Company: SHPH
Filing Date: 2025-02-27
Form Type: 424B3
Source: 0001493152-25-008478
Chunk: 127

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-27
Form: 424B3
Chunk 127
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, 2024. Based on the foregoing, our management concluded that our internal controls over the following financial reporting areas to be material weaknesses:

| ● | Our written accounting policies and documentation of management’s                                                                         
 contemplation of the accounting treatment and implications over significant unusual transactions, including complex accounting associated 
 with debt and equity transactions, was limited and resulted in ineffective monitoring of financial reporting. These were contributing     
 factors which lead to untimely filings.                                                                                                   |
| ● | Our                                                                                                                                       
 written policies and procedures over accounting transaction processing and period end financial close and reporting are limited,          
 which has resulted in ineffective oversight in the establishment of proper monitoring controls over accounting and financial reporting;   
 in addition, we lacked sufficient review and segregation of duties for certain financial transactions, manual journal entries, and        
 critical financial spreadsheets, such that a proper review had not been performed by someone other than preparer, and that process        
 documentation is lacking for review and monitoring controls over accounting and financial reporting. These were contributing factors      
 which led to untimely filings for certain periods in fiscal year 2024.                                                                    |
| ● | We                                                                                                                                        
 lack a formal process to identify and ensure the proper classification of operating expenses as Research and Development.                 |
| ● | We                                                                                                                                        
 identified findings related to overall information technology general controls (“ITGCs”) including issues with super-user                 
 access and segregation of duties for systems supporting the Company’s internal control processes and controls.                            |
| ● | Our                                                                                                                                       
 accounting policies and review processes regarding certain technical aspects of financial reporting for stock-based compensation          
 transactions, 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: