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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
(Mark
One)
|
☒ |
Quarterly
Report UNDER Section 13 or 15(d)
of the Securities Exchange Act of 1934 |
For
the quarterly period ended June 30, 2023
OR
|
☐ |
Transition
Report UNDER Section 13 or 15(d)
of the Securities Exchange Act of 1934 |
For
the transition period from ______________ to ______________
Commission
File Number: 001-41488
SHUTTLE
PHARMACEUTICALS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
82-5089826 |
(State or other jurisdiction
of |
|
(I.R.S. Employer |
incorporation or organization) |
|
Identification Number) |
401
Professional Drive, Suite 260
Gaithersburg,
MD 20879
(Address
of principal executive offices) (Zip Code)
(240)
403-4212
(Registrant’s
telephone number, including area code)
N/A
(Former
name, former address and former fiscal year, if changed since last report)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common Stock |
|
SHPH |
|
The Nasdaq Stock Market
LLC |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes ☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
|
Large accelerated filer |
☐ |
Accelerated filer |
☐ |
|
Non-accelerated filer |
☒ |
Smaller reporting company |
☒ |
|
|
|
Emerging growth company |
☒ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes
☐ No ☒
The
number of shares outstanding of the registrant’s common stock on August 14, 2023 was 15,733,165
Shuttle
Pharmaceuticals Holdings, Inc.
Form
10-Q
For
the Quarterly Period Ended June 30, 2023
TABLE
OF CONTENTS
PART
I. Financial Information
Item
1. Unaudited Condensed Consolidated Financial Statements
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Balance Sheets
(Unaudited)
| |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Assets | |
| | | |
| | |
Current assets | |
| | | |
| | |
Cash and cash equivalents | |
$ | 5,446,786 | | |
$ | 8,417,203 | |
Prepaid expenses | |
| 78,949 | | |
| 161,148 | |
Marketable securities | |
| 2,904,177 | | |
| - | |
Accrued interest income | |
| 6,950 | | |
| - | |
Other assets | |
| 6,480 | | |
| - | |
Total current assets | |
| 8,443,342 | | |
| 8,578,351 | |
| |
| | | |
| | |
Property and equipment, net | |
| 9,622 | | |
| 12,592 | |
Other assets | |
| - | | |
| 6,480 | |
Operating lease right-of-use asset | |
| 384,137 | | |
| 56,122 | |
Total Assets | |
$ | 8,837,101 | | |
$ | 8,653,545 | |
| |
| | | |
| | |
Liabilities and Stockholders’ Equity | |
| | | |
| | |
Current Liabilities | |
| | | |
| | |
Accounts payable and accrued expenses | |
$ | 88,741 | | |
$ | 116,745 | |
Accounts payable and accrued expenses related party | |
| - | | |
| 12,500 | |
Accrued interest payable | |
| 75,511 | | |
| - | |
Accrued interest payable – related parties | |
| - | | |
| 98,135 | |
Notes payable to related parties | |
| - | | |
| 685,473 | |
Convertible notes payable, net | |
| 268,396 | | |
| - | |
Operating lease liability | |
| 61,034 | | |
| 62,823 | |
Total Current Liabilities | |
| 493,682 | | |
| 975,676 | |
| |
| | | |
| | |
Convertible notes payable non-current, net | |
| 122,309 | | |
| - | |
Derivative liabilities | |
| 955,725 | | |
| - | |
Operating lease liability non-current | |
| 329,774 | | |
| - | |
Total Liabilities | |
| 1,901,490 | | |
| 975,676 | |
| |
| | | |
| | |
Stockholders’ Equity | |
| | | |
| | |
Series A Convertible Preferred Stock, $0.00001 par value; $1,000 per share liquidation value; 20,000,000 shares authorized; no shares outstanding | |
| - | | |
| - | |
Common stock, $0.00001 par value; 100,000,000 shares authorized; 15,482,038 and 13,603,129 shares issued and outstanding, respectively | |
| 155 | | |
| 136 | |
Additional paid in capital | |
| 18,989,813 | | |
| 16,572,622 | |
Accumulated deficit | |
| (12,054,357 | ) | |
| (8,894,889 | ) |
Total Stockholders’ Equity | |
| 6,935,611 | | |
| 7,677,869 | |
Total Liabilities and Stockholders’ Equity | |
$ | 8,837,101 | | |
$ | 8,653,545 | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Operations
(Unaudited)
| |
| | |
| | |
| | |
| |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30, | | |
June
30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research and development, net of contract expense reimbursements | |
| 933,373 | | |
| 83,868 | | |
| 1,944,181 | | |
| 379,783 | |
General and administrative | |
| 115,571 | | |
| 9,078 | | |
| 281,918 | | |
| 22,847 | |
Legal and professional | |
| 416,688 | | |
| 260,680 | | |
| 784,312 | | |
| 589,392 | |
Total operating expenses | |
| 1,465,632 | | |
| 353,626 | | |
| 3,010,411 | | |
| 992,022 | |
| |
| | | |
| | | |
| | | |
| | |
Net loss from operations | |
| (1,465,632 | ) | |
| (353,626 | ) | |
| (3,010,411 | ) | |
| (992,022 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income (expense) | |
| | | |
| | | |
| | | |
| | |
Interest expense – related parties | |
| (2,588 | ) | |
| (14,836 | ) | |
| (6,825 | ) | |
| (25,383 | ) |
Interest expense | |
| (729,351 | ) | |
| (170,391 | ) | |
| (1,328,682 | ) | |
| (315,944 | ) |
Interest income | |
| 19,267 | | |
| - | | |
| 35,955 | | |
| - | |
Finance fee | |
| - | | |
| - | | |
| (104,245 | ) | |
| - | |
Change in fair value of derivative liabilities | |
| 434,275 | | |
| (58,422 | ) | |
| 1,675,275 | | |
| (18,772 | ) |
Gain on sale of marketable securities | |
| 1,744 | | |
| - | | |
| 1,744 | | |
| - | |
Change in fair value on marketable securities | |
| (26,534 | ) | |
| - | | |
| 11,528 | | |
| - | |
Loss on settlement of convertible debt | |
| (415,553 | ) | |
| - | | |
| (433,807 | ) | |
| - | |
Gain on forgiveness of Paycheck Protection Program note payable | |
| - | | |
| - | | |
| - | | |
| 73,007 | |
Total other income (expense) | |
| (718,740 | ) | |
| (243,649 | ) | |
| (149,057 | ) | |
| (287,092 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss | |
$ | (2,184,372 | ) | |
$ | (597,275 | ) | |
$ | (3,159,468 | ) | |
$ | (1,279,114 | ) |
| |
| | | |
| | | |
| | | |
| | |
Dividend on Series A Preferred Stock | |
| - | | |
| (25,768 | ) | |
| - | | |
| (51,536 | ) |
Net loss attributable to common stockholders | |
$ | (2,184,372 | ) | |
$ | (623,043 | ) | |
$ | (3,159,468 | ) | |
$ | (1,330,650 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted average common shares outstanding – basic and diluted | |
| 14,261,313 | | |
| 9,312,991 | | |
| 13,950,355 | | |
| 9,291,526 | |
Weighted average common shares outstanding – basic | |
| 14,261,313 | | |
| 9,312,991 | | |
| 13,950,355 | | |
| 9,291,526 | |
Net loss per shares – basic and diluted | |
$ | (0.15 | ) | |
$ | (0.06 | ) | |
$ | (0.23 | ) | |
$ | (0.14 | ) |
Net loss per shares - basic | |
$ | (0.15 | ) | |
$ | (0.06 | ) | |
$ | (0.23 | ) | |
$ | (0.14 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Changes in Stockholders’ Equity (Deficit)
(Unaudited)
For
the Three and Six Months Ended June 30, 2023
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
| |
Series A Preferred Stock | | |
Common
Stock | | |
Additional
Paid in | | |
Common
Stock
to
be | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount
| | |
Shares
| | |
Amount | | |
Capital
| | |
Issued | | |
Deficit
| | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance – December 31, 2022 | |
| - | | |
$ | - | | |
| 13,603,129 | | |
$ | 136 | | |
$ | 16,572,622 | | |
$ | - | | |
$ | (8,894,889 | ) | |
$ | 7,677,869 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued for financing costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 99,543 | | |
| - | | |
| - | | |
| 99,543 | |
Financing fees allocated to warrants | |
| - | | |
| - | | |
| - | | |
| - | | |
| (8,727 | ) | |
| - | | |
| - | | |
| (8,727 | ) |
Common stock issued for conversion of accrued interest and principal | |
| - | | |
| - | | |
| 50,998 | | |
| 1 | | |
| 104,546 | | |
| - | | |
| - | | |
| 104,547 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,333 | | |
| - | | |
| - | | |
| 8,333 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (975,097 | ) | |
| (975,097 | ) |
Balance – March 31, 2023 | |
| - | | |
| - | | |
| 13,654,127 | | |
| 137 | | |
| 16,776,317 | | |
| - | | |
| (9,869,986 | ) | |
| 6,906,468 | |
Balance | |
| - | | |
| - | | |
| 13,654,127 | | |
| 137 | | |
| 16,776,317 | | |
| - | | |
| (9,869,986 | ) | |
| 6,906,468 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Common stock issued for conversion of accrued interest and principal | |
| - | | |
| - | | |
| 1,827,911 | | |
| 18 | | |
| 2,163,974 | | |
| - | | |
| - | | |
| 2,163,992 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 49,522 | | |
| - | | |
| - | | |
| 49,522 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,184,372 | ) | |
| (2,184,372 | ) |
Balance – June 30, 2023 | |
| - | | |
$ | - | | |
| 15,482,038 | | |
$ | 155 | | |
$ | 18,989,813 | | |
$ | - | | |
$ | (12,054,357 | ) | |
$ | 6,935,611 | |
Balance | |
| - | | |
$ | - | | |
| 15,482,038 | | |
$ | 155 | | |
$ | 18,989,813 | | |
$ | - | | |
$ | (12,054,357 | ) | |
$ | 6,935,611 | |
For
the Three and Six Months Ended June 30, 2022
| |
Series
A Preferred Stock | | |
Common
Stock | | |
Additional
Paid in | | |
Common
Stock to be | | |
Accumulated | | |
Total
Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Issued | | |
Deficit | | |
Deficit | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balance –
December 31, 2021 | |
| 1,213 | | |
$ | - | | |
| 9,312,152 | | |
$ | 93 | | |
$ | 4,150,867 | | |
$ | 16,340 | | |
$ | (5,795,432 | ) | |
$ | (1,628,132 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued for financing
costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 319,643 | | |
| - | | |
| - | | |
| 319,643 | |
Common stock issued for conversion
of accrued interest | |
| - | | |
| - | | |
| 839 | | |
| - | | |
| 16,340 | | |
| (16,340 | ) | |
| - | | |
| - | |
Common stock issued for restricted
stock units | |
| - | | |
| - | | |
| 5,104 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 166,533 | | |
| - | | |
| - | | |
| 166,533 | |
Dividends on Series A preferred
stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,768 | ) | |
| (25,768 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (681,839 | ) | |
| (681,839 | ) |
Balance – March 31,
2022 | |
| 1,213 | | |
| - | | |
| 9,318,095 | | |
| 93 | | |
| 4,653,383 | | |
| - | | |
| (6,503,039 | ) | |
| (1,849,563 | ) |
Balance | |
| 1,213 | | |
$ | - | | |
| 9,318,095 | | |
$ | 93 | | |
$ | 4,653,383 | | |
$ | - | | |
$ | (6,503,039 | ) | |
$ | (1,849,563 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Warrants issued for financing
costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Common stock issued for restricted
stock units | |
| - | | |
| - | | |
| 5,104 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Stock based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 166,533 | | |
| - | | |
| - | | |
| 166,533 | |
Dividends on Series A preferred
stock | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (25,768 | ) | |
| (25,768 | ) |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| | | |
| (597,275 | ) | |
| (597,275 | ) |
Balance – June 30,
2022 | |
| 1,213 | | |
$ | - | | |
| 9,323,199 | | |
$ | 93 | | |
$ | 4,819,916 | | |
$ | - | | |
$ | (7,126,082 | ) | |
$ | (2,306,073 | ) |
Balance | |
| 1,213 | | |
$ | - | | |
| 9,323,199 | | |
$ | 93 | | |
$ | 4,819,916 | | |
$ | - | | |
$ | (7,126,082 | ) | |
