and become a wholly-owned subsidiary of Aptorum Group upon consummation of the merger. The combined company expects to remain listed on the Nasdaq Stock Market following the closing of the merger. Under the terms of the merger agreement and subject to stockholder approval, the Company will re-domicile to the state of Delaware prior to the closing of the merger ("Domestication"), and following the Domestication, acquire all of the outstanding capital stock of DiamiR in exchange for a number of shares of its common stock which will represent approximately 70% of the outstanding common stock of the Group, with the current equity holders of the Group retaining 30% of the common stock immediately following the consummation of the merger. The merger agreement has been approved by the boards of directors of both companies, and is subject to stockholder approval of both companies and other customary closing conditions. The proposed merger is expected to close before 2027.

Concurrently with the execution of the Merger Agreement, DiamiR and Aptorum Therapeutics, entered into a management services agreement, pursuant to which, Aptorum Therapeutics shall pay a monthly service fee and reimburse expenses to DiamiR in exchange for the officers and employees of DiamiR providing services to Aptorum Therapeutics to develop a diagnostic test for early detection and monitoring of progression of glioblastoma until the earlier of the closing of the Merger or December 31, 2025, and the respective agreement is further extended to March 31, 2026 on December 2, 2025. In addition, concurrently with the execution of the Merger Agreement, DiamiR, DiamiR LLC, a wholly owned subsidiary of DiamiR, the Company and Aptorum Therapeutics entered into an intellectual property license agreement ("Licensing Agreement"), pursuant to which DiamiR and DiamiR LLC shall license on a non-exclusive basis their respective intellectual properties to Aptorum Therapeutics in exchange for upfront and periodic payments and royalties until the earlier of the closing of the Merger or December 31, 2025, the respective agreement have further extended to March 31, 2026. Ian Huen, the Group's Chairman and CEO, who beneficially owns approximately 87% of the Group's total voting power, signed a voting and support agreement simultaneously with the execution of the Merger Agreement, pursuant to which he agreed to vote in favor of the transactions contemplated in the Merger Agreement.

**2. GOING CONCERN**

The Group reported a net loss of $1,055,775, working capital deficit of 1,936,442 and net operating cash outflow of $1,300,827 for the nine months ended September 30, 2025. In addition, the Group had an accumulated deficit of $73,485,303 as of September 30, 2025. The Group's operating results for future periods are subject to numerous uncertainties and it is uncertain if the Group will be able to reduce or eliminate its net losses for the foreseeable future. If management is not able to generate significant revenues from its product candidates currently in development, the Group may not be able to achieve profitability. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company's cost structure. In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements are issued.

If the Group is unable to generate sufficient funds to finance the working capital requirements of the Group within the normal operating cycle of a twelve-month period from the date of these financial statements are issued, the Group may have to consider supplementing its available sources of funds through the following sources:

● other available sources of financing from banks and other financial institutions or private lender; and

● equity financing.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the unaudited condensed consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

<u>Principles of presentation and consolidation</u>

The unaudited condensed consolidated financial statements of the Group are presented on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (the "SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with audited consolidated financial statements and accompanying notes in the Company's Annual Report on Form 20-F for the fiscal year ended December 31, 2024. The unaudited condensed consolidated financial statements include the accounts of the Company, its direct and indirect wholly and majority owned subsidiaries. In accordance with the provisions of Accounting Standards Codification ("ASC") 810, Consolidation, the Group also consolidate any variable interest entity ("VIE") of which the Company is the primary beneficiary. The Group do not consolidate a VIE in which the Company has a majority ownership interest when the Company is not considered the primary beneficiary. The Company has determined that the Company is not the primary beneficiary of one of the VIE (see Note 12, Variable Interest Entity). The Company evaluates its relationships with the VIE on an ongoing basis to determine whether it becomes the primary beneficiary. All material intercompany balances and transactions have been eliminated in preparation of the consolidated financial statements.

<u>Use of estimates</u>

The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements as well as income and expenses during the reporting period. Significant accounting estimates reflected in the Group's unaudited condensed consolidated financial statements include fair value of long-term investments, fair value measurement for share options, impairment of long-lived assets, allowance for credit losses and valuation allowance for deferred tax assets. Actual results could differ from those estimates. There is no significant accounting estimate.

<u>Impairment of long-lived assets</u>

The Group prepares a qualitative assessment, and if necessary, a quantitative assessment, in determining whether long-lived assets may be impaired. The factors considered in the qualitative assessment include macroeconomic conditions, industry and market conditions and overall financial performance of the Group, among other factors. Under a quantitative assessment, the Group compares the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss, which is the excess of carrying amount over the fair value of the assets, using the expected future discounted cash flows.

<u>Long-term investments</u>

The Group's long-term investments consist of equity method investment in common stocks and non-marketable investments in non-redeemable preferred shares of privately-held companies that are not required to be consolidated under the variable interest or voting models. Long-term investments are classified as non-current assets on the unaudited condensed consolidated balance sheets as those investments do not have stated contractual maturity dates.

 

*Non-marketable investments*

The non-marketable equity securities not accounted for under the equity method are measured at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for identical or similar investments of the same issuer. Adjustments are determined primarily based on a market approach as of the transaction date. The Group also makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment's fair value in accordance with the principles of ASC 820. If the fair value is less than the investment's carrying value, the Group recognizes an impairment loss in earnings equal to the difference between the carrying value and fair value.

 

*Equity method investment — Fair value option*

The Group elects the fair value option for an investment that would otherwise be accounted for using the equity method of accounting. Such election is irrevocable and is applied on an investment by investment basis at initial recognition. The fair value of such investments is based on quoted prices in an active market, if any, or recent orderly transactions for identical or similar investment of the same issuer. Changes in the fair value of these equity method investments are recognized in other (expenses) income, net in the unaudited condensed consolidated statement of operations and comprehensive loss.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

<u>Segment reporting</u>

The Group uses the management approach to determine operating segment. The management approach considers the internal organization and reporting used by the Group's chief operating decision maker (''CODM'') for making decisions, allocation of resource and assessing performance.

The Group operates and manages its business as a single operating and reportable segment. The Group's CODM has been identified as the Chief Executive Officer who reviews the consolidated net loss when making decisions about allocating resources and assessing performance of the Group. Significant segment expenses are the same as these presented under the operating costs and expenses in the consolidated statements of operations, and the difference between net revenue less the significant segment expenses and consolidated net income are the other segment items. The CODM reviews and utilizes these financial metrics together with non-financial metrics to make operation decisions, such as the determination of the fee rate at which the Company charges for its services and the allocation of budget between operating costs and expense.

The Group's long-lived assets are substantially all located in Hong Kong and substantially all of the Group's revenues are derived from within Hong Kong. Therefore, no geographical segments are presented.

<u>Operating leases</u>

At the inception of a contract, the Group determines if the arrangement is, or contains, a lease. Operating lease liabilities are recognized at lease commencement based on the present value of lease payments over the lease term. Operating lease right-of-use assets are initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred and less any lease incentives received. As the rate implicit in the lease cannot be readily determined, the Group uses incremental borrowing rate at the lease commencement date in determining the imputed interest and present value of lease payments. The incremental borrowing rate is determined based on the rate of interest that the Group would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. The lease term for all of the Group's leases includes the non-cancellable period of the lease plus any additional periods covered by either a Group's option to extend (or not to terminate) the lease that the Group is reasonably certain to exercise, or an option to extend (or not to terminate) the lease controlled by the lessor. For operating leases, the Group recognizes a single lease cost on a straight-line basis over the remaining lease term.

The Group has elected not to recognize right-of-use assets or lease liabilities for leases with an initial term of 12 months or less and the Group recognizes lease expense for these leases on a straight-line basis over the lease terms.

<u>Recently issued accounting standards which have not yet been adopted</u>

In December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures. The amendments address more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. The Group is still evaluating the effect of the adoption of this guidance.

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses ("ASU 2024-03"), and in January 2025, the FASB issued Accounting Standards Update No. 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date ("ASU 2025-01"). ASU 2024-03 requires additional disclosure of the nature of expenses included in the income statement as well as disclosures about specific types of expenses included in the expense captions presented in the income statement. ASU 2024-03, as clarified by ASU 2025-01, is effective for the Company's annual reporting for the fiscal year ended March 31, 2028 and for interim period reporting beginning in the fiscal year ended March 31, 2029 on a prospective basis. Both early adoption and retrospective application are permitted. The Company is currently evaluating the impact that the adoption of these standards will have on its consolidated financial statements and disclosures.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

The Group does not believe other recently issued but not yet effective accounting standards, if currently adopted, would have a material impact on the consolidated financial statements.

**4. LONG-TERM INVESTMENT AND FAIR VALUE MEASUREMENT**

As of September 30, 2025 and December 31, 2024, the Group's long-term investment consists of non-marketable investments with carrying value of $15,098,846 and equity method investment at fair value option with carrying value of $nil.

**Non-marketable investments**

The Group's non-marketable investments are investments in privately held companies without readily determinable fair values. The carrying value of the non-marketable investments are adjusted based on price changes from observable transactions of identical or similar securities of the same issuer (referred to as the measurement alternative) or for impairment if the carrying amount of the non-marketable investments may not be fully recoverable. Any changes in carrying value are recorded within other (expenses) income, net in the unaudited condensed consolidated statements of operations and comprehensive loss.

During the nine months ended September 30, 2025 and 2024, there were no movement in annual upward or downwards adjustments and impairment recorded in other (expenses) income, net, and included as adjustments to the carrying value of non-marketable investments held as of September 30, 2025 and 2024 based on the observable price in an orderly transaction for the same or similar security of the same issuers.

During the nine months ended September 30, 2025 and 2024, the Group did not sell any non-marketable investments or recorded any realized gains or losses for the non-marketable investments measured at fair value on a non-recurring basis.

The following table summarizes the total carrying value of the non-marketable investments held as of September 30, 2025 and December 31, 2024 including cumulative unrealized upward and downward adjustments and impairment made to the initial cost basis of the investments:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| Initial cost basis | $4079707 | $4079707 |
| Upward adjustments | 12539960 | 12539960 |
| Downward adjustments and impairment | (1520821) | (1520821) |
| Total carrying value at the end of the period | $15098846 | $15098846 |

---

The Group holds 622,600 preferred stock of Alzheon, Inc. ("Alzheon") with initial cost of $2.6 million. Pursuant to ASC 321-10-35-2, as the investment in Alzheon lacks readily determinable fair values, the Group elects to account for this investment using the measurement alternative. As of September 30, 2025 and December 31, 2024, re-measurement gain amounted to $12,539,960 have been made to the investment in Alzheon according to the most recent transaction price which were deemed as observable price changes in orderly transactions for the identical or similar investment of the same issuer. The carrying value of the investment with Alzheon was $15,098,846 as of September 30, 2025 and December 31, 2024.

The Group totally recorded $1,520,821 impairment for two investments as of September 30, 2025 and December 31, 2024 since the Group considered the investees' ability to continue as a going concern and the investment is not recoverable. The carrying value of these two investments was $nil as of September 30, 2025 and December 31, 2024, respectively.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**4. LONG-TERM INVESTMENT AND FAIR VALUE MEASUREMENT** (cont.)

The Group did not transfer any non-marketable investments into marketable securities during the nine months ended September 30, 2025 and 2024.

For the nine months ended September 30, 2025 and year ended December 31, 2024, one of the non-marketable investments with initial cost of $2.6 million and had a carrying value of $15.1 million was pledged for a convertible note issued to a related party (Note 15).

**Equity method investment, fair value option**

In December 2021, one of the Group's subsidiaries, Libra Sciences Limited ("Libra", formerly known as Aptorum Pharmaceutical Development Limited), issued Class A and Class B ordinary shares to various parties in exchange of licenses or cash. Each Class A share of Libra is entitled to 1 vote while each Class B share of Libra is entitled to 10 votes. Upon the share issuance, the Group was holding 97.27% economic interest and 31.51% voting power in Libra. The Group lost the controlling interest in Libra because it was transferred to a third party, and therefore deconsolidated Libra. However, the Group still owns 97.27% economic interest and 31.51% voting power, which is deemed as having significant influence over Libra. As a result, the Group's investment in Libra is subject to the equity method of accounting. The Group assessed that the fair value option can better reflect the true value of Libra. Pursuant to ASC 825 — Financial Instruments ("ASC 825"), the Group elected to apply the fair value option for its investments in Libra and will remeasure its investments in Libra at fair value every reporting period. For the year ended December 31, 2023, the Group has determined that the carrying value of the investment is not recoverable and this condition is determined to be other-than-temporary. Consequently, an impairment for the investment of $77,200 has been recognized as of September 30, 2025 and December 31, 2024.

The Company's involvement with Libra includes equity ownership as mentioned in above and also amounts due from Libra as disclosed in note 12. The primary risks associated with this involvement include potential financial losses due to Libra's operational performance or inability to generate sufficient cash flows. The Company's maximum exposure to loss resulting from its involvement with Libra is nil for the year ended December 31, 2024 and $961 for the year ended December 31, 2023 which was the amount due from Libra.

**Assets Measured at Fair Value on a Recurring Basis**

The assets and liabilities carried at fair value measured on a recurring basis as of September 30, 2025 and December 31, 2024 were $nil and $nil respectively.

During the nine months ended September 30, 2025 and 2024, there were no movement in Level 3 assets measured and recorded at fair value on a recurring basis.

**5. OTHER RECEIVABLES AND PREPAYMENTS**

Other receivables and prepayments as of September 30, 2025 and December 31, 2024 consisted of:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| Prepaid insurance | 46922 | 17794 |
| Prepaid service fee | 55052 | 50538 |
| Rental deposits | 74208 | 4206 |
| Other receivables | 8754 | 4545 |
| Others | 22358 | 8233 |
|  | $207294 | $85316 |

---

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**6. PROPERTY AND EQUIPMENT, NET**

Property and equipment as of September 30, 2025 and December 31, 2024 consisted of:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| Computer equipment | $69291 | $69291 |
| Furniture, fixture, and office and medical equipment | 32435 | 32435 |
| Leasehold improvements | 108187 | 108187 |
| Laboratory equipment | 4335722 | 4335722 |
| Motor vehicle under finance leases | 239093 | 239093 |
|  | 4784728 | 4784728 |
| Less: accumulated depreciation and impairment | 4784728 | 4784728 |
| Property and equipment, net | $— | $— |

---

Depreciation expenses for property and equipment amounted to nil and $235,827 for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2024, an impairment loss relating to laboratory equipment, computer equipment, and furniture, fixture, and office equipment amounted to $1,421,782 and $5,520 were recorded in research and development expenses and other operating expenses, respectively, as the Group considered that the carrying amount of these property and equipment may not be recoverable.

During the nine months ended September 30, 2025 and 2024, gain on disposal of fixed assets of $nil and $58,621, respectively, were recorded in other operating expenses.

**7. INTANGIBLE ASSETS, NET**

Amortization expenses for intangible assets amounted to nil and $19,219 for the nine months ended September 30, 2025 and 2024, respectively.

During the nine months ended September 30, 2024, an impairment loss amounted to $128,128 was recognized in research and development expenses as the Group considered that the carrying amount of an intangible asset related to a patented license for a lead project may not be recoverable.

**8. LONG-TERM DEPOSITS**

Long-term deposits as of September 30, 2025 and December 31, 2024 consisted of:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| Rental deposits | $&nbsp;&nbsp;&nbsp;&nbsp;— | $71823 |

---

**9. ACCOUNTS PAYABLE AND ACCRUED EXPENSES**

Accounts payable and accrued expenses as of September 30, 2025 and December 31, 2024 consisted of:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| Research and development expenses payable | $858965 | $778205 |
| Professional fees payable | 40019 | 127031 |
| Others | 12496 | 13375 |
|  | $911480 | $918611 |

---

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**10. INCOME TAXES**

The Company and its subsidiaries file tax returns separately.

<u>Income taxes</u>

Cayman Islands: under the current laws of the Cayman Islands, the Company and its subsidiaries in the Cayman Islands are not subject to taxes on their income and capital gains.

Hong Kong: in accordance with the relevant tax laws and regulations of Hong Kong, a company registered in Hong Kong is subject to income taxes within Hong Kong at the applicable tax rate on taxable income. All the Hong Kong subsidiaries that are not entitled to any tax holiday were subject to income tax at a rate of 16.5%. The subsidiaries of the Group in Hong Kong did not have assessable profits that were derived Hong Kong during the nine months ended September 30, 2025 and 2024. Therefore, no Hong Kong profit tax has been provided for in the periods presented.

