Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 607

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 2
Chunk 607
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 weighted
based the volatility of a set of guideline companies and
significant unobservable inputs including  probabilities assigned. Each simulation is
based on the range of inputs in a scenario with the mean of the output on each simulation calculated as an average. The Monte Carlo
simulation uses an implied VWAP for valuation. The implied VWAP was backsolved by setting the summation of the parts (e.g.,
derivatives and debt without derivatives) equal to the cash proceeds and is updated each period.

The
use of Monte Carlo valuation models require key inputs, some of which are based on estimates and judgements by management. Any change
to these key inputs could produce significantly higher or lower fair value measurements.

Item
7A. Quantitative and Qualitative Disclosures About Market Risk

As
a “smaller reporting company,” this item is not required.

65

Item
8. Financial Statements and Supplementary Data

Index
to Financial Statements

    Page

    Report of Independent Registered Public Accounting Firm – Forvis Mazars, LLP (PCAOB ID 686)
     
    F-1

    Consolidated Balance Sheets as of December 31, 2024 and 2023
     
    F-2

    Consolidated Statements of Operations for the years ended December 31, 2024 and 2023
     
    F-3

    Consolidated Statements of Changes in Stockholders’ Equity for the years ended December 31, 2024 and 2023
     
    F-4

    Consolidated Statements of Cash Flows for the years ended December 31, 2024 and 2023
     
    F-5

    Notes to Consolidated Financial Statements
     
    F-6

66

Report
of Independent Registered Public Accounting Firm

To
the Shareholders, Board of Directors, and Audit Committee of Shuttle Pharmaceuticals Holdings, Inc.

Opinion
on the Consolidated Financial Statements

We
have audited the accompanying consolidated balance sheets of Shuttle Pharmaceuticals Holdings, Inc. and subsidiaries (the “Company”)
as of December 31, 2024 and 2023, the related consolidated statements of operations, changes in stockholders’ equity, and cash
flows for each of the years in the two-year period ended December 31, 2024, and the related notes (collectively referred to as the “financial
statements”). In our opinion, the financial statements referred to above present fairly, in all material respects, the financial