$ | (2,306,073 | ) |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
| |
| | |
| |
| |
Six Months
Ended | |
| |
June
30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net loss | |
$ | (3,159,468 | ) | |
$ | (1,279,114 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 2,970 | | |
| 2,899 | |
Change in fair value of derivative liabilities | |
| (1,675,275 | ) | |
| 18,772 | |
Amortization of debt discount and finance fees | |
| 1,116,422 | | |
| 278,531 | |
Gain on marketable securities | |
| (1,744 | ) | |
| - | |
Change in fair value of marketable securities | |
| (11,528 | ) | |
| - | |
Accrued interest settled with common stock | |
| 240,831 | | |
| - | |
Loss on settlement of convertible debt | |
| 433,807 | | |
| - | |
Gain on forgiveness of Paycheck Protection Program note payable | |
| - | | |
| (73,007 | ) |
Stock-based compensation | |
| 57,855 | | |
| 333,066 | |
Changes in operating assets and liabilities: | |
| | | |
| | |
Accrued interest income | |
| (6,950 | ) | |
| - | |
Prepaid expenses | |
| 82,199 | | |
| (8,649 | ) |
Accounts payable and accrued expenses | |
| (28,004 | ) | |
| (312,527 | ) |
Accounts payable and accrued expenses – related parties | |
| (12,500 | ) | |
| - | |
Accrued interest payable | |
| 75,511 | | |
| 37,276 | |
Accrued interest payable – related parties | |
| (98,135 | ) | |
| 25,383 | |
Change in operating lease asset and liability | |
| (30 | ) | |
| (2,657 | ) |
Net Cash used in Operating Activities | |
| (2,984,039 | ) | |
| (980,027 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Proceeds from disposition of marketable securities | |
| 80,000 | | |
| - | |
Net Cash used in Investing Activities | |
| (2,890,905 | ) | |
| - | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Repayment of note payable-related party | |
| (685,473 | ) | |
| - | |
Proceeds from convertible note payable and warrants | |
| 3,935,000 | | |
| 525,715 | |
Payment for finance costs related to convertible note payable | |
| (345,000 | ) | |
| - | |
Net Cash provided by Financing Activities | |
| 2,904,527 | | |
| 525,715 | |
| |
| | | |
| | |
Net change in cash and cash equivalents | |
| (2,970,417 | ) | |
| (454,312 | ) |
Cash and cash equivalents, beginning of period | |
| 8,417,203 | | |
| 504,749 | |
Cash and cash equivalents, end of period | |
$ | 5,446,786 | | |
$ | 50,437 | |
| |
| | | |
| | |
Cash paid for: | |
| | | |
| | |
Interest | |
$ | 102,373 | | |
$ | - | |
| |
| | | |
| | |
Supplemental non-cash financing activities: | |
| | | |
| | |
Common stock issued for conversion of accrued interest | |
$ | - | | |
$ | 16,340 | |
Common stock issued for settlement of debt and interest | |
$ | 2,268,539 | | |
$ | - | |
Warrants issued for financing fees | |
$ | 90,816 | | |
$ | - | |
Initial recognition of right of use asset and liability | |
$ | 365,556 | | |
$ | - | |
The
accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
Shuttle
Pharmaceuticals Holdings, Inc.
Notes
to Unaudited Condensed Consolidated Financial Statements
June
30, 2023
Note
1 – Organization and Liquidity
Organization
and Line of Business
The
Company was formed as Shuttle Pharmaceuticals, LLC, in the State of Maryland on December 18, 2012. On August 12, 2016, the Company filed
articles of conversion with the State of Maryland to convert from an LLC to a C corporation, at which time the Company changed its name
to Shuttle Pharmaceuticals, Inc. (“Shuttle”). In connection with the conversion the Company issued 45,000,000 shares of common
stock in exchange for 100% of the outstanding membership interests in Shuttle prior to conversion. On June 4, 2018, Shuttle completed
a reverse merger with Shuttle Pharmaceuticals Holdings, Inc. (then known as Shuttle Pharma Acquisition Corp, Inc.), a Delaware corporation
(the “Company”), pursuant to which Shuttle, our operating entity, became a wholly owned subsidiary of the Company.
The
Company’s primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal
tissues, with the goal of improving outcomes for cancer patients receiving radiation therapy. Shuttle has deployed its proprietary technology
to develop novel cancer immunotherapies, producing a pipeline of selective HDAC inhibitors for cancer and immunotherapy applications.
The Company’s HDAC platform is designed to target candidate molecules with potential roles in therapeutics beyond cancer, including
autoimmune, inflammatory, metabolic, neurological and infectious diseases. The Company’s Ropidoxuridine product, which is used
with radiation therapy to sensitize cancer cells, was funded by a Small Business Innovation Research (“SBIR”) contract provided
by the National Cancer Institute (“NCI”), a unit of the National Institutes of Health (“NIH”). Ropidoxuridine
has been further developed though the Company’s collaborations with scientists at the University of Virginia for use in combination
with proton therapy to improve patient survival. Historically, and prior to the Company’s initial public offering, the Company
has been working on developing products through NIH grants, including a product to predict late effects of radiation with metabolite
biomarkers and develop prostate cancer cell lines in health disparities research.
The
production and marketing of the Company’s products and its ongoing research and development activities will be and are subject
to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any products
or combination of products developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive
regulatory approval process implemented by the Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act.
There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay
or suspend clinical trials.
The
Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and in other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company now or in the future.
Liquidity
The
Company has incurred losses since inception and a net loss of $3,159,468
during the six months ended June 30, 2023. However, in September 2022, the Company completed its initial public offering of common
stock, generating net proceeds of $10,022,193.
Additionally, in January 2023, the Company entered into a securities purchase agreement with an institutional investor through which
the Company sold a convertible note with a principal value of $4,300,000,
along with a four year warrant to purchase 1,018,079
shares of common stock, exercisable at $2.35
per share, providing the Company with $3,590,000
in net proceeds. To date, the warrant has not yet been exercised. Consequently, the Company’s existing cash resources and
marketable securities and the cash received from the equity offering are expected to provide sufficient funds to carry out the
Company’s planned operations through the second half of 2024.
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all
of the adjustments necessary to present the financial position of the Company as of June 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been
audited by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated
balance sheet was derived from audited financial statements. The results of operations for the three and six months ended June 30,
2023 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited
condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15,
2023.
Basis
of Consolidation
The
unaudited condensed financial statements have been prepared on a consolidated basis with those of the Company’s wholly-owned
subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying financial statements for the
valuation of derivatives, the valuation allowance on deferred tax assets, share-based compensation, useful lives for depreciation and amortization of long-lived assets, and the incremental borrowing rate used
on right-of-use assets.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 4,435,870 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,010,916 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 5,446,786 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of June 30, 2023 was approximately $5,195,000. The Company has not experienced losses on these
accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits
is not significant.
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income and unrealized gains and losses on available-for-sale debt securities are included in other
comprehensive income or loss.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,904,177 and $0 as of June 30, 2023 and December 31, 2022, respectively. During the six months ended June 30, 2023 and 2022, the
Company recognized interest income of $35,955 and $0, realized gains of $1,744 and $0, and unrealized gains of $11,528 and $0, respectively.
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level 1: Observable inputs
such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level 2: Quoted prices
for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level 3: Significant unobservable
inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing
models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value
requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of June 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,904,177 | | |
$ | - | | |
$ | - | | |
$ | 2,904,177 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 477,757 | | |
$ | 477,757 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 477,968 | | |
| 477,968 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 955,725 | | |
$ | 955,725 | |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IPdR. The total project cost is $1,500,000 to be paid in four milestone payments. To date, the Company
has made three payments as follows: the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which
TCG GreenChem commenced work on the project, the second milestone payment of $300,000 was paid during the three months ended March 31,
2023, and the third payment for $300,000 was paid on June 8, 2023. The remaining payment of $450,000 will be made following completion
of the last related milestone — completion and characterization of the active pharmaceutical ingredients (API). As of the date of this filing, sufficient quantities
of the API have now been completed in order to perform our Phase II clinical trial.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the six months ended June 30, 2023 and 2022, the following common stock equivalents were excluded from the computation of diluted
net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
| | |
| |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,243,021 | | |
| - | |
Preferred A shares | |
| - | | |
| 97,062 | |
Warrants | |
| 1,446,155 | | |
| 48,531 | |
Restricted stock units | |
| 83,050 | | |
| - | |
Anti-dilutive securities | |
| 2,772,226 | | |
| 145,593 | |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
Note
3 – Leases
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at the present value of the future lease payments as of
the lease commencement date. The
interest rate used to determine the present value of our lease ending in October of 2023 was our incremental borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate
used was an equity built up, risk adjusted rate,
estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease
expense is recognized on a straight-line basis over the lease term.
