Detailed financial statements for Aptorum Group Limited (APM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Aptorum Group Limited, through its subsidiaries, a clinical stage biopharmaceutical company, engages in the discovery, development, and commercialization of therapeutic products to treat oncology and infectious diseases.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $8.26, APM has negative trailing earnings (P/E not meaningful) and an ROE of -5.90%. Market capitalisation stands at $5M.
Balance sheet quality for APM: current ratio of 0.8, net cash position of $9963. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | $383450 | $535166 | $911509 | $1.5M | $1.3M | $431378 | 0 | 0 |
| Cost of Revenue | $58903 | $318011 | $794545 | $1.0M | $1.5M | $1.2M | $420396 | $256000 | 0 |
| Gross Profit | -$58903 | $65439 | -$259000 | -$104000 | $81854 | $80065 | $10982 | -$256000 | 0 |
| Research & Development | $2.5M | $3.1M | $6.9M | $11.6M | $10.9M | $9.2M | $5.2M | $1.9M | $352879 |
| Selling, General & Admin | $2.9M | $6.7M | $10.8M | $7.7M | $8.0M | $8.0M | $4.4M | $1.5M | $1.6M |
| Operating Expenses | $5.6M | $10.4M | -$259000 | $20.2M | $19.3M | $17.3M | $10.6M | $3.5M | $1.8M |
| Operating Income | -$5.7M | -$10.3M | -$18.2M | -$19.9M | -$19.2M | -$17.5M | -$10.6M | -$3.8M | -$1.8M |
| EBITDA | -$2.5M | -$10.0M | -$15.1M | $6.5M | -$25.8M | -$10.3M | -$9.5M | -$3.8M | -$1.8M |
| Interest Expense | 0 | $4.5M | $3.7M | $243628 | $93601 | 0 | $121145 | $146924 | $95713 |
| Pre-tax Income | -$2.6M | -$15.1M | -$20.1M | $4.9M | -$27.1M | -$11.5M | -$4.3M | -$4.2M | -$1.4M |
| Income Tax | -$14048 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$2.5M | -$14.8M | -$18.7M | $7.1M | -$25.0M | -$9.8M | -$2.8M | -$4.3M | -$1.4M |
| EPS | $-8.50 | $-53.10 | $-64.00 | $20.30 | $-71.50 | $-27.50 | $-6.20 | $-7.80 | $-1.90 |
| EPS (Diluted) | $-8.50 | $-53.10 | $-64.00 | $20.00 | $-71.50 | $-27.50 | $-6.20 | $-7.80 | $-1.90 |
| Shares Outstanding (Diluted) | $301200 | $279100 | $290100 | $315300 | $350300 | $356900 | $452100 | $545300 | $735178 |
Income Statement (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Revenue | 0 | $960817 | 0 | 0 |
| Gross Profit | 0 | $960817 | 0 | 0 |
| Operating Income | -$1.1M | -$5.3M | -$1.4M | $1.4M |
| EBITDA | -$1.4M | -$5.2M | -$1.4M | $1.4M |
| Net Income | -$1.6M | -$5.5M | -$921490 | $1.6M |
| EPS | $-2.90 | $-0.62 | $-1.30 | $-0.30 |
| EPS (Diluted) | $-2.90 | $-0.62 | $-1.30 | $-0.30 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $16.2M | $12.0M | $5.2M | $3.5M | $8.1M | $1.9M | $2.0M | $874238 | $3.5M |
| Short-term Investments | $2.0M | $1.0M | $1.1M | $28.4M | $236615 | $102481 | 0 | 0 | 0 |
| Receivables | $179492 | $990846 | $487590 | $341063 | $3.6M | $1.2M | $70945 | $4545 | 0 |
| Inventory | $1.5M | $30642 | $34185 | $39133 | $35775 | $27722 | 0 | 0 | 0 |
| Total Current Assets | $20.3M | $28.7M | $8.0M | $33.7M | $12.7M | $7.1M | $2.5M | $959554 | $3.6M |
| Property, Plant & Equipment | $346587 | $4.3M | $7.1M | $5.4M | $4.0M | $3.2M | $1.8M | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $1.5M | $1.4M | $1.3M | $964857 | $880256 | $752705 | $147347 | 0 | 0 |
| Total Assets | $31.6M | $45.1M | $24.0M | $44.2M | $21.9M | $20.9M | $20.6M | $16.1M | $18.7M |
| Accounts Payable | 0 | $40139 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $480000 | $10.1M | 0 | $627922 | 0 | $6.0M | 0 | $3.2M | $3.4M |
| Total Current Liabilities | $1.3M | $12.2M | $2.7M | $3.9M | $4.4M | $12.5M | $2.1M | $4.3M | $4.6M |
| Long-term Debt | 0 | 0 | $6.3M | $2.0M | 0 | $500000 | $3.1M | 0 | 0 |
| Total Liabilities | $1.3M | $12.3M | $9.1M | $6.1M | $4.4M | $13.0M | $5.3M | $4.4M | $4.9M |
| Retained Earnings | -$2.5M | -$17.4M | -$37.6M | -$30.5M | -$55.5M | -$65.3M | -$68.2M | -$72.4M | -$73.8M |
| Total Equity | $30.2M | $33.1M | $16.4M | $41.8M | $23.6M | $15.7M | $24.8M | $21.1M | $23.1M |
