Company: SHPH
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001493152-25-009106
Chunk: 52

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-05
Form: S-1/A
Chunk 52
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exercise price is subject to adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event. As of December 31, 2024, there was outstanding principal and interest balances for the related party note of $250,000 and $7,955, respectively. Under the fair value option, the senior convertible note is $206,085 as of December 31, 2024.

Review, Approval and Ratification of Related Party Transactions

All related party transactions are subject to the review, approval, or ratification of our board of directors or an appropriate committee thereof.

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

The following table sets forth our cash and cash equivalents and capitalization as of December 31, 2024:

| ● | on                                                                                                                                                       
 an actual basis;                                                                                                                                         |
| ● | on                                                                                                                                                       
 a pro forma basis to reflect (i) a $2,000,000 Revolving Loan Agreement entered into on February 28, 2025 under which no loan amounts have been disbursed 
 and (ii) the acceleration of 840,205 restricted stock units granted under the 2018 Equity Incentive                                                      
 Plan to resigning directors pursuant to the Revolving Loan Agreement closing. The acceleration                                                           
 of restricted stock units resulted in a compensation expense charge of $511,517.                                                                         |
| ● | on a pro forma as adjusted basis to                                                                                                                      
 reflect the sale of 10,000,000 shares of common stock, or Pre-Funded Warrants in lieu                                                                    
 thereof, in this offering at an assumed offering price of $0.60 per share, which is                                                                      
 the last reported trading price of our common stock on the Nasdaq on February 26,                                                                        
 2025, resulting in net proceeds of $5,470,000, after deducting approximately $530,000                                                                    
 in expenses, but excluding proceeds from any exercise of the Pre-Funded Warrants being                                                                   
 offered in this offering.                                                                                                                                |

Our capitalization following the closing of this offering will depend on the actual public offering price and other terms of this offering determined at pricing. Cash and cash equivalents are not components of our total capitalization.

| 33 |

|                                                                                                                      |     |        | As of December 31, 2024 |   |     |           | As of December 31, 2024 |   |     |          | As of December 31, 
               2024 
       Pro Forma As