The
Company currently has two lease agreements which allow for the use of a laboratory facility. The
first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first
payment made on January 1, 2019 and an expiry date of October
31, 2023. The Company entered into a new lease agreement for a new office and laboratory
space on February 16, 2023, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year,
that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance
(“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first year
of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $43,234
and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement. Alexandria
Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024.
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
| | |
| |
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Operating lease cost | |
$ | 42,737 | | |
$ | 35,088 | |
Sublease income | |
| (4,242 | ) | |
| (2,121 | ) |
Total lease cost | |
$ | 38,495 | | |
$ | 32,967 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 42,771 | | |
$ | 37,746 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.98 | | |
| 1.30 | |
Weighted-average discount rate — operating leases | |
| 10.46 | % | |
| 10 | % |
Future
non-cancelable minimum lease payments under the operating lease liability as of June 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
| |
As of June 30, 2023 |
|
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
2023 (remaining six months) | |
$ | 26,958 | |
|
$ |
26,048 |
|
2024 | |
| 91,545 | |
|
|
- |
|
2025 | |
| 94,247 | |
|
|
- |
|
2026 | |
| 97,074 | |
|
|
- |
|
2027 | |
| 99,986 | |
|
|
- |
|
2028 | |
| 68,235 | |
|
|
- |
|
Total future minimum lease payments | |
| 478,045 | |
|
|
26,048 |
|
Less: imputed interest | |
| (113,221 | ) |
|
|
(64 |
) |
Present value of payments | |
$ | 364,824 | |
|
$ |
25,984 |
|
Note
4 – Notes Payable-Related Party
On
December 1, 2020, the Company consolidated all of the outstanding loans owed to an officer of the Company and to his spouse, resulting
in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated December 1, 2020, with a principal
balance of $,
bearing interest at the rate of %
per annum, with a maturity date of ; and (ii) a single loan owed to an officer
of the Company in the principal amount of $139,229,
bearing interest at the rate of 7.5%
per annum, with a maturity date of December
31, 2021. In
December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022, the notes were extended to
June 30, 2023.
On
June 21, 2021, the Company entered into a loan from the spouse of an officer of the Company in the amount of $(principal) with an interest rate of %
per annum due June 21, 2022. In July of 2022, the loan was extended to June 30, 2023.
During the six months ended June 30, 2023 principal payments of $ and interest of $ were paid. As of
June 30, 2023 the principal and interest balances for the related party notes were $0.
Note
5 – Convertible Notes and Notes Payable
Alto
Opportunity Master Fund, SPC
On
January 11, 2023, the Company entered into a securities purchase agreement (the “SPA”) with Alto Opportunity Master
Fund, SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to
the Investor a $4,300,000
convertible note (the “Alto Convertible Note”) and warrant (the “Warrant”) to purchase 1,018,079
shares of common stock (See Note 6),
exercisable at $2.35
per share, in exchange for gross proceeds of $3,935,000
million (the “Investment Amount”). The Company determined that the warrants had the
existence of a net cash settlement feature at inception and categorized the warrants as a liability in the accompanying unaudited
condensed consolidated financial statements. The Alto Convertible Note matures on Mach 11, 2025, but may be extended at the
option of the noteholder. The Alto Convertible Note amortizes on a monthly basis and the Company can make such monthly amortization
payments in cash or, subject to certain equity conditions, in registered shares of common stock or a combination thereof.
Installments may be deferred by the noteholder, resulting in a variable interest rate. However, the effective interest rate is
approximately 294%
based on the internal rate of return calculated on a series of cash flow that occur at regular intervals. For equity repayment, the
Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35 (ii) 90% of
the three lowest daily VWAPs of the 15 trading days prior to the payment date or (iii) 90% of the VWAP of the trading day prior to
payment date. The noteholder may convert at any time at a fixed price of $2.35
per share. The noteholder has an acceleration of installment amount conversion option (the “Acceleration Option”),
whereby the noteholder, with certain share percentage limitations, can convert to common stock any outstanding installment amount at
an amount equal to the installment amount plus five times (5x) the installment amount at any time. The Company has determined the
Acceleration Option is an embedded derivative within the host instrument and has bifurcated it from the host instrument and recorded
it as a derivative liability valued at $1,442,000,
using a Monte Carlo simulation model (Note 7). The Convertible Note is repayable over 26 months and bears interest at the rate of 5%
per annum. Additionally, the note contains certain redemption options and “Make Whole” provisions.
In
conjunction with entry into the SPA, the Company entered into a series of related agreements, including a security agreement (the
“Security Agreement”), an intellectual property security agreement (the “IP Security Agreement”) and a
subsidiary guaranty (the “Subsidiary Guaranty”). The security agreements and guaranty allow, among other things, for the
Investor to have a security interest in and place a lien on all of the Company’s assets and intellectual property until such
time as the Alto Convertible Note is paid off. In addition, the SPA called for the Company to enter into a springing deposit account
control agreement (the “Springing DACA”), which, in the event the Company defaults on its repayment of the Alto
Convertible Note, would allow the Investor to assume control of the Company’s bank account only with regard to any funds
remaining outstanding under the Alto Convertible Note. As such, in conjunction with entry into the SPA, the Company established a
separate bank account in which it deposited the Investment Amount and pursuant to which the Company, the Investor and the bank
holding the Investment Amount, First Republic Bank, entered into the Springing DACA agreement. As the Investment Amount had been
held at First Republic Bank, in light of certain banking crises then affecting smaller banks, on March 12, 2023, the Company and the
Investor moved the Investment Amount from First Republic Bank, after which time the Springing DACA was no longer in effect. Further,
pursuant to amendments to the SPA entered into in May and June of 2023, the Company and the Investor agreed that all of the Investment Amount
would be released to the Company and the relevant provision of the SPA which required the Springing DACA would no longer be deemed
applicable. In addition, the Company granted the Investor the option to purchase up to an additional $10
million in convertible notes and warrants on substantially the same terms as the Alto Convertible Note and Warrant, excluding the
Springing DACA requirement, with such option to be effective through December 31, 2025.
Boustead
Securities, LLC (“Boustead”) served as a placement agent for the Alto Convertible Note and Warrant offering and received
$345,000 cash compensation and a warrant to purchase 71,266 shares of common stock, exercisable at $2.35 per share. The Boustead warrant
was determined to be an equity instrument valued on a non-recurring basis. The Company used the Black Scholes valuation model using a
term of five years, volatility of 110%, a risk-free rate of 3.53% for a value of $99,543.
The
Company allocated the finance costs related to the Boustead placement agent fee of $345,000,
based on the relative fair market values of the Convertible Note and warrants issued. The allocation of the financing costs applied
$232,027
to the debt component as a debt discount that is being amortized to interest expense over the term of the Convertible Note, $104,245
to the warrant derivative liability component, expensed as a finance fee, and $8,727
to the equity warrant as a reduction in additional paid in capital.
The
Company allocated to the debt component of the note an original discount of $300,000,
legal fees of $65,000,
$215,000
for additional interest fees on day one added to note principal, $1,442,000
for the accelerated conversion feature, and $1,288,543
for the fair value of warrants, resulting in an additional $3,310,543
debt discount that is being amortized to interest expense over the term of the Alto Convertible Note.
During
the three and six months ended June 30, 2023, the Company recorded interest expense of $729,351 and
$1,328,682
respectively, which included amortization of debt discount as interest expense of $549,125 and
$1,012,177
respectively. During the three and six months ended June 30, 2023, the Company paid $1,527,750 and
$1,593,900 of
principal, respectively, and paid $220,689 and $240,831, respectively, of accrued interest, which payments were made in the form of 1,827,911 and 1,878,909 shares
of common stock, respectively, during the three and six months ended June 30, 2023.
As of June 30, 2023, the outstanding principal
for the convertible note was $2,921,100 and the debt
discount remaining was $2,530,394,
with a net convertible note carrying value of $390,706, which represents the current and non-current portions of the convertible
note as of June 30, 2023.
Note
6 – Stockholders’ Equity
Common
Stock
During
the three and six months ended June 30, 2023, the Company issued:
| ● | 1,827,911
and 1,878,909 shares of common stock to settle $1,527,750 and $1,593,900
of principal and $220,689 and $240,831
of interest, respectively, on a Convertible Note and incurred $415,553 and $433,807
of loss on settlement, respectively. |
During
the three and six months ended June 30, 2022, the Company issued:
| ● | 839
and 839
shares of common stock for conversion of $16,340
and $16,340 of accrued interest, respectively. |
| ● | 5,104
and 10,208
shares of common stock upon vesting of restricted stock units, respectively. |
Warrants
In
connection with the January 2023 Alto Convertible Note, Boustead was granted warrants to purchase 71,266
shares of common stock, at an exercise price of $2.35
per share (Note 5). In addition, Alto was granted warrants to purchase 1,018,079 shares of common stock, at an exercise price of $2.35
per share (Note 5, 7).
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted – Boustead | |
| 71,266 | | |
| 2.35 | | |
| 4.00 | |
Granted – Alto |
|
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, June 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.28 | |
The
intrinsic value of the warrants as of June 30, 2023 is $0. All of the outstanding warrants are exercisable as of June 30, 2023.
Equity
Incentive Plan
Our
2018 Equity Incentive Plan (the “2018 Plan”) provides for equity incentives to be granted to our employees, executive
officers, directors and key advisers and consultants. Equity incentive grants may be made in the form of stock options with an
exercise price of not less than the fair market value of the underlying shares as determined pursuant to the 2018 Equity Incentive
Plan, restricted stock awards, other stock-based awards, or any combination of the foregoing. The 2018 Equity Incentive Plan is
administered by the Company’s compensation committee. We have reserved 3,000,000
shares of our common stock for issuance under the 2018 Equity Incentive Plan. As of June 30, 2023, 478,180
shares have been granted under the 2018 Equity Incentive Plan, of which 399,905
shares have vested.
Restricted
Stock Units
We
may grant restricted stock units (“RSU”) under our 2018 Plan. RSUs are bookkeeping entries representing an amount equal to
the fair market value of one share of our common stock. Subject to the provisions of our 2018 Plan, the administrator determines the
terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. Notwithstanding the foregoing, the administrator,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. RSUs granted typically vest annually
in one third increments from the date of appointment.
During
the six months ended June 30, 2023 and 2022, pursuant to agreements with directors and officers, 59,326
and 0
RSUs with a value of $95,400
and $0
were granted and compensation expense for the RSUs of $57,855
and $333,066,
respectively, and was included in compensation under Research and Development.
As
of June 30, 2023, there was $98,655 of unrecognized RSU compensation cost related to non-vested share-based compensation arrangements
which is expected to be recognized by the end of December 31, 2024.