United Kingdom: in accordance with the relevant tax laws and regulations of United Kingdom, a company registered in the United Kingdom is subject to income taxes within the United Kingdom at the applicable tax rate on taxable income. All the United Kingdom subsidiaries that are not entitled to any tax holiday were subject to income tax at a rate of 19%. The subsidiary of the Group in the United Kingdom did not have assessable profits that were derived from the United Kingdom during the nine months ended September 30, 2025 and 2024. Therefore, no United Kingdom profit tax has been provided for in the periods presented.

Singapore: in accordance with the relevant tax laws and regulations of Singapore, a company registered in the Singapore is subject to income taxes within Singapore at the applicable tax rate on taxable income. All the Singapore subsidiaries that are not entitled to any tax holiday were subject to income tax at a rate of 17%. The subsidiary in Singapore did not have assessable profits that were derived from Singapore during the nine months ended September 30, 2025 and 2024. Therefore, no Singapore profit tax has been provided for in the periods presented.

United States (Nevada): in accordance with the relevant tax laws and regulations of the United States, a company registered in the United States is subject to income taxes within the United States at the applicable tax rate on taxable income. All the United States subsidiaries in Nevada that are not entitled to any tax holiday were subject to income tax at a rate of 21%. The subsidiary in the United States did not have assessable profits that were derived from the United States during the nine months ended September 30, 2025 and 2024. Therefore, no United States profit tax has been provided for in the periods presented.

On a semi-annually basis, the Group evaluates the realizability of deferred tax assets by jurisdiction and assesses the need for a valuation allowance. In assessing the realizability of deferred tax assets, the Group considers historical profitability, evaluation of scheduled reversals of deferred tax liabilities, projected future taxable income and tax-planning strategies. Valuation allowances have been provided on deferred tax assets where, based on all available evidence, it was considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. After consideration of all positive and negative evidence, the Group believes that as of September 30, 2025, it is more likely than not the deferred tax assets will not be realized.

**11. RELATED PARTY BALANCES AND TRANSACTIONS**

The following is a list of a director and related parties to which the Group has transactions with:

&nbsp;&nbsp;&nbsp;&nbsp;(a) Ian Huen, the Chief Executive Officer and Executive Director
of the Group since November 2023. He was a Non-executive Director from September 2022 to November 2023. Before September 2022,
he was the Chief Executive Officer and Executive Director;

&nbsp;&nbsp;&nbsp;&nbsp;(b) Aeneas Group Limited, an entity controlled by Ian Huen;

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**11. RELATED PARTY BALANCES AND TRANSACTIONS** (cont.)

&nbsp;&nbsp;&nbsp;&nbsp;(c) Jurchen Investment Corporation, the holding company and an
entity controlled by Ian Huen;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Libra Sciences Limited, an entity which was originally a
wholly owned subsidiary of Aptorum Therapeutics Limited ("ATL"). Since December 30, 2021, Libra has been turned into
a related party to the Group due to the voting power owned by ATL is decreased to below 50% but more than 20%; (Note 12).

<u>Amounts due from related party</u>

Amounts due from related party consisted of the following as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| **Current** | | |
| Libra Sciences Limited (Note b) | $519002 | $522192 |
| Allowance for credit loss | (519002) | (522192) |
| Total | $— | $— |

---

<u>Amounts due to related parties</u>

Amounts due to related parties consisted of the following as of September 30, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| **Current** | | |
| Aeneas Group Limited (Note a) | $79180 | $79180 |
| Ian Huen | 215 | 464 |
|  | $79395 | $79644 |

---

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
|  | **(Unaudited)** | |
| **Convertible notes to a related party — Current** | | |
| Jurchen Investment Corporation (Note 15) | $3374500 | $3238500 |

---

<u>Related party transactions</u>

Related party transactions consisted of the following for the nine months ended September 30, 2025 and 2024:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Interest expenses (Note 15) |  |  |
| – Jurchen Investment Corporation | $136000 | 136000 |

---

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**11. RELATED PARTY BALANCES AND TRANSACTIONS** (cont.)

Note a: On August 13, 2019, Aptorum Therapeutics Limited ("ATL"), a wholly owned subsidiary of the Company, entered into financing arrangements with Aeneas Group Limited, a related party, and Jurchen Investment Corporation, the ultimate parent of the Group, allowing ATL to access up to a total $15 million in line of credit debt financing. Both line of credits have originally matured on August 12, 2022. ATL and Aeneas Group Limited has mutually agreed to extend the line of credit arrangement further 3 years to August 12, 2024. The interest on the outstanding principal indebtedness is at the rate of 8% per annum. ATL may early repay, in whole or in part, the principal indebtedness and all interest accrued at any time prior to the maturity date without the prior written consent of the lender and without payment of any premium or penalty. As of the date of this unaudited condensed consolidated financial statements, the undrawn line of credit facility is $12 million.

Note b: On January 13, 2022, ATL entered a line of credit facility with Libra Sciences Limited to provide up to a total $1 million line of credit for its daily operation. The line of credit is originally matured on January 12, 2023, and is extended for additional 3 years. The interest on the outstanding principal indebtedness is at the rate of 10% per annum. ATL and Libra Science Limited mutually agreed to terminate the line of credit agreement effect as of March 31, 2023. All existing liabilities arising from the line of credit agreement shall remain enforceable and repayable on demand by ATL. As of the issuance date of this unaudited condensed consolidated financial statements, $0.5 million is outstanding from Libra Sciences Limited. For the nine months ended September 30, 2025 and year ended December 31, 2024, the Group has assessed that the amounts due from Libra Science Limited and its subsidiary are potentially unrecoverable. Accordingly, as at period ended 30 September 2025 an allowance for credit loss amounting to $0.5 million has been recognized.

**12. VARIABLE INTEREST ENTITY**

The Company consolidates VIEs in which the Group has a variable interest and is determined to be the primary beneficiary. This determination is based on whether the Group has a variable interest (or combination of variable interests) that provides the Company with (a) the power to direct the activities that most significantly impact the VIE's economic performance and (b) the obligation to absorb losses or right to receive benefits that could be potentially significant to the VIE. The Group continually reassesses whether it is the primary beneficiary of a VIE throughout the entire period the Group is involved with the VIE.

On December 30, 2021, three of the Group's subsidiaries, Libra Sciences Limited ("Libra", formerly known as Aptorum Pharmaceutical Development Limited), Mios Pharmaceuticals Limited ("Mios") and Scipio Life Sciences Limited ("Scipio"), issued Class A and Class B ordinary shares to various parties; for each such entity, each Class A ordinary share is entitled to 1 vote and 1 share of economic benefit of the respective company, while each Class B ordinary share is entitled to 10 votes and 0.001 share of economic benefit of the respective company. Following such share issuances, the Group lost its majority voting rights in each of these three companies and only holds 48.33%, 48.39% and 48.36% economic interest in Libra, Mios and Scipio, respectively. However, the Company still holds a majority of each of these three company's outstanding Class A ordinary shares and therefore will absorb/receive portions of these subsidiaries' expected losses or residual returns. In addition, none of these three companies have sufficient equity to sustain its own activities, and they have two classes of ordinary shares which have different rights, benefits and obligations. The Company determined that all these three companies are variable interest entities ("VIE"). On December 31, 2021, Libra, Mios and Scipio further issued Class A ordinary shares to a wholly owned subsidiary of the Company in exchange of certain projects licenses. Upon these share issuances, the Company, through a wholly owned subsidiary, was holding 97.27% economic interest and 31.51% voting power in Libra, 97.93% economic interest and 36.17% voting power in Mios, and 97.93% economic interest and 35.06% voting power in Scipio, respectively.

The Company has considered each of these entity's Memorandum and Article of Association and their respective board of directors (the sole director of each of Mios and Scipio is an executive director of the Group), and determined that The Company has the power to manage and make decisions that affect Mios and Scipio's research and development activities, which activities most significantly impact Mios and Scipio's economic performance. However, the Company does not have such power over Libra's research and development activities, which activities most significantly impact Libra's economic performance. Accordingly, the Company determined that it is the primary beneficiary of Mios and Scipio, but not the primary beneficiary of Libra.

In November 2024, the Group acquired 10,000 Class A Ordinary Shares and 5,850,000 Class B Ordinary Shares of Scipio, achieving control over the entity. As a result of this acquisition, Scipio is no longer classified as a VIE under the Group and it became a subsidiary under the Group.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**12. VARIABLE INTEREST ENTITY** (cont.)

In October 2024, Mios was dissolved and ceased operation and it was deemed disposed by the Group.

As at period ended September 30, 2025 and December 31, 2024, the asset and liability of the consolidated VIE is both zero.

The Group's maximum exposure to loss from its involvement with unconsolidated VIE represents the estimated loss that would be incurred if the VIE is liquidated, so that the fair value of the equity investment in VIE is zero and the amounts due from the VIE have to be fully impaired.

**13. LEASE**

As of September 30, 2025, the Group has a non-short-term operating lease for laboratory with remaining term expiring in 2026 and a remaining lease term of 0.5 years. Weighted average discount rates used in the calculation of the operating lease liability is 8%. The discount rates reflect the estimated incremental borrowing rate, which includes an assessment of the credit rating to determine the rate that the Group would have to pay to borrow, on a collateralized basis for a similar term, an amount equal to the lease payments in a similar economic environment.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended <br> September 30,** | **For the nine months ended <br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Lease cost |  |  |
| Operating lease cost |  | 45167 |
| Short-term lease cost |  | 2062 |
| Total lease cost | $— | $47229 |
| Other information |  |  |
| Cash paid for amounts included in the measurement of lease liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flows from operating leases | $59122 | $120022 |
| Weighted-average remaining lease term – operating leases | 0.5 years | 1.5 years |
| Weighted-average discount rate – operating leases | 8.0% | 8.0% |

---

During the nine months ended September 30, 2025 and 2024, an impairment loss of nil and $144,051, respectively, on right-of-use assets was recognized in other operating expenses as the Group considered that the carrying amount of a right-of-use asset related to leases of laboratory and clinic may not be recoverable.

The maturity analysis of operating leases liabilities as of September 30, 2025 is as follows:

---

| | |
|:---|:---|
|  | **September 30, 2025** |
|  | **(Unaudited)** |
| Remaining periods ending December 31, |  |
| 2025 | 27206 |
| 2026 | 24573 |
| Total future undiscounted cash flow | 51779 |
| Less: Discount on operating lease liabilities | (807) |
| Present value of operating lease liabilities | 50972 |

---

**14. ORDINARY SHARES**

For the nine months ended September 30, 2024, the Group issued 446,842 Class A Ordinary Shares to Class B Ordinary Shares holders upon conversion.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**14. ORDINARY SHARES** (cont.)

On January 2, 2025, the Company entered into a certain securities purchase agreement (the "Securities Purchase Agreement") with certain non-affiliated institutional investors (the "Purchasers") pursuant to which the Company sold 1,535,000 Class A ordinary shares of the Company (the "Shares"), par value $0.00001 per share (the "Ordinary Shares") at a per share price of $2.00 in a registered direct offering, for gross proceeds of $3,070,000 (the "Offering"). and the net proceeds after deducting the related expense is $2,699,200 The Securities Purchase Agreement was fully executed on January 3, 2025.

Holders of Class A Ordinary Shares and Class B Ordinary Shares have the same rights except for the following: (i) each Class A Ordinary Share is entitled to one vote while each Class B Ordinary Share is entitled to ten votes; and (ii) each Class B Ordinary Share is convertible into one Class A Ordinary Share at any time while Class A Ordinary Shares are not convertible under any circumstances.

**15. CONVERTIBLE NOTE**

On September 11, 2023, the Group entered into a securities purchase agreement with Jurchen Investment Corporation, the largest shareholder of the Company, pursuant to which the Group sold a secured convertible note in the aggregate principal amount of $3,000,000 (the "Sep 2023 Notes"). The Sep 2023 Notes are convertible into the Company's Class A Ordinary Shares and have a maturity date that is 24 months from the issuance date, although upon such date the investor has the right to extend the term of the Sep 2023 Note for twelve (12) months or more or such term subject to mutual consent. On September 11, 2025, the Group entered into an extension agreement with Jurchen Investment Corporation to extend the Sep 2023 Notes further for 12 months. The Sep 2023 Notes have an interest rate of 6% per annum and a conversion price of $2.42 per share. The Company has the right to repay the principal amount of the Sep 2023 Notes, but in the case of such prepayment it must be paid in cash, unless otherwise agreed by both parties. The Sep 2023 Note is secured by a first priority lien and security interest on certain preferred shares that the Group owns ("Collateral") (Note 4). Upon the Group's disposal of all or a portion of the Collateral, the investor has the right, to request that the Group prepay the then-remaining outstanding balance of the Sep 2023 Note, in part or in full and the Group can make that payment in cash or in shares.

**16. SHARE BASED COMPENSATION**

<u>Share option plan</u>

A summary of the option activity as of September 30, 2025 and 2024 and changes during the period is presented below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Number of share <br> options** | **Weighted average exercise price $** | **Remaining contractual term in years** | **Aggregate Intrinsic value $** |
| Outstanding, January 1, 2025 |  |  |  |  |
| Outstanding, September 30, 2025 |  |  |  |  |
| Exercisable, September 30, 2025 |  |  |  |  |
| Vested, September 30, 2025 |  |  |  |  |
| Outstanding, January 1, 2024 | 427060 | 3.59 | 9.28 |  |
| Exercised | (427060) | 1.49 |  | 1436963 |
| Outstanding, September 30, 2024 |  |  |  |  |
| Exercisable, September 30, 2024 |  |  |  |  |

---

The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model under the following assumptions.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**17. NET LOSS PER SHARE**

The following table sets forth the computation of basic and diluted loss per share:

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended September 30,** | **For the nine months ended September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Numerator: |  |  |
| Net loss attributable to Aptorum Group Limited | $(1055775) | $(3347906) |
| Denominator: |  |  |
| Basic and diluted weighted average shares outstanding | 7132512 | 5400840 |
| Basic and diluted loss per share | $(0.15) | $(0.62) |

---

Basic loss per share is computed by dividing net loss attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share reflects the potential dilution that could occur if securities or other contracts to issue ordinary shares were exercised or converted into ordinary shares. Potential dilutive securities are excluded from the calculation of diluted loss per share in loss periods as their effect would be anti-dilutive. For the nine months ended September 30, 2025 and 2024, the total number of share options, warrants and convertible notes excluded from the calculation of diluted earnings per share due to their anti-dilutive nature, are both 1,392,277.

**18. COMMITMENTS AND CONTINGENCIES**

<u>Contingent payment obligation</u>

As of September 30, 2025, the Group does not have any non-cancellable purchase commitments.

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

Milestone payments are to be made upon achievements of certain conditions, such as Investigational New Drugs ("IND") filing or U.S. Food and Drug Administration ("FDA") approval, first commercial sale of the licensed products, or other achievements. The aggregate amount of the milestone payments that the Group is required to pay up to different achievements of conditions and milestones for all the license agreements signed as of September 30, 2025 are as below:

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(unaudited)** |
| **Drug molecules: up to the conditions and milestones of** | |
| From entering phase 1 to before first commercial sale | 920000 |
| First commercial sale | 800000 |
| Net sales amount more than certain threshold in a year | 7000000 |
| Subtotal | $8720000 |

---

For the nine months ended September 30, 2025 and 2024, the Group incurred $nil and $60,659 milestone payments respectively. For the nine months ended September 30, 2025 and 2024, the Group did not incur any royalties or research and development funding.

<u>Legal proceedings</u>

The Group is party to a lawsuit initially filed on notice on September 3, 2024, by Karen Cheung ("Plaintiff") in the Supreme Court of the State of New York, County of New York ("State Court Action") (Index No. 654541/2024), which sought relief arising from (i) violations of the federal Racketeer Influenced and Corrupt Organizations Act ("RICO"), 18 § U.S.C. 1961(c), (ii)conspiracy to violate RICO, 18 U.S.C. § 1961(d), (iii) fraud, (iii) breach of fiduciary duty, (iv) negligent misrepresentation, (v) unjust enrichment, (vi) civil conspiracy and (vii) violations of the federal Securities Act of 1933, 15 § U.S.C. 77a et. seq. On December 27, 2024, the Group filed a Notice of Removal in the U.S. District Court for the Southern District of New York (Case No.1:24-cv-09969-VSB-OTW) removing the State Court Action to federal court. On December 30, 2024, the Group filed a demand for service of the complaint on the Group.

