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

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 26
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 do not have a long-term agreement with any of these parties and we believe alternative
sources of supply exist.

We
intend to enter into collaborations for the manufacture of our product candidates, with our collaborators assuming responsibility for
such manufacturing. Manufacturing is subject to extensive regulations that impose various procedural and documentation requirements,
which govern record keeping, manufacturing processes and controls, personnel, quality control and quality assurance, among others. Any
collaborator or third-party contract manufacturer we use would need to be compliant with cGMP. cGMP is a regulatory standard for the
production of pharmaceuticals that will be used in humans.

Sales
and Marketing

Our
current focus is on the development of our existing portfolio, the completion of clinical trials and, if and where appropriate, the registration
of our product candidates. We currently do not have marketing, sales and distribution capabilities. If we receive marketing and commercialization
approval for any of our product candidates, we intend to market the product either directly or through collaborations, strategic alliances
and distribution agreements with third parties. The ultimate implementation of our strategy for realizing the financial value of our
product candidates is dependent on the results of clinical trials for our product candidates, the availability of funds and the ability
to negotiate acceptable commercial terms with third parties.

Employees

As
of the date of this Annual Report, we have nine full-time employees, including our six executive officers and three employees
engaged in research and development. We consider our relationship with our employees to be good.

Nasdaq
Deficiency and 2024 Reverse Stock Split

Our
common stock currently is listed for quotation on the Nasdaq Capital Market (the “Nasdaq”). We are required to meet
Nasdaq listing rules in order to maintain such listing, including a requirement that the Company maintain stockholders’ equity
of at least $2.5 million. On September 10, 2024, we received a letter from the Nasdaq Listing Qualifications Staff (the
“Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that it is no longer in compliance
with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. Nasdaq Listing Rule
5550(b)(1) requires listed companies to maintain stockholders’ equity of at least $2.5 million. Our plan to regain compliance
has been accepted by Nasdaq and now we have an extra 180-days, or until March 10, 2025, to regain