Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 378

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 378
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 finance fees
and $0.8 million of loss on settlement of convertible notes payable.

During
the year ended December 31, 2023, net cash used in operating activities of $5.6 million was primarily due to our net loss of $6.6 million,
partially offset by $0.5 million of loss on settlement of convertible notes payable and $0.3 million of accrued interest settled with
common stock.

Cash
Flows from Investing Activities

For
the year ended December 31, 2024, cash flows provided by investing activities was primarily attributable to $3.0 million in proceeds
from disposition of marketable securities, used to fund the Company’s ongoing operations. For the year ended December 31, 2023,
cash flows used in investing activities was primarily attributable to the Company’s net investments in marketable securities of
$2.8 million.

61

Cash
Flows from Financing Activities

For
the year ended December 31, 2024, cash flows from financing activities was primarily comprised of net proceeds from the sale of common
stock, warrants and pre-funded warrants of $4.0 million, partially offset by $0.3 million of issuance costs, and proceeds from the issuance
of convertible notes of $0.8 million, partially offset by issuance costs of $0.1 million, used to finance the Company’s ongoing
operations. For the year ended December 31, 2023, the Company received net proceeds of $3.9 million from the sale and issuance of convertible
notes payable and warrants and repaid $0.3 million in convertible notes, $0.3 million for finance costs related to convertible note payable,
and $0.7 million in related party notes payable, all of which was used to finance the Company’s ongoing operations.

Recent
Financings

On
January 11, 2023, the Company entered into a stock purchase agreement (the “SPA”) with the Alto Opportunity Master Fund,
SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to the Investor
a $4.3 million convertible note (the “Convertible Note”) and warrant (the “Warrant”) to purchase 127,260 shares
of common stock of the Company, in exchange for gross proceeds of $4.0 million Investment Amount. The Convertible Note amortizes on a
monthly basis and the Company can make such monthly amortization payments in