Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 393

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 393
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    $1,920,144  
    $2,576,416 

    Cash paid for: 

    Interest 
    $86,589  
    $164,807 
  
    Income taxes 
    $—  
    $— 

    Supplemental non-cash financing activities: 

    Common stock issued for settlement of debt 
    $1,947,294  
    $2,697,849 
  
    Warrants issued for financing fees, net of issuance fees of $0 and $8,727, respectively 
    $—  
    $90,816 
  
    Initial recognition of right of use asset and liability 
    $—  
    $365,556 

The
accompanying notes are an integral part of these consolidated financial statements.

F-5

Note
1 – Organization and Liquidity

Organization
and Line of Business

Shuttle
Pharmaceuticals Holdings, Inc. (“we,” “us,” “our,” or the “Company”) was originally formed
as Shuttle Pharmaceuticals, LLC in the State of Maryland on December 18, 2012. On August 12, 2016, the Company filed articles of conversion
with the State of Maryland to convert from an LLC to a C corporation, at which time the Company changed its name to Shuttle Pharmaceuticals,
Inc. (“Shuttle”). In connection with the conversion the Company issued 5,625,000 shares of common stock in exchange for 100%
of the outstanding membership interests in Shuttle prior to conversion. On June 4, 2018, Shuttle completed a reverse merger with Shuttle
Pharmaceuticals Holdings, Inc. (then known as Shuttle Pharma Acquisition Corp, Inc.), a Delaware corporation, pursuant to which Shuttle,
our operating entity, became a wholly-owned subsidiary of the Company. Our wholly-owned subsidiary Shuttle Diagnostics, Inc. was formed
in the State of Maryland on November 15, 2023. All share numbers referenced herein reflect a 1-for-8 reverse split of our common stock
on a post-split basis, which was effective as of August 13, 2024 (see Note 2).

The
Company’s primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal
tissues, with the goal of improving outcomes for cancer patients receiving radiation therapy. Shuttle has deployed its proprietary technology
to develop novel cancer immunotherapies, producing a pipeline of selective HD