Fiscal Year End Financial Results
Aptorum Group reported a net loss of $11.5 million in 2022, as compared to $27.1 million in 2021. The decrease in net loss were mainly driven by the gain on long-term investments of $5.6 million, and decrease in loss on investments in marketable securities, net of $7.9 million.
Research and development expenses were $9.2 million in 2022 as compared to $10.9 million in 2021. The decrease in research and development expenses in 2022 was mainly due to the decrease in contracted research organizations services as we are in a planning process for Phase 2 of our lead projects which does not require many services from contracted research organizations.
General and administrative fees were $5.2 million in 2022 as compared to $5.4 million in 2021. The decrease in general and administration fees was mainly due to decrease in payroll expenses due to decrease in number of staff.
Legal and professional fees were $2.9 million in 2022 as compared to $2.6 million in 2021. The increase in legal and professional fees was mainly due to more consulting services engaged during 2022.
Aptorum Group reported $5.0 million of cash and restricted cash as of December 31, 2022 compared to $8.3 million as of December 31, 2021. The decrease in cash and restricted cash was mainly the cash used in operating activities of $11.5 million, partly offset by the repayment of loan from related parties of $3.0 million, loan from a bank of $3.0 million, and proceeds from issuance of convertible notes of $3.0 million in 2022.