**APTORUM GROUP LIMITED**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Stated in U.S. Dollars)**

**18. COMMITMENTS AND CONTINGENCIES** (cont.)

Plaintiff filed and served her Complaint on the Group on February 24, 2025, alleging claims for (i) violations of RICO 18 U.S.C. § 1962(c), (ii) conspiracy to violate RICO 18 U.S.C. § 1962(d), (iii) fraud; (iv) aiding and abetting breach of fiduciary duty, (v) unjust enrichment, and (vi) civil conspiracy. Following a motion, Plaintiff was granted leave to amend her Complaint and filed a First Amended Complaint on September 2, 2025. The parties entered into a briefing schedule on the Group's anticipated motion to dismiss ("Motion to Dismiss"), and the Group filed its opening brief on the Motion to Dismiss on July 18, 2025. Plaintiff filed her opposition to the Motion to Dismiss on September 5, 2025, and the Company's reply in support of the Motion to Dismiss is due on October 6, 2025. The Group continues to believe that Plaintiff's claims have no merit. As such, the Group will continue to vigorously defend against Plaintiff's claims. At this time, it is too early to estimate the costs and expenses of defending the lawsuit.

From time to time, the Group may be subject to certain legal proceedings, claims and disputes that arise in the ordinary course of business. Although the outcomes of these legal proceedings cannot be predicted, the Group does not believe these actions, in the aggregate, will have a material adverse impact on its financial position, results of income or liquidity.

**19. SUBSEQUENT EVENTS**

The Group has evaluated subsequent events through the date of issuance of the unaudited condensed consolidated financial statements. Except for the events disclosed elsewhere in the unaudited condensed financial statements and the following events with material financial impact on the Group's unaudited condensed consolidated financial statement, no other subsequent event is identified that would have required adjustment or disclosure in the unaudited condensed consolidated financial statements.

On October 14, 2025, the Company completed a 1,000,000 Class A ordinary shares at a purchase price of $2.00 per share in a registered direct offering. The net proceeds to the Company from the offering were $1.716 million after deducting placement agent fees and other offering expenses payable by the Company. The Company also issued the Placement Agent's designees warrants (the "Placement Agent Warrants") to purchase up to 60,000 Class A Ordinary Shares, at an exercise price equal to $2.50 per share. The Placement Agent Warrants are exercisable immediately upon issuance on October 10, 2025 and expire on the earlier of 24 months from the effective date of a registration statement or October 10, 2030.

## Exhibit 99.2

**Exhibit 99.2**

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

The following discussion of Company's financial condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements and their related notes included herein.

This proxy statement/prospectus includes consolidated financial statements for the years ended December 31, 2024, 2023, and 2022. However, as permitted by Instruction 6 to Item 5 of Form 20-F, a discussion of the changes in our results of operations for the years ended December 31, 2022, and 2021 has been omitted, but may be found in "Item 5. Operating And Financial Review And Prospects" in our annual report on Form 20-F for the year ended December 31, 2022, filed with the SEC on April 28, 2023.

A. <u>Operating Results</u>

We are a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic assets to treat diseases with unmet medical needs, particularly in oncology (including orphan oncology indications) and infectious diseases.

Based on our evaluation of preliminary data and our consideration of a number of factors including substantial unmet needs, benefits over existing therapies, potential market size, competition in market, the Company decides how to prioritize its resources among projects. Overall, our rationale for selecting Lead Projects is not based on any mechanical formula or rigid selection criteria, but instead focused on a combination of the factors and individual attributes of the Lead Projects themselves.

Our goal is to develop a broad range of novel and repurposed therapeutics and diagnostics technology across a wide range of disease/therapeutic areas. Key components of our strategy for achieving this goal include:

● Developing therapeutic and diagnostic innovations across a wide range of disease/therapeutic areas;

● Selectively expanding our portfolio with potential products that may be able to attain orphan drug designation and/or satisfy current unmet medical needs;

● Collaborating with leading academic institutions and CROs;

● Expanding our in-house pharmaceutical development center;

● Leveraging our management's expertise, experience and commercial networks;

● Obtaining and leveraging government grants to fund project development.

We have devoted a substantial portion of the proceeds from our offerings to our Lead Projects. Our Lead Projects are ALS-4 and SACT-1.

During the second quarter of 2023, the Company made a decision to streamline its operations by terminating clinic services and suspending non-lead R&D projects. The Company also ceased exploring potential synergies with Accelerate Technologies Pte Ltd., with whom it was working on the previously disclosed PathsDx Test. There is currently no material agreement or ongoing research associated with the PathsDx Test. The Company did not incur any research and development expenses for this program for the nine months ended September 30, 2025 and it is not material to the Company's business operations. These measures are aimed at optimizing the allocation of its resources and focusing its efforts on advancing lead projects, which hold the most promise for commercial success and beneficial impact. This decision aligns with the Company's commitment to enhance shareholder value and effectively drive its core objectives forward in the competitive landscape.

On March 1, 2024, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") by and among Company, and YOOV Group Holding Limited, a BVI business company organized under the laws of British Virgin Islands ("YOOV") to effect a merger among the parties (the "Merger"); the Company decided to pause the majority of its R&D activities to focus on the merger to ensure optimal allocation of resources and maximize shareholder value. On October 25, 2024, the Company and Yoov mutually agreed to terminate the Merger Agreement, and therefore the potential merger was abandoned. The Company will continue to explore other reverse takeover or business combination opportunities that are expected to be accretive to shareholder value.

The Company is party to a lawsuit initially filed on notice on September 3, 2024, by Karen Cheung ("Plaintiff") in the Supreme Court of the State of New York, County of New York ("State Court Action") (Index No. 654541/2024), which sought relief arising from (i) violations of the federal Racketeer Influenced and Corrupt Organizations Act ("RICO"), 18 § U.S.C. 1961(c), (ii)conspiracy to violate RICO, 18 U.S.C. § 1961(d), (iii) fraud, (iii) breach of fiduciary duty, (iv) negligent misrepresentation, (v) unjust enrichment, (vi) civil conspiracy and (vii) violations of the federal Securities Act of 1933, 15 § U.S.C. 77a et. seq. On December 27, 2024, the Company filed a Notice of Removal in the U.S. District Court for the Southern District of New York (Case No.1:24-cv-09969-VSB-OTW) removing the State Court Action to federal court. On December 30, 2024, the Company filed a demand for service of the complaint on the Company. Plaintiff filed and served her Complaint on the Company on February 24, 2025, alleging claims for (i) violations of RICO 18 U.S.C. § 1962(c), (ii) conspiracy to violate RICO 18 U.S.C. § 1962(d), (iii) fraud; (iv) aiding and abetting breach of fiduciary duty, (v) unjust enrichment, and (vi) civil conspiracy. Following a motion, Plaintiff was granted leave to amend her Complaint and filed a First Amended Complaint on June 2, 2025. The parties entered into a briefing schedule on the Company's anticipated motion to dismiss ("Motion to Dismiss"), and the Company filed its opening brief on the Motion to Dismiss on July 18, 2025. Plaintiff filed her opposition to the Motion to Dismiss on September 5, 2025, and the Company's reply in support of the Motion to Dismiss was due on October 6, 2025. The Company continues to believe that Plaintiff's claims have no merit. As such, the Company will continue to vigorously defend against Plaintiff's claims. At this time, it is too early to estimate the costs and expenses of defending the lawsuit.

**Registered Direct Offerings**

On October 10, 2025, the Company entered into certain securities purchase agreement (the "October Purchase Agreement") with certain non-affiliated institutional investors (the "October Purchasers") pursuant to which the Company agreed to sell (1) 1,000,000 Class A ordinary shares, and (2) in a concurrent private placement, restricted warrants to purchase an aggregate of up to 2,000,000 Ordinary Shares (the "Restricted Warrants"), for aggregate gross proceeds of approximately $2 million (the "October 2025 Offering"). The October 2025 Offering closed on October 14, 2025.

Each Restricted Warrant is exercisable immediately as of the date of issuance at an exercise price of $2.00 per Class A Ordinary Share and expires twenty-four months from the effective date of a registration statement registering for resale the Class A Ordinary Shares underlying the Restricted Warrants. The Restricted Warrants and the Class A Ordinary Shares issuable upon the exercise of the warrants are not being registered under the Securities Act and were offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities Act and/or Rule 506(b) of Regulation D.

The Company agreed in the October Purchase Agreement that it would not issue any Class A ordinary shares, or Ordinary Share Equivalents for thirty (30) calendar days following the closing of the October 2025 Offering, subject to certain exceptions.

Concurrently with the execution of the October Purchase Agreement, the officers and directors of the Company entered into lock-up agreements (the "October Lock-Up Agreement") pursuant to which they have agreed, among other things, not to sell or dispose of any Class A ordinary shares which are or will be beneficially owned by them for thirty (30) days following the closing of the October 2025 Offering.

H.C. Wainwright & Co., LLC, acted as the exclusive placement agent (the "Placement Agent"), in connection with the October 2025 Offering. The Company agreed to pay the Placement Agent an aggregate fee equal to 7.0% of the gross proceeds raised in the October 2025 Offering. The Company will also pay the Placement Agent a management fee equal to 1.0% of the gross proceeds raised in the October 2025 Offering, $5,000 for non-accountable expenses, up to $50,000 for expenses of legal counsel and other out-of-pocket expenses and $10,000 for clearing fees all associated with the October 2025 Offering. The Company also issued the Placement Agent's designees warrants (the "Placement Agent Warrants") to purchase up to 60,000 Class A Ordinary Shares, at an exercise price equal to $2.50 per share. The Placement Agent Warrants are exercisable immediately upon issuance on October 10, 2025 and expire on the earlier of 24 months from the effective date of a registration statement or October 10, 2030. After deducting fees due to the Placement Agent and our estimated offering expenses, the net proceeds from the October 2025 Offering were US$1.716 million.

On January 2, 2025, the Company entered into a certain securities purchase agreement (the "Securities Purchase Agreement") with certain non-affiliated institutional investors pursuant to which the Company sold 1,535,000 Class A ordinary shares of the Company at a per share price of $2.00 in a registered direct offering, for gross proceeds of $3,070,000.

**Private Placement Offerings**

<u>Sales of convertible notes</u>

On September 11, 2023, the Company entered into a Securities Purchase Agreement with Jurchen Investment Corporation, the largest shareholder of the Company, pursuant to which the Company sold a secured convertible note in the aggregate principal amount of $3,000,000 (the "Sep 2023 Notes"). The Sep 2023 Notes are convertible into the Company's Class A ordinary shares and have a maturity date that is 24 months from the issuance date, although upon such date the investor has the right to extend the term of the Sep 2023 Note for twelve (12) months or more or such term subject to mutual consent. The Sep 2023 Notes have an interest rate of 6% per annum and a conversion price of $2.42 per share. The Company has the right to repay the principal amount of the Sep 2023 Notes, but in the case of such prepayment it must be paid in cash, unless otherwise agreed by both parties. The Sep 2023 Note is secured by a first priority lien and security interest on certain shares that the Company owns ("Collateral"). Upon the Company's disposal of all or a portion of the Collateral, the investor has the right, to request that the Company prepay the then-remaining outstanding balance of the Sep 2023 Note, in part or in full and the Company can make that payment in cash or in shares. The principal outstanding amount as of the date hereof is $3,000,000. On September 11, 2025, the parties agreed to extend the term of the Sep 2023 Note for an additional 12 months; the parties also agreed to amend the terms of the Sep 2023 Note such that Jurchen, at is sole discretion, shall be permitted to convert the Sep 2023 Note upon three days written notice.

**Merger with DiamiR Biosciences Corp.**

On July 14, 2025, 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 DiamiR, with DiamiR surviving as a wholly owned subsidiary of Aptorum, and the surviving corporation of the merger with the Merger Sub (the "Merger"). Aptorum following the Merger is referred to herein as the "Combined Company."

Concurrently with the execution of the Merger Agreement, DiamiR and Aptorum Therapeutics Limited, a wholly owned subsidiary of the Company ("Aptorum Therapeutics"), entered into a management services agreement, pursuant to which, Aptorum Therapeutics shall pay a monthly service fee and reimburse expenses to DiamiR in exchange for the officers and employees of DiamiR providing services to Aptorum Therapeutics to develop a diagnostic test for early detection and monitoring of progression of glioblastoma until the earlier of the closing of the Merger or December 31, 2025. In addition, concurrently with the execution of the Merger Agreement, DiamiR, DiamiR LLC, a wholly owned subsidiary of DiamiR, the Company and Aptorum Therapeutics entered into an intellectual property license agreement ("Licensing Agreement"), pursuant to which DiamiR and DiamiR LLC shall license on a non-exclusive basis their respective intellectual properties to Aptorum Therapeutics in exchange for upfront and periodic payments and royalties until the earlier of the closing of the Merger or December 31, 2025. As the parties continue to work towards satisfying the closing conditions for the Merger, they agreed to extend the December 31, 2025 termination date of the Merger Agreement and other related agreements to March 31, 2026. The parties signed an amendment to the Management Services Agreement reflecting the extended term (the "Amendment"); the Amendment also increased the monthly Management Service Fee to $105,000 per month. Ian Huen, Aptorum's Chairman and Chief Executive Officer, who beneficially owns approximately 87% of the Company's total voting power, signed a voting and support agreement simultaneously with the execution of the Merger Agreement, pursuant to which he agreed to vote in favor of the transactions contemplated in the Merger Agreement. Upon closing, Aptorum and certain stockholders of DiamiR, who collectively own 84.9% of DiamiR's outstanding shares, will sign a stockholders agreement ("Stockholders Agreement"), which will be effective so long as the stockholders of DiamiR beneficially own, in the aggregate, a number of shares of common stock of the Combined Company equal to at least 25% of the then outstanding shares of the Combined Company (such beneficial ownership, the "DiamiR Stockholders Beneficial Ownership"; such period, the "Appointment Period"). The parties agree that, during the Appointment Period, they will take all necessary actions to cause the number of directors at the Board of the Combined Company to be fixed at five (5). In addition, Kira S. Sheinerman, the co-founder and a stockholder of DiamiR, and her affiliates ("DiamiR Primary Stockholder Parties") will have the right to appoint two (2) designees (each designee, the "Primary Stockholder Designee", collectively, the "Primary Stockholder Designees") for nomination and election to the Board of Combined Company, and at least one (1) designee shall satisfy the independence requirements of Rule 5605(c)(2)(A) of the Nasdaq listing rules, provided that the DiamiR Stockholders Beneficial Ownership is not less than 36%, and the DiamiR Primary Stockholder Parties will have the right to appoint one (1) director nominee to the Board of Combined Company, provided that the DiamiR Stockholders Beneficial Ownership is no less than 25%. For the election of directors of the Combined Company: (1) each stockholder of DiamiR, who is a party to the Stockholders Agreement, will agree to vote all of its shares of the Combined Company in favor of each Primary Stockholder Designee; (2) with respect to the election of nominees who are not Primary Stockholder Designees, (a) until Aptorum's 2027 annual stockholders meeting (the "2027 Meeting"), each stockholder of DiamiR will agree to vote all of its shares of the Combined Company in accordance with the recommendations of the nominating and governance committee of the Board of the Combined Company; and (b) beginning at the 2027 Meeting and at each annual meeting thereafter: (i) each stockholder of DiamiR, who is a party to the Stockholders Agreement, may vote, in its sole discretion, all of its shares of the Combined Company in favor of one additional nominee who is not an Primary Stockholder Designee; provided that if the number of directors constituting the Board of the Combined Company is increased above five (5), then the number of additional nominees (i) shall automatically increase by such number of additional directors (each such additional nominee or nominees, as applicable, an "Primary Stockholder Nominee"); and (ii) with respect to any uncontested election of a nominee who is not a Primary Stockholder Designee or a Primary Stockholder Nominee, each Stockholder shall vote its shares of the Combined Company in the same manner as, and in the same proportion to, all shares voted by stockholders of the Combined Company, excluding the votes or actions of the stockholders of DiamiR with respect to its shares of the Combined Company. For all other proposals or resolutions to be voted on by the stockholders of the Combined Company, each stockholder of DiamiR, who is a party to the Stockholders Agreement, may vote all of its shares of the Combined Company in its sole discretion. In addition, DiamiR will appoint Alidad Mireskandari as a non-voting observer (the "Observer") to the Board of Combined Company upon closing of the DiamiR Merger until the earliest of (i) two (2) years from the date thereof, (ii) the Observer's death, disability, retirement or resignation or (iii) such time as may be determined by a majority of the directors of Combined Company who are Primary Stockholder Designees. Furthermore, so long as the DiamiR Stockholder Beneficial Ownership is no less than 25%, the Combined Company should obtain prior written approval from the DiamiR Primary Stockholder Parties for certain significant corporate actions, including but not limited to (i) voluntary dissolution, winding up or bankruptcy of the Combined Company or any significant subsidiary of it; (ii) issuance of common stock or securities convertible into the shares of common stock representing more than 10% of the outstanding shares of the Combined Company in a six-month period; (iii) any amendment to the governing documents of the Combined Company that will adversely affect the Primary Stockholder Designee, or the Combined Company's ability to fulfill its obligations under the Stockholders Agreement; (iv) any acquisition, sale of assets, merger, amalgamation nor consolidation transactions; and (v) replacement of the Chief Executive Officer or Chief Financial Officer of the Combined Company.

