Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 7

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 7
---
 2025, we consummated a public offering
of an aggregate of (i) 1,340,921 shares of common stock, of the Company, at a public offering price of $0.30 per share and (ii) pre-funded
warrants to purchase 17,825,746 shares of common stock at an exercise price of $0.001 per share, at a public offering price of $0.299
per pre-funded warrant (the “Offering”). The Offering closed on March 13, 2025. We received gross proceeds of approximately $5.7 million and net proceeds
of approximately $5.0 million, reflecting approximately $0.7 million of legal costs and other expenses connected with the Offering.

Balance Sheet Data:

    March 31,  
    December 31,  

    2025  
    2024  
    Change  
    % 
  
    Current assets 
    $4,959,397  
    $2,210,917  
    $2,748,480  
     124%
  
    Current liabilities 
     1,782,177  
     1,533,769  
     248,408  
     16%
  
    Working capital 
    $3,177,220  
    $677,148  
    $2,500,072  
     369%

As of March 31, 2025, total current assets were $5.0
million and total current liabilities were $1.8 million, resulting in working capital of $3.2 million. As of December 31, 2024, total
current assets were $2.2 million and total current liabilities were $1.5 million, resulting in a working capital of $0.7 million. The
Company’s current assets as of March 31, 2025 are comprised of $4.5 million of cash and cash equivalents and $0.4 million of prepaid
expenses, with the increase from December 31, 2024 being primarily due to the March 2025 equity raise that provided $5.0 million in net
cash.

27

In addition, we continued progress on our R&D
programs during the three months ended March 31, 2025 that resulted in increased cash expenditures. The Company’s current liabilities
as of March 31, 2025 are primarily comprised of $0.7 million of convertible notes