Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 32

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 32
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 million warrants with an exercise price of $1.40 per
share. In addition, in October 2024, the Company completed an offering of senior secured convertible bridge notes, receiving
$790 thousand in cash. The notes have a term of one-year and were accompanied by 329,461 warrants with a weighted-average exercise
price of $1.42 per share. To date, none of the above-listed
warrants have been exercised. However, the Company’s existing cash resources, marketable securities and the cash received from
the Company’s offerings are not expected to provide sufficient funds to support the Company’s operations and clinical
trials through the next 12 months.

The
capital raise has supported operations leading up to the manufacture of drug product and FDA approval of the IND for the Phase II clinical
trial of Ropidoxuridine and radiation therapy in glioblastoma. The FDA recommended and the company agreed to an expansion of the clinical
trial, necessitating additional capital expenditures to complete the trial. Management intends to initiate additional follow-on offerings
and has submitted SBIR applications for non-dilutive NIH funding for our pre-clinical project. The ability of the Company to continue
as a going concern is dependent upon our ability to successfully conduct clinical trials, bring a drug candidate to commercialization,
generate revenues, and to raise additional equity or debt financing to fund our operations.

22

Our
success is primarily dependent on the successful development, regulatory approval and commercialization of our product candidates, all
of which are in the early stages of development.

Our
product candidates include Ropidoxuridine, a Phase II, clinical-stage radiation sensitizer, a platform of HDAC inhibitors (SP-1-161,
SP-2-225 and SP-1-303) and two preclinical, prostate cancer-oriented diagnostics assets – the PC-RAD Test, a blood test to predict
clinical response to radiation therapy and the PSMA-B ligand for potential use as a theranostic agent. None
of our product candidates have gained marketing approval for sale in the United States or any other country, and we cannot guarantee
that we will ever have marketable products. To date, we have invested substantially all of our efforts and financial resources in the
research and development and commercial planning for our current product candidate and our HDAC small molecule delivery platform. Our
near-term prospects, including our ability to finance our Company and generate revenue, as well as our future growth, will depend