Company: APM
Filing Date: 2025-12-05
Form Type: 424B5
Source: 0001213900-25-118752
Chunk: 426

Company: Aptorum Group Ltd
Filing Date: 2025-12-05
Form: 424B5
Chunk 426
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note i)                  |     | $          | 32,835 |
| Less:                                                       |     |            |        |
| Net assets of the Target Group as at June 30, 2025          |     |            |    131 |
| Pro forma acquired intangible assets and goodwill (note ii) |     | $          | 32,966 |

| Note i: | The fair value of total consideration represents the number                                                                                
 of shares of Aptorum expected to be issued in the share exchange based on aggregate fair value of Aptorum common stock at $2.02 per share, 
 representing the closing Aptorum share price on September 30, 2025, less the estimated aggregate fair value of preferred stock to be       
 issued of $10.5 million.                                                                                                                   |

| Note ii: | The pro forma fair value adjustments to intangible assets mainly arise from the recognition, on a                                  
 pro forma basis, of in-process research and development of Target. The pro forma fair values of the intangible assets are based on 
 estimation by the directors of the Company and the assistance of an independent qualified professional valuation advisor using     
 primarily a cost approach.                                                                                                         |

<div align='center'>245</div>

The consideration paid for the Acquisition
effectively included amounts in relation to the benefit of expected revenue growth, future market development and the assembled workforce
of Target. These benefits are not recognized separately from goodwill because they do not meet the recognition criteria for identifiable
intangible assets.

Should there be any adverse changes to
the business of the Target, including but not limited to, any subsequent adverse changes in the operation, or decline in share price,
impairment may be required to be recognized against provisional goodwill in accordance with ASC 350-20-35 and the Company’s
accounting policies. The Company’s directors confirmed that they will adopt consistent approach to assess impairment of goodwill
in subsequent reporting periods in accordance with the requirements of ASC 350-20-35 and will disclose in the Group’s annual
report the basis and assumptions adopted by the Company’s directors in the impairment assessment in accordance with the disclosure
requirements in ASC 350-20-35.

The pro forma fair values of the identifiable
assets and liabilities and goodwill, if any, in relation to the Acquisition are subject to material change upon the completion of a definitive
merger agreement and re-determination of the accounting acquirer and purchase price allocation as of the date any closing, which may be
substantially different from