Wed, Sep 4, 10:06 AM (132 days ago)
Shuttle Pharmaceuticals Holdings, Inc. (the "Company") filed an amendment to its Form 10-Q for the quarter ending March 31, 2024, reflecting necessary restatements of financial statements due to prior accounting errors. The Company reported no revenue for the quarter and a net loss of approximately $1.73 million, up from $0.98 million in the prior year, indicating a worsening financial performance. Operating expenses decreased by 10% to $1.38 million, primarily due to reduced R&D costs. Current assets decreased 21% to $4.41 million, while current liabilities increased by 43% to $1.49 million, resulting in a working capital decline of 36%. The Company has significant liquidity concerns, with cash and cash equivalents of $1.4 million, insufficient to sustain operations and clinical trials without additional funding. A reverse stock split was executed to comply with Nasdaq listing requirements. The Company is pursuing a $4.5 million rights offering and additional capital raises to fund ongoing operations and clinical trials. Uncertainties surrounding future operations persist, particularly regarding compliance with convertible note covenants.