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 59,326 | | |
| 1.61 | |
Vested | |
| (75,549 | ) | |
| - | |
Outstanding, June 30, 2023 | |
| 83,050 | | |
$ | 1.95 | |
Note
7 – Derivative Liabilities
Fair
Value Assumptions Used in Accounting for Derivative Liabilities
ASC
815 requires us to assess the fair market value of derivative liabilities at the end of each reporting period and recognize any change
in the fair market value as other income or expense.
In
January 2023, in connection with the Alto Convertible Note, the Company issued warrants to purchase 1,018,079
shares of common stock, with an exercise price of $2.35
per share, valued at $1,189,000.
The Company determined our derivative liabilities from the warrants issued in relation to the Alto Convertible Note do not satisfy
the classification as equity instruments due to the existence of a certain net cash settlement provision that is not within the sole
control of the Company. In addition, there are certain down round provisions that could reduce the exercise price if the Company issues
securities at lower prices in the future.
The
Company determined our derivative liability from the noteholder’s Acceleration Option for the Alto Convertible Note is not clearly
and closely related to the host, and should be thus accounted for as a bifurcated derivative liability.
We
classified these derivative liabilities as a Level 3 fair value measurement and used the Monte Carlo pricing model to calculate the
fair value as of January 11, 2023 ($2,631,000 included
in debt discount) and June 30, 2023 ($955,725).
Key inputs for the simulation are summarized below. The Monte Carlo simulation uses an implied VWAP for the January 11, 2023
valuation date. The implied VWAP was backsolved by setting the summation of the parts (e.g., derivatives and debt without
derivatives) equal to the cash proceeds. The simulation was then iterated and manipulated to solve for the implied share price,
which was approximately $1.58
per share (or an approximate 14%
discount to the quoted market VWAP on January 11, 2023).
The
key inputs for the Monte Carlo simulation for the six months ended June 30, 2023, were as follows:
Net
cash settlement and down round key valuation inputs – warrants
Schedule
of Monte Carlo Simulation Assumption
Annualized volatility | |
| 68.73% - 147.3 | % |
Risk-free interest rate | |
| 3.78% - 5.40 | % |
Implied VWAP * | |
$ | 0.95 - 1.58 | |
Dividend yield | |
| 0 | % |
Exercise price | |
$ | 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 1 year to 4 years | |
Acceleration
option key valuation inputs
Discount rate | |
| 55%
- 65 | % |
Risk-free interest rate | |
| 3.90%
- 5.47 | % |
Implied VWAP * | |
$ | 0.95
- 1.58 | |
Date of acceleration | |
| 0.1
year to 2 years | |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2022 | |
$ | - | |
Addition of new derivative liability — warrants | |
| 1,189,000 | |
Gain on change in fair value — warrants | |
| (711,243 | ) |
Addition of new derivative liability — accelerated feature | |
| 1,442,000 | |
Gain on change in fair value — accelerated feature | |
| (964,032 | ) |
Balance – June 30, 2023 | |
$ | 955,725 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2021 | |
$ | 94,025 | |
Loss on change in fair value of the derivative | |
| 18,772 | |
Balance – June 30, 2022 | |
$ | 112,797 | |
Note
8 – Subsequent Events
Management
evaluated all additional events subsequent to the balance sheet date through the date the unaudited interim condensed consolidated financial
statements were issued and determined that the following items were required to be disclosed.
On July 17, 2023, the Company received
a notice from Alto Opportunity Master Fund to convert 251,127 shares of common stock related to the convertible note. The aggregate converted amount was $234,628, including $24,628 of interest.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following Management’s Discussion and Analysis of Financial Condition and Results of Operations (the “MD&A”) should
be read in conjunction with our unaudited financial statements and the related notes thereto included elsewhere in this quarterly report.
The MD&A contains forward-looking statements that involve risks and uncertainties, such as statements of our plans, objectives, expectations,
and intentions. Any statements that are not statements of historical fact are forward-looking statements. When used, the words “believe,”
“plan,” “intend,” “anticipate,” “target,” “estimate,” “expect,”
and the like, and/or future-tense or conditional constructions (“will,” “may,” “could,” “should,”
etc.), or similar expressions, identify certain of these forward-looking statements. These forward-looking statements are subject to
risks and uncertainties that could cause actual results or events to differ materially from those expressed or implied by the forward-looking
statements in this quarterly report. Our actual results and the timing of events could differ materially from those anticipated in these
forward-looking statements as a result of several factors.
Overview
Founded
by Georgetown University Medical School faculty members, Shuttle Pharmaceuticals Holdings, Inc. is a discovery and development stage
pharmaceutical company leveraging our proprietary technology to develop novel therapies that are designed to cure cancer. Originally
formed as Shuttle Pharmaceuticals, LLC in 2012, our goal is to extend the benefits of cancer treatments by leveraging insights into cancer
therapy with surgery, radiation therapy, chemotherapy and immunotherapy. While there are several therapies being developed with the goal
of curing cancer, one of the most effective and proven approaches to this is radiation therapy (RT). We are developing a pipeline of
products designed to address the limitations of the current standard of cancer therapies. We believe that our product candidates will
enable us to deliver cancer treatments that are safer, more reliable and at a greater scale than that of the current standard of care.
Operations
to date have focused on continuing our research and development efforts to advance Ropidoxuridine clinical testing and improved drug
formulation, to advance HDAC6 inhibitor (SP-2-225) preclinical development, and complete SBIR contract work on predictive biomarkers
of radiation response, as well as prostate cell lines for health disparities research. We have received SBIR contract funding from the
NIH for the aforementioned projects. The clinical development of Ropidoxuridine has shown drug bioavailability and a maximum tolerated
dose has been established for use in Phase II clinical trials. TCG GreenChem has successfully completed the initial manufacturing campaign
for the active pharmaceutical ingredient (API) of Ropidoxuridine for use in the Company’s upcoming Phase II clinical trial in brain
cancer patients undergoing radiation therapy. Shuttle has been working concomitantly with TCG GreenChem to manufacture API and University
of Iowa Pharmaceuticals to develop the formulation and packaging of the drug product into capsules for clinical use. In addition, Shuttle’s
recent request for a Type B pre-IND meeting with the FDA for guidance with the proposed Phase II clinical trial has been approved with
the goal of the Company receiving written responses from the FDA by September 18, 2023. With this, the Company believes it remains on
track to commence its Phase II clinical study in the fourth quarter of 2023. The radiation biomarker project and the health disparities
project have been completed and the company is following up with plans for clinical validation and potential commercialization. Changes
in operational, administrative, legal and professional expenses related to our operations are set forth in more detail in the discussion
below.
Results
of Operations
Comparison
of the three months ended June 30, 2023 and 2022
The
following table summarizes the results of our operations:
| |
Three Months Ended | | |
| | |
| |
| |
June 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 933,373 | | |
| 83,868 | | |
| 849,505 | | |
| 1,013 | % |
General and administrative | |
| 115,571 | | |
| 9,078 | | |
| 106,493 | | |
| 1,173 | % |
Legal and professional | |
| 416,688 | | |
| 260,680 | | |
| 156,008 | | |
| 60 | % |
Total operating expenses | |
| 1,465,632 | | |
| 353,626 | | |
| 1,112,006 | | |
| 314 | % |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense - related party | |
| (2,588 | ) | |
| (14,836 | ) | |
| 12,248 | | |
| (83 | )% |
Interest expense | |
| (729,351 | ) | |
| (170,391 | ) | |
| (558,960 | ) | |
| 328 | % |
Gain on sale of marketable securities | |
| 1,744 | | |
| - | | |
| 1,744 | | |
| 100 | % |
Unrealized loss on marketable securities | |
| (26,534 | ) | |
| - | | |
| (26,534 | ) | |
| (100 | )% |
Interest income | |
| 19,267 | | |
| - | | |
| 19,267 | | |
| 100 | % |
Change in fair value of derivative liabilities | |
| 434,275 | | |
| (58,422 | ) | |
| 492,697 | | |
| (843 | )% |
Loss on settlement of convertible debt | |
| (415,553 | ) | |
| - | | |
| (415,553 | ) | |
| (100 | )% |
Total other expense | |
| (718,740 | ) | |
| (243,649 | ) | |
| (475,091 | ) | |
| 195 | % |
Net loss | |
$ | 2,184,372 | | |
$ | 597,275 | | |
$ | 1,587,097 | | |
| 266 | % |
Research
and Development. Research and development (“R&D”) expense was $933,373 for the three months ended June 30, 2023,
as compared to $83,868 for three months ended June 30, 2022. The increase of $849,505, or 1,013%, is primarily related to the Company
increasing R&D spending as a result of having received funding from the Company’s initial public offering in the third quarter
of fiscal 2022 and the convertible note issued during the period ended March 31, 2023. The increased R&D expenses also included the
third milestone payment of $300,000 made to TCG GreenChem for IPdR related work.
Compensation
related expenses were $423,677 in the three months ended June 30, 2023 as compared to $262,697 in the three months ended June 30, 2022.
Compensation related expenses decreased from 90.9% of total R&D in the three months ended June 30, 2022 to 45.4% for the three months
ended June 30, 2023. Subcontract work made up 0% of total R&D expenses in the three months ended June 30, 2022 and 50.2% of total
R&D expenses during the three months ended June 30, 2023. All other R&D expenses were inconsequential.
General
and Administrative Expenses. General and Administrative expenses in the three months ended June 30, 2023 increased by $106,493, or
1,173%, from $9,078 in the three months ended June 30, 2022 to $115,571 in the three months ended June 30, 2023. The increase in general
and administrative expenses was primarily due to increases in insurance of $35,788, director fees of $31,250 and advertising costs of
$24,583.
Legal
and Professional Expenses. During the three months ended June 30, 2023, legal and professional expenses increased by $156,008 or
60%. The increase in legal and professional fees was primarily due to increases in our expenses related to our public filing requirements,
contracts and financing related work.
Other
Income (Expense). Other expense was $718,740 for the three months ended June 30, 2023, which consisted of $729,351 in interest
expense on convertible loans, $2,588 in interest expense on related party loans, interest income of $19,267, loss on settlement of
convertible debt of $415,553, gain on disposal of marketable securities of $1,744, unrealized loss on marketable securities of
$26,534, and a gain on change in fair value of derivative liabilities of $434,275. Other expense was $243,649 for the three months
ended June 30, 2022, which consisted of $170,391 in interest expense, $14,836 in interest expense on related party loans and loss on
change in derivative liability of $58,422.
