olivLaw · US equity research
Aptorum Group Limited NIKI
Measuring & Controlling Devices, NEC · SIC 3829 · Vertical: Measuring & Controlling Devices, NEC (SIC 3829)
Aptorum Group is a Cayman Islands biopharmaceutical holding company operating largely through Hong Kong-based subsidiaries, focused on discovering and developing therapies for diseases with unmet medical needs, particularly oncology and infectious diseases. The company is now pursuing a merger with DiamiR Biosciences, a molecular diagnostics firm, a transaction that could change its business profile if completed.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Aptorum Group Limited (NIKI) stock was 1.69 USD (−3.98% on the day), with beta 0.95, 52-week range 1.69–16.20 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 21.9
- oversold (≤ 30)
- Bollinger (20, 2)
- 0.81 – 3.66
- in the lower half of the band · %B 0.31 · band width 127.3%
- SMA 50 / 200
- 4.24 / 7.59
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.77 / -0.87
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −64.3% | −1.1% | −63.2 pp | — |
| 3 months | −82.0% | −0.5% | −81.5 pp | — |
| 6 months | −80.1% | +4.4% | −84.5 pp | — |
| Year to date | −84.1% | +12.3% | −96.4 pp | — |
| 1 year | −88.0% | +13.5% | −101.6 pp | −30.9% |
| 3 years | −89.5% | +76.4% | −165.9 pp | +16.9% |
| 5 years | −99.3% | +63.7% | −163.0 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable | 1.5 m | 1.3 m | 431.4 k | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable | unavailable | −15.9% | −66.7% | unavailable | unavailable |
| Net income | -14.8 m | -20.1 m | 4.9 m | -25.0 m | -9.8 m | -2.8 m | -4.3 m | -1.4 m |
| Net income YoY | unavailable | unavailable | unavailable | −609.1% | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | -0.53 | -0.64 | 2.00 | -7.15 | -2.75 | -0.62 | -0.78 | -0.19 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −457.5% | unavailable | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable | -1,624.6% | -756.2% | -654.8% | unavailable | unavailable |
| Free cash flow | -15.7 m | -14.2 m | -16.1 m | -14.8 m | -12.5 m | -7.7 m | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 13.7 m USD
- Total assets
- 18.7 m USD
- Debt / equity
- unavailable
- Current ratio
- 0.78x
- ROE
- -10.7%
- ROA
- -7.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | — | 1.5 m | 1.3 m | 431.4 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Cost of revenue | — | 1.5 m | 1.2 m | 420.8 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Gross profit | — | 81.9 k ≈ | 80.1 k ≈ | 10.6 k ≈ | — | — | SEC (XBRL)· 30 Apr 2024derived |
| Research & development | 11.6 m | 10.9 m | 9.2 m | 5.2 m | 2.2 m | 352.9 k | SEC (XBRL)· 27 Mar 2026verified |
| Depreciation & amortisation | 1.3 m | 1.2 m | 1.2 m | 1.1 m | 255.0 k | — | SEC (XBRL)· 30 Apr 2025verified |
| Pre-tax income | — | — | — | -4.3 m | -4.2 m | -1.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Net income | 4.9 m | -25.0 m | -9.8 m | -2.8 m | -4.3 m | -1.4 m | SEC (XBRL)· 27 Mar 2026verified |
| Diluted EPS | 2.00 | -7.15 | -2.75 | -0.62 | -0.78 | -0.19 | SEC (XBRL)· 27 Mar 2026verified |
| Weighted average diluted shares | 3.2 m | 3.5 m | 3.6 m | 4.5 m | 5.5 m | 7.4 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.6 m | 8.3 m | 5.0 m | 2.0 m | 874.2 k | 3.5 m | SEC (XBRL)· 27 Mar 2026verified |
