Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 413

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 413
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average assumptions:

|                         |     | 2024 |     |   |     | 2023 |     |   |
| Expected term in years  |     |      |  10 |   |     |      |  10 |   |
| Expected volatility     |     |      |  81 | % |     |      |  81 | % |
| Risk-free interest rate |     |      | 4.1 | % |     |      | 3.1 | % |
| Expected dividend yield |     |      |   0 | % |     |      |   0 | % |

In October 2023, the Company modified the terms
of certain of its outstanding stock options representing an aggregate of 140,000 shares. These modifications included a reduction in exercise
prices from $7.01 per share to $0.01 per share and the addition of performance and vesting conditions, not currently considered probable
of achievement, related to corporate transactions.

In the year ended May 31, 2024, stock-based compensation
expense amounted to $194,846, of which $182,912 is included in research and development expenses and $11,934 is included in general and
administrative expenses. In the year ended May 31, 2023, stock-based compensation expense amounted to $966,214, of which $435,187 is included
in research and development expenses and $531,027 is included in general and administrative expenses. As of May 31, 2024, unrecognized
stock-based compensation expense related to options for which vesting is considered probable was $24,310, which is expected to be recognized
over a remaining weighted-average performance period of 0.3 years. As of May 31, 2024, unrecognized stock-based compensation expense related
to options for which vesting is not considered probable was $1,093,712.

<div align='center'>F-16</div>

In the year ended May 31, 2023, the Company issued
132,000 restricted stock units, vesting upon a change in control or public listing of the Company’s common stock. In the year ended
May 31, 2024, concurrent with the modification of stock options described above, the Company terminated outstanding restricted stock units
representing 44,000 shares. Vesting of the units is not considered probable and no compensation expense has been recognized through the
year ended May 31,