Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2023
“During the first half of 2023, we remained focused on advancing the development of our therapeutic programs. We continue to work towards advancing our ALS-4 and SACT-1 clinical programs and our PathsDx liquid biopsy program through potential collaborations. In light of the macroeconomic environment, we remain vigilant at controlling costs and resources of the company whilst continuing to advance our development objectives of the above programs as well,” said Mr.
Clinical Pipeline Update and Upcoming Milestones
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Corporate Highlights
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For the six months ended
Financial Results for the Six Months Ended
Research and development expenses were
General and administrative fees were
Legal and professional fees were
As of
In
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Stated in |
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2023 |
2022 |
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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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$ |
340,306 |
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$ |
1,882,545 |
|
Restricted cash |
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130,335 |
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3,130,335 |
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Accounts receivable |
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66,396 |
|
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174,426 |
|
Inventories |
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- |
|
|
|
27,722 |
|
Marketable securities, at fair value |
|
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- |
|
|
|
102,481 |
|
Amounts due from related parties |
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|
95,768 |
|
|
|
129,677 |
|
Due from brokers |
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|
93,792 |
|
|
|
652 |
|
Loan receivable from a related party |
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422,800 |
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875,956 |
|
Other receivables and prepayments |
|
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748,594 |
|
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|
744,008 |
|
Total current assets |
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1,897,991 |
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|
|
7,067,802 |
|
Property, plant and equipment, net |
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2,190,146 |
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2,825,059 |
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Operating lease right-of-use assets |
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311,639 |
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347,000 |
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Long-term investments |
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9,744,958 |
|
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9,744,958 |
|
Intangible assets, net |
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166,566 |
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|
752,705 |
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Long-term deposits |
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100,741 |
|
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|
129,847 |
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Total Assets |
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$ |
14,412,041 |
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$ |
20,867,371 |
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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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$ |
84,405 |
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$ |
12,693 |
|
Accounts payable and accrued expenses |
|
|
1,044,028 |
|
|
|
6,166,807 |
|
Operating lease liabilities, current |
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305,055 |
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310,548 |
|
Bank loan |
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- |
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3,000,000 |
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Convertible notes |
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- |
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3,013,234 |
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Total current liabilities |
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1,433,488 |
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12,503,282 |
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Operating lease liabilities, non-current |
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199,076 |
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30,784 |
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Loan payables to related parties |
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- |
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500,000 |
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Total Liabilities |
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$ |
1,632,564 |
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$ |
13,034,066 |
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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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2,937,921 shares issued and outstanding as of |
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6,000,000 shares authorized, 1,326,953 shares issued and outstanding as of |
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$ |
31 |
$ |
13,269,528 |
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Class B Ordinary Shares ( |
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2,243,776 shares issued and outstanding as of |
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4,000,000 shares authorized, 2,243,776 shares issued and outstanding as of |
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22 |
22,437,754 |
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Additional paid-in capital |
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92,641,521 |
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45,308,080 |
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Accumulated other comprehensive income |
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26,322 |
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33,807 |
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Accumulated deficit |
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(70,824,179 |
) |
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(65,337,075 |
) |
Total equity attributable to the shareholders of |
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21,843,717 |
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15,712,094 |
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Non-controlling interests |
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(9,064,240 |
) |
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(7,878,789 |
) |
Total equity |
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12,779,477 |
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|
7,833,305 |
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Total Liabilities and Equity |
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$ |
14,412,041 |
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$ |
20,867,371 |
|
See accompanying notes to the condensed consolidated financial statements.
(1) All per share amounts and shares outstanding for all periods have been retroactively restated to reflect
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS |
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For the six months ended |
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(Stated in |
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For the six months ended |
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2023 |
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2022 |
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(Unaudited) |
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(Unaudited) |
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Revenue |
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Healthcare services income |
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$ |
431,378 |
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$ |
527,462 |
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Operating expenses |
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Costs of healthcare services |
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(426,063 |
) |
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(529,991 |
) |
Research and development expenses |
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(3,212,366 |
) |
|
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(4,509,303 |
) |
General and administrative fees |
|
|
(1,263,019 |
) |
|
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(2,400,418 |
) |
Legal and professional fees |
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(1,738,566 |
) |
|
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(1,356,164 |
) |
Other operating expenses |
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(330,212 |
) |
|
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(183,104 |
) |
Total operating expenses |
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(6,970,226 |
) |
|
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(8,978,980 |
) |
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Other (expenses) income |
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Loss on investments in marketable securities, net |
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(9,266 |
) |
|
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(82,710 |
) |
Gain on non-marketable investment, net |
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- |
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5,588,078 |
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Interest (expense) income, net |
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(93,478 |
) |
|
|
149,734 |
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Sundry income |
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36,803 |
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66,628 |
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Total other (expenses) income, net |
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(65,941 |
) |
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5,721,730 |
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Net loss |
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$ |
(6,604,789 |
) |
|
$ |
(2,729,788 |
) |
Less: net loss attributable to non-controlling interests |
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(1,117,685 |
) |
|
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(844,536 |
) |
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Net loss attributable to |
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$ |
(5,487,104 |
) |
|
$ |
(1,885,252 |
) |
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Net loss per share(1) – basic and diluted |
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$ |
(1.43 |
) |
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$ |
(0.53 |
) |
Weighted-average shares outstanding(1) – basic and diluted |
|
|
3,849,621 |
|
|
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3,568,265 |
|
|
|
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Net loss |
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$ |
(6,604,789 |
) |
|
$ |
(2,729,788 |
) |
Other comprehensive (loss) income |
|
|
|
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|
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Exchange differences on translation of foreign operations |
|
|
(7,485 |
) |
|
|
31,346 |
|
Other comprehensive (loss) income |
|
|
(7,485 |
) |
|
|
31,346 |
|
Comprehensive loss |
|
|
(6,612,274 |
) |
|
|
(2,698,442 |
) |
Less: comprehensive loss attributable to non-controlling interests |
|
|
(1,117,685 |
) |
|
|
(844,536 |
) |
Comprehensive loss attributable to the shareholders of |
|
|
(5,494,589 |
) |
|
|
(1,853,906 |
) |
See accompanying notes to the condensed consolidated financial statements.
(1) All per share amounts and shares outstanding for all periods have been retroactively restated to reflect
About
For more information about the Company, please visit www.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 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 press release is provided “as is” without any representation or warranty of any kind.
View source version on businesswire.com: https://www.businesswire.com/news/home/20231221632368/en/
Investor Relations Department
investor.relations@aptorumgroup.com
+44 20 80929299
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