Company: SHPH
Filing Date: 2025-02-13
Form Type: S-1
Source: 0001493152-25-006202
Chunk: 114

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-13
Form: S-1
Chunk 114
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 1,318,431 |   |     |   |   (73 | )% |
| Gain on settlement of accounts payable                                        |     |              |          — |   |     |              |    328,687 |   |     |        |   (328,687 | ) |     |   |  (100 | )% |
| Gain on forgiveness of Paycheck Protection Program note payable               |     |              |          — |   |     |              |     73,007 |   |     |        |    (73,007 | ) |     |   |  (100 | )% |
| Total other expense, as restated                                              |     |              |   (700,341 | ) |     |              | (2,652,243 | ) |     |        |  1,951,902 |   |     |   |   (74 | )% |
| Net loss, as restated                                                         |     |            $ | (6,592,723 | ) |     |            $ | (4,996,069 | ) |     |        | (1,596,654 | ) |     |   |    32 | %  |

Research and Development, net of contract expense reimbursements.Total research and development (“R&D”) expense was $3.5 million for the year ended December 31, 2023, as compared to $1.0 million for the year ended December 31, 2022 (as restated), which included R&D expense reimbursements of $0 and $211,455, respectively. The increase of $2.5 million, or 236%, is primarily related to the Company increasing R&D spending as a result of having received funding from the Company’s initial public offering in the third quarter of fiscal 2022 and, the convertible note issued during the period ended March 31, 2023.

| 67 |

R&D compensation related expenses were $1.5 million in the year ended December 31, 2023 as compared to $0.7 million in the year ended December 31, 2022 (as restated). Compensation related expenses, excluding reimbursements, for the year ended December 31, 2023 was 43% as a percent of R&D expense, representing a decrease from the 56% of total R&D incurred in the year ended December 31, 2022. Subcontract work, excluding reimbursements, made up 52