Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 376

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1B
Chunk 376
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 complete the trial as well as
fund ongoing operations. Additionally, the Phase II clinical trial of Ropidoxuridine has evolved with finalized agreements with all six
of the planned site enrollment locations to administer the Phase II clinical trial of Ropidoxuridine and the enrollment of the first
three patients.

The
ability of the Company to continue as a going concern is dependent upon its ability to continue to successfully raise additional equity
or debt financing to allow it to fund ongoing operations, conduct clinical trials and bring a drug candidate to commercialization to
generate revenues. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one
year after the date that the  consolidated financial statements are issued.

Balance
Sheet Data:

    December 31,  
    December 31,  

    2024  
    2023  
    Change  
    % 
  
    Current assets 
    $2,210,917  
    $5,593,005  
    $(3,382,088) 
     (60)%
  
    Current liabilities 
     1,533,769  
     1,042,237  
     491,532  
     47%
  
    Working capital 
    $677,148  
    $4,550,768  
    $(3,873,620) 
     (85)%

60

As
of December 31, 2024, total current assets were $2.2 million and total current liabilities were $1.5 million, resulting in working capital
of $0.7 million. As of December 31, 2023, total current assets were $5.6 million and total current liabilities were $1.0 million, resulting
in a working capital of $4.6 million. The Company’s current assets as of December 31, 2024 are comprised of $1.9 million of cash
and cash equivalents and $0.3 million of prepaid expenses, with the decrease from December 31, 2023 being primarily due to ongoing cash
burn from our R&D programs, filing expenses, reaudits, and general operations.

In
addition, we continued progress on our R&D programs during the year ended December 31, 2024 that resulted in increased cash expenditures.
The Company’s current liabilities as of December 31, 2024 are primarily comprised of $0.7 million of convertible