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NEW YORK--(BUSINESS WIRE)--Dec 20, 2024-- Aptorum Group Limited (NASDAQ: APM) (“Aptorum Group” or the “Company”), a clinical stage biopharmaceutical company dedicated to meeting unmet medical needs in oncology, autoimmune and infectious diseases, today provided a business update and announced financial results for the six months ended June 30, 2024. “Our team and Yoov have spent considerable time and effort on the due diligence process, the negotiation of definitive terms, and the preparation of necessary transactional and listing documentation. However, current market conditions have introduced significant uncertainty regarding the availability of the required funding for the transaction. After careful consideration, our Board has determined that it is no longer in the best interests of our shareholders to proceed with this transaction. Despite this, we will continue to explore other business combination opportunities that we believe will enhance shareholder value,” stated Mr. Ian Huen, Chief Executive Officer and Executive Director of Aptorum Group Limited. Corporate Highlights On October 24, 2024, the Company and Yoov Group Holding Limited (“Yoov”) entered into a termination agreement and the anticipated reverse takeover transaction with Yoov was terminated. Financial Results for the Six Months Ended June 30, 2024 Aptorum Group reported a net loss of $2.7 million for the six months ended June 30, 2024 compared to $6.6 million for the same period in 2023. The decrease in net loss in the current period was driven by the decrease in operating expenses by $4.1 million due to the implementation of stringent budgetary control measures, as a result of the Company’s exclusive emphasis on the previous anticipated RTO. Research and development expenses were $2.0 million for the six months ended June 30, 2024 compared to $3.2 million for the same period in 2023. Before the Merger Agreement was terminated, we determined it was best to focus all of our attention and resources on completing the Merger and therefore paused the majority of our R&D activities during that time; following the termination of the Merger Agreement in the fourth quarter of fiscal 2024, we determined that searching for other business combination opportunities could maximize shareholder value, and our R&D activities remain suspended. General and administrative fees were $0.3 million for the six months ended June 30, 2024 compared to $1.3 million for the same period in 2023. The decrease in general and administrative fees was primary due to the streamlining of our operations to focus on preparation for the Merger, which has since been abandoned. Legal and professional fees were $0.4 million for the six months ended June 30, 2024 compared to $1.7 million for the same period in 2023. The decrease in legal and professional fees was attributed to the lack of non-routine activities that were present in the same period last year, such as the implementation of reverse stock split, and amendments to the memorandum and articles of association. The absence of such non-routine exercises in the current period has resulted in a decrease in legal and professional fees. As of June 30, 2024, cash and restricted cash totaled approximately $0.8 million and total equity was approximately $13.2 million. APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS June 30, 2024 and December 31, 2023 (Stated in U.S. Dollars) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 783,085 $ 2,005,351 Accounts receivable 21,800 47,709 Amounts due from related parties 3,595 961 Other receivables and prepayments 725,616 422,071 Total current assets 1,534,096 2,476,092 Property and equipment, net - 1,663,926 Operating lease right-of-use assets - 182,057 Long-term investments 16,098,846 16,098,846 Intangible assets, net - 147,347 Long-term deposits 71,823 71,823 Total Assets $ 17,704,765 $ 20,640,091 LIABILITIES AND EQUITY LIABILITIES Current liabilities: Amounts due to related parties $ 79,180 $ 79,180 Accounts payable and accrued expenses 1,148,235 1,894,341 Operating lease liabilities, current 89,145 125,232 Total current liabilities 1,316,560 2,098,753 Operating lease liabilities, non-current 62,718 99,485 Convertible notes to a related party 3,148,500 3,058,500 Total Liabilities $ 4,527,778 $ 5,256,738 Commitments and contingencies - - EQUITY Class A Ordinary Shares ($0.00001 par value, 9,999,996,000,000 shares authorized, 3,674,164 shares issued and outstanding as of June 30, 2024; 2,937,921 shares issued and outstanding as of December 31, 2023) $ 37 $ 31 Class B Ordinary Shares ($0.00001 par value; 4,000,000 shares authorized, 1,796,934 shares issued and outstanding as of June 30, 2024; 2,243,776 shares issued and outstanding as of December 31, 2023) 18 22 Additional paid-in capital 93,470,186 93,018,528 Accumulated other comprehensive loss (9,762 ) (10,623 ) Accumulated deficit (70,805,518 ) (68,161,722 ) Total equity attributable to the