Company: SHPH
Filing Date: 2025-03-13
Form Type: 424B3
Source: 0001493152-25-010109
Chunk: 50

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-03-13
Form: 424B3
Chunk 50
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 including the pre-funded warrants being issued herein.

<div align='center'>DILUTION</div>

If you invest in our common stock in this offering, your ownership interest will be diluted immediately to the extent of the difference between the public offering price per share of our common stock and the as adjusted net tangible book value per share of our common stock immediately after this offering. As of December 31, 2024, our historical net tangible book value was $709,152, or $.12 per share. Our historical net tangible book value is the amount of our total tangible assets less our total liabilities. Historical net tangible book value per share represents historical net tangible book value divided by 5,902,567 shares (4,076,567 shares of our common stock outstanding and another 1,826,000 shares of common stock issuable under pre-existing pre-funded warrants) as of December 31, 2024.

After giving effect to the acceleration of restricted stock units and our issuance and sale of common stock, or Pre-Funded Warrants on lieu thereof, in this offering at a public offering price of $.30 per share, and after deducting estimated underwriting fees and estimated transaction expenses payable by us, our pro forma as adjusted net tangible book value as of December 31, 2024 would have been $5,908,826 million, or $0.23 per share. This represents an immediate increase in as adjusted net tangible book value per share of $5,199,674 to existing stockholders and immediate dilution of $0.07 in pro forma as adjusted net tangible book value per share to new investors purchasing common stock in this offering. Dilution per share to new investors is determined by subtracting as adjusted net tangible book value per share after this offering from the public offering price per share paid by new investors.

The following table illustrates this dilution on a per share basis:

| Public offering price per share                                                             |     | $ | 0.30 |
| Historical net tangible book value per share as of December 31, 2024                        |     | $ | 0.12 |
| Increase in as adjusted net tangible book value per share attributable to this offering     |     | $ | 0.11 |
| As adjusted net tangible book value per share after giving effect to this offering          |     | $ | 0.23 |
| Dilution in as adjusted net tangible book value per share to new investors in this offering |     | $ | 0.07 |

The information