Share Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

A summary of the option activity as of June 30, 2025 and 2024 and changes during the period is presented below:

	Number of share options		Weighted average exercise price $	Remaining contractual term in years	Aggregate Intrinsic value $
Outstanding, January 1, 2025	—		—	—
Outstanding, June 30, 2025	—		—	—	—
Exercisable, June 30, 2025	—		—	—	—
Vested, June 30, 2025	—		—	—	—

Outstanding, January 1, 2024	427,060		3.59	9.28	—

Exercised	(289,401	)	.03		1,384,653
Outstanding, June 30, 2024	137,659		2.68	9.26	234,296
Exercisable, June 30, 2024	137,659		2.68	9.26	234,296
Vested, June 30, 2024	137,659		2.68	9.26	234,296

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

	Number of share options		Weighted average exercise price $	Remaining contractual term in years	Aggregate Intrinsic value
Outstanding, January 1, 2024	427,060		3.59	9.28
Exercised	(427,060	)	1.49		1,436,963
Outstanding, December 31, 2024	—		—	—	—
Exercisable, December 31, 2024	—		—	—	—

	Number of share options		Weighted average exercise price $	Remaining contractual term in years	Aggregate Intrinsic value
Outstanding, January 1, 2023	272,126		21.54	10.83
Granted	403,820		2.68
Exercised	(791	)	20.90		—
Modified	(248,095	)	21.74
Exercisable, December 31, 2023	420,157		3.43	9.42	—

	Number of share options(1)		Weighted average exercise price $	Remaining contractual term in years	Aggregate Intrinsic value
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, 2023.

Schedule of Each Stock Option Award is Estimated on the Date of Grant Using the Black-Scholes Option Pricing Model

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 2023			Granted in 2022
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

Aptorum Group Ltd 6-K