Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2020
“I am pleased with the developments that were achieved during the first half of 2020 despite the challenges presented by the COVID-19 pandemic,” said Mr.
Clinical Pipeline Update and Upcoming Milestones
SACT-1–lead program of the Smart-ACTTM platform, a repurposed drug for neuroblastoma and others: Undergoing preparation and on track for IND submission to commence Phase 1b/2a human clinical trials targeting the US FDA’s 505(b)(2) pathway. Further in vitro screening to assess SACT-1’s potential effect on over 300 cancer cell lines has been completed and showed promising effect on including, but not limited to, colorectal cancer, leukemia and lymphoma.
ALS-4–lead program of the Acticule platform, a small drug molecule candidate for methicillin resistant Staphylococcus aureus (“MRSA” superbug): ALS-4 is undergoing final stages of IND enabling studies and is targeted for regulatory submission in Q4 2020 to commence a Phase 1 human clinical trial thereafter.
CLS-1–lead program of the Claves platform, a macromolecule approach for obesity: Currently in lead optimization stage, aimed for IND enabling studies to commence in 2021.
NLS-2 NativusWell®–a dietary supplement for woman's health, including menopause and osteoporosis: Undergoing registration in the
Corporate Highlights
Commenced trading on
Three new personnel appointed to Aptorum Group’s team:
-
Dr.
Herman Weiss , M.D., Chief Executive Officer and Executive Director ofClaves Life Sciences Limited and Senior Medical Advisor ofAptorum Group -
Dr.
Kira Sheinerman , Senior Strategic Consultant ofAptorum Group -
Dr.
Robbie Majzner , Scientific Advisor ofAptorum Group
Financial Results for the Six Months Ended
Research and development expenses were
General and administrative fees were
Legal and professional fees were
Interest expenses, net were
As of
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Stated in |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
4,019,324 |
|
|
$ |
5,189,003 |
|
Restricted cash |
|
|
104,170 |
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|
|
104,170 |
|
Digital currencies |
|
|
1,539 |
|
|
|
1,539 |
|
Accounts receivable |
|
|
41,696 |
|
|
|
40,543 |
|
Inventories |
|
|
34,318 |
|
|
|
34,185 |
|
Marketable securities, at fair value |
|
|
303,049 |
|
|
|
1,063,111 |
|
Investments in derivatives |
|
|
102,087 |
|
|
|
203,320 |
|
Amounts due from related parties |
|
|
- |
|
|
|
962 |
|
Due from brokers |
|
|
160,334 |
|
|
|
317,005 |
|
Other receivables and prepayments |
|
|
1,361,502 |
|
|
|
1,079,043 |
|
Total current assets |
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6,128,019 |
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|
|
8,032,881 |
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Property, plant and equipment, net |
|
|
6,140,602 |
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|
|
7,093,035 |
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Operating lease right-of-use assets |
|
|
705,890 |
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|
|
- |
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Non-marketable investments |
|
|
8,748,119 |
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|
|
7,112,180 |
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Intangible assets, net |
|
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1,220,650 |
|
|
|
1,311,683 |
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Amounts due from related parties |
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- |
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50,000 |
|
Long-term deposits |
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|
335,878 |
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294,606 |
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Other non-current asset |
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29,917 |
|
|
|
59,833 |
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Total Assets |
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$ |
23,309,075 |
|
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$ |
23,954,218 |
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LIABILITIES AND EQUITY |
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LIABILITIES |
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Current liabilities: |
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Amounts due to related parties |
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$ |
112,013 |
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$ |
41,593 |
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Accounts payable and accrued expenses |
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2,500,566 |
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|
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2,586,527 |
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Finance lease liabilities, current |
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47,954 |
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46,555 |
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Operating lease liabilities, current |
|
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419,875 |
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|
|
- |
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Total current liabilities |
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3,080,408 |
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2,674,675 |
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Finance lease liabilities, non-current |
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72,986 |
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97,319 |
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Operating lease liabilities, non-current |
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319,938 |
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- |
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Loan payables to related parties |
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2,313,358 |
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6,330,472 |
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Total Liabilities |
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$ |
5,786,690 |
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$ |
9,102,466 |
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Commitments and contingencies |
|
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- |
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- |
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EQUITY |
