Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 4

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 4
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 fair value of derivative liabilities 
     2,643  
     197,862  
     (195,219) 
     (99)%
  
    Change in fair value of convertible notes 
     (92,479) 
     —  
     (92,479) 
     —%
  
    Gain on sale of marketable securities 
     —  
     4,037  
     (4,037) 
     (100)%
  
    Change in fair value of marketable securities 
     —  
     (706) 
     706  
     (100)%
  
    Loss on settlement of convertible debt 
     —  
     (71,315) 
     71,315  
     (100)%
  
    Total other expense 
     (101,766) 
     (346,184) 
     244,418  
     (71)%
  
    Net loss 
    $(3,053,007) 
    $(1,731,031) 
    $(1,321,976) 
     76%

25

Research and Development. Total research and
development (“R&D”) expense was $1.6 million for the three months ended March 31, 2025, as compared to $0.6 million to
the three months ended March 31, 2024. The increase in total R&D expense of $1.0 million, or 169%, is primarily related to the Company
having completed production of the drug product and the start of work related to the initiation of trials including contract research
organization (“CRO”) expenses, clinical trial sites, other regulatory activities.

R&D compensation related expenses were $0.6 million
in the three months ended March 31, 2025 as compared to $0.3 million in the three months ended March 31, 2024. For the three months ended
March 31, 2025, R&D compensation related expenses were 39% as a percent of total R&D expense, representing a decrease from the
56% of total R&D incurred in the three months ended March 31, 2024. Subcontractor expense made up 58% of total R&D expenses in
the three months ended March 31, 2025 and 34% of total R&D expenses during the three months ended March 31,