Comparison
of the six months ended June 30, 2023 and 2022
The
following table summarizes the results of our operations:
| |
Six Months Ended | | |
| | |
| |
| |
June 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Revenue | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 1,944,181 | | |
| 379,783 | | |
| 1,564,398 | | |
| 412 | % |
General and administrative | |
| 281,918 | | |
| 22,847 | | |
| 259,071 | | |
| 1,134 | % |
Legal and professional | |
| 784,312 | | |
| 589,392 | | |
| 194,920 | | |
| 33 | % |
Total operating expenses | |
| 3,010,411 | | |
| 992,022 | | |
| 2,018,389 | | |
| 203 | % |
Other income (expense): | |
| | | |
| | | |
| | | |
| | |
Interest expense - related party | |
| (6,825 | ) | |
| (25,383 | ) | |
| 18,558 | | |
| (73 | )% |
Interest expense | |
| (1,328,682 | ) | |
| (315,944 | ) | |
| (1,012,738 | ) | |
| 321 | % |
Interest income | |
| 35,955 | | |
| - | | |
| 35,955 | | |
| 100 | % |
Finance fee | |
| (104,245 | ) | |
| - | | |
| (104,245 | ) | |
| (100 | )% |
Change in fair value of derivative liabilities | |
| 1,675,275 | | |
| (18,772 | ) | |
| 1,694,047 | | |
| (9,024 | )% |
Gain on sale of marketable securities | |
| 1,744 | | |
| - | | |
| 1,744 | | |
| 100 | % |
Change in fair value of marketable securities | |
| 11,528 | | |
| - | | |
| 11,528 | | |
| 100 | % |
Loss on settlement of convertible debt | |
| (433,807 | ) | |
| - | | |
| (433,807 | ) | |
| (100 | )% |
Gain on forgiveness of Paycheck Protection Program note payable | |
| - | | |
| 73,007 | | |
| (73,007 | ) | |
| (100 | )% |
Total other expense | |
| (149,057 | ) | |
| (287,092 | ) | |
| 138,035 | | |
| (48 | )% |
Net loss | |
$ | 3,159,468 | | |
$ | 1,279,114 | | |
$ | 1,880,354 | | |
| 147 | % |
Research
and Development. Research and development (“R&D”) expense was $1,944,181 for the six months ended June 30, 2023,
as compared to $379,783 for six months ended June 30, 2022. The increase of $1,564,398, or 412%, is primarily related to the Company
increasing R&D spending as a result of funding received from the Company’s initial public offering in the third quarter of
fiscal 2022 and the convertible note issued during the period ended March 31, 2023. The increased expenses also included the second and
third milestone payments of $300,000 for a total in the period of $600,000 made to TCG GreenChem for IPdR related work.
Compensation
related expenses were $1,073,042 in the six months ended June 30, 2023 as compared to $526,880 in the six months ended June 30, 2022.
Compensation related expenses decreased from 90.1% of total R&D in the six months ended June 30, 2022 to 55.2% for the six months
ended June 30, 2023. Subcontract work made up 0% of total R&D expenses in the six months ended June 30, 2022 and 41.5% of total R&D
expenses during the six months ended June 30, 2023. All other R&D expenses were inconsequential.
General
and Administrative Expenses. General and Administrative expenses in the six months ended June 30, 2023 increased by $259,071, or
1,134%, from $22,847 in the six months ended June 30, 2022 to $281,918 in the six months ended June 30, 2023 primarily due to increases
in insurance of $71,763, director fees of $68,750, advertising expenses of $53,811 and corporate filing fees of $55,555.
Legal
and Professional Expenses. During the six months ended June 30, 2023, legal and professional expenses increased by $194,920 or 33%.
The increase in legal and professional fees was primarily due to increases in our expenses related to public filing requirements, contract
and financing work.
Other
Income (Expense). Other expense was $149,057 for the six months ended June 30, 2023, which consisted of $1,328,682 in interest
expense on convertible loans, $6,825 in interest expense on related party loans, interest income of $35,955, finance fee on
convertible loans of $104,245, loss on settlement of convertible debt of $433,807, gain on sale of marketable securities of $1,744,
unrealized gain on marketable securities of $11,528, and a gain on change in fair value of derivative liabilities of $1,675,275. Other
expense was $287,092 for the six months ended June 30, 2022, which consisted of $315,944 in interest expense, $25,383 in interest
expense on related party loans and gains on change in derivative liability of $18,772 and forgiveness of Paycheck Protection Program
note payable of $73,007.
Liquidity
and Capital Resources
Our
capital needs to date have been met by funds raised through our initial public offering and a subsequent convertible note offering, private
placement offerings of our securities, as well as through contributions from existing stockholders, SBIR contracts and other grants.
In the six months ended June 30, 2023, we raised a net total of $3,590,000 after finder’s fees through the sale of convertible
notes and warrants. In the year ended December 31, 2022, we raised a total of $10,672,908 through the sale of shares of common stock,
convertible notes, and warrants. In addition, since inception, we have received a total of $5,531,722 in SBIR contracts and other grants
received primarily through the National Institutes of Health.
We
believe that we will continue to expend substantial resources for the foreseeable future in relation to completion of clinical development
and regulatory preparedness of our product candidates, preparations for a commercial launch of our product candidates, if approved, and
development of any other current or future product candidates we may choose to develop. These expenditures will include costs associated
with research and development, conducting preclinical studies and clinical trials, obtaining marketing approvals, and, if we are not
able to enter into planned collaborations, manufacturing and supply as well as marketing and selling any products approved for sale.
In addition, other unanticipated costs may arise. Because the outcome of any drug development process is highly uncertain, we cannot
reasonably estimate the actual amounts necessary to complete the development and commercialization of our current product candidates,
if approved, or future product candidates, if any.
There
can be no assurance that additional financing will be available to us when needed, on favorable terms or otherwise. Moreover, any such
additional financing may dilute the interests of existing stockholders. The absence of additional financing, when needed, could cause
us to delay implementation of our business plan in whole or in part, curtail our business activities and seriously harm our business
and our prospects.
Balance
Sheet Data:
| |
June 30, | | |
December 31, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Current assets | |
$ | 8,443,342 | | |
$ | 8,578,351 | | |
$ | (135,009 | ) | |
| (2 | )% |
Current liabilities | |
| 493,682 | | |
| 975,676 | | |
| (481,994 | ) | |
| (49 | )% |
Working capital (deficiency) | |
$ | 7,949,660 | | |
$ | 7,602,675 | | |
$ | 346,985 | | |
| 5 | % |
As
of June 30, 2023, total current assets were $8,443,342 and total current liabilities were $493,682, resulting in working capital of $7,949,660.
As of December 31, 2022, total current assets were $8,578,351 and total current liabilities were $975,676, resulting in a working capital
of $7,602,675. The current assets primarily resulted from $3,590,000 net cash received from the issuance of a convertible note payable
and $783,608 repaid for a related party notes ($685,473 in principal and $98,135 of accrued interest), for net cash provided by issuance
and settlement of notes for the period of $2,904,527. Additionally, we continued progress on our R&D programs during the period ended
June 30, 2023. The decrease in current liabilities is primarily due to the current portion of the new $4,300,000 convertible note which
is $268,396 and a decrease in accounts payable offset by the reduction of $783,608 in related party notes payable and accrued interest.
Cash
Flows from Operating Activities
| |
Six Months Ended | | |
| | |
| |
| |
June 30, | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change | | |
% | |
Cash used in operating activities | |
$ | (2,984,039 | ) | |
$ | (980,027 | ) | |
$ | (2,004,013 | ) | |
| 204 | % |
Cash used in investing activities | |
$ | (2,890,905 | ) | |
$ | - | | |
$ | (2,890,905 | ) | |
| (100 | )% |
Cash provided by financing activities | |
$ | 2,904,527 | | |
$ | 525,715 | | |
$ | 2,378,812 | | |
| 452 | % |
Cash on hand | |
$ | 5,446,786 | | |
$ | 50,437 | | |
$ | 5,396,348 | | |
| 10,699 | % |
To
date, we have not generated positive cash flows from operating activities. For the six months ended June 30, 2023, net cash flows used
in operating activities was $2,984,039, consisting of a net loss of $3,159,468, increased by a gain on change in derivative liabilities
of $1,675,275, offset by amortization of debt discount of $1,116,422, loss on settlement of convertible debt of $433,806, accrued interest
settled with common stock of $240,831, stock-based compensation of $57,855 and further reduced by a net change in working capital of
$12,091. For the six months ended June 30, 2022, net cash flows used in operating activities was $980,027, consisting of a net loss of
$1,279,114, amortization of debt discount of $278,531, stock-based compensation of $333,066, gain on forgiveness of the PPP loan of
$73,007 and a net change in working capital of $261,174.
Cash
Flows from Investing Activities
For
the six months ended June 30, 2023, we invested in trading marketable securities for $2,970,905 and received $80,000 in proceeds from
disposition of marketable securities. For the six months ended June 30, 2022, we had no investing activities.
Cash
Flows from Financing Activities
For
the six months ended June 30, 2023, we received a net of $3,590,000 from the sale and issuance of convertible notes payable and warrants
and repaid $685,473 in related party notes payable. For the six months ended June 30, 2022, we received $525,715 from the issuance of
convertible notes payable.
Off-Balance
Sheet Arrangements
We
do not have any off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial
condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources
that are material to investors.
Critical
Accounting Policies and Significant Judgments and Estimates
This
discussion and analysis of our financial condition and results of operations is based on our financial statements, which have been prepared
in accordance with generally accepted accounting principles in the United States (“GAAP”). The preparation of these financial
statements requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure
of contingent assets and liabilities at the date of the financial statements, as well as the reported expenses incurred during the reporting
periods. Our estimates are based on our historical experience and on various other factors that we believe are reasonable under the circumstances,
the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent
from other sources. Actual results may differ from these estimates under different assumptions or conditions. While our significant accounting
policies are described in more detail in the notes to our financial statements included elsewhere in this registration statement, we
believe that the following accounting policies are critical to understanding our historical and future performance, as these policies
relate to the more significant areas involving management’s judgments and estimates.
Our
most critical accounting policies and estimates relate to the following:
|
● |
Research and Development
Expenses |
|
● |
Operating Lease Accounting |
|
● |
Fair Value of Financial
Instruments |
|
● |
Income Taxes |
Research
and Development
Research
and development expenses are expensed as incurred and, prior to our initial public offering in September 2022, have historically been
offset by contract receivable payments from an NIH SBIR contract that has supported our scientific research. This is stated in the financials
as research and development-net of contract expense reimbursements.
Operating
Lease Right-of-use Assets and Operating Lease Liability
Operating
lease right-of-use assets and liabilities are recognized at the present value of the future lease payments at the lease commencement
date. The interest rate used to determine the present value is our incremental borrowing rate, estimated to be 10.48%, as the interest rate
implicit in most of our leases is not readily determinable. Operating lease expense is recognized on a straight-line basis over the lease
term.
