Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 207

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 207
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 3,482,114 |     |           | 3,457,541 |     |             | 24,573 |     |            | - |

Operating lease commitments

We have an operating lease for laboratory as of December 31, 2024.
Operating lease commitments reflect our obligation to make payments under these operating leases.

Debt obligations

Debt obligations reflect outstanding principal and accrued interest
payable to Jurchen Investment Corporation, the largest shareholder of the Company, pursuant to a convertible note arrangement. This instrument
features a conversion option at a price of $2.42 per share into the Company’s Class A Ordinary Shares. It carries a two-year maturity
from the date of issuance and bears an annual interest rate of 6%.

The Group can access up to
a total $12 million under a line of credit offered by Aeneas Group Limited. The line of credit was originally mature on August 12, 2022.
The Group and Aeneas Group Limited have mutually agreed to extend the line of credit arrangement further 3 years to August 12, 2025. The
interest on the outstanding principal indebtedness is at the rate of 8% per annum. The Group may early repay, in whole or in part, the
principal indebtedness and all interest accrued at any time prior to the maturity date without the prior written consent of the lender
and without payment of any premium or penalty.

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CONTINGENT PAYMENT OBLIGATIONS

As of December 31, 2024, the Group does not have any non-cancellable
purchase commitments.

The Group has contingency payment obligations under each of the license
agreements, such as milestone payments, royalties, research and development funding, if certain condition or milestone is met.

Milestone payments are due upon achievements of specific conditions,
such as Investigational New Drugs (“IND”) filing or U.S. Food and Drug Administration (“FDA”) approval, first
commercial sale of the licensed products, or other achievements. The aggregate amounts of the contingent milestone payments that the Group
is required to pay up to different achievements of conditions and milestones under all license agreements in effect as of December 31,
2024, are below:

| Drug molecules: up to the conditions and milestones of         |     | Amount |            |
|:---------------------------------------------------------------|:----|:-------|-----------:|
| Preclinical to IND filing                                      |     | $      |     30,000 |
| From