Financial Performance - Aptorum Group reported a net loss of $11.5 million in 2022, a significant decrease from a net loss of $27.1 million in 2021, primarily due to a gain on long-term investments of $5.6 million and a decrease in loss on investments in marketable securities of $7.9 million[8]. - Research and development expenses decreased to $9.2 million in 2022 from $10.9 million in 2021, attributed to reduced contracted research organization services as the company prepares for Phase 2 of its lead projects[8]. - General and administrative fees slightly decreased to $5.2 million in 2022 from $5.4 million in 2021, mainly due to reduced payroll expenses from a decrease in staff[8]. - Legal and professional fees increased to $2.9 million in 2022 from $2.6 million in 2021, due to more consulting services engaged during the year[9]. - Accumulated deficit increased from $(55,537,515) to $(65,337,075), a deterioration of approximately 17.5%[19]. Cash and Assets - As of December 31, 2022, Aptorum Group had $5.0 million in cash and restricted cash, down from $8.3 million as of December 31, 2021, primarily due to cash used in operating activities[9]. - Cash and cash equivalents decreased from $8,131,217 to $1,882,545, a decline of about 76.8%[19]. - Total current assets decreased from $12,688,300 to $7,067,802, a decline of approximately 44.8%[19]. - Total assets decreased from $21,907,243 to $20,867,371, a decline of about 4.7%[19]. Liabilities and Equity - Total liabilities increased significantly from $4,401,121 to $13,034,066, representing an increase of about 195.5%[19]. - Total equity attributable to shareholders decreased from $23,607,345 to $15,712,094, a reduction of approximately 33.5%[19]. - Accounts payable and accrued expenses rose from $4,172,565 to $6,166,807, an increase of approximately 47.8%[19]. - Non-controlling interests increased from $(6,101,223) to $(7,878,789), a change of approximately 29.1%[19]. Investments and Corporate Actions - Long-term investments increased from $4,156,907 to $9,744,958, representing an increase of about 134.0%[19]. - The company entered into a non-binding Letter of Intent to acquire 100% of URF Holding Group Limited, which may result in a reverse takeover and continued listing on Nasdaq[7]. - The company effectuated a ten-for-one share consolidation on January 23, 2023, changing the par value of Class A and Class B Ordinary Shares[5]. - The company executed a 1 for 10 reverse stock split effective January 23, 2023[20]. Clinical Development - The company completed Pre-IND discussions with the US FDA for its lead project ALS-4, targeting IND clearance for Phase II clinical trials in the United States[3]. - The End of Phase 1 meeting for SACT-1 with the US FDA was completed, with the FDA agreeing on the proposed clinical development plan for pediatric neuroblastoma treatment[4]. Commercialization - NativusWell® commenced commercialization in China through JD.com, one of the largest e-commerce platforms in the country[4].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of ...