Fair
Value of Financial Instruments
We
evaluate all of our financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded
derivatives. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded
at its fair value and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations.
For derivative financial instruments that are accounted for as equity, the derivative instrument is initially recorded at its fair value
and recorded to additional paid in capital. The classification of derivative instruments, including whether such instruments should be
recorded as liabilities or as equity, is evaluated at the end of each reporting period.
For
our derivative financial instruments classified as a liability, the Company used a Monte Carlo valuation model to value the
derivative instruments at inception and on subsequent valuation dates. The Monte Carlo simulation uses an implied VWAP for
valuation. The implied VWAP was backsolved by setting the summation of the parts (e.g., derivatives and debt without derivatives)
equal to the cash proceeds. For our derivative financial instruments classified as equity, the Company used a Black Scholes
valuation model, to calculate the fair value on issuance date, without revaluation.
The
use of Monte Carlo and Black Scholes valuation models require key inputs, some of which are based on estimates and judgements by management
and/or external consultants. Any change to these key inputs could produce significantly higher or lower fair value measurements.
Income
Taxes
The
Company accounts for income taxes in accordance with ASC Topic 740, Income Taxes. ASC 740 requires a company to use the asset and liability
method of accounting for income taxes, whereby deferred tax assets are recognized for deductible temporary differences, and deferred
tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts
of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management,
the Company does not foresee generating taxable income in the near future and utilizing its deferred tax asset, therefore, it is more
likely than not that some portion, or all of, the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted
for the effects of changes in tax laws and rates on the date of enactment.
Under
ASC 740, a tax position is recognized as a benefit only if it is “more likely than not” that the tax position would be sustained
in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that
is greater than 50% likely of being realized on examination. For tax positions not meeting the “more likely than not” test,
no tax benefit is recorded. The Company has no material uncertain tax positions for any of the reporting periods presented.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
As
a “smaller reporting company,” we are not required to provide the information required by this Item.
Item
4. Controls and Procedures
Evaluation
of Disclosure Controls and Procedures
We
maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed
under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified
in the Securities and Exchange Commission’s rules, regulations and forms, and that such information is accumulated and communicated
to our management, including our Chief Executive Officer and Chief Financial Officer, to allow for timely decisions regarding required
disclosure.
In
the preparation of our Quarterly Report on Form 10-Q for the period ended June 30, 2023, we identified certain deficiencies in our internal
controls over financial reporting related to the following financial reporting areas to be material weaknesses: accounting policy and
documentation of management’s contemplation of the accounting treatment and implications over significant unusual transactions,
and adequate controls over financials statement close process and financial reporting reviews. Based on this evaluation, as a result
of our material weaknesses in internal controls over financial reporting, management concluded that our disclosure controls and procedures
were not effective as of June 30, 2023.
Changes
in Internal Controls
In
connection with our continued monitoring and maintenance of our controls procedures as part of the implementation of Section 404 of the
Sarbanes-Oxley Act, we continue to review and improve the effectiveness of our internal controls. The following changes in our internal
control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act) that occurred during
the period ending June 30, 2023 or subsequent to the date the Company completed its evaluation, that have materially affected, or are
reasonably likely to materially affect, our internal control over financial reporting were:
|
(1) |
Automation and electronic
data interfaces of banking and payroll systems with our accounting system to improve accuracy, efficiency, and timeliness of reporting; |
|
|
|
|
(2) |
Reorganization of, and
additional procedures for, recordkeeping; |
|
|
|
|
(3) |
Additional segregated monthly
review and month end close procedures to identify errors or omissions in recording transactions; |
|
|
|
|
(4) |
Addition of accounting
staff supervised by an experienced financial reporting company to improve preparation of financial statements in accordance with
GAAP; and |
|
|
|
|
(5) |
Segregation of approval
and review of financial transactions. |
Management
will continue to monitor and evaluate the effectiveness of our internal controls and procedures over financial reporting on an ongoing
basis and are committed to taking further action and implementing additional improvements as necessary.
PART
II — OTHER INFORMATION
ITEM
1. LEGAL PROCEEDINGS
Currently,
there are no legal proceedings pending or threatened against us. We are not presently party to any pending or other threatened legal
proceedings or claims that we believe will have a material adverse effect on our business, financial condition or operating results,
although from time to time, we may become involved in legal proceedings in the ordinary course of business.
ITEM
1A. RISK FACTORS
As
a smaller reporting company, we are not required to provide the information required by this item.
ITEM
2. UNREGISTERED SALES OF SECURITIES AND USE OF PROCEEDS
None.
ITEM
3. DEFAULTS UPON SENIOR SECURITIES
Not
applicable.
ITEM
4. MINE SAFETY DISCLOSURES
Not
Applicable.
ITEM
5. OTHER INFORMATION
None.
Item
6. Exhibits
The
following exhibits are filed or furnished with this report:
Exhibit No. |
|
Description of Exhibit |
3.1 |
|
Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-1 (File No. 333-265429) filed on June 3, 2022). |
3.2 |
|
Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective March 30, 2022 (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-1 (File No. 333-265429) filed on June 3, 2022). |
3.3 |
|
Certificate of Amendment to Amended and Restated Certificate of Incorporation, effective June 22, 2022 (incorporated by reference to Exhibit 3.5 to the Registration Statement on Form S-1/A (File No. 333-265429) filed on June 23, 2022). |
3.4 |
|
Second Amended and Restated By-Laws (incorporated by reference to Exhibit 3.1 to the current Report on Form 8-K filed on November 1, 2022). |
4.1 |
|
Form of Convertible Note, dated January 11, 2023, issued by Shuttle Pharmaceuticals Holdings, Inc. to Alto Capital Master Fund, SPC – Segregated Master Portfolio B (incorporated by reference to Exhibit 10.2 to the Current Report on Form 8-K filed January 12, 2023). |
4.2 |
|
Form of Warrant, dated January 11, 2023, issued by Shuttle Pharmaceuticals Holdings, Inc. to Alto Capital Master Fund, SPC – Segregated Master Portfolio B (incorporated by reference to Exhibit 10.3 to the Current Report on Form 8-K filed January 12, 2023). |
10.1 |
|
Amendment Agreement, dated May 10, 2023, between Shuttle Pharmaceuticals Holdings, Inc., Shuttle Pharmaceuticals, Inc. and Alto Capital Master Fund, SPC – Segregated Master Portfolio B (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed May 12, 2023). |
10.2 |
|
Amendment No. 1 to the Amendment Agreement, dated June 4, 2023, by and between Shuttle Pharmaceuticals Holdings, Inc., Shuttle Pharmaceuticals, Inc. and Alto Opportunity Master Fund, SPC – Segregated Master Portfolio B. (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed June 5, 2023). |
31.1 |
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
31.2 |
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.* |
32.1 |
|
Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
32.2 |
|
Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.** |
101.INS |
|
Inline XBRL Instance Document
– the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL
document. |
101.SCH |
|
Inline XBRL Taxonomy Schema
Document |
101.CAL |
|
Inline XBRL Taxonomy Calculation
Linkbase Document |
101.DEF |
|
Inline XBRL Taxonomy Definition
Linkbase Data |
101.LAB |
|
Inline XBRL Taxonomy Label
Linkbase Document |
101.PRE |
|
Inline XBRL Taxonomy Presentation
Linkbase Document |
104 |
|
Cover Page Interactive
Data File (embedded within the Inline XBRL document) |
*
Filed herewith.
**Furnished
herewith.
SIGNATURES
In
accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
|
SHUTTLE PHARMACEUTICALS HOLDINGS, INC. |
|
|
|
August 14, 2023 |
By: |
/s/
Anatoly Dritschilo |
|
|
Anatoly Dritschilo, M.D. |
|
|
Chief
Executive Officer
|
|
|
(Principal
Executive Officer) |
|
|
|
August 14, 2023 |
By: |
/s/
Michael Vander Hoek |
|
|
Michael
Vander Hoek
Chief
Financial Officer
|
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
I,
Anatoly Dritschilo, M.D., certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q Pursuant to Rule 15d-2 under the Securities Exchange Act of 1934 for the period ended
June 30, 2023 of Shuttle Pharmaceuticals Holdings, Inc. (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: August 14, 2023 |
/s/
Anatoly Dritschilo |
|
Anatoly Dritschilo, M.D. |
|
Chief
Executive Officer
|
|
(Principal
Executive Officer) |
Exhibit
31.2
CERTIFICATION
I,
Michael Vander Hoek, certify that:
1.
I have reviewed this Quarterly Report on Form 10-Q Pursuant to Rule 15d-2 under the Securities Exchange Act of 1934 for the period ended
June 30, 2023 of Shuttle Pharmaceuticals Holdings, Inc. (the “registrant”);
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b.
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c.
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d.
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a.
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b.
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
Date: August 14, 2023 |
/s/
Michael Vander Hoek |
|
Michael Vander Hoek |
|
Chief
Financial Officer
(Principal
Financial and Accounting Officer) |
Exhibit
32.1
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Shuttle Pharmaceuticals Holdings, Inc. (the “Company”) on Form 10-Q pursuant to Rule
15d-2 under the Securities Exchange Act of 1934 for the period ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Anatoly Dritschilo, M.D., Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 14, 2023
|
/s/
Anatoly Dritschilo |
|
Anatoly Dritschilo, M.D. |
|
Chief
Executive Officer
|
|
(Principal
Executive Officer) |
Exhibit
32.2
CERTIFICATION
PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report of Shuttle Pharmaceuticals Holdings, Inc. (the “Company”) on Form 10-Q pursuant to Rule
15d-2 under the Securities Exchange Act of 1934 for the period ended June 30, 2023, as filed with the Securities and Exchange Commission
on the date hereof (the “Report”), I, Michael Vander Hoek, Chief Financial Officer of the Company, certify, pursuant to 18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
Date:
August 14, 2023
|
/s/
Michael Vander Hoek |
|
Michael Vander Hoek |
|
Chief
Financial Officer
|
|
(Principal Financial and Accounting Officer) |
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
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true
|
|
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false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-41488
|
|
Entity Registrant Name |
SHUTTLE
PHARMACEUTICALS HOLDINGS, INC.
