Company: APM
Filing Date: 2025-07-15
Form Type: DRS
Source: 0001213900-25-063899
Chunk: 392

Company: Aptorum Group Ltd
Filing Date: 2025-07-15
Form: DRS
Chunk 392
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 herein.

The unaudited pro forma condensed consolidated statement
of financial position reflects the Acquisition as if the Acquisition had been consummated on December 31, 2024; and the unaudited pro
forma condensed combined statement of operations reflects the Acquisition as if it had been consummated on January 1, 2024.

Pro Forma Adjustments

The following pro forma adjustments are included in the
unaudited pro forma condensed combined financial statements:

| (a) | The Acquisition is considered as a business combination and is accounted                                                                  
 for using the acquisition method in accordance with ASC 805 “Business Combinations” as the directors of the Company believe               
 that the Target acquired constitutes a business in accordance with ASC 805. The Acquisition will enable the Group to further its business 
 strategies.                                                                                                                               |

Upon completion of the Acquisition, Aptorum would hold
100% of the Target Company’s equity interest and obtain control over the Target Company. Accordingly, the Target Company would become
a subsidiary of the Company.

For the purpose of preparing the unaudited pro forma financial
information, the directors of the Company had assumed that with the exception of intangible assets (details set out below), the pro forma
fair value of the identifiable assets and liabilities of the Target Group as at December 31, 2024 are substantially the same as their
respective carrying amounts as at December 31, 2024.

The Group has applied the acquisition
method in accordance with ASC 805 to account for the Acquisition as if the Acquisition had been completed on January 1, 2024 and the calculation
of pro forma goodwill is as follows:

|                                                        |     | US$ (’000) |        |   |
|:-------------------------------------------------------|:----|:-----------|-------:|:--|
| Fair value of total consideration (note i)             |     | $          | 19,320 |   |
| Less:                                                  |     |            |        |   |
| Net assets of the Target Group as at December 31, 2024 |     |            |     (4 | ) |
| Pro forma intangible assets and goodwill (note ii)     |     | $          | 19,324 |   |

Note i: The fair value of total consideration
represents the number of shares of Aptorum expected to be issued in the share exchange at $0.97 per share the average Aptorum share price
over the five days ended June 30, 202