If, at any time that the DiamiR Stockholder Beneficial Ownership is less than 25%, the Primary Stockholder Parties shall no longer have any right to designate any nominee for election to the Board of the Combined Company, or have the right to veto on the significant corporate actions as set forth in the Stockholders Agreement.

Immediately prior to the closing of the Merger, Aptorum will transfer by way of continuation to and domesticate as a Delaware corporation (the "Domestication"; the Company immediately following the Domestication and prior to the closing of Merger, "Aptorum Delaware"). In connection with the Domestication, each then issued and outstanding Class A ordinary share of Aptorum will convert automatically, on a one-for-one basis, into a share of common stock of Aptorum Delaware, and each then issued and outstanding Class B ordinary share of Aptorum will convert automatically into a share of common stock of Aptorum Delaware and a share of non-voting and non-convertible Series A preferred stock of Aptorum Delaware.

At the effective time of the Merger (the "Effective Time"), each then-outstanding share of DiamiR's common stock, other than dissenting shares, will be converted into a number of shares of Aptorum Delaware common stock equal to the Conversion Ratio described in more detail in the section titled "The Merger Agreement-Conversion Ratio" (the "Conversion Ratio"). Immediately following the closing of the Merger, stockholders of DiamiR and existing Aptorum shareholders will own approximately 70% and 30%, respectively, of the outstanding shares of the Combined Company.

The Merger Agreement contains customary representations and warranties of the parties thereto, as well as certain covenants governing the conduct of each parties respective business between the date of the Merger Agreement and the Closing or the earlier termination of the Merger Agreement. The Merger Agreement also includes customary closing conditions, including shareholder approval of certain matters related to the Merger and Aptorum maintaining a certain amount of cash balance and working capital.

The Merger Agreement contains customary representations and warranties and agreements and obligations, conditions to closing and termination provisions. The foregoing descriptions of terms and conditions of the Merger Agreement, Management Services Agreement, Intellectual Property License Agreement, voting and Support Agreement and Stockholders Agreement do not purport to be complete and are qualified in their entirety by the full text of the form of the such documents which are attached hereto as exhibits.

 ****

***About DiamiR***

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. DiamiR is a molecular diagnostics company focused on developing and commercializing minimally invasive tests for early detection and monitoring of neurodegenerative diseases, such as mild cognitive impairment and Alzheimer's disease, rare neurodevelopmental diseases, such as Rett syndrome, other brain health disorders, and cancer. The proprietary platform technology developed at DiamiR and protected by over 50 issued patents is based on quantitative analysis of organ-enriched microRNAs detectable in blood plasma. In addition to blood-based microRNA panels, as part of its biopharma services DiamiR's CLIA/CAP-certified laboratory offers protein and genetic biomarker analyses for screening, patient stratification, disease and treatment monitoring.

**Factors Affecting our Results of Operations**

**Research and Development Expenses**

We believe our ability to successfully develop innovative drug candidates will be the primary factor affecting our long-term competitiveness, as well as our future growth and development. Creating high quality global first-in-class or best-in-class drug candidates requires significant investment of resources over a prolonged period of time. As a result of this commitment, our pipeline of drug candidates has been steadily advancing.

Our drug candidates are still in development, and we have incurred and will continue to incur significant research and development costs for pre-clinical studies and clinical trials. We expect that our research and development expenses may significantly increase in future periods in line with the advancement and expansion of the development of our drug candidates.

We have been able to fund the research and development expenses for our drug candidates through a range of sources, including the proceeds raised from our public offering and follow-on offerings on Nasdaq, private placement to other investors and line of credit facilities from shareholders, related parties and banks.

This diversified approach to funding allows us to not depend on any one method of funding for our research and development activities, thereby reducing the risk that sufficient financing will be unavailable as we continue to accelerate the development of our drug candidates.

Research and development expenses include:

● employee and consultant compensation related expenses, including salaries, benefits and share based compensation expenses;

● expenses incurred for payments to CROs, investigators and clinical trial sites that conduct our clinical studies;

● the cost of acquiring IP rights which did not meet the criteria of capitalization under the U.S. GAAP;

● cost associated with sponsored research programs with various universities and research institutions

● facilities, depreciation, and other expenses, which include office leases and other overhead expenses; and

● costs associated with patent applications.

Research and development expenses incurred totaled $38,185, $2.2 million, $5.2 million, and $9.2 million for the nine months ended September 30, 2025 and the years ended December 31, 2024, 2023 and 2022, respectively, representing approximately 3.8%, 55.7%, 46.6%, and 49.0% of our total operating expenses for the respective period.

**RESULTS OF OPERATIONS**

 ****

***For the nine months ended September 30, 2025 and 2024***

The following table summarizes our results of operations for the nine months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| **Operating expenses** |  |  |
| Costs of healthcare services |  |  |
| Research and development expenses | (261168) | (2479627) |
| General and administrative fees | (361342) | (570663) |
| Legal and professional fees | (656865) | (443521) |
| Other operating income (expenses) | 286978 | (67086) |
| Total operating expenses | (992397) | (3560897) |
| **Other (expenses) income** |  |  |
| &nbsp;&nbsp;&nbsp;Sundry income |  | 286946 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of subsidiaries |  | (4271) |
| Interest expense, net | (73493) | (109168) |
| Total other (expenses) income, net | (73493) | 173507 |
| **Net loss** | $(1065890) | $(3387390) |
| Less: net loss attributable to non-controlling interests | (10115) | (39484) |
| **Net loss attributable to Aptorum Group Limited** | $(1055775) | $(3347906) |

---

*Revenue and cost*

There was no revenue and cost for both period due to reallocate resources towards the development of the Company's leading projects.

 

*Research and development expenses*

Research and development expenses comprised of costs incurred related to research and development activities, including payroll expenses to our research and development staff, service fees to our consultants, advisory and contracted research organization, depreciation of laboratory equipment and amortization of licensed patents, sponsored research programs with various universities and research institutions and costs in acquiring IP rights which did not meet the criteria of capitalization under the U.S. GAAP. The following table sets forth a summary of our research and development expenses for the nine months ended September 30, 2025 and 2024. During the period ended 30 September 2025, 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, and we determined that searching for other business combination opportunities could maximize shareholder value, and our R&D activities remain suspended.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Research and Development Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | $— | $376913 |
| &nbsp;&nbsp;&nbsp;Consultation | 222983 | 107692 |
| &nbsp;&nbsp;&nbsp;Milestones payment |  | 60659 |
| &nbsp;&nbsp;&nbsp;Sponsored research |  | 34948 |
| &nbsp;&nbsp;&nbsp;Contracted research organizations |  | 166972 |
| &nbsp;&nbsp;&nbsp;Other R&D expenses | 38185 | 32962 |
| &nbsp;&nbsp;&nbsp;Impairment loss on long-lived assets |  | 1699481 |
| Total Research and Development Expenses | 261168 | 2479627 |

---

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| R&D expenses by projects |  |  |
| ALS-4 | $4301 | $1879257 |
| SACT-1 | 33884 | 161539 |
| Paths<sup>Dx</sup> |  | 153957 |
| Other projects | 222983 | 284874 |
| Total | $261168 | $2479627 |

---

 

*General and administrative fees*

The following table sets forth a summary of our general and administrative fees for the nine months ended September 30, 2025 and 2024. The decrease in general and administrative expenses was primarily attributable to the streamlining of our operations to focus on preparation for the Merger, which has since been abandoned.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| General and Administrative Fees: |  |  |
| &nbsp;&nbsp;&nbsp;Insurance | $161436 | $270705 |
| &nbsp;&nbsp;&nbsp;Rent and rates | 94665 | 106039 |
| &nbsp;&nbsp;&nbsp;Payroll expenses | 19057 | 88962 |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation |  | 3480 |
| &nbsp;&nbsp;&nbsp;Travelling expenses | 1365 | 205 |
| &nbsp;&nbsp;&nbsp;Other expenses, net | 84819 | 101272 |
| Total General and Administrative Fees | 361342 | 570663 |

---

 

*Legal and professional fees*

For the nine months ended September 30, 2025 and 2024, the legal and professional fees were $656,865 and $443,521, respectively. The increase in legal and professional fees was primarily attributed to the non-routine activities such as potential merger activity that were present in the same period last year. Such non-routine exercises in the current period have resulted in an increase in legal and professional fees.

 

*Other operating income (expenses)*

For the nine months ended September 30, 2025 other operating income of $286,978 mainly represent the exchange gain arising on change in foreign exchange rate.

 

*Other (expenses) income*

The following table sets forth a summary of other (expenses) *income* for the nine months ended September 30, 2025 and 2024.

---

| | | |
|:---|:---|:---|
|  | **For the nine months ended<br> September 30,** | **For the nine months ended<br> September 30,** |
|  | **2025** | **2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Other (expenses) *income*: |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (73493) | (109168) |
| &nbsp;&nbsp;&nbsp;Loss on disposal of subsidiaries |  | (4271) |
| &nbsp;&nbsp;&nbsp;Sundry income |  | 286946 |
| Total other (expenses) *income*, net | (73493) | 173507 |

---

 

*Net loss attributable to Aptorum Group Limited*

For the nine months ended September 30, 2025 and 2024, net loss attributable to Aptorum Group Limited (excluding net loss attributable to non-controlling interests) was $1,055,775 and $3,347,906, respectively.

**LIQUIDITY AND CAPITAL RESOURCES**

The Group reported a net loss of $1,065,890, deficit of 1,921,942 and net operating cash outflow of $1,300,827 for the nine months ended September 30, 2025. In addition, the Group had an accumulated deficit of $73,485,303 as of September 30, 2025. The Group's operating results for future periods are subject to numerous uncertainties and it is uncertain if the Group will be able to reduce or eliminate its net losses for the foreseeable future. If management is not able to generate significant revenues from its product candidates currently in development, the Group may not be able to achieve profitability. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company's cost structure. In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these financial statements are issued.

If the Group is unable to generate sufficient funds to finance the working capital requirements of the Group within the normal operating cycle of a twelve-month period from the date of these financial statements are issued, the Group may have to consider supplementing its available sources of funds through the following sources:

● other available sources of financing from banks and other financial institutions or private lender; and

● equity financing.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

The accompanying unaudited condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the unaudited condensed consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

**CONTRACTUAL OBLIGATIONS**

The following table sets forth our contractual obligations as of September 30, 2025.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment Due by Period (Unaudited)** | **Payment Due by Period (Unaudited)** | **Payment Due by Period (Unaudited)** | **Payment Due by Period (Unaudited)** |
|  | **Total** | **less than<br> one year** | **One to<br> three years** | **Three to<br> five years** |
|  | **US$** | **US$** | **US$** | **US$** |
| Operating lease commitments | 50972 | 50972 |  |  |
| Debt obligations | 3374500 | 3374500 |  |  |
| Total | 3425472 | 3425472 |  |  |

---

 

*Operating lease commitments*

We have an operating lease for laboratory. Operating lease commitments reflect our obligation to make payments under the operating lease.

 

*Debt obligations*

Debt obligations reflect outstanding principal and accrued interest payable to Jurchen Investment Corporation, the largest shareholder of the Company, pursuant to a convertible note arrangement. This instrument features a conversion option at a price of $2.42 per share into the Company's Class A Ordinary Shares. It carries a two-year maturity from the date of issuance and bears an annual interest rate of 6%.

The Group can access up to a total $12 million under a line of credit offered by Aeneas Group Limited. The line of credit was originally mature on August 12, 2022. The Group and Aeneas Group Limited has mutually agreed to extend the line of credit arrangement further 3 years to August 12, 2025, and the respective credit line has been extended further to August 2026. The interest on the outstanding principal indebtedness is at the rate of 8% per annum. The Group may early repay, in whole or in part, the principal indebtedness and all interest accrued at any time prior to the maturity date without the prior written consent of the lender and without payment of any premium or penalty.

**CONTINGENT PAYMENT OBLIGATIONS**

As of September 30, 2025, we do not have any non-cancellable purchase commitments.

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

Milestone payments are to be made upon achievements of certain conditions, such as Investigational New Drugs ("IND") filing or U.S. Food and Drug Administration ("FDA") approval, first commercial sale of the licensed products, or other achievements. The aggregate amount of the milestone payments that we are required to pay up to different achievements of conditions and milestones for all the license agreements signed as of September 30, 2025 are as below:

---

| | |
|:---|:---|
|  | **Amount** |
|  | **(unaudited)** |
| **Drug molecules: up to the conditions and milestones of** | |
| From entering phase 1 to before first commercial sale | 920000 |
| First commercial sale | 800000 |
| Net sales amount more than certain threshold in a year | 7000000 |
| Subtotal | $8720000 |

---

For the nine months ended September 30, 2025 and 2024, the Group incurred $nil and $60,659 milestone payments respectively. For the nine months ended September 30, 2025 and 2024, the Group did not incur any royalties or research and development funding.

**CONDENSED SUMMARY OF OUR CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Nine months <br> ended <br> September 30, <br> 2025** | **Nine months <br> ended <br> September 30, <br> 2024** |
|  | **(Unaudited)** | **(Unaudited)** |
| Net cash used in operating activities | $(1300827) | $(1309380) |
| Net cash provided by investing activities |  | 58621 |
| Net cash provided by financing activities | 2699200 |  |
| Net increase (decrease) in cash and restricted cash | $1398373 | $(1250759) |

---

 ****

***For the nine months ended September 30, 2025 and 2024***

 

*Operating activities*

Net cash used in operating activities amounted to $1.3 million for both the nine months ended September 30, 2025 and 2024. The net cash used in operating activities declined due to the implementation of stringent budgetary control measures, as a result of the Company's exclusive emphasis on the previously anticipated Merger.

 

*Investing activities*

Net cash provided by investing activities amounted to nil and $0.1 million for the nine months ended September 30, 2025 and 2024, respectively. The decrease in net cash provided by investing activities was due to the decrease in proceed from disposal of fixed assets.

 

*Financing activities*

Net cash provided by financing activities amounted to 2.7milliom and nil for the nine months ended September 30, 2025 and 2024, respectively. The increase in net cash inflow from financing activities is attributed to the placing of shares during the period.

**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.

 ****

***Results of Operations for the Years ended December 31, 2024, and 2023***

During the second quarter of 2023, the Company decided to streamline its operations by terminating clinic services and suspending non-lead R&D projects. This measure is aimed at optimizing the allocation of our resources and focusing our efforts on advancing our lead projects, which hold the most promise for commercial success and beneficial impact. This decision aligns with our commitment to enhance shareholder value and effectively drive our core objectives forward in the competitive landscape.

The following table summarizes our results of operations for the years ended December 31, 2024, and 2023.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** |
| **Revenue** | | |
| Healthcare services income | $— | $431378 |
| **Operating expenses** |  |  |
| Cost of healthcare services |  | (420812) |
| Research and development expenses | (2195161) | (5198329) |
| General and administrative fees | (669486) | (1930637) |
| Legal and professional fees | (803285) | (2538161) |
| Other operating expenses | (272609) | (1067690) |
| Total expenses | (3940541) | (11155629) |
| **Other (expense) income, net** |  |  |
| Loss on investments in marketable securities, net |  | (9266) |
| Unrealized gain from fair value change of the long-term investments, net |  | 6431088 |
| Impairment loss of long-term investment | (1000000) | (77200) |
| Interest expense, net | (146924) | (121145) |
| Gain on disposal of subsidiaries | 703 |  |
| Government subsidies | 928461 | 123015 |
| Sundry income | 564 | 36784 |
| Total other (expense) income, net | (217196) | 6383276 |
| **Net loss** | (4157737) | (4340975) |

---

 

*Revenue*

Healthcare services income was $nil and $431,378 for the years ended December 31, 2024, and 2023, which related to the service income derived from clinic. The decline in healthcare services income was attributed to the strategic decision to suspend clinic services in the second quarter of 2023. This was done to reallocate resources towards the development of the Company's leading projects.

