Company: APM
Filing Date: 2025-04-30
Form Type: 20-F
Source: 0001213900-25-037669
Chunk: 260

Company: Aptorum Group Ltd
Filing Date: 2025-04-30
Form: 20-F
Item: Item 19
Chunk 260
---
 payables of $3.1million by granting of403,820share options (“ New Options”) with6months
vesting period. The New Options’ exercise price was $2.68per share, which was based on the last closing price of the shares traded
on the NASDAQ stock exchange on the grant date. All options fully vested on October 1, 2023 and expires onSeptember 30, 2033. On March
31, 2023, the Group entered into supplemental agreements with the same related parties option holders to provide additional cash compensation
to cover the exercise price of the New Options. On March 31, 2023, the Group entered into exchange agreements and cancelled70,428existing
vested and unvested share options held by non-related parties option holders and cancelled the Group’s obligations for deferred
cash bonus payables of $1.6million by issuance of70,430fully vested Class A Ordinary Shares. The Group accounted for this exchange
for both related parties and non-related parties share option holders as a modification to share based compensation which required the
remeasurement of existing share options value at the time of the modification. The total incremental cost as a result of the modification
was $0.7million.

F-29

APTORUM GROUP LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Stated in U. S. Dollars)

A summary of the option activity for the years
ended December 31, 2024, 2023 and 2022 and changes during the period is presented below:

 ───────────────────────────────────────────────────────────
  Outstanding, January 1, 2024        427,060        3.59  
  Exercised                           ( 427,060      1.49  
  Outstanding, December 31, 2024      -              -     
  Exercisable, December 31, 2024      -              -     

 ───────────────────────────────────────────────────────────────────────
  Outstanding, January 1, 2023          272,126      21.54      10.83  
  Granted                               403,820       2.68             
  Exercised                               ( 791      20.90             
  Modified                            ( 248,095      21.74             
  Outstanding, December 31, 2023        427,060       3.59       9.28  
  Ex