Aptorum Group Limited Reports Financial Results and Business Update for the Six Months Ended June 30, 2021
Aptorum Group Limited (NASDAQ: APM) reported a significant net loss of $17.1 million for the first half of 2021, up from $7.0 million in 2020, largely due to losses on investments. However, its clinical programs are advancing; the ALS-4 program has successfully completed the single ascending dose portion of its trial, and the SACT-1 program received FDA clearance for clinical trials. Additionally, the company has $20.1 million in cash and expects to fund operations for at least the next 12 months. R&D expenses increased due to contracted services as clinical projects progress.
- ALS-4 program completed 5 cohorts of Phase 1 study without serious adverse events.
- SACT-1 program received FDA clearance to commence clinical trials.
- Strong cash position of approximately $20.1 million to fund operations for at least 12 months.
- Net loss increased to $17.1 million compared to $7.0 million in 2020.
- R&D expenses rose to $5.5 million, up from $4.3 million in 2020.
“During the first half of 2021, we remained focused on advancing the development of our therapeutic programs. As announced in early 2021, our ALS-4 program (targeting infections caused by Staphylococcus aureus including MRSA) commenced a Phase 1 clinical study in
Clinical Pipeline Update and Upcoming Milestones
In
In
In
In
Corporate Highlights
In
On
Financial Results for the Six Months Ended
Research and development expenses were
General and administrative fees were
Legal and professional fees were
As of
CONDENSED CONSOLIDATED BALANCE SHEETS
(Stated in
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(Unaudited) |
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ASSETS |
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Current assets: |
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|
|
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Cash |
|
$ |
19,935,888 |
|
|
$ |
3,495,231 |
|
Restricted cash |
|
|
130,125 |
|
|
|
130,125 |
|
Digital currencies |
|
|
- |
|
|
|
1,539 |
|
Accounts receivable |
|
|
47,093 |
|
|
|
62,221 |
|
Inventories |
|
|
32,785 |
|
|
|
39,133 |
|
Marketable securities, at fair value |
|
|
702,937 |
|
|
|
28,384,944 |
|
Investments in derivatives |
|
|
- |
|
|
|
4,289 |
|
Amounts due from related parties |
|
|
113,858 |
|
|
|
- |
|
Due from brokers |
|
|
160,341 |
|
|
|
160,337 |
|
Other receivables and prepayments |
|
|
795,087 |
|
|
|
1,378,996 |
|
Total current assets |
|
|
21,918,114 |
|
|
|
33,656,815 |
|
Property, plant and equipment, net |
|
|
4,148,449 |
|
|
|
4,686,323 |
|
Operating lease right-of-use assets |
|
|
355,202 |
|
|
|
547,389 |
|
Non-marketable investments |
|
|
4,079,707 |
|
|
|
4,079,707 |
|
Intangible assets, net |
|
|
917,170 |
|
|
|
964,857 |
|
Long-term deposits |
|
|
296,225 |
|
|
|
296,225 |
|
Total Assets |
|
$ |
31,714,867 |
|
|
$ |
44,231,316 |
|
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|
|
|
|
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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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$ |
133,761 |
|
|
$ |
145,926 |
|
Accounts payable and accrued expenses |
|
|
3,537,237 |
|
|
|
3,240,772 |
|
Finance lease liabilities, current |
|
|
50,881 |
|
|
|
49,396 |
|
Operating lease liabilities, current |
|
|
339,040 |
|
|
|
432,600 |
|
Total current liabilities |
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4,060,919 |
|
|
|
3,868,694 |
|
Finance lease liabilities, non-current |
|
|
22,106 |
|
|
|
47,923 |
|
Operating lease liabilities, non-current |
|
|
63,008 |
|
|
|
155,121 |
|
Loan payables to related parties |
|
|
1,098,492 |
|
|
|
2,007,285 |
|
Total Liabilities |
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$ |
5,244,525 |
|
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$ |
6,079,023 |
|
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|
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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 (
13,170,374 and 11,584,324 shares issued and outstanding as of
and |
|
$ |
13,170,374 |