| Receivables | 62.2 k | 78.7 k | 174.4 k | 47.7 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Inventories | 39.1 k | 35.8 k | 27.7 k | — | — | — | SEC (XBRL)· 28 Apr 2023verified |
| Current assets | 33.7 m | 12.7 m | 7.1 m | 2.5 m | 959.6 k | 3.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Property, plant & equipment, net | 4.7 m | 3.7 m | 2.8 m | 1.7 m | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Intangibles (excl. goodwill) | 964.9 k | 880.3 k | 752.7 k | 147.3 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Total assets | 44.2 m | 21.9 m | 20.9 m | 20.6 m | 16.1 m | 18.7 m | SEC (XBRL)· 27 Mar 2026verified |
| Accounts payable | 3.2 m | 4.2 m | 6.2 m | 1.9 m | 918.6 k | 1.1 m | SEC (XBRL)· 27 Mar 2026verified |
| Long-term debt | 296.2 k | 296.2 k | 129.8 k | — | — | — | SEC (XBRL)· 28 Apr 2023verified |
| Current liabilities | 3.9 m | 4.4 m | 12.5 m | 2.1 m | 4.3 m | 4.6 m | SEC (XBRL)· 27 Mar 2026verified |
| Total liabilities | 6.1 m | 4.4 m | 13.0 m | 5.3 m | 4.4 m | 4.9 m | SEC (XBRL)· 27 Mar 2026verified |
| Equity | 38.2 m | 17.5 m | 7.8 m | 15.4 m | 11.8 m | 13.7 m | SEC (XBRL)· 27 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -15.9 m | -14.7 m | -12.3 m | -7.7 m | -1.2 m | -1.8 m | SEC (XBRL)· 27 Mar 2026verified |
| Capex | 161.3 k | 131.8 k | 186.9 k | 3.0 k | — | — | SEC (XBRL)· 30 Apr 2024verified |
| Free cash flow | -16.1 m ≈ | -14.8 m ≈ | -12.5 m ≈ | -7.7 m ≈ | — | — | SEC (XBRL)· 30 Apr 2024derived |
| Investing cash flow | 1.8 m | 16.5 m | 2.4 m | 624.8 k | 58.6 k | — | SEC (XBRL)· 30 Apr 2025verified |
| Financing cash flow | 12.4 m | 2.8 m | 6.6 m | 4.1 m | — | 4.4 m | SEC (XBRL)· 27 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 1 of at least 6
- score weight coverage: 4.2% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
4% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 0.8x | 0 (on a fixed band) | 100% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Niki BioSolutions, Inc. (NIKI). Latest full fiscal year: 2023; data up to 2025-12-31.
Figures computed from the financial statements: revenue 431.4 k USD in 2023; YoY growth -66.7%; ROE -6.2%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 1 of at least 6; score weight coverage: 4.2% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- Current ratio: 0.8x
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Measuring & Controlling Devices, NEC (SIC 3829) · same industry (4-digit SIC) · compared with 9 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TMOThermo Fisher Scientific Inc. | 261.6 bn | 37.3 | 13.4% | 14.9% | +3.9% | +20% / +42% |
| ROKRockwell Automation, Inc. | 49.3 bn | 41.6 | 34.5% | 13.4% | +0.9% | +12% / +61% |
| TRMBTrimble Inc. | 12.4 bn | — | -2.9% | -4.1% | −2.6% | −33% / +17% |
| ONTOOnto Innovation Inc. | 9.1 bn | 69.4 | 6.8% | 11.8% | unavailable | +29% / +31% |
| MIRMirion Technologies, Inc. | 336.9 m | 159.4 | 1.6% | 2.7% | +7.5% | −31% / +101% |
| OWLTOwlet, Inc. | 132.4 m | — | — | -7.7% | +35.4% | −66% / −10% |
| GEOSGeospace Technologies Corp | 51.0 m | — | -34.4% | -43.1% | −18.3% | −70% / −67% |
| BCHTBirchtech Corp. | 28.9 m | — | -134.4% | -21.7% | +1.3% | −75% / −78% |
| NIKINiki BioSolutions, Inc. | — | — | -6.2% | — | −66.7% | −88% / −90% |
| QSIQuantum-Si Incorporated | — | — | -49.1% | -6,138.3% | −20.3% | −9% / −20% |
1- and 3-year price returns: for NIKI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (10 Jun 2026), 6-K (14 May 2026), 6-K (31 Mar 2026).
