Shuttle Pharmaceuticals (SHPH) - 2025 Q2 - Quarterly Report

Part I. Financial Information Item 1. Unaudited Condensed Consolidated Financial Statements Presents unaudited condensed consolidated financial statements for June 30, 2025, and December 31, 2024, with comprehensive notes Unaudited Condensed Consolidated Balance Sheets Unaudited Condensed Consolidated Balance Sheets | | June 30, 2025 | December 31, 2024 | | :------------------------------------------ | :------------ | :---------------- | | Assets | | | | Cash and cash equivalents | $4,817,672 | $1,920,144 | | Total current assets | $5,191,917 | $2,210,917 | | Total Assets | $5,504,429 | $2,506,290 | | Liabilities and Stockholders' Equity | | | | Accounts payable and accrued expenses | $1,174,374 | $596,600 | | Total current liabilities | $1,692,786 | $1,533,769 | | Total Liabilities | $1,898,910 | $1,797,138 | | Total Stockholders' Equity | $3,605,519 | $709,152 | | Total Liabilities and Stockholders' Equity | $5,504,429 | $2,506,290 | Unaudited Condensed Consolidated Statements of Operations Unaudited Condensed Consolidated Statements of Operations | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Revenue | $— | $— | $— | $— | | Research and development | $1,025,547 | $645,719 | $2,599,475 | $1,231,823 | | General and administrative | $2,346,323 | $310,038 | $2,943,209 | $634,647 | | Legal and professional | $538,536 | $526,877 | $1,318,963 | $1,001,011 | | Total operating expenses | $3,910,406 | $1,482,634 | $6,861,647 | $2,867,481 | | Net loss from operations | $(3,910,406)$ | $(1,482,634)$ | $(6,861,647)$ | $(2,867,481)$ | | Total other income (expense) | $203,941 | $(548,581)$ | $102,175 | $(894,765)$ | | Net loss | $(3,706,465)$ | $(2,031,215)$ | $(6,759,472)$ | $(3,762,246)$ | | Net loss per shares - basic and diluted | $(3.29)$ | $(24.12)$ | $(8.82)$ | $(44.98)$ | Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity For the Six Months Ended June 30, 2025 | | Shares | Common Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Equity | | :------------------------------------------------ | :------- | :------------------ | :------------------------- | :------------------ | :------------------------- | | Balance at December 31, 2024 | 163,093 | $2 | $35,287,251 | $(34,578,101)$ | $709,152 | | Issuance of common stock and pre-funded warrants, net | 53,637 | $1 | $5,038,573 | — | $5,038,574 | | Stock-based compensation | — | — | $537,046 | — | $537,046 | | Net loss | — | — | — | $(3,053,007)$ | $(3,053,007)$ | | Balance at June 30, 2025 | 1,070,773 | $11 | $44,943,081 | $(41,337,573)$ | $3,605,519 | For the Six Months Ended June 30, 2024 | | Shares | Common Stock Amount | Additional Paid-In Capital | Accumulated Deficit | Total Stockholders' Equity | | :------------------------------------------------ | :------- | :------------------ | :------------------------- | :------------------ | :------------------------- | | Balance at December 31, 2023 | 80,348 | $1 | $29,489,074 | $(25,433,304)$ | $4,055,790 | | Stock-based compensation | — | — | $111,449 | — | $111,449 | | Net loss | — | — | — | $(1,731,031)$ | $(1,731,031)$ | | Balance at June 30, 2024 | 84,250 | $21 | $29,996,983 | $(29,195,550)$ | $801,454 | Unaudited Condensed Consolidated Statements of Cash Flows Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Activity | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :----------------------------- | :----------------------------- | | Net cash used in operating activities | $(5,881,979)$ | $(2,638,425)$ | | Net cash provided by investing activities | $— | $1,259,270 | | Net cash provided by (used in) financing activities | $8,779,507 | $(501,667)$ | | Net change in cash and cash equivalents | $2,897,528 | $(1,880,822)$ | | Cash and cash equivalents, end of period | $4,817,672 | $695,594 | Notes to Unaudited Condensed Consolidated Financial Statements Provides detailed explanations and disclosures supporting the unaudited condensed consolidated financial statements, covering organization, liquidity, accounting policies, and financial instruments Note 1 – Organization and Liquidity Shuttle Pharmaceuticals, a cancer therapy developer, faces substantial going concern doubt, with current funds insufficient for operations and clinical trials - The Company's primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal tissues, aiming to improve outcomes for cancer patients receiving radiation therapy[18] - Shuttle's Ropidoxuridine product candidate, used with radiation therapy to sensitize cancer cells, was initially funded by an NCI SBIR contract and further developed through collaborations with the University of Virginia[18] - The Company has incurred losses since inception, with a net loss of approximately $6.8 million and no revenues for the six months ended June 30, 2025, and working capital of approximately $3.5 million as of June 30, 2025[21] - Despite recent equity raises ($5.0 million net in March 2025, $3.9 million net in June 2025) and a $2.0 million revolving note, existing cash resources are not expected to provide sufficient funds to carry out operations and clinical trials through the next twelve months[22] - The Company's ability to continue as a going concern is dependent upon its ability to successfully raise additional equity or debt financing[23] Note 2 – Summary of Significant Accounting Policies Outlines significant accounting policies, including basis of presentation, impact