Company: SHPH
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001493152-25-003508
Chunk: 231

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 231
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 - 5.23 | %  
 %  |
|:-------------------------------------------------------------------------|:----|:--|---------------:|:---|
| Quoted VWAP*                                                             |     | $ |           4.72 |    |
| Exercise price                                                           |     | $ |          18.80 |    |
| Probability assessment                                                   |     |   |        5% - 25 | %  |
| Illiquidity discount                                                     |     |   |            (17 | )% |
| Time period (years)                                                      |     |   |    0.53 - 3.03 |    |
| Estimated fair value (issuance)                                          |     | $ |      1,189,000 |    |
| Estimated fair value (December 31, 2023)                                 |     | $ |        410,660 |    |

| * | Based on a Monte Carlo simulation analysis of 50,000 iterations |

| F-41 |

| Alto Acceleration Option key valuation inputs* 
 Annualized volatility                          
 Risk-free interest rate                        |     |   | 34.23% - 59.15 
   4.68% - 5.60 | %  
 %  |
|:-----------------------------------------------|:----|:--|---------------:|:---|
| Quoted VWAP*                                   |     | $ |           4.72 |    |
| Illiquidity discount                           |     |   |            (17 | )% |
| Time period (years)                            |     |   |        0 - 1.2 |    |
| Estimated fair value (issuance)                |     | $ |      1,442,000 |    |
| Estimated fair value (December 31, 2023)       |     | $ |          3,852 |    |

| * | Based on a Monte Carlo simulation analysis of 50,000 iterations |

December 2021 Notes

In connection with the issuance of the December 2021
Notes, the Company identified an accelerated repayment upon IPO feature that required bifurcation. We classified this derivative liability
as a Level 3 fair value measurement and used a probability weighted scenario model to estimate the fair value of the
derivative just prior to the settlement of the December 2021 Notes. Key inputs for this valuation model are summarized below.

Schedule of Derivative Liability Valuation

| December 2021 Notes derivative key valuation inputs       |     |