Wed, Sep 4, 10:04 AM (132 days ago)
Shuttle Pharmaceuticals Holdings, Inc. (SHPH) filed an amendment (10-K/A) to its annual report for the fiscal year ended December 31, 2023, primarily to address restatements due to errors identified in previous financial statements. The company reported a net loss of approximately $6.6 million for 2023, compared to a loss of about $5.0 million in 2022. Operating expenses surged to $5.9 million, driven by increased research and development expenses which rose 236% to $3.5 million. The company is focused on advancing its lead product candidate, Ropidoxuridine, through Phase II clinical trials in glioblastoma treatment. The amendment also detailed a 1-for-8 reverse stock split executed on August 13, 2024, to comply with Nasdaq’s minimum bid price requirement. The company's financial condition remains precarious, with a working capital of $4.6 million and ongoing reliance on additional financing to support operations and clinical trials. Significant risks include dependence on successful product development and regulatory approvals, alongside challenges posed by competition and market acceptance of its therapies. The restatement of financials reflects adjustments primarily related to stock compensation, convertible notes, and preferred stock accounting.