shareholders of Aptorum Group Limited 22,654,961 24,846,236 Non-controlling interests (9,477,974 ) (9,462,883 ) Total equity 13,176,987 15,383,353 Total Liabilities and Equity $ 17,704,765 $ 20,640,091 APTORUM GROUP LIMITED UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the six months ended June 30, 2024 and 2023 (Stated in U.S. Dollars) For the six months ended June 30, 2024 2023 Revenue Healthcare services income $ - $ 431,378 Operating expenses Costs of healthcare services - (426,063 ) Research and development expenses (2,038,923 ) (3,212,366 ) General and administrative fees (326,187 ) (1,263,019 ) Legal and professional fees (366,164 ) (1,738,566 ) Other operating expenses (137,233 ) (330,212 ) Total operating expenses (2,868,507 ) (6,970,226 ) Other income (expenses) Loss on investments in marketable securities, net - (9,266 ) Interest expense, net (68,462 ) (93,478 ) Loss on disposal of subsidiaries (4,271 ) - Sundry income 282,353 36,803 Total other income (expenses), net 209,620 (65,941 ) Net loss $ (2,658,887 ) $ (6,604,789 ) Less: net loss attributable to non-controlling interests (15,091 ) (1,117,685 ) Net loss attributable to Aptorum Group Limited $ (2,643,796 ) $ (5,487,104 ) Net loss per share – basic and diluted $ (0.50 ) $ (1.43 ) Weighted-average shares outstanding – basic and diluted 5,339,608 3,849,621 Net loss $ (2,658,887 ) $ (6,604,789 ) Other comprehensive income (loss) Exchange differences on translation of foreign operations 861 (7,485 ) Other comprehensive income (loss) 861 (7,485 ) Comprehensive loss (2,658,026 ) (6,612,274 ) Less: comprehensive loss attributable to non-controlling interests (15,091 ) (1,117,685 ) Comprehensive loss attributable to the shareholders of Aptorum Group Limited (2,642,935 ) (5,494,589 ) About Aptorum Group Aptorum Group Limited (Nasdaq: APM) is a clinical stage biopharmaceutical company dedicated to the discovery, development and commercialization of therapeutic assets to treat diseases with unmet medical needs, particularly in oncology (including orphan oncology indications) and infectious diseases. The pipeline of Aptorum is also enriched through the co-development of Paths Dx Test, a novel molecular-based rapid pathogen identification and detection diagnostics technology, with Accelerate Technologies Pte Ltd, commercialization arm of the Singapore’s Agency for Science, Technology and Research. 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 Aptorum Group. This press release includes statements concerning Aptorum Group Limited and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” or “continue,” or the negative of these terms or other similar expressions. Aptorum Group has based these forward-looking statements, which include statements regarding projected timelines for application submissions and trials, largely on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and results of operations. 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 Aptorum Group may make with the SEC in the future. As a result, the projections included in such forward-looking statements are subject to change and actual results may differ materially from those described herein. Aptorum Group assumes no obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise. 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/20241220907803/en/ CONTACT: Aptorum Group Limited Investor Relations Department investor.relations@aptorumgroup.com +44 20 80929299 KEYWORD: NEW YORK UNITED STATES NORTH AMERICA INDUSTRY KEYWORD: ONCOLOGY HEALTH INFECTIOUS DISEASES GENERAL HEALTH CLINICAL TRIALS PHARMACEUTICAL BIOTECHNOLOGY SOURCE: Aptorum Group Limited Copyright Business Wire 2024. PUB: 12/20/2024 04:00 PM/DISC: 12/20/2024 04:00 PM http://www.businesswire.com/news/home/20241220907803/enHow major US stock indexes fared Wednesday, 12/11/2024None

Across the northeastern United States, residents have reported an uptick in drone sightings that have bemused some and caused concerns of spying for others. Video above: Is that a drone or a plane? Expert helps explain the differences As national attention has caused people to look skyward now more than ever, here are some basic facts about drones, including federal regulations, how to spot a drone, and information about your rights when it comes to airspace. What is a drone? A drone, or unmanned aircraft system (UAS) is a remote-controlled, flying device capable of achieving high speeds and taking high-definition photos and video. Commercial drones have been around and available for more than a decade, and recent technology has allowed these incredible flying aircraft to be available and accessible to nearly everyone. How big are drones, and what do they look like? While drones can come in all shapes and sizes, there are two main variations of these flying marvels to look out for. The most common is a quadcopter-style vehicle, which means a drone with four sets of rotors similar to those on a helicopter. These drones are capable of vertical takeoff