Company: APM
Filing Date: 2025-10-06
Form Type: S-4
Source: 0001213900-25-096656
Chunk: 340

Company: Aptorum Group Ltd
Filing Date: 2025-10-06
Form: S-4
Chunk 340
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 incentive (e.g., a measure of lost income opportunity cost during the development period adequate to motivate the development process). For this purpose, our costs included personnel costs, using national averages of the costs for the services provided, that were otherwise expensed in our Statements of Operations. The constructed replacement cost was then evaluated for physical, functional, and economic obsolescence. The enterprise value was calculated as the sum of the net tangible assets and the replacement cost of intangible assets. The per unit value was calculated by dividing the enterprise value by the number of outstanding member units, with the resulting value discounted for restrictions on resale and lack of marketability of the member units. There are significant judgments and estimates inherent in the determination of the valuation method selected and of the inputs to the valuation method used to value our stock. While the assumptions used represent management’s best estimates, these estimates involve inherent uncertainties and the application of management’s judgment. As a result, if revisions are made to the underlying assumptions and estimates, the costs DiamiR recognize when issuing stock -basedcompensation for acquiring goods or providing services could vary significantly from period to period. 189

Stock Option Plans DiamiR maintains two stock option plans, under which shares are available for issuance of stock -basedawards under terms established by the board of directors. Through May 31, 2025, awards under the plans generally consisted of options with exercise prices equal to fair market value, vesting and service conditions of 18 months to three years without market or performance conditions and ten -yearlives. Options granted in the year ended May 31, 2023, for an aggregate of 246,000shares are subject to vesting conditions related to research and financing milestones. As of May 31, 2025, no shares remain available for future grants under the 2014 Stock Option Plan, which expired in September 2024, and 600,000shares remain available for future grant under the 2024 Stock Option Plan. The number of shares available under the 2024 Stock Option Plan will increase by 2% per year or such lower number of shares as may be determined by the Company’s board of directors. The following is an analysis of the stock option activity under the Plans between May 31, 2022 and May 31, 2024.

|                          |     |   Number |   |     | Weighted 
 Average  
 Exercise 
 Price    |      |     | Weighted  
 Average   
 Remaining 
 Life      |
|:----------------