Company: SHPH
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001493152-25-022162
Chunk: 5

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 4
Chunk 5
---
 the identified material weaknesses in the overall control
environment, management is currently implementing additional measures which include:

    ●
    Hired
    a new Chief Financial Officer during the second quarter of 2024 to bolster the Company’s internal technical accounting and
    financial reporting experience and provide bandwidth for the prior Chief Financial Officer to focus on the Company’s expanding
    clinical trial.

    ●
    Engaged
    a third-party consulting firm to assist with the preparation of SEC reporting and other technical accounting matters.

    ●
    Redesigned
    and implemented certain management review controls around the proper classification of operating expenses as research and development
    and general and administrative.

    ●
    Redesigned
    and implemented formal communication by the Compensation Committee to and review of approved grants by executive management.

    ●
    Committed
    to more formal and disciplined approach to significant actions and decisions made by the Board with the inclusion of the Company’s
    Chief Financial Officer.

The
Company will continue to review and improve its internal controls over financial reporting to address the underlying causes of the material
weaknesses and control deficiencies. Such material weaknesses and control deficiencies will not be fully remediated until the Company
has concluded that its internal controls are operating effectively for a sufficient period of time.

Changes
in Internal Control over Financial Reporting

Except
for the remediation efforts described above, there has been no change in the Company’s internal control over financial reporting
during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company’s
internal control over financial reporting. Management will continue to monitor and evaluate the effectiveness of our internal controls
and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional improvements
as necessary.

34

PART
II - OTHER INFORMATION

Item
1. Legal Proceedings.

We
are not party to, and our property is not the subject of, any material legal proceedings. 

Item
1A. Risk Factors.

As
a smaller reporting company, we are not required to provide the information required by this item.

Item
2. Unregistered Sales of Equity Securities and Use of Proceeds.

None. 

Item
3. Defaults Upon Senior Securities.

None. 

Item
4. Mine Safety Disclosures.

Not
applicable.

Item
5. Other Information.

During
the quarter ended September 30, 2025, none of our directors or executive officers adopted or