 

*Cost of healthcare services*

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

 

*Research and development expenses*

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** |
| Research and Development Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Contracted research organizations services | $166972 | $1387534 |
| &nbsp;&nbsp;&nbsp;Sponsored research | 39972 | 17149 |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 251567 | 1071455 |
| &nbsp;&nbsp;&nbsp;Consultation | 44872 | 1207188 |
| &nbsp;&nbsp;&nbsp;Loss on impairments of an intangible asset | 128128 | 519497 |
| &nbsp;&nbsp;&nbsp;Impairment of properties, plant and equipment | 1421782 |  |
| &nbsp;&nbsp;&nbsp;Payroll expenses |  | 363139 |
| &nbsp;&nbsp;&nbsp;Other R&D expenses | 141868 | 632367 |
| Total Research and Development Expenses | $2195161 | $5198329 |

---

 

*General and administrative fees*

The following table sets forth a summary of our general and administrative expenses for the years ended December 31, 2024, and 2023. The decrease in general and administrative fees was primarily attributable to the streamlining of our operations to focus on preparation for the Yoov Merger, which has since been abandoned.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** |
| General and Administrative Fees: |  |  |
| &nbsp;&nbsp;&nbsp;Payroll expenses | $208348 | $893437 |
| &nbsp;&nbsp;&nbsp;Rent and rates | 97253 | 213701 |
| &nbsp;&nbsp;&nbsp;Travelling expenses | 205 | 59874 |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 3480 | 53799 |
| &nbsp;&nbsp;&nbsp;Insurance | 335616 | 474746 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing expenses |  | 48982 |
| &nbsp;&nbsp;&nbsp;Write-off of prepayment and other receivables | 9782 |  |
| &nbsp;&nbsp;&nbsp;Other expenses | 14802 | 186098 |
| Total General and Administrative Fees | $669486 | $1930637 |

---

 

*Legal and professional fees*

For the years ended December 31, 2024, and 2023, the legal and professional fees were $803,285 and $2,538,161, respectively. The decrease in legal and professional fees was primarily attributed to the lack of non-routine activities that were present in the same period last year, such as the implementation of reverse stock split, and amendments to the memorandum and articles of association. The absence of such non-routine exercises in the current period has resulted in a decrease in legal and professional fees.

 

*Other operating expenses*

For the years ended December 31, 2024, and 2023, the other operating expenses was $272,609 and $1,067,690, respectively. The decrease in other operating expenses was primarily due to the decrease in impairment loss of long-lived assets since the majority of long-lived assets were impaired in prior year and no such large impairment in current year.

 

*Other (expense) income, net*

For the years ended December 31, 2024, and 2023, the other expense, net, was $217,196 and other income, net, was $6,383,276, respectively. The changes from other income in 2023 to other expense in 2024 was mainly due to there was a one-off unrealized gain from fair value change of the long-term investments, amounted to $6.4 million in prior year, which there are no such gain in current year.

 

*Net loss attributable to the Company*

For the years ended December 31, 2024, and 2023, net loss attributable to the Company (excluding net loss attributable to non-controlling interests) was $4,267,806 and $2,824,647, respectively.

 ****

***Results of Operations for the Years ended December 31, 2023, and 2022***

During the second quarter of 2023, the Company made a decision to streamline its operations by terminating clinic services and suspending non-lead R&D projects. This measure is aimed at optimizing the allocation of our resources and focusing our efforts on advancing our lead projects, which hold the most promise for commercial success and beneficial impact. This decision aligns with our commitment to enhance shareholder value and effectively drive our core objectives forward in the competitive landscape.

The following table summarizes our results of operations for the years ended December 31, 2023, and 2022.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** |
| **Revenue** | | |
| Healthcare services income | $431378 | $1295889 |
| **Operating expenses** |  |  |
| Cost of healthcare services | (420812) | (1215824) |
| Research and development expenses | (5198329) | (9219595) |
| General and administrative fees | (1930637) | (5220405) |
| Legal and professional fees | (2538161) | (2888140) |
| Other operating expenses | (1067690) | (261038) |
| Total expenses | (11155629) | (18805002) |
| **Other income, net** |  |  |
| Loss on investments in marketable securities, net | (9266) | (134134) |
| Unrealized gain from fair value change of the long-term investments, net | 6431088 | 6108872 |
| Impairment loss of long-term investment | (77200) | (520821) |
| Interest (expense) income, net | (121145) | 146588 |
| Government subsidies | 123015 | 335499 |
| Sundry income | 36784 | 48007 |
| Total other income, net | 6383276 | 5984011 |
| **Net loss** | (4340975) | (11525102) |

---

 

*Revenue*

Healthcare services income was $431,378 and $1,295,889 for the years ended December 31, 2023, and 2022, which related to the service income derived from clinic. The decline in healthcare services income was attributed primarily to the decision to terminate 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 $420,812 and $1,215,824 for the years ended December 31, 2023, and 2022, which related to the cost incurred by clinic. The decline in cost of healthcare services was aligned with the decline in revenue when compared to last period.

 

*Research and development expenses*

The following table sets forth a summary of our research and development expenses for the years ended December 31, 2023, and 2022. As a consequence of exclusive emphasis on its lead projects and suspension of non-lead projects, there was a notable decrease in the utilization of external consultants and full impairment of patents related to these non-lead projects. Moreover, the payroll expenses for research and development staff decreased as a result of the reversal of deferred cash bonus payables to employees and consultants, and reduction of employees during current period. The reversal was due to the Group's agreements with employees and consultants to discharge the Group's obligation to settle their outstanding deferred cash bonus payables from previous years in exchange of fully vested ordinary shares.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** |
| Research and Development Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Payroll expenses | $363139 | $1305363 |
| &nbsp;&nbsp;&nbsp;Contracted research organizations services | 1387534 | 1709927 |
| &nbsp;&nbsp;&nbsp;Sponsored research | 17149 | 17061 |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 1071455 | 1064012 |
| &nbsp;&nbsp;&nbsp;Consultation | 1207188 | 4423963 |
| &nbsp;&nbsp;&nbsp;Loss on disposal and impairments of an intangible asset | 519497 | 205189 |
| &nbsp;&nbsp;&nbsp;Other R&D expenses | 632367 | 494080 |
| Total Research and Development Expenses | $5198329 | $9219595 |

---

 

*General and administrative fees*

The following table sets forth a summary of our general and administrative expenses for the years ended December 31, 2023, and 2022. The decrease in general and administrative fees was primary due to the reversal of deferred cash bonus payables to employees and reduction of employees during current period. The reversal was due to the Group's agreements with employees to discharge the Group's obligation to settle their outstanding deferred cash bonus payables from previous years in exchange of fully vested ordinary shares.

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** |
| General and Administrative Fees: |  |  |
| &nbsp;&nbsp;&nbsp;Payroll expenses | $893437 | $3793367 |
| &nbsp;&nbsp;&nbsp;Rent and rates | 213701 | 265558 |
| &nbsp;&nbsp;&nbsp;Travelling expenses | 59874 | 158357 |
| &nbsp;&nbsp;&nbsp;Amortization and depreciation | 53799 | 143498 |
| &nbsp;&nbsp;&nbsp;Insurance | 474746 | 546675 |
| &nbsp;&nbsp;&nbsp;Advertising and marketing expenses | 48982 | 98082 |
| &nbsp;&nbsp;&nbsp;Other expenses | 186098 | 214868 |
| Total General and Administrative Fees | $1930637 | $5220405 |

---

 

*Legal and professional fees*

For the years ended December 31, 2023, and 2022, the legal and professional fees were $2,538,161 and $2,888,140, respectively. The decrease in legal and professional fees was mainly due to less consulting services engaged during 2023 as a consequence of exclusive emphasis on its lead projects and suspension of non-lead projects.

 

*Other operating expenses*

For the years ended December 31, 2023, and 2022, the other operating expenses was $1,067,690 and $261,038, respectively. The increase in other operating expenses was primarily due to impairment losses of long-lived assets during current period, such as right-of-use assets, which resulted from the decision to terminate clinic services in the second quarter of 2023, and allowance of credit losses for amount due from related parties, which results from the decision to suspend non-lead projects owned by the related party.

 

*Other income, net*

For the years ended December 31, 2023, and 2022, the other income, net was $6,383,276 and $5,984,011, respectively. The increase in other income, net was mainly due to the increase in unrealized gain from fair value change of the long-term investments, net.

 

*Net loss attributable to Aptorum Group Limited*

For the years ended December 31, 2023, and 2022, net loss attributable to Aptorum Group Limited (excluding net loss attributable to non-controlling interests) was $2,824,647 and $9,799,560, respectively.

B. <u>Liquidity and capital resources</u>

The Group reported a net loss of $4,157,737 and net operating cash outflow of $1,189,734 for the year ended December 31, 2024. In addition, the Group had an accumulated deficit of $72,429,528 as of December 31, 2024. On January 2, 2025, the Group entered into a certain securities purchase agreement with certain non-affiliated institutional investors pursuant to which the Group sold 1,535,000 Class A ordinary shares of the Group, par value $0.00001 per share at a per share price of $2.00 in a registered direct offering, for gross proceeds of $3,070,000. The Group's operating results for future periods are subject to numerous uncertainties and it is uncertain if the Group will be able to reduce or eliminate its net losses for the foreseeable future. If management is not able to generate significant revenues from its product candidates currently in development, the Group may not be able to achieve profitability. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company's cost structure. In connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update ("ASU") 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that these conditions raise substantial doubt about the Company's ability to continue as a going concern within one year after the date that these consolidated financial statements are issued.

If the Group is unable to generate sufficient funds to finance the working capital requirements of the Group within the normal operating cycle of a twelve-month period from the date of these consolidated financial statements are issued, the Group may have to consider supplementing its available sources of funds through the following sources:

● other available sources of financing from banks and other financial institutions or private lender; and

● equity financing.

The Company can make no assurances that required financings will be available for the amounts needed, or on terms commercially acceptable to the Company, if at all. If one or all of these events does not occur or subsequent capital raises are insufficient to bridge financial and liquidity shortfall, there would likely be a material adverse effect on the Company and would materially adversely affect its ability to continue as a going concern.

The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Accordingly, the consolidated financial statements have been prepared on a basis that assumes the Group will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.

 **

***Condensed Summary of Cash Flows for the Years Ended December 31, 2024, and 2023***

 **

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2024** | **Year Ended <br> December 31, <br> 2023** |
| Net cash used in operating activities | $(1189734) | $(7724364) |
| Net cash provided by investing activities | 58621 | 624767 |
| Net cash provided by financing activities |  | 4092068 |
| Net decrease in cash and cash equivalents | (1131113) | (3007529) |

---

 

*Operating activities*

Net cash used in operating activities amounted to $1.2 million and $7.7 million for the years ended December 31, 2024, and 2023. The net cash used in operating activities declined due to the implementation of stringent budgetary control measures, as a result of the Company's exclusive emphasis on the previously anticipated Merger.

 

*Investing activities*

Net cash used in investing activities amounted to $0.1 million and $0.6 million for the years ended December 31, 2024, and 2023. The decrease in net cash provided by investing activities was due to the decrease in cash received from related parties for loan repayment by $0.6 million; the related parties are entities controlled by Ian Huen, Chief Executive Officer and executive director of the Company.

 

*Financing activities*

Net cash provided by financing activities amounted to $nil and $4.1 million for the year ended December 31, 2024, and 2023. The decrease in net cash inflow from financing activities is attributed to the absence of financing activities during the period, as the Company was solely focused on the previously anticipated Merger.

 **

***Condensed Summary of Cash Flows for the Years Ended December 31, 2023 and 2022***

 **

---

| | | |
|:---|:---|:---|
|  | **Year Ended <br> December 31, <br> 2023** | **Year Ended <br> December 31, <br> 2022** |
| Net cash used in operating activities | $(7724364) | $(12318965) |
| Net cash provided by investing activities | 624767 | 2444896 |
| Net cash provided by financing activities | 4092068 | 6625462 |
| Net decrease in cash and cash equivalents and restricted cash | (3007529) | (3248607) |

---

 

*Operating activities*

Net cash used in operating activities amounted to $7.7 million and $12.3 million for the years ended December 31, 2023, and 2022. The net cash used in operating activities declined due to the implementation of stringent budgetary control measures, as a result of the Company's exclusive emphasis on its lead projects.

 

*Investing activities*

Net cash provided by investing activities amounted to $0.6 million and $2.4 million for the years ended December 31, 2023 and 2022. The decrease in net cash provided by investing activities was due to the decrease in net cash repayment from loan to related parties by $2.1 million, which was partially mitigated by a $0.2 million decrease in capital expenditures.

 

*Financing activities*

Net cash provided by financing activities amounted to $4.1 million and $6.6 million for the year ended December 31, 2023 and 2022. The decrease in net cash inflow from financing activities was primarily a result of the repayment of a bank loan in the amount of $3.0 million and decrease in loan from bank of $3.0 million, partially mitigated by a $2.0 million increase in loan from a related party, and a $1.6 million increase in proceeds from issuance of Class A ordinary shares.

**CAPITAL EXPENDITURES**

Our capital expenditures were $nil, $3,000 and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. These capital expenditures were incurred primarily for investments in facilities, leasehold improvements, equipment and technology.

**COMMITMENTS**

The following table sets forth our contractual obligations as of December 31, 2024.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** | **Payment Due by Period** |
|  | **Total <br> US$** | **less than<br> one year<br> US$** | **One to <br> three years<br> US$** | **Three to<br> five years<br> US$** |
| Operating lease commitments | 122114 | 97541 | 24573 |  |
| Debt obligations | 3360000 | 3360000 |  |  |
| Total | 3482114 | 3457541 | 24573 |  |

---

 

*Operating lease commitments*

We have an operating lease for laboratory as of December 31, 2024. Operating lease commitments reflect our obligation to make payments under these operating leases.

 

*Debt obligations*

Debt obligations reflect outstanding principal and accrued interest payable to Jurchen Investment Corporation, the largest shareholder of the Company, pursuant to a convertible note arrangement. This instrument features a conversion option at a price of $2.42 per share into the Company's Class A ordinary shares. It carries a two-year maturity from the date of issuance and bears an annual interest rate of 6%.

The Group can access up to a total $12 million under a line of credit offered by Aeneas Group Limited. The line of credit was originally mature on August 12, 2022. The Group and Aeneas Group Limited has mutually agreed to extend the line of credit arrangement further 3 years to August 12, 2025. The interest on the outstanding principal indebtedness is at the rate of 8% per annum. The Group may early repay, in whole or in part, the principal indebtedness and all interest accrued at any time prior to the maturity date without the prior written consent of the lender and without payment of any premium or penalty.

 

*CONTINGENT PAYMENT OBLIGATIONS*

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

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

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

---

| | |
|:---|:---|
|  | **Amount** |
| **Drug molecules: up to the conditions and milestones of** | |
| Preclinical to IND filing | $30000 |
| From entering phase 1 to before first commercial sale | 2120000 |
| First commercial sale | 1600000 |
| Net sales amount more than certain threshold in a year | 14000000 |
| Subtotal | $17750000 |
| **Diagnostics technology: up to the conditions and milestones of** |  |
| Before FDA approval | $146417 |
|  | $17896417 |

---

For the years ended December 31, 2024, 2023 and 2022, the Group incurred $61,123, $50,000 and $nil milestone payments under license agreements, respectively. For the years ended December 31, 2024, 2023 and 2022, the Group did not incur any royalties or research and development funding, respectively.

C. <u>Research and Development, Patents and Licenses, etc.</u>

As of the date hereof, the Company has 2 exclusively licensed technologies in the area of infectious diseases, and diagnostics. In addition, the Company is actively developing 1 proprietary technology.

For the years ended December 31, 2024, 2023, and 2022, the Group incurred $2,195,161, $5,198,329, and $9,219,595, respectively, on research and development expenses.

