Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 149

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 149
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 can be carried forward indefinitely. The NOLs can
be used to offset future income limited to the lesser of the NOL or 80% of the year’s taxable income.

As
of December 31, 2024, the Company has $200,715 of federal Research and Development (R&D) tax credits. These can be carried forward
20 years to offset future federal income tax. These begin to expire in 2037.

Note
13 – Subsequent Events

In
January 2025, the Company entered into a change order to its existing agreement with Theradex Systems, Inc., the Company’s primary
third-party CRO, for purposes of supporting the Company’s clinical trials of Ropidoxuridine. Following the change order, the Company’s
total cost limit increased by $3.0 million, for an aggregate of $5.3 million, of which $3.2 million has not yet been incurred.

F-29

Item
9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 

On
March 21, 2023, the Company’s audit committee selected Forvis Mazars, LLP (the “New Accountant”) to serve as the Company’s
independent registered public accounting firm for the review of its Quarterly Reports on Form 10-Q and Annual Report on Form 10-K for
the year ending December 31, 2023. As a result, the audit committee determined that BF Borgers CPA PC (the “Former Accountant”)
would no longer serve as the Company’s independent registered public accounting firm, effective as of March 21, 2023.

On
March 22, 2023, the Company filed a Current Report on Form 8-K (the “Original Form 8-K”) with the SEC disclosing the changes
in its certifying accountant.

As
disclosed in the Original Form 8-K, the Former Accountant’s audit report on our financial statements for the years ended December
31, 2021 and 2022 contained no adverse opinion or disclaimer of opinion, nor was it qualified or modified as to uncertainty, audit scope
or accounting principles, except that the audit report on the financial statements of the Company for the year ended December 31, 2021
contained an uncertainty about the Company’s ability to continue as a going concern (the “Going Concern Opinion”).
The Former Auditor’s Going Concern Opinion was resolved following the Company’s completion of its approximately $11