Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 264

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1A
Chunk 264
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329,461 warrants with a weighted-average exercise price of $1.42 per share. Refer to the “Recent
Financing” section below for additional information. In September 2024, our CEO provided $0.3 million to us in exchange for a
promissory note repayable in equal monthly installments of principal and interest over a term of one year. However, our 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 our operations and clinical trials through the next twelve months.

Our
capital raises have to date supported operations, the manufacture of drug product and FDA approval of the IND for the Phase II clinical
trial of Ropidoxuridine and radiation therapy in glioblastoma and other radiation sensitizer discovery and therapy. The FDA recommended
and we have agreed to an expansion of the Phase II clinical trial, necessitating additional capital to complete the trial as well as
fund ongoing operations. Additionally, the Phase II clinical trial of Ropidoxuridine has evolved with finalized agreements with all six
of the planned site enrollment locations to administer the Phase II clinical trial of Ropidoxuridine and the enrollment of the first
three patients.

The
ability of the Company to continue as a going concern is dependent upon its ability to continue to successfully raise additional equity
or debt financing to allow it to fund ongoing operations, conduct clinical trials and bring a drug candidate to commercialization to
generate revenues. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one
year after the date that the  consolidated financial statements are issued.

Balance
Sheet Data:

    December 31,  
    December 31,  

    2024  
    2023  
    Change  
    % 
  
    Current assets 
    $2,210,917  
    $5,593,005  
    $(3,382,088) 
     (60)%
  
    Current liabilities 
     1,533,769  
     1,042,237  
     491,532  
     47%
  
    Working capital 
    $677,148  
    $4,550,768  
    $(3,873,620) 
     (85)%

60

As
of December 31, 2024, total current assets were $2.2 million and total current