Company: SHPH
Filing Date: 2025-05-08
Form Type: 10-Q
Source: 0001641172-25-009325
Chunk: 18

Company: Shuttle Pharmaceuticals Holdings, Inc.
Filing Date: 2025-05-08
Form: 10-Q
Item: Item 3
Chunk 18
---
 place. Management is committed to maintaining
a strong internal control environment. In response to the identified material weaknesses in the overall control environment, management
is currently implementing additional measures which include:

    ●
    Hired a new Chief Financial Officer during the second quarter of 2024 to bolster the Company’s internal technical accounting and financial reporting experience and provide bandwidth for the prior Chief Financial Officer to focus on the Company’s expanding clinical trial.

    ●
    Engaged a third-party consulting firm to assist with the preparation of SEC reporting and other technical accounting matters.

The Company will continue
to review and improve its internal controls over financial reporting to address the underlying causes of the material weaknesses and control
deficiencies. Such material weaknesses and control deficiencies will not be fully remediated until the Company has concluded that its
internal controls are operating effectively for a sufficient period of time.

Remediation of Previously Disclosed Material Weaknesses

As previously disclosed in our Annual Report on Form
10-K for the year ended December 31, 2024, we identified material weaknesses in our internal controls over financial reporting for 1)
significant unusual transactions, including complex accounting associated with debt and equity transactions and 2) certain
technical aspects of financial reporting for stock-based compensation transactions. Our remediation efforts, including those noted
above, were completed and the related controls were in place for a sufficient period of time to conclude that these material weaknesses
were remediated as of March 31, 2025.

Changes
in Internal Control over Financial Reporting

There has been no change in the Company’s internal control over financial
reporting during the three months ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting. Management will continue to monitor and evaluate the effectiveness of our internal
controls and procedures over financial reporting on an ongoing basis and is committed to taking further action and implementing additional
improvements as necessary.

31

PART II — OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

Currently, there are no legal proceedings pending
or threatened against us. We are not presently party to any pending or other threatened legal proceedings or claims that we believe will
have a material adverse effect on our business, financial condition or operating results, although from time to time, we may become involved
in legal proceedings in the ordinary course of business.

ITEM 1A. RISK FACTORS

As a smaller reporting company, we are not required
to provide