Shuttle Pharmaceuticals (US:SHPH)2025-11-13 15:04Revenue and Loss - Total revenue for the three months ended September 30, 2025, was $0, unchanged from the same period in 2024[147] - Net loss for the three months ended September 30, 2025, was $2.3 million, a decrease of $1.4 million, or 38%, from a net loss of $3.8 million in 2024[147] - Net loss for the nine months ended September 30, 2025, was $9.1 million, an increase of $1.6 million, or 21%, from a net loss of $7.5 million in 2024[151] - The company incurred a net loss of $9.1 million with no revenues generated during the nine months ended September 30, 2025, and had working capital of approximately $1.3 million[158] Expenses - Research and development (R&D) expenses decreased by $0.5 million, or 33%, to $0.9 million for the three months ended September 30, 2025, compared to $1.4 million in 2024[147] - General and administrative expenses increased by $0.6 million, or 169%, to $0.9 million for the three months ended September 30, 2025, primarily due to investor relations advertising costs[148] - Legal and professional expenses decreased by $0.9 million, or 67%, to $0.4 million for the three months ended September 30, 2025, due to lower accounting expenses compared to 2024[149] - Total operating expenses decreased by $0.8 million, or 26%, to $2.3 million for the three months ended September 30, 2025[147] - R&D expenses for the nine months ended September 30, 2025, increased by $0.9 million, or 35%, to $3.5 million compared to $2.6 million in 2024[151] - General and administrative expenses for the nine months ended September 30, 2025, increased by $2.9 million, or 297%, to $3.8 million compared to $0.96 million in 2024[151] - Total operating expenses for the nine months ended September 30, 2025, increased by $3.2 million, or 54%, to $9.1 million compared to $5.9 million in 2024[151] - R&D compensation related expenses were $1.0 million for the nine months ended September 30, 2025, a 11% increase from $0.9 million in the same period of 2024, with a decrease in percentage of total R&D expenses from 36% to 29%[152] - General and Administrative expenses increased by $2.9 million, or 297%, from $1.0 million in the nine months ended September 30, 2024, to $3.8 million in the same period of 2025[153] - Legal and professional expenses decreased by $0.6 million, or 24%, during the nine months ended September 30, 2025, compared to the same period in 2024[154] - Cash used in operating activities was $8.5 million for the nine months ended September 30, 2025, an increase of 83% from $4.6 million in the same period of 2024[172] Assets and Capital - Total current assets increased by 48% to $3.3 million as of September 30, 2025, compared to $2.2 million as of December 31, 2024[170] - As of September 30, 2025, the company had cash and cash equivalents of $2.1 million, a 1237% increase from $156,656 as of September 30, 2024[172] - The company raised approximately $5.0 million in net proceeds from a public offering in March 2025 and $3.9 million from a private placement in June 2025[166][168] Financial Instruments and Valuation - The fair value of the October 2024 Convertible Bridge Notes is calculated based on mandatory conversion scenarios and the fair value per share at the balance sheet date[183] - The company uses Monte Carlo simulation models to estimate the fair value of financial instruments, which require subjective assumptions and can lead to significant variations in measurements[190] - Changes in the fair value of derivative financial instruments are recognized in the unaudited condensed consolidated statements of operations[191] - The company evaluates all warrants issued to determine their classification and fair value, with liability-classified warrants revalued at each reporting date[188] - The fair value of warrants is estimated at issuance and recorded to additional paid-in capital for equity-classified warrants[188] - The company does not provide quantitative and qualitative disclosures about market risk as it qualifies as a smaller reporting company[194] Other Considerations - The company is evaluating options regarding the potential termination of the Theradex Master Agreement, which could materially affect its clinical trials and financial position[157] - The company has no off-balance sheet arrangements that materially affect its financial condition or results of operations[178] - Research and development expenses are charged as incurred, including product development and personnel costs, with significant involvement from former executives[180]