Company: SHPH
Filing Date: 2025-01-15
Form Type: S-1
Source: 0001493152-25-002253
Chunk: 233

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-15
Form: S-1
Chunk 233
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          45% |     |            100% |
| Probability                                        
 of Maturity                                        |     |           5% |     |              —% |
| Time                                               
 period (years)                                     |     |         0.47 
 - 1.00 years |     |            0.00 
           years |
| Estimated fair value                               |     |     $221,000 |     |        $571,000 |

| F-42 |

August 2022 Notes

In connection with the issuance of the August 2022
Promissory Note, the Company identified an accelerated repayment upon IPO feature that required bifurcation. We classified this derivative
liability as a Level 3 fair value measurement and used a probability weighted scenario model to estimate the fair value
of the derivative just prior to the settlement of the August 2022 Promissory Notes. Key inputs for this valuation model are summarized
below.

Schedule of Derivative Issuance Valuation Inputs

| August 2022 Promissory Notes derivative key valuation inputs       |     | Issuance Dates |     | Settlement Date |
| Amount due upon acceleration (estimated at issuance)               |     |        $50,411 |     |         $50,438 |
| Carrying value of August 2022 Promissory Notes at measurement date |     |             $0 |     |          $4,521 |
| IPO date                                                           |     |      8/31/2022 |     |        9/2/2022 |
| Probability of IPO acceleration                                    |     |            90% |     |            100% |
| Probability of maturity                                            |     |            10% |     |              —% |
| Time period to maturity (years)                                    |     |     1.00 years |     |      0.91 years |
| Discount rate                                                      |     |         16.03% |     |          18.81% |
| Estimated fair value                                               |     |        $45,000 |     |         $45,000 |

In connection with the issuance of the August 2022
Convertible Notes, the Company identified certain embedded features that required bifurcation as a combined derivative liability, including
the share-settled redemption of the 2022 Convertible Notes at a 50% discount and the automatic increase in principal of 10% if conversion
does not occur within 12 months. Key inputs for this valuation model are summarized