|
|
Entity Central Index Key |
0001757499
|
|
Entity Tax Identification Number |
82-5089826
|
|
Entity Incorporation, State or Country Code |
DE
|
|
Entity Address, Address Line One |
401
Professional Drive
|
|
Entity Address, Address Line Two |
Suite 260
|
|
Entity Address, City or Town |
Gaithersburg
|
|
Entity Address, State or Province |
MD
|
|
Entity Address, Postal Zip Code |
20879
|
|
City Area Code |
(240)
|
|
Local Phone Number |
403-4212
|
|
Title of 12(b) Security |
Common Stock
|
|
Trading Symbol |
SHPH
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
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true
|
|
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|
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v3.23.2
Condensed Consolidated Balance Sheets - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Current assets |
|
|
Cash and cash equivalents |
$ 5,446,786
|
$ 8,417,203
|
Prepaid expenses |
78,949
|
161,148
|
Marketable securities |
2,904,177
|
|
Accrued interest income |
6,950
|
|
Other assets |
6,480
|
|
Total current assets |
8,443,342
|
8,578,351
|
Property and equipment, net |
9,622
|
12,592
|
Other assets |
|
6,480
|
Operating lease right-of-use asset |
384,137
|
56,122
|
Total Assets |
8,837,101
|
8,653,545
|
Current Liabilities |
|
|
Convertible notes payable, net |
268,396
|
|
Operating lease liability |
61,034
|
62,823
|
Total Current Liabilities |
493,682
|
975,676
|
Convertible notes payable non-current, net |
122,309
|
|
Derivative liabilities |
955,725
|
|
Operating lease liability non-current |
329,774
|
|
Total Liabilities |
1,901,490
|
975,676
|
Stockholders’ Equity |
|
|
Series A Convertible Preferred Stock, $0.00001 par value; $1,000 per share liquidation value; 20,000,000 shares authorized; no shares outstanding |
|
|
Common stock, $0.00001 par value; 100,000,000 shares authorized; 15,482,038 and 13,603,129 shares issued and outstanding, respectively |
155
|
136
|
Additional paid in capital |
18,989,813
|
16,572,622
|
Accumulated deficit |
(12,054,357)
|
(8,894,889)
|
Total Stockholders’ Equity |
6,935,611
|
7,677,869
|
Total Liabilities and Stockholders’ Equity |
8,837,101
|
8,653,545
|
Nonrelated Party [Member] |
|
|
Current Liabilities |
|
|
Accounts payable and accrued expenses related party |
88,741
|
116,745
|
Accrued interest payable – related parties |
75,511
|
|
Related Party [Member] |
|
|
Current Liabilities |
|
|
Accounts payable and accrued expenses related party |
|
12,500
|
Accrued interest payable – related parties |
|
98,135
|
Notes payable to related parties |
|
$ 685,473
|
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v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Preferred stock, par value |
$ 0.00001
|
$ 0.00001
|
Preferred stock, liquidation preference per share |
$ 1,000
|
$ 1,000
|
Preferred stock, shares authorized |
20,000,000
|
20,000,000
|
Preferred stock, shares outstanding |
0
|
0
|
Common stock, par value |
$ 0.00001
|
$ 0.00001
|
Common stock, shares authorized |
100,000,000
|
100,000,000
|
Common stock, shares issued |
15,482,038
|
13,603,129
|
Common stock, shares outstanding |
15,482,038
|
13,603,129
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Defined Benefit Plan Disclosure [Line Items] |
|
|
|
|
Revenue |
|
|
|
|
Operating expenses |
|
|
|
|
Research and development, net of contract expense reimbursements |
933,373
|
83,868
|
1,944,181
|
379,783
|
General and administrative |
115,571
|
9,078
|
281,918
|
22,847
|
Legal and professional |
416,688
|
260,680
|
784,312
|
589,392
|
Total operating expenses |
1,465,632
|
353,626
|
3,010,411
|
992,022
|
Net loss from operations |
(1,465,632)
|
(353,626)
|
(3,010,411)
|
(992,022)
|
Other income (expense) |
|
|
|
|
Interest income |
19,267
|
|
35,955
|
|
Finance fee |
|
|
(104,245)
|
|
Change in fair value of derivative liabilities |
434,275
|
(58,422)
|
1,675,275
|
(18,772)
|
Gain on sale of marketable securities |
1,744
|
|
1,744
|
|
Change in fair value on marketable securities |
(26,534)
|
|
11,528
|
|
Loss on settlement of convertible debt |
(415,553)
|
|
(433,807)
|
|
Gain on forgiveness of Paycheck Protection Program note payable |
|
|
|
73,007
|
Total other income (expense) |
(718,740)
|
(243,649)
|
(149,057)
|
(287,092)
|
Net loss |
(2,184,372)
|
(597,275)
|
(3,159,468)
|
(1,279,114)
|
Dividend on Series A Preferred Stock |
|
(25,768)
|
|
(51,536)
|
Net loss attributable to common stockholders |
$ (2,184,372)
|
$ (623,043)
|
$ (3,159,468)
|
$ (1,330,650)
|
Weighted average common shares outstanding – basic |
14,261,313
|
9,312,991
|
13,950,355
|
9,291,526
|
Weighted average common shares outstanding - diluted |
14,261,313
|
9,312,991
|
13,950,355
|
9,291,526
|
Net loss per shares - basic |
$ (0.15)
|
$ (0.06)
|
$ (0.23)
|
$ (0.14)
|
Net loss per shares - diluted |
$ (0.15)
|
$ (0.06)
|
$ (0.23)
|
$ (0.14)
|
Related Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense |
$ (2,588)
|
$ (14,836)
|
$ (6,825)
|
$ (25,383)
|
Nonrelated Party [Member] |
|
|
|
|
Other income (expense) |
|
|
|
|
Interest expense |
$ (729,351)
|
$ (170,391)
|
$ (1,328,682)
|
$ (315,944)
|
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v3.23.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($)
|
Preferred Stock [Member]
Series A Preferred Stock [Member]
|
Common Stock [Member] |
Additional Paid-in Capital [Member] |
Common Stock to be Issued [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
|
$ 93
|
$ 4,150,867
|
$ 16,340
|
$ (5,795,432)
|
$ (1,628,132)
|
Balance, shares at Dec. 31, 2021 |
1,213
|
9,312,152
|
|
|
|
|
Warrants issued for financing costs |
|
|
319,643
|
|
|
319,643
|
Common stock issued for conversion of accrued interest |
|
|
16,340
|
(16,340)
|
|
|
Common stock issued for conversion of accrued interest, shares |
|
839
|
|
|
|
|
Stock based compensation |
|
|
166,533
|
|
|
166,533
|
Net loss |
|
|
|
|
(681,839)
|
(681,839)
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
5,104
|
|
|
|
|
Dividends on Series A preferred stock |
|
|
|
|
(25,768)
|
(25,768)
|
Balance at Mar. 31, 2022 |
|
$ 93
|
4,653,383
|
|
(6,503,039)
|
(1,849,563)
|
Balance, shares at Mar. 31, 2022 |
1,213
|
9,318,095
|
|
|
|
|
Balance at Dec. 31, 2021 |
|
$ 93
|
4,150,867
|
16,340
|
(5,795,432)
|
$ (1,628,132)
|
Balance, shares at Dec. 31, 2021 |
1,213
|
9,312,152
|
|
|
|
|
Common stock issued for conversion of accrued interest, shares |
|
|
|
|
|
839
|
Net loss |
|
|
|
|
|
$ (1,279,114)
|
Balance at Jun. 30, 2022 |
|
$ 93
|
4,819,916
|
|
(7,126,082)
|
(2,306,073)
|
Balance, shares at Jun. 30, 2022 |
1,213
|
9,323,199
|
|
|
|
|
Balance at Mar. 31, 2022 |
|
$ 93
|
4,653,383
|
|
(6,503,039)
|
(1,849,563)
|
Balance, shares at Mar. 31, 2022 |
1,213
|
9,318,095
|
|
|
|
|
Warrants issued for financing costs |
|
|
|
|
|
|
Common stock issued for conversion of accrued interest, shares |
|
|
|
|
|
839
|
Stock based compensation |
|
|
166,533
|
|
|
$ 166,533
|
Net loss |
|
|
|
|
(597,275)
|
(597,275)
|
Common stock issued for restricted stock units |
|
|
|
|
|
|
Common stock issued for restricted stock units, shares |
|
5,104
|
|
|
|
|
Dividends on Series A preferred stock |
|
|
|
|
(25,768)
|
(25,768)
|
Balance at Jun. 30, 2022 |
|
$ 93
|
4,819,916
|
|
(7,126,082)
|
(2,306,073)
|
Balance, shares at Jun. 30, 2022 |
1,213
|
9,323,199
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 136
|
16,572,622
|
|
(8,894,889)
|
7,677,869
|
Balance, shares at Dec. 31, 2022 |
|
13,603,129
|
|
|
|
|
Warrants issued for financing costs |
|
|
99,543
|
|
|
99,543
|
Financing fees allocated to warrants |
|
|
(8,727)
|
|
|
(8,727)
|
Common stock issued for conversion of accrued interest |
|
$ 1
|
104,546
|
|
|
104,547
|
Common stock issued for conversion of accrued interest, shares |
|
50,998
|
|
|
|
|
Stock based compensation |
|
|
8,333
|
|
|
8,333
|
Net loss |
|
|
|
|
(975,097)
|
(975,097)
|
Balance at Mar. 31, 2023 |
|
$ 137
|
16,776,317
|
|
(9,869,986)
|
6,906,468
|
Balance, shares at Mar. 31, 2023 |
|
13,654,127
|
|
|
|
|
Balance at Dec. 31, 2022 |
|
$ 136
|
16,572,622
|
|
(8,894,889)
|
7,677,869
|
Balance, shares at Dec. 31, 2022 |
|
13,603,129
|
|
|
|
|
Net loss |
|
|
|
|
|
(3,159,468)
|
Balance at Jun. 30, 2023 |
|
$ 155
|
18,989,813
|
|
(12,054,357)
|
6,935,611
|
Balance, shares at Jun. 30, 2023 |
|
15,482,038
|
|
|
|
|
Balance at Mar. 31, 2023 |
|
$ 137
|
16,776,317
|
|
(9,869,986)
|
6,906,468
|
Balance, shares at Mar. 31, 2023 |
|
13,654,127
|
|
|
|
|
Common stock issued for conversion of accrued interest |
|
$ 18
|
2,163,974
|
|
|
$ 2,163,992
|
Common stock issued for conversion of accrued interest, shares |
|
1,827,911
|
|
|
|
1,827,911
|
Stock based compensation |
|
|
49,522
|
|
|
$ 49,522
|
Net loss |
|
|
|
|
(2,184,372)
|
(2,184,372)
|
Balance at Jun. 30, 2023 |
|
$ 155
|
$ 18,989,813
|
|
$ (12,054,357)
|
$ 6,935,611
|
Balance, shares at Jun. 30, 2023 |
|
15,482,038
|
|
|
|
|
X |
- DefinitionFinancing fees allocated to warrants.
