Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2024

APM 12.20.2024

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  • 01.02.2025 - Aptorum Group Limited Announces Pricing of $3.0 Million Registered Direct Offering
  • 12.20.2024 - Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2024
  • 04.30.2024 - Aptorum Group Limited Reports 2023 Fiscal Year End Financial Results and Provides Business Update

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NEW YORK--(BUSINESS WIRE)--Dec. 20, 2024--Aptorum Group Limited(NASDAQ: APM) (“Aptorum Group” or the “Company”), a clinical stage biopharmaceutical company dedicated to meeting unmet medical needs in oncology, autoimmune and infectious diseases, today provided a business update and announced financial results for the six months endedJune 30, 2024.

“Our team and Yoov have spent considerable time and effort on the due diligence process, the negotiation of definitive terms, and the preparation of necessary transactional and listing documentation. However, current market conditions have introduced significant uncertainty regarding the availability of the required funding for the transaction. After careful consideration, our Board has determined that it is no longer in the best interests of our shareholders to proceed with this transaction. Despite this, we will continue to explore other business combination opportunities that we believe will enhance shareholder value,” stated Mr.Ian Huen, Chief Executive Officer and Executive Director ofAptorum Group Limited.

Corporate Highlights

OnOctober 24, 2024, the Company andYoov Group Holding Limited(“Yoov”) entered into a termination agreement and the anticipated reverse takeover transaction with Yoov was terminated.

Financial Results for the Six Months EndedJune 30, 2024

Aptorum Groupreported a net loss of$2.7 millionfor the six months endedJune 30, 2024compared to$6.6 millionfor the same period in 2023. The decrease in net loss in the current period was driven by the decrease in operating expenses by$4.1 milliondue to the implementation of stringent budgetary control measures, as a result of the Company’s exclusive emphasis on the previous anticipated RTO.

Research and development expenses were$2.0 millionfor the six months endedJune 30, 2024compared to$3.2 millionfor the same period in 2023. Before the Merger Agreement was terminated, we determined it was best to focus all of our attention and resources on completing the Merger and therefore paused the majority of our R&D activities during that time; following the termination of the Merger Agreement in the fourth quarter of fiscal 2024, we determined that searching for other business combination opportunities could maximize shareholder value, and our R&D activities remain suspended.

General and administrative fees were$0.3 millionfor the six months endedJune 30, 2024compared to$1.3 millionfor the same period in 2023. The decrease in general and administrative fees was primary due to the streamlining of our operations to focus on preparation for the Merger, which has since been abandoned.

Legal and professional fees were$0.4 millionfor the six months endedJune 30, 2024compared to$1.7 millionfor the same period in 2023. The decrease in legal and professional fees was 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.

As ofJune 30, 2024, cash and restricted cash totaled approximately$0.8 millionand total equity was approximately$13.2 million.

APTORUM GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

June 30, 2024andDecember 31, 2023

(Stated inU.S.Dollars)

June 30,2024

December 31,2023

ASSETS

Current assets:

Cash

$

783,085

$

2,005,351

Accounts receivable

21,800

47,709

Amounts due from related parties

3,595

961

Other receivables and prepayments

725,616

422,071

Total current assets

1,534,096

2,476,092

Property and equipment, net

-

1,663,926

Operating lease right-of-use assets

-

182,057

Long-term investments

16,098,846

16,098,846

Intangible assets, net

-

147,347

Long-term deposits

71,823

71,823

Total Assets

$

17,704,765

$

20,640,091

LIABILITIES AND EQUITY

LIABILITIES

Current liabilities:

Amounts due to related parties

$

79,180

$

79,180

Accounts payable and accrued expenses

1,148,235

1,894,341

Operating lease liabilities, current

89,145

125,232

Total current liabilities

1,316,560

2,098,753

Operating lease liabilities, non-current

62,718

99,485

Convertible notes to a related party

3,148,500

3,058,500

Total Liabilities

$

4,527,778

$

5,256,738

Commitments and contingencies

-

-

EQUITY

Class A Ordinary Shares ($0.00001par value, 9,999,996,000,000 shares authorized, 3,674,164 shares issued and outstanding as ofJune 30, 2024; 2,937,921 shares issued and outstanding as ofDecember 31, 2023)