and landing (VTOL) and have incredibly high maneuverability, being able to change directions and elevation with ease. Quadcopter drones can range greatly in size, with the smallest weighing just a few ounces and fitting in the palm of your hand. More advanced and more sophisticated quadcopter-style drones can be several feet across and weigh up to 55 pounds. However, advances in technology for many commercially available devices have allowed these drones to be smaller and lighter in recent years. The second type of drone is a fixed-wing vehicle, in the style of a commercial airliner. These drones can be larger and require more skill to fly. They are similar to remote-controlled aircraft used by hobbyists. Fixed-wing craft are much less common and tend to be more expensive than their quadcopter cousins. Drones are not allowed to fly more than 100 mph, as per FAA regulations. How much do drones cost? The answer to this is complicated, as pricing depends greatly on what the drone is being used for and how advanced it is. Many stores and websites, including Target, Walmart, Best Buy and Amazon, sell small "toy" drones for prices as low as $30. These drones are much less sophisticated, have less advanced cameras and are marketed toward hobbyists and sometimes even children. There are several companies that sell professional-grade or "pro-sumer" drones that can cost hundreds or even thousands of dollars. These companies include DJI and Sony. Some of these drones are capable of shooting 8K video and incredibly high-quality photos. You will likely see these types of drones being used by licensed pilots. What are the regulations around drones? Commercially available drones are strictly monitored and regulated by the Federal Aviation Administration, or FAA, due to concerns around public safety and national security. No license is required for a person looking to fly a drone strictly for recreational use. There are size and weight restrictions around these drones. However, you are still required to complete a brief online course called TRUST through the FAA to fly recreationally. This test includes basic aeronautical knowledge and safety information to ensure that you can operate safely. Drone pilots who fly a drone for any purpose other than recreational use are required to obtain a Part 107 license, also known as a Remote Pilot License , from the FAA before flying. This license allows a pilot to fly a drone for work or business. Some use cases include real estate photography, construction site surveillance or even a monetized YouTube or TikTok account of nature photography. Law enforcement agencies also utilize licensed remote pilots for official police operations including search and rescue or surveillance operations. All drones that weigh more than 0.55 pounds, or 250 grams, must be registered with the FAA. You can see the current number of registered drones in the United States here . As of this writing, there are more than 1 million drones registered with the FAA nationwide. As of 2021, all drones operating after civil twilight are required to utilize flashing strobe lights for safety. That is why you may see a series of blinking lights on a drone flying after dark. Where can you fly a drone? The FAA rules and restrictions around drones are very complicated. All airspace in the United States has been mapped by the FAA and broken out into different classifications. A majority of the airspace in the United States either falls under Class G — Uncontrolled airspace — or Class E. Airspace around sensitive locations, including airports, is classified as either Class A, B, C or D. You can learn more about airspace classifications and regulations here . There are also rules around how high you can fly a drone. Drones cannot be flown higher than 400 feet AGL (Above Ground Level) with that ceiling lower in certain airspace classifications. This is done to prevent possible interference with manned aircraft. Can you shoot down a drone over your property? The short answer is no, you cannot shoot a drone out of the sky, even if it is hovering or flying over your property. This is a federal crime, as the FAA considers it shooting at an aircraft, according to Cornell Law School . Anyone who violates this rule could spend up to 20 years in prison. Remember, the FAA controls all airspace in the country, even the airspace above your property. Where can I learn more about drones and regulations? If you are interested in learning more about drones and how to fly one, you can find more information on the FAA website . You can also see an extensive list of frequently asked questions here . Editor's note: Author Michael Cusanelli is a federally licensed UAS Pilot with a current Part 107 certificate. He is a member of sister station WPTZ's Sky 5 Drone Team and operates a drone for station events and news coverage.Texas' Bevo mascot won't attend SEC championship game vs Georgia at Mercedes-Benz Stadium

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