Company: SHPH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001493152-25-008300
Chunk: 711

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 711
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 research and
development activities. The cash used in operating activities resulted primarily from our net losses adjusted for non-cash charges, which
are generally attributable to stock-based compensation, changes in fair value of our derivative liabilities and amortization of debt
discounts and finance fees, as well as changes in components of operating assets and liabilities, which are generally attributable to
increased expenses and timing of vendor payments.

During
the year ended December 31, 2024, net cash used in operating activities of $7.3 million was primarily due to our net loss of $9.1 million
and a change in derivative liability of $0.6 million, partially offset by $1.1 million of amortization of debt discount and finance fees
and $0.8 million of loss on settlement of convertible notes payable.

During
the year ended December 31, 2023, net cash used in operating activities of $5.6 million was primarily due to our net loss of $6.6 million,
partially offset by $0.5 million of loss on settlement of convertible notes payable and $0.3 million of accrued interest settled with
common stock.

Cash
Flows from Investing Activities

For
the year ended December 31, 2024, cash flows provided by investing activities was primarily attributable to $3.0 million in proceeds
from disposition of marketable securities, used to fund the Company’s ongoing operations. For the year ended December 31, 2023,
cash flows used in investing activities was primarily attributable to the Company’s net investments in marketable securities of
$2.8 million.

61

Cash
Flows from Financing Activities

For
the year ended December 31, 2024, cash flows from financing activities was primarily comprised of net proceeds from the sale of common
stock, warrants and pre-funded warrants of $4.0 million, partially offset by $0.3 million of issuance costs, and proceeds from the issuance
of convertible notes of $0.8 million, partially offset by issuance costs of $0.1 million, used to finance the Company’s ongoing
operations. For the year ended December 31, 2023, the Company received net proceeds of $3.9 million from the sale and issuance of convertible
notes payable and warrants and repaid $0.3 million in convertible notes, $0.3 million for finance costs related to convertible note payable,
and $0.7 million in related party notes payable, all of which