Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 5

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 5
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2024.

General
and Administrative Expenses. General and administrative expenses in the three months ended March 31, 2025 increased by $0.3
million, or 84%, from $0.3 million in the three months ended March 31, 2024 to $0.6 million in the three months ended March 31,
2025. The increase in general and administrative expenses was primarily due to costs associated with stock-based compensation of
$0.1 million and marketing of $0.1 million for investor relations and other administrative costs.

Legal
and Professional Expenses. During the three months ended March 31, 2025, legal and professional
expenses increased by $0.3 million or 65% compared to the same period in 2024. The increase in legal and professional fees
was primarily due to increases in legal costs associated with corporate matters and our accounting expenses related to our
public filing requirements.

Other
Income (expense). During the three months ended March 31, 2025, other expense decreased by $0.3 million or 73% compared to the same period in 2024. The decrease
was primarily driven by a $0.5 million decrease in interest expense. The decrease was partially offset by a $0.2 million decrease in
change in fair value of derivative liabilities.

Liquidity and Capital Resources

Our
unaudited condensed 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. We have incurred losses since inception
and had a net loss of $3.0 million and no revenues generated during the three months ended March 31, 2025 and working capital of
approximately $3.2 million as of March 31, 2025. We do not expect to generate positive cash flows from operating activities in the
near future.

In January 2025, we entered into a change order to
the existing agreement with Theradex Systems, Inc., our primary third-party CRO, for purposes of supporting our clinical trials of Ropidoxuridine.
Following the change order, our total cost limit increased by $3.0 million, for an aggregate of $5.3 million, of which $2.4 million had
not yet been incurred as of March 31, 2025.

26

In
March 2025, we entered into a consulting services agreement (the “Bowery Consulting