Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 544

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1C
Chunk 544
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 particularly relating to grant date fair value and expense attribution, was not performed at a sufficiently precise
    level and resulted in the incorrect recording of related compensation expense and related disclosures.

Other
than as noted below, there has been no change in the Company’s internal control over financial reporting during the fiscal year
ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company’s internal control
over financial reporting. Management will continue to monitor and evaluate the effectiveness of our internal controls and procedures
over financial reporting on an ongoing basis and are committed to taking further action and implementing additional improvements as necessary.

68

Management’s
Remediation Measures

While
the Company has improved its organizational capabilities, the Company’s remediation efforts will continue to take place. Management
is committed to maintaining a strong internal control environment. In response to the identified material weaknesses in the overall control
environment, management is currently implementing additional measures which include:

    ●
    Hired
    a new Chief Financial Officer during the second quarter of 2024 to bolster the Company’s internal technical accounting and
    financial reporting experience and provide bandwidth for the prior Chief Financial Officer to focus on the Company’s expanding
    clinical trial.
  
    ●
    Engaged
    a third-party consulting firm to assist with the preparation of SEC reporting and other technical accounting matters.

The
Company will continue to review and improve its internal controls over financial reporting to address the underlying causes of the material
weaknesses and control deficiencies. While the Company has added significant resources, particularly relevant to unusual and complex
accounting matters, and stock-based compensation accounting and reporting, its material weaknesses and control deficiencies will not
be fully remediated until the Company has concluded that its internal controls are operating effectively for a sufficient period of time.

Item
9B. Other Information

None.

Item
9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not
applicable.

69

PART
III

Item
10. Directors, Executive Officers and Corporate Governance

MANAGEMENT

Our
directors and executive officers and their respective ages and titles are as follows:

    Name
     
    Age
     
    Position(s)
    and Office(s) Held

    Anatoly
    Dritschilo, M.D.
     
    80
     
    Chairman
    of the board of directors and Chief Executive Officer
  
    Timothy
    J. Lorber
     
    67