Company: SHPH
Filing Date: 2025-01-24
Form Type: 424B3
Source: 0001493152-25-003508
Chunk: 212

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-01-24
Form: 424B3
Chunk 212
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 commenced on October 1, 2018, with the first payment made on January 1, 2019and ended on October 31, 2023.

On February 16, 2023, the Company entered into a new lease agreement for new office and laboratory space, with base rent of $ 7,206per month for a period of 64 months, which increases at the rate of 3% per year, that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance (“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $ 3,300per month for the first year of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $ 43,234and base rent of $ 3,891, including 50% abatement, and $ 3,315of CAM cost, was due and paid on execution of the lease agreement. Alexandria Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024. Subsequent to December 31, 2023, the LOC was renewed with an updated expiry date of March 1, 2025.

The following summarizes the right-of use asset and lease information for the Company’s operating leases:

Schedule of Right-of Use Asset and Lease Information about Operating Lease

|                                                                              |     |         2023 |         |   |     | 2022 |        |   |
|                                                                              |     |  Years Ended |         |   |     |      |        |   |
|                                                                              |     | December 31, |         |   |     |      |        |   |
|                                                                              |     |         2023 |         |   |     | 2022 |        |   |
| Operating lease cost                                                         |     |              | 112,022 |   |     |      | 70,175 |   |
| Variable lease cost                                                          |     |              |  24,222 |   |     |      |      — |   |
| Sublease income                                                              |     |              |  (7,819 | ) |     |      | (7,070 | ) |
| Total lease cost                                                             |     |              | 128,425 |   |     |      | 63,105