Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 938

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 5
Chunk 938
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reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company
is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits,
we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion
on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant
estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/
Forvis Mazars, LLP

We
have served as the Company’s auditor since 2023.

Atlanta,
Georgia 

February
26, 2025

F-1

Shuttle
Pharmaceuticals Holdings, Inc.

Consolidated
Balance Sheets

    2024  
    2023 

    Years Ended December 31, 

    2024  
    2023 
  
    Assets 

    Current assets 

    Cash and cash equivalents 
    $1,920,144  
    $2,576,416 
  
    Prepaid expenses 
     290,773  
     114,473 
  
    Marketable securities 
     —  
     2,887,215 
  
    Accrued interest income 
     —  
     14,901 
  
    Total current assets 
     2,210,917  
     5,593,005 

    Property and equipment, net 
     19,364  
     24,827 
  
    Operating lease right-of-use asset 
     276,009  
     333,904 
  
    Total Assets 
     2,506,290  
     5,951,736 

    Liabilities and Stockholders’ Equity 

    Current Liabilities 

    Accounts payable and accrued expenses 
    $596,600  
    $282,860 
  
    Accounts payable and accrued expenses related