D. <u>Trend Information</u>

Other than as disclosed elsewhere herein, we are not aware of any material recent trends in production, sales and inventory, the state of the order book and costs and selling prices since our last fiscal year. We are also unaware of any known trends, uncertainties, demands, commitments or events for the year ended December 31, 2024, that are reasonably likely to have a material adverse effect on our revenues, net income, profitability, liquidity or capital resources, or that would cause reported financial information not necessarily to be indicative of future operating results or financial conditions.

E. <u>Critical Accounting Estimates</u>

In preparing the consolidated financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in our consolidated financial statements and accompanying notes. However, uncertainty about these assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount of the assets or liabilities in the future.

We consider an accounting estimate to be critical if: (i) the accounting estimate requires us to make assumptions about matters that were highly uncertain at the time the accounting estimate was made, and (ii) changes in the estimate that are reasonably likely to occur from period to period or use of different estimates that we reasonably could have used in the current period, would have a material impact on our financial condition or results of operations. The management determines there are no critical accounting estimates.

## Exhibit 99.3

**Exhibit 99.3**

**INDEX TO DIAMIR'S CONSOLIDATED FINANCIAL STATEMENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Condensed Consolidated Balance Sheets as of November 30, 2025 and May 31, 2025](#fin_001) | F-2 |
| [Unaudited Consolidated Statements of Operations for the six months ended November 30, 2025 and 2024](#fin_002) | F-3 |
| [Unaudited Consolidated Statements Of Changes in Stockholders' Deficit Equity for the six months ended November 30, 2025 and 2024](#fin_003) | F-4 |
| [Unaudited Consolidated Statements of Cash Flows for the six months ended November 30, 2025 and 2024](#fin_004) | F-5 |
| [Notes to Consolidated Financial Statements](#fin_005) | F-6 |

---

**DIAMIR BIOSCIENCES CORP.<br> CONDENSED CONSOLIDATED BALANCE SHEETS**

---

| | | |
|:---|:---|:---|
|  | **November 30<br> 2025** | **May 31<br> 2025** |
|  | **(Unaudited)** | **(Audited)** |
| **ASSETS** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $84890 | $56836 |
| &nbsp;&nbsp;&nbsp;Accounts receivable | 131091 |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 5704 | 46649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 221685 | 103485 |
| Property and equipment, net | 17195 | 20029 |
| Right of use asset, net | 44424 | 63349 |
| Intangible assets | 197761 | 197761 |
| **Total assets** | $**481065** | $**384624** |
| **LIABILITIES AND STOCKHOLDERS' DEFICIT** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | $673396 | $231858 |
| &nbsp;&nbsp;&nbsp;Lease liability, current | 38442 | 41383 |
| &nbsp;&nbsp;&nbsp;Deferred revenue |  | 43982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 711838 | 317223 |
| Convertible notes payable | 1252125 | 957662 |
| Lease liability, noncurrent | 3324 | 22698 |
| Income taxes payable |  | 176002 |
| **Total liabilities** | **1967287** | **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 November 30, 2025 and May 31, 2025, respectively | 4441 | 4441 |
| Additional paid in capital | 4741863 | 4729169 |
| Accumulated deficit | (6232526) | (5822571) |
| Total stockholders' deficit | (1486222) | (1088961) |
| **Total liabilities and stockholders' deficit** | $**481065** | $**384624** |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.<br> CONSOLIDATED STATEMENTS OF OPERATIONS<br> (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> November 30,** | **For the Six Months Ended<br> November 30,** |
|  | **2025** | **2024** |
| Service revenue | $130355 | $— |
| Grant revenue |  | 442820 |
| Total revenue | $130355 | $442820 |
| Operating costs and expenses |  |  |
| &nbsp;&nbsp;&nbsp;Cost of service revenue | 93016 |  |
| &nbsp;&nbsp;&nbsp;Research and development | 197029 | 401208 |
| &nbsp;&nbsp;&nbsp;General and administrative | 776292 | 274404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating costs and expenses | 1066337 | 675612 |
| Loss from operations | (935982) | (232792) |
| Other income/(expense) |  |  |
| &nbsp;&nbsp;&nbsp;Other income | 408638 |  |
| &nbsp;&nbsp;&nbsp;Interest expense | (57157) | (38839) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other income/(expense) | 351481 | (38839) |
| **Net loss before income taxes** | **(584501)** | **(271631)** |
| Income tax (benefit) expense | (174546) | 10901 |
| **Net loss** | $**(409955)** | $**(282532)** |
| Net loss per common share, basic and diluted | $(0.09) | $(0.06) |
| 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.<br> CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT<br> (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional <br> Paid in**<br>**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 |  |  | 20418 |  | 20418 |
| &nbsp;&nbsp;&nbsp;Discount on note payable to founder |  |  | 24970 |  | 24970 |
| &nbsp;&nbsp;&nbsp;Net loss |  |  |  | (282532) | (282532) |
| **Balance as of November 30, 2024** | **4440891** | $**4441** | $**4715553** | $**(5361868)** | $**(641874)** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** | | | |
|  | **Shares** | **Amount** | **Additional <br> Paid in**<br>**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 |  |  |  | (409955) | (409955) |
| **Balance as of November 30, 2025** | **4440891** | $**4441** | $**4741863** | $**(6232526)** | $**(1486222)** |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.<br> CONSOLIDATED STATEMENTS OF CASH FLOWS<br> (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended<br> November 30,** | **For the Six Months Ended<br> November 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(409955) | $(282532) |
| &nbsp;&nbsp;&nbsp;Reconciliation of net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 9772 | 10155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock compensation |  | 20418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash lease expense | 18925 | 18378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (22315) | (18204) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of note discount | 31550 | 19349 |
| &nbsp;&nbsp;&nbsp;Increase (decrease) in cash resulting from changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (131091) | 85086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 40945 | (36514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 441538 | 12941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 25607 | 15617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (43982) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (176002) | 9445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in operating activities** | **(215008)** | **(145861)** |
| **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 | 250000 | 200000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by financing activities** | **250000** | **200000** |
| **Net (decrease) increase in cash** | **28054** | **54139** |
| Cash and cash equivalents at beginning of the year | 56836 | 70276 |
| **Cash and cash equivalents at end of the period** | $84890 | $124415 |
| **Non-cash investing and financing activities:** |  |  |
| Discounts on note payable to founder | $12694 | $24970 |
| **Supplemental disclosure of cash flow information:** |  |  |
| Cash paid for interest | $— | $— |
| Cash paid for taxes | $— | $— |

---

See accompanying notes to consolidated financial statements

**DIAMIR BIOSCIENCES CORP.<br> 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 the earlier of the closing of the merger or December 31, 2025 under which the Company will provide certain development services. In December 2025, the management service agreement and license agreement were extended through the earlier of the closing of the merger or March 31, 2026.

**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 $409,955 in the six months ended November 30, 2025. The Company used net cash $313,440 in the year ended May 31, 2025 and $215,008 in the six months ended November 30, 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

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 2 — BASIS OF PRESENTATION** (cont.)

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 six months or less when purchased to be cash equivalents. The Company had no cash equivalents as of November 30, 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 8, Convertible Notes Payable.

**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*.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**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 November 30, 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 8, Convertible Notes Payable.

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 six 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.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**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 six months ended November 30, 2025 and November 30, 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 November 30, 2025.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

*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 November 30, 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 |  | 86373 | 86373 |  |
| Revenue recognized |  | 86373 | 86373 | 43982 |
| November 30, 2025 | $— | $— | $— | $— |

---

*Other income*

In the six months ended November 30, 2025, the Company's other revenue consists of fees received under a management services agreement with Aptorum Group Ltd. ("Aptorum"). In July 2025, the Company entered into a definitive merger agreement with Aptorum. Concurrent with the execution of the merger agreement, 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 November 30, 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 November 30, 2025 and May 31, 2025.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 3 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** (cont.)

**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.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 4 — ACCOUNTS RECEIVABLE**

Accounts receivable consists of the following:

---

| | | |
|:---|:---|:---|
|  | **November 30, <br> 2025** | **May 31, <br> 2025** |
| Contracts with customers | $42391 | $— |
| Management services revenue from Aptorum | 88700 |  |
| Total | $131091 | $— |

---

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

Prepaid expenses and other current assets consist of the following:

---

| | | |
|:---|:---|:---|
|  | **November 30, <br> 2025** | **May 31, <br> 2025** |
| Advances to suppliers | $— | $45252 |
| Other | 5704 | 1397 |
| Total | $5704 | $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:

---

| | | |
|:---|:---|:---|
|  | **November 30, <br> 2025** | **May 31, <br> 2025** |
| Outside services | $643784 | $220411 |
| Employee compensation | 19248 | 5884 |
| Other | 10364 | 5563 |
| Total | $673396 | $231858 |

---

**NOTE 8 — CONVERTIBLE NOTES PAYABLE**

Convertible notes payable consist of the following:

---

| | | |
|:---|:---|:---|
|  | **November 30, <br> 2025** | **May 31, <br> 2025** |
| Executive director | $1060565 | $872245 |
| Former Chief Scientific Officer | 89782 | 85417 |
| Investor | 101778 |  |
| Total | $1252125 | $957662 |

---

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 8 — CONVERTIBLE NOTES PAYABLE** (cont.)

In the six months ended November 30, 2025, the Company amended its outstanding convertible note ("Founder Note") to one founder to reflect additional borrowings of $150,000 during the period. Other terms and conditions of the Founder Note were not affected. The notes call for interest at 4% per annum. The Company estimates that the nominal interest rate on the Founder Note was less than rates that may be obtained from third parties and 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. The Company has recorded previous discounts on its founder notes, calculated at an estimated effective rates between 9.5% and 10%, as additions to paid-in capital. Unamortized discounts presented as a deduction from the face amount of the Notes amounted to $77,475 and $96,332 as of November 30, 2025 and May 31, 2025, respectively.

In the six months ended November 30, 2025, the Company issued a convertible note ("Investor Note") to an investor reflecting borrowings of $100,000 during the period. No payments of principal or interest on the Investor Note are required prior to maturity on December 31, 2026. The notes call for interest at 10% per annum and are convertible at a conversion price of $1.80 per share of Aptorum common stock stock upon completion of the merger with Aptorum, or upon the Company's next equity financing involving the Company's sale of its equity securities to third party investors at a conversion price based on the financing. Upon any conversion, all unpaid principal and accrued unpaid interest on the Investor Note 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.

With respect to all of the Company's convertible notes, no payments of principal or interest are required prior to maturity on December 31, 2026 and are convertible upon the Company's next equity financing involving the Company's sale of its equity securities to third party investors. Upon any conversion related to an equity financing, 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.

**Interest expense**

Interest expense consists of the following in the six months ended November 30:

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Interest on notes | $25607 | $19490 |
| Amortization of discount | 31550 | 19349 |
| Total | $57157 | $38839 |

---

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**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 November 30, 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 six months ended November 30, 2025, stock-based compensation expense amounted to $0. In the six months ended November 30, 2024, stock-based compensation expense amounted to $20,418, which is included in research and development expenses. As of November 30, 2025, unrecognized stock-based compensation expense related to options for which vesting is considered probable was $0.

As of November 30, 2025, unrecognized stock-based compensation expense related to options for which vesting is not considered probable was $1,093,712. As of November 30, 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 six months ended November 30, 2025 and 2024, its founders made contributions to the Company in the form of a loans with interest rates below market. The Company recorded a discounts on the loans of $12,694 and $24,970 in the six months ended November 30, 2025 and 2024, respectively, as additional paid-in capital.

**Warrant**

In the six months ended November 30, 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.

**DIAMIR BIOSCIENCES CORP.<br> NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**NOTE 11 — INCOME TAXES**

As of November 30, 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 six months ended November 30, 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 six months ended November 30, 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 six months ended November 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
| Stock options |  | 441750 |  | 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 99.4

**Exhibit 99.4**

**INFORMATION ABOUT DIAMIR**

 

*Unless otherwise stated, all references to "DiamiR," and similar designations in this section refer to DiamiR Biosciences Corp, a Delaware corporation, and its wholly-owned subsidiary DiamiR, LLC a private Delaware limited liability company.*

**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 March 31, 2026, 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, and $409,955 in the six months ended November 30, 2025. At November 30, 2025, DiamiR had an accumulated deficit of $6,232,526, 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 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 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.

In September 2025, DiamiR issued a 10% convertible note due December 31, 2026 to an investor for loan proceeds of $100,000.

Cyber Attack

In September 2025, DiamiR discovered a cyber-attack in which unauthorized persons gained access to DiamiR email service accounts and attempted to influence senders to initiate or misdirect electronic funds transfers. DiamiR believes the basis of the attack was targeted phishing. DiamiR believes it detected the fraudulent activity quickly and several such attempts were denied. However, DiamiR experienced financial losses from one successful attempt, which amounted to less than $25,000, net of recoveries.

DiamiR believes that its internal operating systems, its stored data and its other online services were not affected. Due to the nature and scope of the event, DiamiR expects no substantial direct or indirect impact from related regulatory actions or litigation or from disruptions to operations, business relationships or overall company reputation.

DiamiR's investigation of the event, and its immediate response, consisting primarily of reinforcement of practices and installation of additional software and services, was substantially concluded in September 2025. However, future related attacks and discovery of related impacts may continue. If 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. DiamiR believes phishing is a significant prevalent and evolving cyberthreat and expects to continually enhance its systems, policies and practices to prevent, detect and mitigate similar future events.

**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**

***Six Months Ended November 30, 2025 and November 30, 2024***

 **

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Six-Months Ended** | **For the Six-Months Ended** | |
|  | **November 30, <br> 2025** | **November 30, <br> 2024** |<br>**Change** |
| **Statement of Operations Data:** | | | |
| Service revenue | $130355 | $— | $130355 |
| Grant revenue |  | 442820 | (442820) |
| Total revenue | 130355 | 442820 | (312465) |
| Cost of service revenue | 93016 |  | 93016 |
| Research and development | 197029 | 401208 | (204179) |
| General and administrative | 776292 | 274404 | 501888 |
| Total operating costs and expenses | 1066337 | 675612 | 390725 |
| Loss from operations | (935982) | (232792) | (703190) |
| Other income (expense) |  |  |  |
| Other income | 408638 |  | 408638 |
| Interest expense | (57157) | (38839) | (18318) |
| Total other expense | 351481 | (38839) | 390320 |
| **Net loss before income taxes** | (584501) | (271631) | (312870) |
| Income (benefit) expense | (174546) | 10901 | (185447) |
| **Net loss** | $(409955) | $(282532) | $(127423) |

---

 

*Revenue*

In the six months ended November 30, 2025, DiamiR recorded $130,355 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 six months ended November 30, 2025 compared to $442,820 for the six months ended November 30, 2024. Since inception, DiamiR has earned a substantial portion of its revenue from grants from government agencies and disease foundations. In the six months ended November 30, 2024, Diamir recorded $442,820 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 November 30, 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 $197,029 for the six months ended November 30, 2025, compared to $401,208 for the six months ended November 30, 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, in the current-year period a greater portion of fixed employee compensation represented cost of services and general and administrative expenses.

 

*General and Administrative Expenses*

General and Administrative expense was $776,292 for the six months ended November 30, 2025 compared to $274,404 for the six months ended November 30, 2024, primarily reflecting approximately $444,000 of professional and consulting fees related to financing and merger activities and an increase in the portion of CEO compensation allocable to general and administrative activities, partially offset by decreases in other expenses. In the six months ended November 30, 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 primarily relates to interest accrued and the amortization of discounts on loans obtained from founders. Interest expense was $57,157 for the six months ended November 30, 2025 compared to $38,839 for the six months ended November 30, 2024. The increase reflects additional loans received from the founders in the intervening periods and increase discount amortization.

 

*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 six months ended November 30, 2025 DiamiR reversed its previously-accumulated provisions.

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.

