Company: SHPH
Filing Date: 2025-03-05
Form Type: S-1/A
Source: 0001493152-25-009106
Chunk: 17

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-05
Form: S-1/A
Chunk 17
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 Split became effective on August 13, 2024, when the Company’s common stock opened for trading on Nasdaq on a post-split basis under the Company’s existing trading symbol, “SHPH.” Subsequently, on August 27, 2024, we received notice from Nasdaq that we regained compliance with the Minimum Bid Price Requirement.

All historical share and per share amounts reflected throughout this prospectus have been adjusted to reflect the 2024 Reverse Stock Split. However, our periodic and current reports, and all other documents that were filed prior to August 13, 2024 do not give effect to the 2024 Reverse Stock Split.

Going Concern Uncertainty

Our consolidated financial
statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities and
commitments in the normal course of business. The Company has not generated any revenues, incurred losses since inception and has a net loss of approximately
$9.1 million and no revenues for the fiscal year ended December 31, 2024 and has working capital of approximately
$0.7 million as of December 31, 2024.

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The Company does not
expect to generate positive cash flows from operating activities in the near future.

In September 2024,
the Company’s CEO provided $250 thousand to the Company in exchange for a promissory note repayable in equal monthly
installments of principal and interest over a term of one year. In October 2024, the Company completed an offering of senior secured
convertible bridge notes, receiving $790 thousand in cash. The notes have a term of one-year and were accompanied by 329,461
warrants with a weighted-average exercise price of $1.42 per share. Also in October 2024, the Company completed an equity
raise that provided $3.7 million net cash for the issuance of 2.9 million shares of common stock, or pre-funded
warrants in lieu thereof, and 2.9 million warrants with an exercise price of $1.40 per share. Refer to the “Recent Financings” section below for additional information. However, the
Company’s existing cash resources and the cash received from the equity offering and senior convertible note are not expected
to provide sufficient funds to carry out the Company’s operations and clinical trials through the next twelve months.

The Company’s capital
raises have to date supported operations, the manufacture of drug product and FDA approval of the IND