$

37

$

31

Class B Ordinary Shares ($0.00001par value; 4,000,000 shares authorized, 1,796,934 shares issued and outstanding as ofJune 30, 2024; 2,243,776 shares issued and outstanding as ofDecember 31, 2023)

18

22

Additional paid-in capital

93,470,186

93,018,528

Accumulated other comprehensive loss

(9,762

)

(10,623

)

Accumulated deficit

(70,805,518

)

(68,161,722

)

Total equity attributable to the shareholders ofAptorum Group Limited

22,654,961

24,846,236

Non-controlling interests

(9,477,974

)

(9,462,883

)

Total equity

13,176,987

15,383,353

Total Liabilities and Equity

$

17,704,765

$

20,640,091

APTORUM GROUP LIMITED

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

For the six months endedJune 30, 2024and 2023

(Stated inU.S.Dollars)

For the six months endedJune 30,

2024

2023

Revenue

Healthcare services income

$

-

$

431,378

Operating expenses

Costs of healthcare services

-

(426,063

)

Research and development expenses

(2,038,923

)

(3,212,366

)

General and administrative fees

(326,187

)

(1,263,019

)

Legal and professional fees

(366,164

)

(1,738,566

)

Other operating expenses

(137,233

)

(330,212

)

Total operating expenses

(2,868,507

)

(6,970,226

)

Other income (expenses)

Loss on investments in marketable securities, net

-

(9,266

)

Interest expense, net

(68,462

)

(93,478

)

Loss on disposal of subsidiaries

(4,271

)

-

Sundry income

282,353

36,803

Total other income (expenses), net

209,620

(65,941

)

Net loss

$

(2,658,887

)

$

(6,604,789

)

Less: net loss attributable to non-controlling interests

(15,091

)

(1,117,685

)

Net loss attributable toAptorum Group Limited

$

(2,643,796

)

$

(5,487,104

)

Net loss per share – basic and diluted

$

(0.50

)

$

(1.43

)

Weighted-average shares outstanding – basic and diluted

5,339,608

3,849,621

Net loss

$

(2,658,887

)

$

(6,604,789

)

Other comprehensive income (loss)

Exchange differences on translation of foreign operations

861

(7,485

)

Other comprehensive income (loss)

861

(7,485

)

Comprehensive loss

(2,658,026

)

(6,612,274

)

Less: comprehensive loss attributable to non-controlling interests

(15,091

)

(1,117,685

)

Comprehensive loss attributable to the shareholders ofAptorum Group Limited

(2,642,935

)

(5,494,589

)

AboutAptorum Group

Aptorum Group Limited(Nasdaq: APM) is 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. The pipeline ofAptorumis also enriched through the co-development of PathsDxTest, a novel molecular-based rapid pathogen identification and detection diagnostics technology, withAccelerate Technologies Pte Ltd, commercialization arm of the Singapore’sAgency for Science, Technology and Research.

For more information about the Company, please visitwww.aptorumgroup.com.

Disclaimer and Forward-Looking Statements

This press release does not constitute an offer to sell or a solicitation of offers to buy any securities ofAptorum Group.

This press release includes statements concerningAptorum Group Limitedand its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions.Aptorum Grouphas based these forward-looking statements, which include statements regarding projected timelines for application submissions and trials, largely on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and results of operations.

These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks related to its announced management and organizational changes, the continued service and availability of key personnel, its ability to expand its product assortments by offering additional products for additional consumer segments, development results, the company’s anticipated growth strategies, anticipated trends and challenges in its business, and its expectations regarding, and the stability of, its supply chain, and the risks more fully described in Aptorum Group’s Form 20-F and other filings thatAptorum Groupmay make with theSECin the future. As a result, the projections included in such forward-looking statements are subject to change and actual results may differ materially from those described herein.

Aptorum Groupassumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

This press release is provided “as is” without any representation or warranty of any kind.

View source version onbusinesswire.com:https://www.businesswire.com/news/home/20241220907803/en/

Aptorum Group LimitedInvestor Relations Departmentinvestor.relations@aptorumgroup.com+44 20 80929299

Source:Aptorum Group Limited

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