In brief
Aptorum Group is a Cayman Islands biopharmaceutical holding company operating largely through Hong Kong-based subsidiaries, focused on discovering and developing therapies for diseases with unmet medical needs, particularly oncology and infectious diseases. The company is now pursuing a merger with DiamiR Biosciences, a molecular diagnostics firm, a transaction that could change its business profile if completed.
SWOT
Strengths
- A portfolio concentrated on two main programs, ALS-4 and SACT-1, supported by government grants and academic collaborations.
- A simple operating structure with one reported segment, which allows resources to be directed straight to priority projects.
- The majority shareholder has supported the company through convertible loans and capital placements, including in recent transactions.
Weaknesses
- The company generates no product sales and may never become profitable, which leaves it dependent on external financing.
- Voting control is concentrated in the majority shareholder, limiting other shareholders' influence over strategic decisions.
- Clinical trial experience is limited, and early-stage results do not guarantee success in later studies.
Opportunities
- The proposed merger with DiamiR could add a molecular diagnostics stream with blood tests for neurodegenerative diseases and cancer.
- Products with orphan drug designation or addressing unmet needs could benefit from accelerated approval pathways.
- Licensing or sublicensing partnerships could bring in capital and reduce development risk for the main programs.
Threats
- Clinical trial failures or regulatory rejection could slow or halt product development.
- If the company loses its Nasdaq listing, the market for its shares could become limited and financing more expensive.
- The New York lawsuit, in which the plaintiff alleges serious violations of law, could require substantial costs and resources.
Risks
- Dependence on external financinghigh
The company generates no product sales and relies on equity offerings and loans from shareholders. If these sources narrow, development programs could be interrupted.
- Clinical development failurehigh
Clinical trials can fail at any stage, and preliminary results do not guarantee success in larger studies. A failure in the main programs could affect the entire business.
- Concentrated controlmedium
The majority shareholder controls most voting rights, which can limit the influence of minority shareholders and affect mergers and financings.
- Risk the merger does not closemedium
The DiamiR transaction depends on shareholder approvals, conversion of convertible debt and Nasdaq review. If the deal fails, the company could be left without its planned new growth direction.
- US litigation and regulatory exposuremedium
The company is defending a New York civil lawsuit and is exposed to audit and inspection requirements from the PCAOB. The costs of these proceedings could be significant and the outcome remains uncertain.
Investment thesis
What would need to be true (bull case)
- If ALS-4 and SACT-1 advance successfully, the company could obtain approvals that open product revenue, changing its risk profile.
- The DiamiR merger could add a molecular diagnostics stream with demand in neurology and oncology, diversifying the business.
- Steady support from the majority shareholder and access to government grants could sustain development even during periods of limited financing.
What would break the thesis
- The company has no sales revenue and could remain dependent on small equity offerings that dilute existing shareholders.
- Concentrated control at the majority shareholder may limit other shareholders' influence and make strategic decisions hard to challenge.
- If the DiamiR merger does not close or is delayed, the company could lack a clear growth direction while litigation costs continue.
What to watch
- Completion or failure of the DiamiR merger and shareholder approval2026
- Development timeline for ALS-4 and SACT-1, including trial results and regulatory approvals2026
- Progress of the New York lawsuit and the costs the company reportsnext 10-K
- New equity offerings or convertible loans and their dilution effect2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 27 Mar 2026; since then the company filed 6-K (10 Jun 2026), 6-K (14 May 2026), 6-K (31 Mar 2026).
The business
Aptorum Group Limited is a Cayman Islands holding company with operations conducted through subsidiaries including Aptorum Therapeutics Limited and Acticule Life Sciences Limited. According to its Form 20-F for the fiscal year ended December 31, 2025, the company focuses its efforts on R&D and no longer performs therapeutic services, operating in one segment. Investors buy shares of the parent company, not of its subsidiaries or variable interest entities.
