Aptorum Group is a clinical-stage biopharmaceutical company focused on developing drugs for oncology and infectious diseases, with no approved products and no commercial revenue. Aptorum operates a small lab in Hong Kong with just 2 full-time employees, and funds itself through equity issuances, convertible notes, and government grants. Its two lead candidates are ALS-4, a small molecule targeting MRSA by disarming the bacteria's immune-evasion mechanism rather than killing it directly, and SACT-1, a repurposed oral formulation of rilpivirine (an approved HIV drug) being developed to treat neuroblastoma, a rare pediatric cancer. Both candidates have completed Phase 1 trials, but advancing to Phase 2 and beyond is contingent on securing external funding and partners — neither of which Aptorum has secured. The company has flagged going-concern risk, and its auditor has expressed substantial doubt about Aptorum's ability to continue as a going concern. The intended long-term business model involves out-licensing drug candidates to larger pharma companies for milestone payments and royalties, or commercializing approved drugs in the U.S., Canada, Europe, and potentially China. A near-term transformative event is Aptorum's proposed merger with DiamiR, a U.S. diagnostics company that develops blood-based tests for early detection of neurodegenerative diseases and cancer using microRNA biomarker technology. The deal would give DiamiR shareholders roughly 70% of the combined company, effectively transforming Aptorum into a diagnostics-focused business. The deal is targeted to close by June 30, 2026.