| Total Debt | $480000 | $10.3M | $6.5M | $3.3M | $217167 | $6.9M | $3.3M | $3.4M | $3.4M |
| Net Debt | -$17.7M | -$2.7M | $222232 | -$28.6M | -$8.2M | $4.9M | $1.3M | $2.5M | -$9963 |
| Working Capital | $19.0M | $16.5M | $5.4M | $29.8M | $8.3M | -$5.4M | $377339 | -$3.4M | -$1.0M |
Balance Sheet (Quarterly)
| Year | 2024-Q4 | 2025-Q2 | 2025-Q4 | 2026-Q2 |
|---|
| Cash & Equivalents | $874238 | $2.8M | $3.5M | $1.8M |
| Total Assets | $16.1M | $18.1M | $18.7M | $17.1M |
| Total Liabilities | $4.4M | $4.3M | $4.9M | $4.7M |
| Total Equity | $21.1M | $23.1M | $23.1M | $47000 |
| Total Debt | $3.4M | $3.5M | $3.4M | $3.5M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.5M | -$15.1M | -$20.1M | $4.9M | -$27.1M | -$11.5M | -$4.3M | -$4.3M | -$1.4M |
| Depreciation & Amortization | $58903 | $682292 | $1.3M | $1.3M | $1.2M | $1.2M | $1.4M | $255046 | 0 |
| Stock-based Compensation | 0 | 0 | $1.6M | $1.5M | $1.7M | $1.6M | $1.3M | 0 | 0 |
| Change in Working Capital | -$195092 | -$389725 | $1.2M | $45551 | $1.0M | $1.4M | $461592 | -$211102 | -$102841 |
| Operating Cash Flow | -$5.8M | -$10.0M | -$13.4M | -$15.9M | -$14.7M | -$12.3M | -$7.7M | -$1.2M | -$1.8M |
| Capital Expenditure | -$3.1M | -$6.1M | -$1.1M | -$161314 | -$137776 | -$186916 | -$3010 | -$1 | $2 |
| Acquisitions | 0 | $417794 | $270109 | $25.2M | -$113830 | 0 | 0 | $58621 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | -$755514 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$8.8M | -$16.1M | -$14.5M | -$16.1M | -$14.8M | -$12.5M | -$7.7M | -$1.2M | -$1.8M |
Cash Flow (Quarterly)
| Year | 2023-Q4 | 2024-Q2 | 2024-Q4 | 2026-Q2 |
|---|
| Operating Cash Flow | -$1.5M | -$1.3M | $89728 | -$1.6M |
| Capital Expenditure | -$42 | -$3 | $2 | 0 |
| Free Cash Flow | -$1.5M | -$1.3M | $89730 | -$1.6M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | +39.6% | +70.3% | +69.2% | -16.0% | -66.7% | -100.0% | |
| Net Income Growth (YoY) | | -482.3% | -26.0% | +137.8% | -454.4% | +60.9% | +71.2% | -51.1% | +68.1% |
| EPS Growth (YoY) | | -524.7% | -20.5% | +131.7% | -452.2% | +61.5% | +77.5% | -25.8% | +75.6% |
| Shares Change (YoY) | | -7.3% | +3.9% | +8.7% | +11.1% | +1.9% | +26.7% | +20.6% | +34.8% |
| FCF Growth (YoY) | | -82.1% | +10.0% | -11.1% | +8.1% | +15.4% | +38.2% | +84.6% | -54.1% |
| Gross Margin | | 17.1% | -48.4% | -11.4% | 5.3% | 6.2% | 2.5% | | |
| Operating Margin | | -2693.4% | -3400.4% | -2182.6% | -1245.6% | -1351.0% | -2457.5% | | |
| EBITDA Margin | | -2606.3% | -2824.9% | 712.9% | -1675.0% | -796.1% | -2196.7% | | |
| Net Margin | | -3868.0% | -3491.8% | 775.3% | -1624.4% | -756.2% | -654.9% | | |
| FCF Margin | | -4198.7% | -2707.5% | -1765.6% | -959.1% | -965.0% | -1791.3% | | |
| Effective Tax Rate | 0.5% | -0.0% | -0.0% | 0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-29.36 | $-57.68 | $-49.95 | $-51.04 | $-42.22 | $-35.04 | $-17.09 | $-2.18 | $-2.50 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $2.40 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $301200 | $279100 | $290100 | $311400 | $350300 | $356900 | $452100 | $545300 | $735178 |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -5.90% |
| Return on Invested Capital | -10.36% |
| Return on Assets | -7.29% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.15 |
| Current Ratio | 0.78 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -4.96 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -168.82 | -28.59 | -24.77 | 12.17 | -2.10 | -2.00 | -3.95 | -3.59 | -5.58 |
| P/B | 14.29 | 12.79 | 28.10 | 1.84 | 2.23 | 1.25 | 0.45 | 0.72 | 0.34 |
| P/S | 0.00 | 1104.90 | 859.19 | 84.38 | 34.08 | 15.15 | 25.68 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 17.1% | -48.4% | -11.4% | 5.3% | 6.2% | 2.5% | 0.0% | 0.0% |
| Operating Margin | 0.0% | -2693.4% | -3400.4% | -2182.6% | -1245.6% | -1351.0% | -2457.5% | 0.0% | 0.0% |
| Net Margin | 0.0% | -3868.0% | -3491.8% | 775.3% | -1624.4% | -756.2% | -654.9% | 0.0% | 0.0% |