Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 255

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 255
---
 Exercised                |     |        |        - |   |     |                  |    - |     |                |           |
| Expired or forfeited     |     |        | (198,500 | ) |     |                  | 4.95 |     |                |           |
| Outstanding May 31, 2024 |     |        |  511,950 |   |     | $                | 4.66 |     |                | 6.5 years |
| Exercisable May 31, 2024 |     |        |  260,367 |   |     | $                | 4.93 |     |                | 5.0 years |

The weighted average grant-date
fair value of stock options granted during the years ended May 31, 2024 and 2023 was $7.00 and $6.18, respectively, based on the following
weighted 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 | % |

<div align='center'>131</div>

In October 2023, DiamiR 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