Revenue has effectively contracted to zero in 2024Q4, reflecting a complete pivot away from historical transactional models toward an unproven, pre-revenue biotechnology pipeline.
Aptorum Group Limited (APM) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 431.38K | 0 | 0 | 431.38K | 1.3M | 1.54M | 911.51K | 535.17K | 383.45K | 0 |
| Revenue Growth % | -84.8% | - | -100% | -66.71% | -15.95% | 69.17% | 70.32% | 39.57% | - | - |
| Cost of Goods Sold | 1.81M | 0 | 256K | 420.4K | 1.22M | 1.46M | 1.01M | 794.54K | 318.01K | 58.9K |
| COGS % of Revenue | - | - | - | 97.45% | 93.83% | 94.68% | 111.35% | 148.47% | 82.93% | - |
| Gross Profit | -1.38M | 0 | -256K | 10.98K | 80.06K | 81.85K | -104K | -259K | 65.44K | -58.9K |
| Gross Margin % | -318.75% | - | - | 2.55% | 6.18% | 5.31% | -11.41% | -48.4% | 17.07% | - |
| Gross Profit Growth % | - | 100% | -2431.09% | -86.28% | -2.19% | 178.71% | 59.85% | -495.79% | 211.1% | - |
| Operating Expenses | 12.81M | 1.82M | 3.54M | 10.61M | 17.25M | 19.29M | 20.17M | -259K | 10.39M | 5.63M |
| OpEx % of Revenue | - | - | - | 2460.02% | 1331.33% | 1250.91% | 2213.03% | -48.4% | 2710.65% | - |
| Selling, General & Admin | 5.88M | 1.64M | 1.47M | 4.41M | 7.97M | 8.03M | 7.71M | 10.78M | 6.73M | 2.88M |
| SG&A % of Revenue | - | - | - | 1023.46% | 614.59% | 520.56% | 845.63% | 2014.14% | 1755.38% | - |
| Research & Development | 7.14M | 352.88K | 1.94M | 5.2M | 9.22M | 10.87M | 11.59M | 6.94M | 3.1M | 2.5M |
| R&D % of Revenue | - | - | - | 1204.98% | 711.42% | 704.93% | 1271.19% | 1296.61% | 808.71% | - |
| Other Operating Expenses | -219.53K | -170.76K | 128K | 999K | 68.95K | 392K | 877K | -17.98M | -9.77M | 257K |
| Operating Income | -14.47M | -1.82M | -3.8M | -10.6M | -17.51M | -19.21M | -19.89M | -18.2M | -10.33M | -5.69M |
| Operating Margin % | -3354.37% | - | - | -2457.47% | -1351.01% | -1245.59% | -2182.63% | -3400.44% | -2693.44% | - |
| Operating Income Growth % | - | 52.13% | 64.18% | 39.45% | 8.84% | 3.46% | -9.32% | -76.2% | -81.42% | - |
| EBITDA | -13.44M | -1.82M | -3.54M | -9.48M | -16.3M | -18.01M | -18.56M | -16.9M | -9.65M | -5.63M |
| EBITDA Margin % | -3115.06% | - | - | -2196.68% | -1257.8% | -1168.22% | -2036.17% | -3157.53% | -2515.51% | - |
| EBITDA Growth % | 60.84% | 48.69% | 62.62% | 41.87% | 9.51% | 2.94% | -9.83% | -75.19% | -71.2% | - |
| D&A (Non-Cash Add-back) | 1.38M | 0 | 255.05K | 1.13M | 1.21M | 1.19M | 1.33M | 1.3M | 682.29K | 58.9K |
| EBIT | -8.23M | -1.82M | -4.01M | -10.6M | -11.53M | -27.02M | 5.16M | -16.42M | -10.68M | -2.56M |
| Net Interest Income | -268.07K | -95.71K | -146.92K | -121.14K | 146.59K | -93.6K | -244K | -3.7M | -4.46M | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 146.59K | 0 | 0 | 0 | 0 | 44.27K |
| Interest Expense | 268.07K | 95.71K | 146.92K | 121.14K | 0 | 93.6K | 243.63K | 3.7M | 4.46M | 0 |
| Other Income/Expense | 5.97M | 441.1K | -361K | 6.26M | 5.98M | -7.91M | 0 | -1.92M | -4.81M | 3.13M |
| Pretax Income | -8.5M | -1.38M | -4.16M | -4.34M | -11.53M | -27.11M | 4.92M | -20.12M | -15.13M | -2.56M |
| Pretax Margin % | -1970.2% | - | - | -1006.31% | -889.27% | -1758.37% | 539.76% | -3759.02% | -3946.8% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -14.05K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.55% |
| Net Income | -7.09M | -1.36M | -4.27M | -2.83M | -9.8M | -25.05M | 7.07M | -18.69M | -14.83M | -2.55M |
| Net Margin % | -1644.27% | - | - | -654.88% | -756.17% | -1624.38% | 775.31% | -3491.81% | -3868.04% | - |
| Net Income Growth % | 79.65% | 68.06% | -51.08% | 71.17% | 60.88% | -454.44% | 137.82% | -25.99% | -482.33% | - |
| Net Income (Continuing) | -8.5M | -1.38M | -4.16M | -4.34M | -11.53M | -27.11M | 4.92M | -20.12M | -15.13M | -2.56M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -9.36M | -9.37M | -9.36M | -9.46M | -7.88M | -6.1M | -3.68M | -1.51M | -368.53K | -14.04K |
