Company: SHPH
Filing Date: 2025-02-27
Form Type: 424B3
Source: 0001493152-25-008478
Chunk: 119

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-27
Form: 424B3
Chunk 119
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 Carlo simulation for the Alto warrants as of December 31, 2023, were as follows:

| Net cash settlement and down round key valuation inputs - warrants* 
 Annualized volatility                                               
 Risk-free interest rate                                             |     |   | 77.51% - 92.33% 
   4.01% - 5.23% |    |
|:--------------------------------------------------------------------|:----|:--|----------------:|:---|
| Quoted VWAP                                                         |     | $ |            4.72 |    |
| Exercise price                                                      |     | $ |           18.80 |    |
| Probability assessments                                             |     |   |        5% - 25% |    |
| Illiquidity discount                                                |     |   |             (17 | )% |
| Time period (years)                                                 |     |   |     0.53 - 3.03 |    |
| Estimated fair value (issuance)                                     |     |   |       1,189,000 |    |
| Estimate fair value (December 31, 2023)                             |     |   |         410,660 |    |

| * |     | Based on a Monte Carlo                    
 simulation analysis of 50,000 iterations. |

| Alto Acceleration Option key valuation inputs* 
 Annualized volatility                          
 Risk-free interest rate                        |     |   | 34.23% - 59.15% 
   4.68% - 5.60% |    |
|:-----------------------------------------------|:----|:--|----------------:|:---|
| Quoted VWAP                                    |     | $ |            4.72 |    |
| Illiquidity discount                           |     |   |             (17 | )% |
| Time period (years)                            |     |   |         0 - 1.2 |    |
| Estimated fair value (issuance)                |     |   |       1,442,000 |    |
| Estimate fair value (December 31, 2023)        |     |   |           3,852 |    |

| * |     | Based on a Monte Carlo                    
 simulation analysis of 50,000 iterations. |

| F-25 |

The following table summarizes the changes in the derivative liabilities:

Schedule of Derivative Liabilities

| Fair Value Measurements Using Significant Unobservable Inputs (Level 3) 
 Balance - December 31, 202