Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 8

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 2
Chunk 8
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 payable, $0.9 million of accounts payable and accrued
expenses, $0.1 million of notes payable to related parties, and the current portion of our operating lease liability of $0.1 million.
The increase in current liabilities is primarily due to an increases in accounts payable and accrued expenses of $0.2 million, primarily
attributable to our efforts to preserve cash while we strive to raise funds to finance ongoing business and operations.

Cash Flows

    Three Months Ended  

    March 31,  
    Change  
    % 

    2025  
    2024  

    Cash used in operating activities 
    $(2,526,924) 
    $(1,239,083) 
    $(1,287,841) 
     104%
  
    Cash provided by investing activities 
    $—  
    $101,295  
    $(101,295) 
     100%
  
    Cash provided by (used in) financing activities 
    $5,119,387  
    $(40,000) 
    $5,159,387  
     (12898)%
  
    Cash and cash equivalents on hand 
    $4,512,607  
    $1,398,628  
    $3,113,979  
     223%

Cash Flows from Operating Activities

Our cash flows from operating activities are greatly
influenced by our use of cash for operating expenses and working capital requirements to support the business. We have historically experienced
negative cash flows from operating activities as we invested in 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 three months ended March 31, 2025, net
cash used in operating activities of $2.5 million was primarily due to our net loss of $3.0 million, stock-based compensation of $0.5
million, change in fair value of convertible notes of $0.1 million, partially offset by the net change in operating assets and liabilities
of $0.1 million.

During the three months ended March 31, 2024, net
cash used