Company: SHPH
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001493152-25-006202
Chunk: 117

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-13
Form: S-1
Chunk 117
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 In August 2024, the Company took actions to pursue a separate capital raise of up to $10 million and entered into a work order with a contract research organization (“CRO”) for purposes of supporting the Company’s Phase II Study of Ropidoxuridine. Under the terms of the work order, the CRO will oversee the studies for a period of 53 months in exchange for a fee of approximately $2.3 million, payable in stages and based upon services performed during the study. The ability of the Company to continue as a going concern is dependent upon its ability to successfully raise additional equity or debt financing to allow it to fund ongoing operations, conduct clinical trials and bring a drug candidate to commercialization to generate revenues.

The accompanying financial statements do not include any adjustments to reflect the future effects on the recoverability and classification of assets or the amounts and classification of liabilities if the Company is unable to continue as a going concern.

Balance Sheet Data:

|                     |     | 2023 | December 31, |     | 2022 | December 31, |     | Change |            |   |     | % |     |    |
|:--------------------|:----|:-----|-------------:|:----|:-----|-------------:|:----|:-------|-----------:|:--|:----|:--|----:|:---|
| Current assets      |     | $    |    5,593,005 |     | $    |    8,578,351 |     | $      | (2,985,346 | ) |     |   | (35 | )% |
| Current liabilities |     |      |    1,042,237 |     |      |      975,676 |     |        |     66,561 |   |     |   |   7 | %  |
| Working capital     |     | $    |    4,550,768 |     | $    |    7,602,675 |     | $      | (3,051,907 | ) |     |   | (40 | )% |

As of December 31, 2023, total current assets were $5.6 million and total current liabilities were $1.0 million, resulting in working capital of $4.6 million. As of December 31, 2022 (as restated), total current assets were $8.6 million and total current liabilities were $1.