Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 170

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 170
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 value per share after giving effect to the offering and the Merger Closing |     |   |     | $ |
| Dilution per share to new investors purchasing securities in this offering                                         |     |   |     | $ |

The dilution information discussed above is illustrative
only and will change based on the actual public offering price and other terms of this offering determined at pricing.

The number of shares of Class
A Ordinary Shares, pro forma in the table above, is based on an aggregate of [ ] shares of Aptorum Class A Ordinary
Shares outstanding as of December 31, 2024, which is then adjusted for the issuance of [ ] Class A Ordinary Shares subsequent
to December 31, 2024 for an aggregate of [ ] outstanding, and excludes the following:

| ● | Class A Ordinary Shares of Aptorum issuable upon the exercise of the representative warrants issued as compensation to the representative in this offering. |

To the extent that outstanding
options have been or may be exercised or other shares issued, investors in this offering may experience further dilution. In addition,
Aptorum may choose to raise additional capital due to market conditions or strategic considerations even if Aptorum believes it has sufficient
funds for Aptorum’s current or future operating plans. To the extent that additional capital is raised through the sale of equity
or convertible debt securities, the issuance of these securities could result in further dilution to Aptorum’s stockholders.

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APTORUM’S QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</div>

Foreign Exchange Risk

Currency risk is the risk
that the value of financial assets or liabilities will fluctuate due to changes in foreign exchange rates.

Currency risk sensitivity analysis

At December 31, 2024, 2023
and 2022, the Group has no significant foreign currency risk because most of the transactions are denominated in Hong Kong dollar or the
United States dollar. Since the Hong Kong dollar is pegged to the United States dollar, the Group’s exposure to foreign currency
risk in respect of the balances denominated in Hong Kong dollars is considered to be minimal.

Credit Risk

Financial assets which potentially
subject the Group to concentrations of credit risk consist principally of bank deposits and balances.

The Group takes on exposure
to credit risk on cash and restricted cash balances majority held with HSBC for the purposes of payments of Group expenses.

The risk of default is considered
minimal as the Group considers HSBC