***Years Ended May 31, 2025 and 2024***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **For the Years Ended <br> May 31,** | **For the Years Ended <br> May 31,** | |
|  | **2025** | **2024** |<br>**Change** |
| **Statement of Operations Data:** |  |  |  |
| Grant revenue | $531729 | $1319531 | $(787802) |
| Other revenue | 100000 |  | 100000 |
| Total revenue | 631729 | 1319531 | (687802) |
| Operating costs and expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;Research and development | 650591 | 1156860 | (506269) |
| &nbsp;&nbsp;&nbsp;General and administrative | 624388 | 614074 | 10314 |
| Total operating costs and expenses | 1274979 | 1770934 | (495955) |
| Loss from operations | (643250) | (451403) | (191847) |
| Other expense |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest expense | 82046 | 48599 | 33447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total other expense | 82046 | 48599 | 33447 |
| Net loss before income taxes | (725296) | (500002) | (225294) |
| Income taxes | 17939 | 114403 | (96464) |
| Net loss | $(743235) | $(614405) | $(128830) |

---

 ****

*Revenue*

Grant revenue was $531,729 for the year ended May 31, 2025 compared to $1,319,531 for the year ended May 31, 2024. The decrease was due to lower reimbursable direct labor, consulting and other development expenses for DiamiR's CogniMIR<sup>®</sup> product candidate corresponding to the depletion of available grant funding in January 2025. As of May 31, 2025, DiamiR has no remaining funds under its grants and grant revenues will decrease significantly or cease in future periods.

Other revenue in the year ended May 31, 2025 consists of nonrecurring fees from a non-customer under a material transfer agreement.

*Research and Development Expenses*

DiamiR expenses the cost of research and development as incurred. Research and development expenses comprise costs incurred in performing research and development activities, including salaries and benefits, stock-based compensation, contracted services, and other external costs. Personnel costs include the majority of compensation paid to DiamiR's Chief Executive Officer, representing his participation in research and development activities.

Research and Development expense was $650,591 for the year ended May 31, 2025, compared to $1,156,860 for the year ended May 31, 2024. The decrease reflects a decrease of approximately $214,000 in salaries and benefits from employee salary reductions, a decrease of approximately $159,000 in stock based compensation expense, and decrease in other direct expenses for our CogniMIR<sup>®</sup> product candidate, corresponding to the decrease in available grant funding. Decreased stock-based compensation primarily reflects greater vesting of options to DiamiR's Chief Executive Officer in the year ended May 31, 2024.

*General and Administrative Expenses*

General and administrative expenses consist primarily of professional fees for legal, consulting, auditing, and tax services, patent costs and personnel costs, including stock based compensation. Other general and administrative expenses include facility and office expenses, conference fees and travel.

General and Administrative expense was $624,388 and $614,074 for the years ended May 31, 2025 and 2024, respectively. In the year ended May 31, 2025, DiamiR expensed approximately $151,000 of deferred offering costs, which was partially offset by decreased employee compensation and consulting fees in the period.

*Interest Expense*

Interest expense relates to interest accrued and the amortization of discounts on loans obtained from founders. Interest expense was $82,046 for the year ended May 31, 2025 compared to $48,599 for the year ended May 31, 2024, The increase reflects additional loans received from the founders during the periods.

*Income Tax Expense*

Income Tax expense was $17,939 and $114,403 for the years ended May 31, 2025 and 2024, respectively, and reflects a provision for uncertain tax positions related to research and development expenses. Lower income tax expense for the year ended May 31, 2025 reflects the impact of lower grant revenue in the period.

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. The Company is currently evaluating the impact on its consolidated financial statements of the provisions of the OBBBA, which may result in a significant reduction of recorded income tax liabilities. The provisions were not effective as of May 31, 2025 and their effects, if any, are expected to be recorded in the Company's consolidated financial statements for the year ending May 31, 2026.

**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 six months ended November 30, 2025. As of November 30, 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.

 ****

***Cash Flows***

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

---

| | | |
|:---|:---|:---|
|  | **For the Six Months Ended** | **For the Six Months Ended** |
|  | **November 30, <br> 2025** | **November 30, <br> 2024** |
| **Net cash (used in) provided by:** | | |
| Operating activities | $(215008) | $(145861) |
| Investing Activities | (6938) |  |
| Financing activities | 250000 | 200000 |
| Net increase in cash and cash equivalents | $28054 | $54139 |

---

 

*Operating Activities*

Net cash used in operating activities for the six months ended November 30, 2025 primarily reflects $409,955 of net loss in the period, which included a non-cash adjustment to income taxes payable to reverse prior provisions for uncertain tax provisions. Net loss before income taxes of $584,501 was offset primarily by an increase in accounts payable and accrued expenses. In the six months ended November 30, 2025, DiamiR had no grant revenue following the exhaustion of prior grant funding, compared to $282,532 of grant revenue in the prior-year period.

 

*Financing Activities*

Net cash provided by financing activities was $250,000 for the six months ended November 30, 2025, representing $150,000 of proceeds from a founder loan and proceeds from a $100,000 convertible note issued to an investor. Proceeds from founder loans amounted to $200,000 in the six months ended November 30, 2024.

 ****

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

---

| | | |
|:---|:---|:---|
|  | **For the Years Ended** | **For the Years Ended** |
|  | **May 31, <br> 2025** | **May 31, <br> 2024** |
| **Net cash (used in) provided by:** | | |
| Operating activities | $(313440) | $(308914) |
| Investing Activities |  | (1278) |
| Financing activities | 300000 | 200000 |
| Net decrease in cash and cash equivalents | $(13440) | $(110192) |

---

*Operating Activities*

Net cash used in operating activities for the year ended May 31, 2025 were comparable to the prior period as lower revenue was offset by lower costs. An increase in the Company's net loss was offset by the collection of unbilled revenue and deferred revenue. The Company's accounts payable and accrued expense balances increased in each year.

*Financing Activities*

Net cash provided by financing activities was $300,000 for the year ended May 31, 2025, representing proceeds from a founder loan. Proceeds from founder loans amounted to $200,000 in the year ended May 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 this proxy statement/prospectus. 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 $409,955 in the six months ended November 30, 2025. DiamiR used net cash of $313,440 in the year ended May 31, 2025 and $215,008 in the six months ended November 30, 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 included herein, 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.

 ****

***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. DiamiR recorded disounts on the notes as additional paid-in capital.

 ****

***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. As of November 30, 2025, Diamir has used all of its available grant funding.

***Stock-based compensation***

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.

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.

The following is an analysis of the stock option activity under the Plans between May 31, 2024 and May 31, 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Number** | **Weighted <br> Average <br> Exercise <br> Price** | **Weighted <br> Average <br> Remaining <br> Life** |
| Outstanding May 31, 2023 | 557450 | $6.04 |  |
| Granted | 153000 | 0.01 |  |
| Exercised |  |  |  |
| Expired or forfeited | (198500) | 4.95 |  |
| Outstanding May 31, 2024 | 511950 | $4.66 |  |
| Granted |  |  |  |
| Exercised |  |  |  |
| Expired or forfeited |  |  |  |
| Outstanding May 31, 2025 | 511950 | $4.66 | 5.5 years |
| Exercisable May 31, 2025 | 263450 | $4.96 | 4.0 years |

---

The weighted average grant-date fair value of stock options granted during the year ended May 31, 2024 was $7.00, based on the following weighted average assumptions:

---

| | |
|:---|:---|
| Expected term in years | 10.0 |
| Expected volatility | 81.0% |
| Risk-free interest rate | 4.1% |
| Expected dividend yield | 0.0% |

---

In October 2023, DiamiR modified the terms of certain of its outstanding stock options representing an aggregate of 140,000 shares. These modifications included a reduction in exercise prices from $7.01 per share to $0.01 per share and the addition of performance and vesting conditions, not currently considered probable of achievement, related to corporate transactions.

In the year ended May 31, 2025, stock-based compensation expense amounted to $24,312, which is included in research and development expenses. In the year ended May 31, 2024, stock-based compensation expense amounted to $194,846, of which $182,912 is included in research and development expenses and $11,934 is included in general and administrative expenses.. As of May 31, 2025, there is no unrecognized stock-based compensation expense related to options for which vesting is considered probable. As of May 31, 2025, unrecognized stock-based compensation expense related to options for which vesting is not considered probable was $1,093,712.

In the year ended May 31, 2023, DiamiR issued 132,000 restricted stock units, vesting upon a change in control or public listing of DiamiR's common stock. In the year ended May 31, 2024, concurrent with the modification of stock options described above, DiamiR terminated outstanding restricted stock units representing 44,000 shares. Vesting of the units is not considered probable and no compensation expense has been recognized through the year ended May 31, 2025. The grant-date fair value and unrecognized compensation expense as of May 31, 2023 related to the restricted stock units amounts to $652,080.

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 November 30, 2025, as the vesting conditions were not considered to be probable of achievement for accounting purposes.

As of November 30, 2025, unrecognized stock-based compensation expense related to awards for which vesting is not considered probable was $1,093,712. As of November 30, 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.

There was no stock option activity in the six months ended November 30, 2025.

 ****

***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.

 ****

***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 six months ended November 30, 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.

## Exhibit 99.5

**Exhibit 99.5**

**UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION**

<u>Acquisition</u>

On July 14, 2025, Aptorum Group Limited (the "Company"), entered into a Merger Agreement with DiamiR Biosciences Corp. encompassing a license agreement, management agreement and merger agreement for the purchase and sale of DiamiR Biosciences Corp. ("DiamiR", the "Target"). Pursuant to the merger agreement, if completed, the Company would acquire all of the issued and outstanding capital stock of DiamiR, a private company incorporated in Delaware, United States, from DiamiR's shareholders through the issuance of shares of the Company's common stock with an estimated fair value of $21.1 million (the "Acquisition"). The Company considers completion of the merger agreement to be probable.

 

*<u>Offering</u>*

On October 10, 2025, the Company entered into a certain securities purchase agreement (the "Purchase Agreement") with certain non-affiliated institutional investors (the "October 2025 Purchasers") pursuant to which the Company agreed to sell (1) 1,000,000 Class A ordinary shares (the "Ordinary Shares"), and (2) in a concurrent private placement, restricted warrants to purchase an aggregate of up to 2,000,000 Ordinary Shares (the "Investor Warrants"), for aggregate gross proceeds of approximately $2 million (the "(the "October 2025 Offering"). The Company currently intends to use the net proceeds from the October 2025 Offering for working capital and general corporate use. Additionally, some of the proceeds from the October 2025 Offering will be used to fund expenses expected to be incurred in connection with the Merger and for general working capital of the two companies pending the anticipated closing of the Merger, which is subject to several closing conditions. The October 2025 Offering closed on October 14, 2025.

Each Investor Warrant is exercisable immediately as of the date of issuance at an exercise price of $2.00 per Ordinary Share and expires twenty-four months from the effective date of a registration statement registering for resale the Ordinary Shares underlying the Investor Warrants.

H.C. Wainwright & Co., LLC, acted as the exclusive placement agent (the "Placement Agent"), in connection with the October 2025 Offering. The Company agreed to pay the Placement Agent an aggregate cash fee equal to 7.0% of the gross proceeds raised in the October 2025 Offering. The Company will also pay the Placement Agent a cash management fee equal to 1.0% of the gross proceeds raised in the October 2025 Offering, $5,000 for non-accountable expenses, up to $50,000 for expenses of legal counsel and other out-of-pocket expenses and $10,000 for clearing fees all associated with the October 2025 Offering. The Company also issued the Placement Agent's designees warrants (the "Placement Agent Warrants") to purchase up to 60,000 Class A Ordinary Shares, at an exercise price equal to $2.50 per share. The Placement Agent Warrants are exercisable immediately upon issuance on October 10, 2025 and expire on the earlier of 24 months from the effective date of a registration statement or October 10, 2030.

After deducting fees due to the Placement Agent and offering expenses, the net proceeds from the October 2025 Offering were approximately $1.716 million.

<u>Basis of Presentation</u>

The accompanying unaudited pro forma condensed combined statement of financial position as of September 30, 2025 gives effect to the Acquisition as if it had been consummated on September 30, 2025; and the accompanying unaudited pro forma condensed combined statements of operations for the year ended December 31, 2024 and the nine months ended September 30, 2025 gives effect to the Acquisition as if it had been consummated on January 1, 2024.

The following unaudited pro forma condensed combined balance sheet as of September 30, 2025, combines the historical consolidated balance sheet of Aptorum as of September 30, 2025 with the historical balance sheet of DiamiR as of August 31, 2025 giving further effect to the pro forma adjustments described in Note (i) to the "*Notes To The Unaudited Pro Forma Consolidated Combined Financial Information"* included in this proxy statement/prospectus, as if they had been consummated as of September 30, 2025.

The following unaudited pro forma consolidated combined statements of operations for the year ended December 31, 2024 combine the historical consolidated statement of operations of Aptorum for the year ended December 31, 2024 and the historical statements of operations of DiamiR for the twelve months ended February 28, 2025 (consisting of the first nine months of its fiscal year ending May 31, 2025 and the last three months of its fiscal year ended May 31, 2024), giving effect to the pro forma adjustments described in Note (i) to the "*Notes To The Unaudited Pro Forma Consolidated Combined Financial Information*" included in this proxy statement/prospectus, as if they had been consummated on January 1, 2024, the beginning of the earliest period presented. The unaudited pro forma consolidated combined statements of operations for the nine months ended September 30, 2025 combine the historical consolidated statement of operations of Aptorum for the nine months ended September 30, 2025 and the historical statements of operations of DiamiR for the nine months ended August 31, 2025. DiamiR's revenue and net loss for the three months ended February 28, 2025, amounting to $188,909 and $211,183, respectively, are included in the pro forma consolidated combined statements of operations for both the year ended December 31, 2024 and the nine months ended August 31, 2025.

The unaudited pro forma consolidated combined financial statements have been derived from and should be read in connection with:

● the accompanying notes to the unaudited pro forma consolidated combined financial statements;

● the historical audited consolidated financial statements of Aptorum as of and for the year ended December 31, 2024 and the related notes included in this proxy statement/prospectus;

● the historical unaudited financial statements of Aptorum as of and for the nine months ended September 30, 2025 and the related notes included in this proxy statement/prospectus;

● the historical audited financial statements of DiamiR as of and for the year ended May 31, 2025 and the related notes included this proxy statement/prospectus;

● the historical unaudited financial statements of DiamiR as of and for the three months ended August 31, 2025 and the related notes included this registration statement;

● the sections entitled *"Aptorum Management's Discussion and Analysis of Financial Condition and Results of Operations of Aptorum," "Management's Discussion and Analysis of Financial Condition and Results of Operations of DiamiR,"* and other financial information relating to Aptorum and DiamiR.

The unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation S-X as amended by the final rule, Release No. 33-10786 "Amendments to Financial Disclosures about Acquired and Disposed Businesses." Release No. 33-10786 replaces the existing pro forma adjustment criteria with simplified requirements to depict the accounting for the transaction ("Transaction Accounting Adjustments") and present the reasonably estimable synergies and other transaction effects that have occurred or are reasonably expected to occur ("Management's Adjustments"). These pro forma adjustments were presented in separate columns after the presentation of the combined historical information of the Company and its subsidiaries and the Target Company and its subsidiaries. The Company has elected not to present Management's Adjustments and will only be presenting Transaction Accounting Adjustments in the unaudited pro forma condensed combined financial information. The unaudited pro forma condensed combined financial information does not reflect future events that may occur after the Acquisition. The unaudited pro forma condensed combined financial information is provided for informational purposes only and is not necessarily indicative of a true picture of the financial position and the results of operations of the combined companies following the completion of the Acquisition. The pro forma adjustments are subject to material change and are based upon currently available information and certain assumptions that the Company believes are reasonable.

There were no significant accounting policy differences or other items which required adjustment in the accompanying unaudited pro forma condensed combined financial statements.