Core activity covers therapeutic projects at preclinical and clinical stages, including Lead Projects ALS-4 and SACT-1, which have received most of the proceeds from its equity offerings. The company terminated clinic services and suspended non-lead R&D projects in the second quarter of 2023 to focus its resources. A lawsuit filed in New York remains pending, which the company says has no merit, and it cannot yet estimate the costs of defending it.
The capital structure is dominated by its largest shareholder, Jurchen Investment Corporation, controlled by the chairman and chief executive officer, which has financed the company through convertible notes and private placements. In 2025 the company completed two registered direct offerings, and the merger agreement with DiamiR, signed in July 2025, is subject to shareholder approval and other closing conditions.
Segments
Therapeutic research and development
The only reported segment is drug development, with focus on oncology, including orphan indications, and infectious diseases. The main projects are ALS-4 and SACT-1, and much of the work is carried out through external partners, researchers and contract research organizations.
Molecular diagnostics (pending acquisition)
Through the proposed merger with DiamiR, the company would enter molecular diagnostics, with blood-based tests for early detection of neurodegenerative diseases and cancer based on microRNA. Until the transaction closes, this area is not part of the current business.
Market context
The company operates in biopharmaceuticals for diseases with unmet medical needs, where approvals from the FDA, NMPA, EMA or Health Canada are lengthy and uncertain. The molecular diagnostics market, which DiamiR would bring, is separate, with its own requirements for clinical validation and acceptance by physicians and payers.
Reliance on external financing remains central: the 2025 offerings raised modest sums, and the company states it cannot guarantee it will obtain additional capital. Financing conditions and the Nasdaq listing will directly influence its ability to continue its programs.
Trends
- Merger with a molecular diagnostics firmmixed
If the DiamiR transaction closes, the company could diversify beyond drug development into diagnostics in neurology and oncology. Realizing this depends on shareholder approvals and Nasdaq requirements.
- Pressure on financingheadwind
The company generates no product sales, and its recent offerings have been modest. If access to capital stays limited, the clinical programs could be slowed.
- Pharmaceutical and diagnostic regulationmixed
FDA good manufacturing practice rules and approval pathways for pediatric products such as SACT-1 could extend development timelines, but they also offer accelerated routes for products addressing unmet needs.
- Shareholder control and governanceheadwind
The majority shareholder controls nearly all voting rights, and the company may take advantage of governance exemptions as a controlled company. This can reduce protection for minority shareholders and influence merger decisions.
Competitive position
The Form 20-F does not explicitly name competitors but states that the business operates in a competitive environment in oncology and infectious diseases, where other companies may develop similar treatments. In molecular diagnostics, DiamiR would compete with other firms developing blood-based biomarker tests.
Patent protection is an important competitive factor, since patent applications may not be granted and competitors could develop similar technologies. The company also cites cooperation with academic institutions and contract research organizations as an advantage in development.
- Biopharmaceutical companies in oncology and infectious diseases
General competition, no named entity in the source; relative positioning cannot be established from the available data.
- Molecular diagnostics firms in neurology
Competitors of DiamiR in early-detection tests, with no specific identification in the report.
- Developers of microRNA-based diagnostic technologies
The field is technology-driven, with patents that can either limit or permit market entry.
- Contract research organizations and CLIA-certified laboratories
The company relies on third parties for studies, and these can also be competitors as service providers.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report13 Oct 2026Departure or appointment of officers · Financial statements and exhibits
- Current report09 Oct 2026Material agreement · Financial statements and exhibits
- Current report14 Sept 2026Other events · Financial statements and exhibits
- Current report04 Sept 2026Departure or appointment of officers · Financial statements and exhibits
- Current report (amendment)21 Aug 2026Financial statements and exhibits
- Current report21 Aug 2026Financial statements and exhibits
- Current report07 Aug 2026Other events
- Current report20 Jul 2026Acquisition or disposition of assets · Item 3.03 · Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)14 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Aptorum Group Limited · 27 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.