Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 261

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 261
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ercisable, December 31, 2023        420,157       3.43       9.42  

 ──────────────────────────────────────────────────────────────────────
  Outstanding, January 1, 2022        127,404       31.91      11.01  
  Granted                             153,146       13.40      12.30  
  Exercised                           ( 6,721       25.25             
  Forfeited                           ( 1,268       28.11             
  Cancelled                             ( 435      116.71             
  Outstanding, December 31, 2022      272,126       21.54      10.83  
  Exercisable, December 31, 2022       89,300       32.71       9.64  

  (1)      All per share amounts and shares outstanding for all periods have been retroactively restated to reflect APTORUM GROUP LIMITED’s 1 for 10 reverse stock split, which was effective on January 23,...  

F-30

APTORUM GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in U. S. Dollars)

The weighted-average grant date fair value of
share option grants during the years ended December 31, 2023 and 2022 was $2.68and $10.02, respectively. The maximum contractual term
for share option was12.8years.

The fair value of each stock option award is estimated
on the date of grant using the Black-Scholes option pricing model under the following assumptions.

                                                Granted in      Granted in       
  Expected volatility                               170.10      89.55            
  Risk-free interest rate                             3.48      1.86             
  Expected term from grant date (in years)            5.25      5.63 - 6.41      
  Dividend rate                                          -      -                
  Dilution factor                                        1      1                
  Fair value                                         $2.68      $9.74 - $ 10.16  

In connection with the grant of share options
to employees and non-employees, the Group recorded share-based compensation charges of $697,446and $391,479, respectively, for the year
ended December 31, 2023, and $1,123,122and $523,877, respectively