| EPS (Diluted) | -12.65 | -1.90 | -7.80 | -6.20 | -27.50 | -71.50 | 20.00 | -64.00 | -53.10 | -8.50 |
| EPS Growth % | 82.83% | 75.64% | -25.81% | 77.45% | 61.54% | -457.5% | 131.25% | -20.53% | -524.71% | - |
| EPS (Basic) | - | -1.90 | -7.80 | -6.20 | -27.50 | -71.50 | 20.30 | -64.00 | -53.10 | -8.50 |
| Diluted Shares Outstanding | 560.9K | 735.18K | 545.3K | 452.1K | 356.9K | 350.3K | 315.3K | 290.1K | 279.1K | 301.2K |
| Basic Shares Outstanding | 560.9K | 735.18K | 545.3K | 452.1K | 356.9K | 350.3K | 311.4K | 290.1K | 279.1K | 301.2K |
| Dividend Payout Ratio | - | - | - | - | - | - | 10.69% | - | - | - |
Quick answers to the most common questions about buying APM stock.
For fiscal year 2025, Aptorum Group Limited (APM) reported total revenue of $0.0M.
Aptorum Group Limited (APM) reported a net loss of $1.4M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Insufficient capital runway
Revenue Erosion Signals Operational Pivot
As reported in recent financial filings, Aptorum Group's revenue has effectively evaporated, dropping to zero in the most recent quarter compared to historical transactional contributions, which underscores the company's transition away from its previous clinical-service model toward a pure-play, pre-revenue biotechnology development focus.
The total cessation of revenue suggests that the company has either discontinued or de-prioritized its non-therapeutic diagnostic and clinic operations. Investors should monitor whether this shift represents a strategic narrowing of focus to conserve cash or a failure to achieve commercial traction in its non-therapeutic segments.
R&D Spend Outpaces Operational Capacity
Based on the company's income statement data, R&D expenditures have historically dominated the cost structure, though recent figures show a significant contraction in absolute spending, likely reflecting a forced reduction in clinical trial activity due to the company's limited liquidity and constrained financial position.
The reduction in R&D spending appears to be a reactive measure rather than a sign of project completion, as the company remains in a pre-commercial stage. This trend warrants further investigation into whether the pipeline is being actively managed or if the company is simply running out of resources to fund its multi-asset development strategy.
Operating Leverage Remains Fundamentally Absent
According to the provided income statement, Aptorum has failed to demonstrate any meaningful operating leverage, as the company continues to report persistent operating losses that consistently exceed its gross profit, indicating a structural inability to scale its current business model without significant external capital injections.
The lack of operating leverage is typical for early-stage biotech, yet the persistence of these losses suggests that the company's overhead remains high relative to its output. Without a clear path to commercialization, the current cost structure appears unsustainable and heavily reliant on continuous equity dilution to bridge the funding gap.
Earnings Volatility Masks Underlying Burn
As indicated by historical financial statements, the company's net income has exhibited extreme, non-recurring volatility, including anomalous positive net income periods that appear disconnected from operational performance, likely driven by non-operating items rather than sustainable improvements in the core biotechnology business model.
Investors should be cautious when interpreting these bottom-line fluctuations, as they do not reflect the underlying cash-burning nature of the R&D-heavy operations. The disconnect between reported net income and the actual cash position suggests that the quality of earnings is low and potentially misleading for valuation purposes.