|
|
$ |
11,584,324 |
|
Class B Ordinary Shares (
22,437,754 shares issued and outstanding as of
|
|
|
22,437,754 |
|
|
|
22,437,754 |
|
Additional paid-in capital |
|
|
42,441,471 |
|
|
|
38,247,903 |
|
Accumulated other comprehensive income |
|
|
28,267 |
|
|
|
53,296 |
|
Accumulated deficit |
|
|
(46,570,550 |
) |
|
|
(30,489,126 |
) |
Total equity attributable to the shareholders of |
|
|
31,507,316 |
|
|
|
41,834,151 |
|
Non-controlling interests |
|
|
(5,036,974 |
) |
|
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(3,681,858 |
) |
Total equity |
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|
26,470,342 |
|
|
|
38,152,293 |
|
Total Liabilities and Equity |
|
$ |
31,714,867 |
|
|
$ |
44,231,316 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Stated in
|
|
For the six months ended
|
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2021 |
|
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2020 |
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(Unaudited) |
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(Unaudited) |
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Revenue |
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Healthcare services income |
|
$ |
637,784 |
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$ |
327,273 |
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Operating expenses |
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Costs of healthcare services |
|
|
(629,987 |
) |
|
|
(436,171 |
) |
Research and development expenses |
|
|
(5,508,356 |
) |
|
|
(4,315,033 |
) |
General and administrative fees |
|
|
(2,564,117 |
) |
|
|
(2,076,634 |
) |
Legal and professional fees |
|
|
(1,240,512 |
) |
|
|
(1,540,304 |
) |
Other operating expenses |
|
|
(189,125 |
) |
|
|
(641,457 |
) |
Total operating expenses |
|
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(10,132,097 |
) |
|
|
(9,009,599 |
) |
|
|
|
|
|
|
|
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Other (loss) income |
|
|
|
|
|
|
|
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(Loss) gain on investments in marketable securities, net |
|
|
(7,565,273 |
) |
|
|
192,134 |
|
Gain on non-marketable investment |
|
|
- |
|
|
|
1,635,939 |
|
Loss on investments in derivatives, net |
|
|
(4,289 |
) |
|
|
(101,233 |
) |
Gain on use of digital currencies |
|
|
4,918 |
|
|
|
- |
|
Interest expense, net |
|
|
(126,102 |
) |
|
|
(144,226 |
) |
Sundry income |
|
|
82,652 |
|
|
|
111,398 |
|
Total other (loss) income, net |
|
|
(7,608,094 |
) |
|
|
1,694,012 |
|
|
|
|
|
|
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Net loss |
|
$ |
(17,102,407 |
) |
|
$ |
(6,988,314 |
) |
Less: net loss attributable to non-controlling interests |
|
|
(1,020,983 |
) |
|
|
(783,749 |
) |
|
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Net loss attributable to |
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$ |
(16,081,424 |
) |
|
$ |
(6,204,565 |
) |
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Net loss per share – basic and diluted |
|
$ |
(0.47 |
) |
|
$ |
(0.21 |
) |
Weighted-average shares outstanding – basic and diluted |
|
|
34,280,137 |
|
|
|
29,956,393 |
|
|
|
|
|
|
|
|
|
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Net loss |
|
$ |
(17,102,407 |
) |
|
$ |
(6,988,314 |
) |
Other Comprehensive (loss) income |
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
|
(25,029 |
) |
|
|
31,170 |
|
Other Comprehensive (loss) income |
|
|
(25,029 |
) |
|
|
31,170 |
|
Comprehensive loss |
|
|
(17,127,436 |
) |
|
|
(6,957,144 |
) |
Less: comprehensive loss attributable to non-controlling interests |
|
|
(1,020,983 |
) |
|
|
(783,751 |
) |
Comprehensive loss attributable to the shareholders of Limited |
|
|
(16,106,453 |
) |
|
|
(6,173,393 |
) |
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 Department
investor.relations@aptorumgroup.com
+44 20 80929299
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
Source:
FAQ
What were Aptorum Group's financial results for the first half of 2021?
What clinical trials is Aptorum Group currently engaged in?
How is Aptorum Group's cash position as of June 30, 2021?