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF FINANCIAL POSITION<br> AS OF SEPTEMBER 30, 2025<br> (In U.S. dollars except share and per share data)**

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aptorum<br> 9/30/2025** | **DiamiR<br> 8/31/2025** | **Offering<br> Transaction <br> accounting <br> adjustments** | **Notes** | **Conversion <br> of notes <br> payable (c)** | **Acquisition<br> Transaction <br> accounting <br> adjustments** | **Notes** | **Pro Forma <br> Combined** |
| Cash and equivalents | $2272611 | $28313 | $1715999 | (a)(b) | $— | $(300000) | (e) | $3716923 |
| Accounts receivable |  | 100613 |  |  |  | (88700) | (j) | 11913 |
| Other current assets | 207294 | 7963 |  |  |  |  |  | 215257 |
| Total current assets | 2479905 | 136889 | 1715999 |  |  | (388700) |  | 3944093 |
| Long-term investments, net | 15098846 |  |  |  |  |  |  | 15098846 |
| Other assets |  | 76049 |  |  |  |  |  | 76049 |
| Goodwill and intangible assets |  | 197761 |  |  |  | 21350112 | (d) | 21547873 |
| Total Assets | $17578751 | $410699 | $1715999 |  | $— | $20961412 |  | $40666861 |
| Amounts due to related parties | $79395 | $— | $— |  | $— | $— |  | $79395 |
| Accounts payable and accrued <br> expenses | 911480 | 597096 |  |  |  | (177400) | (j) | 1331176 |
| Operating lease; liabilities | 50972 | 38126 |  |  |  |  |  | 89098 |
| Convertible notes to a related party | 3374500 |  |  |  | (3374500) |  |  |  |
| Warrant liabilities |  |  | 1297312 | (a)(b) |  |  |  | 1297312 |
| Total current liabilities | 4416347 | 635222 | 1297312 |  | (3374500) | (177400) |  | 2796981 |
| Income taxes payable |  |  |  |  |  |  |  |  |
| Other liabilities |  | 13131 |  |  |  |  |  | 13131 |
| Convertible notes to a related party |  | 1122313 |  |  | (1122313) |  |  |  |
| Total Liabilities | 4416347 | 1770666 | 1297312 |  | (4496813) | (177400) |  | 2810112 |
| Preferred Stock ($0.00001 par value, 1,796,934 shares authorized, 0 shares issued and outstanding as of September 30, 2025; 1,796,934 issued and outstanding pro forma) |  |  |  |  |  | 18 | (f) | 18 |
| Common Stock ($0.00001 par value, [ ] shares authorized, 0 shares issued and outstanding as of September 30, 2025; 29,453,447 shares issued and outstanding pro forma) (g) |  |  |  |  |  | 292 | (d)(f) | 292 |
| Class A Ordinary Shares ($0.00001 par value, 9,999,996,000,000 shares authorized, 5,346,823 shares issued and outstanding as of September 30, 2025; 0 shares issued and outstanding pro forma) | 52 |  | 10 | (a) | 13 | (75) | (d) |  |
| Aptorum Class B ordinary shares ($0.00001 par value; 4,000,000 shares authorized, 1,796,934 shares issued and outstanding as of September 30, 2025; 0 shares issued and outstanding pro forma) | 18 |  |  |  |  | (18) | (f) |  |
| Common stock, $0.001 par value; 100,000,000 shares authorized; 4,440,891 issued and outstanding at August 31, 2025 |  | 4441 |  |  |  | (4441) | (d) |  |
| Additional paid-in capital | 96174010 | 4741863 | 621105 | (a)(b) | 4496800 | 15748065 | (d)(e)(f) | 121781843 |
| Accumulated other comprehensive <br> income | (158805) |  |  |  |  |  |  | (158805) |
| Accumulated deficit | (73485303) | (6106271) | (202428) | (b) |  | 5394971 | (d)(e)(j) | (74399031) |
| Total equity attributable to the shareholders of Aptorum <br> Group Limited | 22529972 | (1359967) | 418687 |  | 4496813 | 21138812 |  | 47224317 |
| Non-controlling interests | (9367568) |  |  |  |  |  |  | (9367568) |
| Total Equity | 13162404 | (1359967) | 418687 |  | 4496813 | 21138812 |  | 37856749 |
| Total Liabilities and Equity | $17578751 | $410699 | $1715999 |  | $— | $20961412 |  | $40666861 |

---

**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS**

**FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025**

**(In U.S. dollars except share and per share data)**

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Aptorum <br> 9/30/2025** | **DiamiR <br> 8/31/2025** | **Offering <br> Transaction<br> accounting<br> adjustments** | **Notes** | **Conversion <br> of notes <br> payable (c)** | **Acquisition <br> Transaction<br> accounting<br> adjustments** | **Pro Forma<br> Combined** |
| Revenue | $— | $288787 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $— | $288787 |
| Operating costs and expenses |  |  |  |  |  |  |  |
| Cost of service revenue |  | (81452) |  |  |  |  | (81452) |
| Research and development expenses | (261168) | (332878) |  |  |  |  | (594046) |
| General and administrative fees | (731229) | (859614) |  |  |  | 231042 (j) | (1359801) |
| Total operating expenses | (992397) | (1273944) |  |  |  | 231042 | (2035299) |
| Other income |  | 142342 |  |  |  | (142342) (j) |  |
| Interest (expense) income, net | (73493) | (70552) |  |  |  | 205552 (h) | 61507 |
| Total other (expense) income, net | (73493) | 71790 |  |  |  | 63210 | (61507) |
| Net loss before income taxes | (1065890) | (913367) |  |  |  | 294252 | (1685005) |
| Income tax benefit |  | 168964 |  |  |  |  | 168964 |
| Net loss | (1065890) | (744403) |  |  |  | 294252 | (1516041) |
| Net loss attributable to non-controlling interests | (10115) |  |  |  |  |  | (10115) |
| Net loss attributable to Aptorum Group Limited | $(1055775) | $(744403) | $— |  | $— | $294252 | $(1505926) |
| Net loss per share attributable to Aptorum Group Limited |  |  |  |  |  |  |  |
| – Basic<sup>(1)</sup> | $(0.15) | $(0.17) |  |  |  |  | $(0.05) |
| – Diluted<sup>(1)</sup> | $(0.15) | $(0.17) |  |  |  |  | $(0.05) |
| Weighted-average shares outstanding |  |  |  |  |  |  |  |
| – Basic<sup>(1)</sup> | 7132512 | 4440891 |  |  |  | (i) | 29925145 |
| – Diluted<sup>(1)</sup> | 7132512 | 4440891 |  |  |  | (i) | 29925145 |
| Net loss | $(1065890) | $(744403) | $— |  | $— | $294252 | $(1516041) |
| Other comprehensive loss |  |  |  |  |  |  |  |
| Other comprehensive loss | (247967) |  |  |  |  |  | (247967) |
| Comprehensive loss | (1313857) | (744403) |  |  |  | 294252 | (1764008) |
| Comprehensive loss attributable to non-controlling interests | (10115) |  |  |  |  |  | (10115) |
| Comprehensive loss attributable to the shareholders of Aptorum Group Limited | $(1303742) | $(744403) | $— |  | $— | $294252 | $(1753893) |

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**UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS<br> FOR THE YEAR ENDED DECEMBER 31, 2024<br> (In U.S. dollars except share and per share data)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aptorum <br> 12/31/2024** | **DiamiR <br> 2/28/2025** | **Offering <br> Transaction <br> accounting <br> adjustments** | **Conversion <br> of notes <br> payable (c)** | **Acquisition <br> Transaction <br> accounting <br> adjustments** | **Pro Forma <br> Combined** |
| Revenue | $— | $960817 | $— | $— | $— | $960817 |
| Operating expenses |  |  |  |  |  |  |
| Research and development expenses | (2195161) | (831600) |  |  |  | (3026761) |
| General and administrative fees | (1745380) | (660917) | (202428) (b) |  | (800000) (e) | (3408725) |
| Total operating expenses | (3940541) | (1492517) | (202428) |  | (800000) | (6435486) |
| Other (expense) income, net |  |  |  |  |  |  |
| Impairment loss of long-term investment | (1000000) |  |  |  |  | (1000000) |
| Interest (expense) income, net | (146924) | (74576) |  |  | 254577 (h) | 33077 |
| Gain on disposal of subsidiaries | 703 |  |  |  |  | 703 |
| Government subsidies | 928461 |  |  |  |  | 928461 |
| Sundry income | 564 |  |  |  |  | 564 |
| Total other (expense) income, net | (217196) | (74576) |  |  | 254577 | (37195) |
| Net loss before income taxes | (4157737) | (606276) | (202428) |  | (545423) | (5511864) |
| Income taxes |  | (46166) |  |  |  | (46166) |
| Net loss | (4157737) | (652442) | (202428) |  | (545423) | (5558030) |
| Net income attributable to non-controlling interests | (110069) |  |  |  |  | (110069) |
| Net loss attributable to Aptorum Group Limited | $(4267806) | $(652442) | $(202428) | $— | $(545423) | $(5668099) |
| Net loss per share attributable to Aptorum Group Limited |  |  |  |  |  |  |
| –Basic<sup>(1)</sup> | $(0.78) | $(0.15) |  |  |  | $(0.19) |
| –Diluted<sup>(1)</sup> | $(0.78) | $(0.15) |  |  |  | $(0.19) |
| Weighted-average shares outstanding |  |  |  |  |  |  |
| –Basic<sup>(1)</sup> | 5453103 | 4440891 |  |  | (i) | 29925145 |
| –Diluted<sup>(1)</sup> | 5453103 | 4440891 |  |  | (i) | 29925145 |
| Net loss | $(4157737) | $(652442) | $(202428) | $— | $(545423) | $(5558030) |
| Other comprehensive income |  |  |  |  |  |  |
| Exchange differences on translation of foreign operations | 99785 |  |  |  |  | 99785 |
| Other comprehensive income | 99785 |  |  |  |  | 99785 |
| Comprehensive loss | (4057952) | (652442) | (202428) |  | (545423) | (5458245) |
| Comprehensive income attributable to non-controlling interests | (110069) |  |  |  |  | (110069) |
| Comprehensive loss attributable to the shareholders of Aptorum Group <br> Limited | $(4168021) | $(652442) | $(202428) | $— | $(545423) | $(5568314) |

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**APTORUM**

**NOTES TO UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

<u>Description of Transaction and Basis of Presentation</u>

The unaudited pro forma condensed combined financial statements should be read in conjunction with the historical consolidated financial statements of DiamiR and the Company included herein.

The unaudited pro forma condensed consolidated statement of financial position reflects the Acquisition as if the Acquisition had been consummated on September 30, 2025; and the unaudited pro forma condensed combined statements of operations reflects the Acquisition as if it had been consummated on January 1, 2024.

The unaudited pro forma condensed consolidated statement of financial position reflects the October 2025 Offering as if the Offering had been consummated on September 30, 2025; and the unaudited pro forma condensed combined statements of operations reflects the Offering as if it had been consummated on January 1, 2024.

<u>Transaction Accounting Adjustments</u>

The following transaction accounting adjustments are included in the unaudited pro forma condensed combined financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Gives pro forma effect to the issuance of 1,000,000 Class A
ordinary shares and 2,000,000 Investor Warrants in October 2025 for gross proceeds of $2,000,000. The Company determined that the
Investor Warrants are classified as warrant liabilities and, accordingly, allocated the proceeds between the Investor Warrants, which
had an estimated fair value of $1,260,000, with the balance of $740,000 allocated to the Class A ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Company recognized the issuance costs attributable to
the October 2025 issuance of shares, which included cash costs of $284,001 and non-cash costs associated with the fair value of
the Placement Agent Warrants of $37,312 which are classified as warrant liabilities, by allocating to the Class A ordinary shares
and Investor Warrants. Issuance costs allocated to the Class A ordinary shares of $118,885 were recognized as a reduction of additional
paid-in capital and issuance costs allocated to the Investor Warrants of $202,428 were recognized as expense and included in general
and administrative fees during the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Convertible notes due to shareholders in the amount of $4,482,313
are to be converted into 1,338,223 shares of common stock in connection with the consummation of the Acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Acquisition is considered a business combination and is
accounted for using the acquisition method in accordance with ASC 805, "Business Combinations" as the directors of the
Company believe that the Target acquired constitutes a business in accordance with ASC 805. The Acquisition will enable the Group
to further its business strategies.

Upon completion of the Acquisition, Aptorum would hold 100% of the Target Company's equity interest and obtain control over the Target Company. Accordingly, the Target Company would become a subsidiary of the Company.

For the purpose of preparing the unaudited pro forma condensed combined financial information, the directors of the Company had assumed that with the exception of intangible assets (details set out below), the pro forma fair value of the identifiable assets and liabilities of the Target Group as at September 30, 2025 are substantially the same as their respective carrying amounts as at September 30, 2025.

The Group has applied the acquisition method in accordance with ASC 805 to account for the Acquisition as if the Acquisition had been completed on September 30, 2025 and the calculation of pro forma goodwill is as follows:

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| | |
|:---|:---|
|  | **US$('000)** |
| Fair value of total consideration (note i) | $21112 |
| Less: |  |
| &nbsp;&nbsp;&nbsp;Net assets of the Target Group as at September 30, 2025 | 238 |
| Pro forma acquired intangible assets and goodwill (note ii) | $21350 |

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---

| | |
|:---|:---|
| Note i: | The fair value of total consideration represents the number of shares of Aptorum expected to be issued in the share exchange based on aggregate fair value of Aptorum common stock at $1.06 per share, representing the closing Aptorum share price on December 31, 2025. |

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---

| | |
|:---|:---|
| Note ii: | The pro forma fair value adjustments to intangible assets mainly arise from the recognition, on a pro forma basis, of in-process research and development of Target. The pro forma fair values of the intangible assets are based on estimation by the directors of the Company and the assistance of an independent qualified professional valuation advisor using primarily a cost approach. |

---

The consideration paid for the Acquisition effectively included amounts in relation to the benefit of expected revenue growth, future market development and the assembled workforce of Target. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets.

Should there be any adverse changes to the business of the Target, including but not limited to, any subsequent adverse changes in the operation, or decline in share price, impairment may be required to be recognized against provisional goodwill in accordance with ASC 350-20-35 and the Company's accounting policies. The Company's directors confirmed that they will adopt consistent approach to assess impairment of goodwill in subsequent reporting periods in accordance with the requirements of ASC 350-20-35 and will disclose in the Group's annual report the basis and assumptions adopted by the Company's directors in the impairment assessment in accordance with the disclosure requirements in ASC 350-20-35.

The pro forma fair values of the identifiable assets and liabilities and goodwill, if any, in relation to the Acquisition are subject to material change upon the completion of a definitive merger agreement and re-determination of the accounting acquirer and purchase price allocation as of the date any closing, which may be substantially different from their estimated amounts used in the preparation of this unaudited pro forma financial information.

Amounts allocated to patents are generally subject to amortization over the lives of the patents, as definite-live intangible assets.

Amounts allocated to in-process research and development are subject periodic impairment, including upon the abandonment of programs. Amounts allocated to goodwill are subject to periodic impairment, including upon Company market price declines.

Each Aptorum Class A Ordinary share is exchanged for one share of common stock of the combined company. Each Aptorum Class B Ordinary Share is exchanged for one share of common stock of the combined company and one share of preferred stock.

DiamiR's historical stockholder equity balances are eliminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The adjustment represents the estimated transaction costs
of the Acquisition, including legal and professional fees directly attributable to the Acquisition and settled in cash, as well as warrants
to be issued to Wainwright upon consummation of the Merger that have a fair value of approximately $500,000 and are currently presumed
to be classified within stockholders' equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Reflects the automatic conversion in connection with the Domestication
of 1,796,934 Aptorum Class B Ordinary Shares into 1,796,934 shares of common stock of Aptorum Delaware and 1,796,934 shares of Series A
preferred stock of Aptorum Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Pro forma shares of common stock outstanding include:

---

| | |
|:---|:---|
| Aptorum Class A Ordinary Shares at September 30, 2025 that are to be converted into common stock | 5346823 |
| Conversion of Aptorum Class B Ordinary Shares into common stock | 1796934 |
| Conversion of note payable into common stock | 1338223 |
| Exercise of warrants | 54054 |
| Issuance of Class A Ordinary Shares in October 2025 Offering that are to be converted into common stock | 1000000 |
| Issuance of common stock to DiamiR shareholders in merger | 19917413 |
| Pro Forma Common Stock Outstanding at September 30, 2025 | 29453447 |

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Other than the above adjustments, no adjustments have been made to reflect any results of operations or other transactions entered into subsequent to September 30, 2025. Unless otherwise stated, the adjustments above do not have a recurring effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Represents interest expense related to convertible notes to
be converted into shares of common stock of Aptorum Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Weighted average shares outstanding on a pro forma basis includes:

---

| | |
|:---|:---|
| Aptorum Class A Ordinary Shares at September 30, 2025 | 5346823 |
| Conversion of Aptorum Class B Ordinary Shares into common stock | 1796934 |
| Conversion of note payable into common stock | 1338223 |
| Exercise of warrants | 54054 |
| Issuance of Class A Ordinary Shares in October 2025 Offering that are to be converted into common stock | 1000000 |
| Shares issued to DiamiR shareholders in merger | 19917413 |
| Warrants issuable for nominal consideration to Wainwright | 471698 |
| Weighted Average Shares Outstanding – Basic and Diluted | 29925145 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) To eliminate transactions between Aptorum and DiamiR associated
with the Management Services Agreement.