Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 651

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 2
Chunk 651
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 Tax Cuts and Jobs Act of 2017 (TCJA),
NOLs created after 2017 can no longer be carried back and are instead carried forward indefinitely. The Company has $139,813 and $238,380
of federal NOL carryforwards from 2016 and 2017, respectively, which begin to expire in 2036. The Company has an additional $10.6 million
and $10.9 million of federal and state NOLs created after 2017, respectively, which can be carried forward indefinitely. The NOLs can
be used to offset future income limited to the lesser of the NOL or 80% of the year’s taxable income.

As
of December 31, 2024, the Company has $200,715 of federal Research and Development (R&D) tax credits. These can be carried forward
20 years to offset future federal income tax. These begin to expire in 2037.

Note
13 – Subsequent Events

In
January 2025, the Company entered into a change order to its existing agreement with Theradex Systems, Inc., the Company’s primary
third-party CRO, for purposes of supporting the Company’s clinical trials of Ropidoxuridine. Following the change order, the Company’s
total cost limit increased by $3.0 million, for an aggregate of $5.3 million, of which $3.2 million has not yet been incurred.

F-29

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 

On
March 21, 2023, the Company’s audit committee selected Forvis Mazars, LLP (the “New Accountant”) to serve as the Company’s
independent registered public accounting firm for the review of its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for
the year ending December 31, 2023. As a result, the audit committee determined that BF Borgers CPA PC (the “Former Accountant”)
would no longer serve as the Company’s independent registered public accounting firm, effective as of March 21, 2023.

On
March 22, 2023, the Company filed a Current Report on Form 8-K (the “Original Form 8-K”) with the SEC disclosing the changes
in its certifying accountant.

As
disclosed in the Original Form 8-K, the Former Accountant’s audit report on our