Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2022
Aptorum Group Limited (NASDAQ: APM) provided a business update and financial results for the six months ending June 30, 2022. The company reported a net loss of $2.7 million, a substantial decrease from $17.1 million in the same period in 2021. Key highlights include successful Phase I trial completions for ALS-4 and SACT-1, alongside progress in the RPIDD program. The commercialization of the NativusWell® nutraceutical targeting women's health has commenced in Hong Kong. The company expects its current cash reserves will support operations for the next 12 months.
- Net loss decreased to $2.7 million from $17.1 million year-over-year.
- Phase I clinical trials for ALS-4 and SACT-1 were successfully completed.
- Commercialization of NativusWell® targeting women's health initiated in Hong Kong.
- Cash and restricted cash total approximately $7.2 million, expected to fund operations for 12 months.
- General and administrative fees decreased by only $0.2 million, indicating potential operational inefficiencies.
- Legal and professional fees rose to $1.4 million due to increased share-based compensation.
“During the first half of 2022, we remained focused on advancing the development of our therapeutic programs. As announced in early 2022, both our SACT-1 program (targeting neuroblastoma) and ALS-4 program (targeting MRSA), has announced the completion and positive Phase I clinical trial results. Our RPIDD program (liquid biopsy based approach to infectious disease rapid molecular diagnostics) are also progressing well into its clinical validation studies. We are excited to work towards the commencement of the relevant phase II clinical trials for our ALS-4 and SACT-1 programs and the continuation of the clinical validation of our RPIDD program. Finally, we are also pleased to have announced the commercialization of our NativusWell® nutraceutical product, a novel supplement targeting woman’s health including menopausal symptoms, commencing in
Clinical Pipeline Update and Upcoming Milestones
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Corporate Highlights
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Financial Results for the Six Months Ended
Research and development expenses were
General and administrative fees were
Legal and professional fees were
As of
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CONDENSED CONSOLIDATED BALANCE SHEETS |
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(Stated in |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash |
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$ |
4,065,788 |
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$ |
8,131,217 |
|
Restricted cash |
|
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3,130,270 |
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|
|
130,270 |
|
Accounts receivable |
|
|
71,814 |
|
|
|
78,722 |
|
Inventories |
|
|
29,704 |
|
|
|
35,775 |
|
Marketable securities, at fair value |
|
|
153,905 |
|
|
|
236,615 |
|
Amounts due from related parties |
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|
141,457 |
|
|
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47,754 |
|
Due from brokers |
|
|
76,330 |
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76,380 |
|
Loan receivable from a related party |
|
|
657,404 |
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3,358,089 |
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Other receivables and prepayments |
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|
997,900 |
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593,478 |
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Total current assets |
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9,324,572 |
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12,688,300 |
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Property, plant and equipment, net |
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3,331,498 |
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3,731,116 |
|
Operating lease right-of-use assets |
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495,415 |
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154,439 |
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Long-term investments |
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9,744,985 |
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4,156,907 |
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Intangible assets, net |
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826,184 |
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880,256 |
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Long-term deposits |
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295,891 |
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296,225 |
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Total Assets |
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$ |
24,018,545 |
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$ |
21,907,243 |
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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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$ |
46 |
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$ |
11,389 |
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Accounts payable and accrued expenses |
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4,843,862 |
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4,172,565 |
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Finance lease liabilities, current |
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22,106 |
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47,923 |
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Operating lease liabilities, current |
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339,649 |
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145,391 |
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Loan payables |
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3,000,000 |
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- |
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Total current liabilities |
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8,205,663 |
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4,377,268 |
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Operating lease liabilities, non-current |
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163,906 |
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23,853 |
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Total Liabilities |
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$ |
8,369,569 |
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$ |
4,401,121 |
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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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$ |
13,265,503 |
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$ |
13,202,408 |
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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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44,336,942 |
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43,506,717 |
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Accumulated other comprehensive income (deficit) |
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29,327 |
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(2,019 |
) |
Accumulated deficit |
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(57,422,767 |
) |
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(55,537,515 |
) |
Total equity attributable to the shareholders of |
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22,646,759 |
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23,607,345 |
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Non-controlling interests |
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(6,997,783 |
) |
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(6,101,223 |
) |
Total equity |
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15,648,976 |
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17,506,122 |
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Total Liabilities and Equity |
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$ |
24,018,545 |
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$ |
21,907,243 |
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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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2022 |
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2021 |
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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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$ |
527,462 |
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$ |
637,784 |
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Operating expenses |
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Costs of healthcare services |
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(529,991 |
) |
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(629,987 |
) |
Research and development expenses |
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(4,509,303 |
) |
|
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(5,508,356 |
) |
General and administrative fees |
|
|
(2,400,418 |
) |
|
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(2,564,117 |
) |
Legal and professional fees |
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(1,356,164 |
) |
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(1,240,512 |
) |
Other operating expenses |
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(183,104 |
) |
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(189,125 |
) |
Total operating expenses |
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(8,978,980 |
) |
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(10,132,097 |
) |
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Other income (loss) |
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Loss on investments in marketable securities, net |
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(82,710 |
) |
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(7,565,273 |
) |
Gain on non-marketable investment, net |
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5,588,078 |
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- |
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Loss on investments in derivatives, net |
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- |
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(4,289 |
) |
Gain on use of digital currencies |
|
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- |
|
|
|
4,918 |
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Interest income (expense), net |
|
|
149,734 |
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(126,102 |
) |
Sundry income |
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66,628 |
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82,652 |
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Total other income (loss), net |
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5,721,730 |
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(7,608,094 |
) |
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Net loss |
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$ |
(2,729,788 |
) |
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$ |
(17,102,407 |
) |
Less: net loss attributable to non-controlling interests |
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(844,536 |
) |
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(1,020,983 |
) |
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Net loss attributable to |
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$ |
(1,885,252 |
) |
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$ |
(16,081,424 |
) |
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Net loss per share – basic and diluted |
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$ |
(0.05 |
) |
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$ |
(0.47 |
) |
Weighted-average shares outstanding – basic and diluted |
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35,682,652 |
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34,280,137 |
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Net loss |
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$ |
(2,729,788 |
) |
|
$ |
(17,102,407 |
) |
Other comprehensive income (loss) |
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Exchange differences on translation of foreign operations |
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31,346 |
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(25,029 |
) |
Other comprehensive income (loss) |
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31,346 |
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|
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(25,029 |
) |
Comprehensive loss |
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(2,698,442 |
) |
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(17,127,436 |
) |
Less: comprehensive loss attributable to non-controlling interests |
|
|
(844,536 |
) |
|
|
(1,020,983 |
) |
Comprehensive loss attributable to the shareholders of |
|
|
(1,853,906 |
) |
|
|
(16,106,453 |
) |
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 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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20220930005654/en/
Investor Relations Department
investor.relations@aptorumgroup.com
+44 20 80929299
Redchip – Financial Communications United States
Investor relations
craig@redchip.com
+1 407 571 0902
Actifin – Financial Communications Europe
Investor relations
ggasparetto@actifin.fr
+33 1 56 88 11 22
Source:
FAQ
What were Aptorum Group's financial results for the first half of 2022?
What clinical trials did Aptorum Group complete recently?
What is the expected cash runway for Aptorum Group?
What is the NativusWell® product launched by Aptorum Group?