Company: SHPH
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001493152-25-002253
Chunk: 109

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-15
Form: S-1
Chunk 109
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| Loss on settlement of convertible debt          |     |                    |   (762,186 | ) |     |   |    (43,414 | ) |     |   |   (718,772 | ) |     |     | 1656 | %  |
| Total other expense                             |     |                    |   (732,521 | ) |     |   |   (193,608 | ) |     |   |   (538,913 | ) |     |     |  278 | %  |
| Net loss                                        |     | $                  | (3,784,082 | ) |     | $ | (1,792,754 | ) |     | $ | (1,991,328 | ) |     |     |  111 | %  |

Research and Development.Research and development (“R&D”) expenses were $1.4 million for the three months ended September 30, 2024, as compared to $1.0 million for three months ended September 30, 2023. The increase of $0.4 million, or 34%, is primarily related to the Company having completed production of the drug product and the start of work related to the initiation of trials.

| 69 |

R&D compensation related expenses were $0.3 million in the three months ended September 30, 2024 as compared to $0.3 million in the three months ended September 30, 2023. Compensation related expenses were 22% for the three months ended September 30, 2024, representing a decrease from 29% of total R&D in the three months ended September 30, 2023. Subcontract work made up 73% of total R&D expenses in the three months ended September 30, 2024 and 65% of total R&D expenses during the three months ended September 30, 2023.

General and Administrative Expenses.General and Administrative expenses in the three months ended September 30, 2024 increased by $63 thousand, or 24% to $0.33 million in the three months ended June 30, 2024, compared to $0.27 million in the three months ended September 30, 2023, largely due to costs associated with the additional focus on financial reporting and capital needs.

Legal and Professional Expenses. During the three months ended September 30, 2024, legal and professional expenses increased by $1.0 million or 358% to