Wed, Sep 4, 10:07 AM (132 days ago)
Shuttle Pharmaceuticals Holdings, Inc. reported a net loss of approximately $3.8 million for the six months ended June 30, 2024, with no revenue generated. Operating expenses decreased by 5% to $2.87 million, driven by a 30% reduction in research and development costs, reflecting the completion of drug production and awaiting trial initiation. General and administrative expenses rose by 37%, primarily due to increased legal and professional fees. Cash and cash equivalents fell by 87% to $695,594, while working capital decreased by 76% to $1.1 million. The company faced significant liquidity challenges, highlighted by a convertible note default event, which was subsequently waived after a $600,000 payment. Future operations hinge on raising additional capital, with a rights offering planned to secure $4.5 million. The company’s ability to continue as a going concern is uncertain, dependent on successful financing efforts to fund clinical trials and operations. The report also noted a significant 1-for-8 reverse stock split to meet Nasdaq listing requirements.