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Class A Ordinary Shares ( |
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$ |
7,950,986 |
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$ |
6,597,362 |
|
Class B Ordinary Shares ( |
|
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22,437,754 |
|
|
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22,437,754 |
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Additional paid-in capital |
|
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33,184,104 |
|
|
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24,887,624 |
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Accumulated other comprehensive income (loss) |
|
|
25,618 |
|
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(5,552 |
) |
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Accumulated deficit |
|
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(43,760,545 |
) |
|
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(37,555,980 |
) |
Total equity attributable to the shareholders of |
|
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19,837,917 |
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16,361,208 |
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Non-controlling interests |
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(2,315,532 |
) |
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(1,509,456 |
) |
Total equity |
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17,522,385 |
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|
|
14,851,752 |
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Total Liabilities and Equity |
|
$ |
23,309,075 |
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$ |
23,954,218 |
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CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) |
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(Stated in |
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For the six months ended
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2020 |
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2019 |
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(Unaudited) |
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(Unaudited) |
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Revenue |
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Healthcare services income |
$ |
327,273 |
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$ |
239,792 |
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Operating expenses |
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Costs of healthcare services |
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(436,171 |
) |
|
(371,218 |
) |
Research and development expenses |
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(4,315,033 |
) |
|
(2,714,217 |
) |
General and administrative fees |
|
(2,076,634 |
) |
|
(3,232,916 |
) |
Legal and professional fees |
|
(1,540,304 |
) |
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(2,008,774 |
) |
Other operating expenses |
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(641,457 |
) |
|
(120,788 |
) |
Total operating expenses |
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(9,009,599 |
) |
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(8,447,913 |
) |
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Other income (loss) |
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Gain on investments in marketable securities, net |
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192,134 |
|
|
315,977 |
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Gain on non-marketable investment |
|
1,635,939 |
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|
1,147,199 |
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(Loss) gain on investments in derivatives, net |
|
(101,233 |
) |
|
310,195 |
|
Realized gain on use of digital currencies |
|
- |
|
|
12,334 |
|
Changes in fair value of warrant liabilities |
|
- |
|
(866,300 |
) |
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Gain on extinguishment of convertible debts |
|
- |
|
|
1,198,490 |
|
Interest expense, net |
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(144,226 |
) |
|
(3,678,566 |
) |
Sundry income |
|
111,398 |
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|
128,444 |
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Total other income (loss), net |
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1,694,012 |
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(1,432,227 |
) |
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Net loss |
$ |
(6,988,314 |
) |
$ |
(9,640,348 |
) |
Less: net loss attributable to non-controlling interests |
|
(783,749 |
) |
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(551,877 |
) |
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Net loss attributable to |
$ |
(6,204,565 |
) |
$ |
(9,088,471 |
) |
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Net loss per share – basic and diluted |
$ |
(0.21 |
) |
$ |
(0.31 |
) |
Weighted-average shares outstanding – basic and diluted |
|
29,956,393 |
|
|
28,978,151 |
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|
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Net loss |
$ |
(6,988,314 |
) |
$ |
(9,640,348 |
) |
Other Comprehensive income (loss) |
|
|
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Exchange differences on translation of foreign operations |
|
31,170 |
|
|
2,000 |
|
Other Comprehensive income |
|
31,170 |
|
|
2,000 |
|
Comprehensive loss |
|
(6,957,144 |
) |
|
(9,638,348 |
) |
Less: comprehensive loss attributable to non-controlling
|
|
(783,751 |
) |
|
(551,877 |
) |
Comprehensive loss attributable to the shareholders of
|
|
(6,173,393 |
) |
|
(9,086,471 |
) |
About
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Disclaimer and Forward-Looking Statements
This press release does not constitute an offer to sell or a solicitation of offers to buy any securities of
This press release includes statements concerning
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 that
This announcement is not a prospectus within the meaning of the Regulation (EU) n°2017/1129 of
This press release is provided ”as is” without any representation or warranty of any kind.
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Investor relations
Investor Relations Department
Tel: +44 020 80929299
Email: investor.relations@aptorumgroup.com
Redchip – Financial Communications United States
Investor relations
dave@redchip.com
+1 407 491 4498
Actifin – Financial Communications Europe
Investor relations
ggasparetto@actifin.fr
+33 1 56 88 11 22
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