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net loss |
$ (3,159,468)
|
$ (1,279,114)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
2,970
|
2,899
|
Change in fair value of derivative liabilities |
(1,675,275)
|
18,772
|
Amortization of debt discount and finance fees |
1,116,422
|
278,531
|
Gain on marketable securities |
(1,744)
|
|
Change in fair value of marketable securities |
(11,528)
|
|
Accrued interest settled with common stock |
240,831
|
|
Loss on settlement of convertible debt |
433,807
|
|
Gain on forgiveness of Paycheck Protection Program note payable |
|
(73,007)
|
Stock-based compensation |
57,855
|
333,066
|
Changes in operating assets and liabilities: |
|
|
Accrued interest income |
(6,950)
|
|
Prepaid expenses |
82,199
|
(8,649)
|
Accounts payable and accrued expenses |
(28,004)
|
(312,527)
|
Accounts payable and accrued expenses – related parties |
(12,500)
|
|
Accrued interest payable |
75,511
|
37,276
|
Accrued interest payable – related parties |
(98,135)
|
25,383
|
Change in operating lease asset and liability |
(30)
|
(2,657)
|
Net Cash used in Operating Activities |
(2,984,039)
|
(980,027)
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Investment in marketable securities |
(2,970,905)
|
|
Proceeds from disposition of marketable securities |
80,000
|
|
Net Cash used in Investing Activities |
(2,890,905)
|
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Repayment of note payable-related party |
(685,473)
|
|
Proceeds from convertible note payable and warrants |
3,935,000
|
525,715
|
Payment for finance costs related to convertible note payable |
(345,000)
|
|
Net Cash provided by Financing Activities |
2,904,527
|
525,715
|
Net change in cash and cash equivalents |
(2,970,417)
|
(454,312)
|
Cash and cash equivalents, beginning of period |
8,417,203
|
504,749
|
Cash and cash equivalents, end of period |
5,446,786
|
50,437
|
Cash paid for: |
|
|
Interest |
102,373
|
|
Supplemental non-cash financing activities: |
|
|
Common stock issued for conversion of accrued interest |
|
16,340
|
Common stock issued for settlement of debt and interest |
2,268,539
|
|
Warrants issued for financing fees |
90,816
|
|
Initial recognition of right of use asset and liability |
$ 365,556
|
|
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v3.23.2
Organization and Liquidity
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Organization and Liquidity |
Note
1 – Organization and Liquidity
Organization
and Line of Business
The
Company was formed as Shuttle Pharmaceuticals, LLC, in the State of Maryland on December 18, 2012. On August 12, 2016, the Company filed
articles of conversion with the State of Maryland to convert from an LLC to a C corporation, at which time the Company changed its name
to Shuttle Pharmaceuticals, Inc. (“Shuttle”). In connection with the conversion the Company issued 45,000,000 shares of common
stock in exchange for 100% of the outstanding membership interests in Shuttle prior to conversion. On June 4, 2018, Shuttle completed
a reverse merger with Shuttle Pharmaceuticals Holdings, Inc. (then known as Shuttle Pharma Acquisition Corp, Inc.), a Delaware corporation
(the “Company”), pursuant to which Shuttle, our operating entity, became a wholly owned subsidiary of the Company.
The
Company’s primary purpose is to develop and commercialize unique drugs for the sensitization of cancers and protection of normal
tissues, with the goal of improving outcomes for cancer patients receiving radiation therapy. Shuttle has deployed its proprietary technology
to develop novel cancer immunotherapies, producing a pipeline of selective HDAC inhibitors for cancer and immunotherapy applications.
The Company’s HDAC platform is designed to target candidate molecules with potential roles in therapeutics beyond cancer, including
autoimmune, inflammatory, metabolic, neurological and infectious diseases. The Company’s Ropidoxuridine product, which is used
with radiation therapy to sensitize cancer cells, was funded by a Small Business Innovation Research (“SBIR”) contract provided
by the National Cancer Institute (“NCI”), a unit of the National Institutes of Health (“NIH”). Ropidoxuridine
has been further developed though the Company’s collaborations with scientists at the University of Virginia for use in combination
with proton therapy to improve patient survival. Historically, and prior to the Company’s initial public offering, the Company
has been working on developing products through NIH grants, including a product to predict late effects of radiation with metabolite
biomarkers and develop prostate cancer cell lines in health disparities research.
The
production and marketing of the Company’s products and its ongoing research and development activities will be and are subject
to extensive regulation by numerous governmental authorities in the United States. Prior to marketing in the United States, any products
or combination of products developed by the Company must undergo rigorous preclinical (animal) and clinical (human) testing and an extensive
regulatory approval process implemented by the Food and Drug Administration (“FDA”) under the Food, Drug and Cosmetic Act.
There can be no assurance that the Company will not encounter problems in clinical trials that will cause the Company or the FDA to delay
or suspend clinical trials.
The
Company’s success will depend in part on its ability to obtain patents and product license rights, maintain trade secrets, and
operate without infringing on the proprietary rights of others, both in the United States and in other countries. There can be no assurance
that patents issued to or licensed by the Company will not be challenged, invalidated or circumvented, or that the rights granted thereunder
will provide proprietary protection or competitive advantages to the Company now or in the future.
Liquidity
The
Company has incurred losses since inception and a net loss of $3,159,468
during the six months ended June 30, 2023. However, in September 2022, the Company completed its initial public offering of common
stock, generating net proceeds of $10,022,193.
Additionally, in January 2023, the Company entered into a securities purchase agreement with an institutional investor through which
the Company sold a convertible note with a principal value of $4,300,000,
along with a four year warrant to purchase 1,018,079
shares of common stock, exercisable at $2.35
per share, providing the Company with $3,590,000
in net proceeds. To date, the warrant has not yet been exercised. Consequently, the Company’s existing cash resources and
marketable securities and the cash received from the equity offering are expected to provide sufficient funds to carry out the
Company’s planned operations through the second half of 2024.
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v3.23.2
Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Summary of Significant Accounting Policies |
Note
2 – Summary of Significant Accounting Policies
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all
of the adjustments necessary to present the financial position of the Company as of June 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been
audited by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated
balance sheet was derived from audited financial statements. The results of operations for the three and six months ended June 30,
2023 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited
condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15,
2023.
Basis
of Consolidation
The
unaudited condensed financial statements have been prepared on a consolidated basis with those of the Company’s wholly-owned
subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying financial statements for the
valuation of derivatives, the valuation allowance on deferred tax assets, share-based compensation, useful lives for depreciation and amortization of long-lived assets, and the incremental borrowing rate used
on right-of-use assets.
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 4,435,870 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,010,916 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 5,446,786 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of June 30, 2023 was approximately $5,195,000. The Company has not experienced losses on these
accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits
is not significant.
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income and unrealized gains and losses on available-for-sale debt securities are included in other
comprehensive income or loss.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,904,177 and $0 as of June 30, 2023 and December 31, 2022, respectively. During the six months ended June 30, 2023 and 2022, the
Company recognized interest income of $35,955 and $0, realized gains of $1,744 and $0, and unrealized gains of $11,528 and $0, respectively.
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level 1: Observable inputs
such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level 2: Quoted prices
for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level 3: Significant unobservable
inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing
models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value
requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of June 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,904,177 | | |
$ | - | | |
$ | - | | |
$ | 2,904,177 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 477,757 | | |
$ | 477,757 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 477,968 | | |
| 477,968 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 955,725 | | |
$ | 955,725 | |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IPdR. The total project cost is $1,500,000 to be paid in four milestone payments. To date, the Company
has made three payments as follows: the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which
TCG GreenChem commenced work on the project, the second milestone payment of $300,000 was paid during the three months ended March 31,
2023, and the third payment for $300,000 was paid on June 8, 2023. The remaining payment of $450,000 will be made following completion
of the last related milestone — completion and characterization of the active pharmaceutical ingredients (API). As of the date of this filing, sufficient quantities
of the API have now been completed in order to perform our Phase II clinical trial.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the six months ended June 30, 2023 and 2022, the following common stock equivalents were excluded from the computation of diluted
net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
| | |
| |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,243,021 | | |
| - | |
Preferred A shares | |
| - | | |
| 97,062 | |
Warrants | |
| 1,446,155 | | |
| 48,531 | |
Restricted stock units | |
| 83,050 | | |
| - | |
Anti-dilutive securities | |
| 2,772,226 | | |
| 145,593 | |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
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v3.23.2
Leases
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
Leases |
Note
3 – Leases
Operating
lease right-of-use (“ROU”) assets and liabilities are recognized at the present value of the future lease payments as of
the lease commencement date. The
interest rate used to determine the present value of our lease ending in October of 2023 was our incremental borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate
used was an equity built up, risk adjusted rate,
estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily determinable. Operating lease
expense is recognized on a straight-line basis over the lease term.
The
Company currently has two lease agreements which allow for the use of a laboratory facility. The
first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first
payment made on January 1, 2019 and an expiry date of October
31, 2023. The Company entered into a new lease agreement for a new office and laboratory
space on February 16, 2023, with base rent of $7,206 per month for a period of 64 months, which increases at the rate of 3% per year,
that commenced June 1, 2023. The new lease included a six-month 50% rent abatement upon commencement. Additional common area maintenance
(“CAM”) fees are charged monthly and revised annually. The estimated monthly CAM fees are $3,300 per month for the first year
of the lease, which are being expensed as incurred. An irrevocable letter of credit (“LOC”) for the security deposit of $43,234
and base rent of $3,891, including 50% abatement, and $3,315 of CAM cost, was due and paid on execution of the lease agreement. Alexandria
Real Estate (ARE-QRS-CORP) is the beneficiary of the LOC, and the expiry date of the LOC is February 15, 2024.
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
| | |
| |
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Operating lease cost | |
$ | 42,737 | | |
$ | 35,088 | |
Sublease income | |
| (4,242 | ) | |
| (2,121 | ) |
Total lease cost | |
$ | 38,495 | | |
$ | 32,967 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 42,771 | | |
$ | 37,746 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.98 | | |
| 1.30 | |
Weighted-average discount rate — operating leases | |
| 10.46 | % | |
| 10 | % |
Future
non-cancelable minimum lease payments under the operating lease liability as of June 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
| |
As of June 30, 2023 |
|
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
2023 (remaining six months) | |
$ | 26,958 | |
|
$ |
26,048 |
|
2024 | |
| 91,545 | |
|
|
- |
|
2025 | |
| 94,247 | |
|
|
- |
|
2026 | |
| 97,074 | |
|
|
- |
|
2027 | |
| 99,986 | |
|
|
- |
|
2028 | |
| 68,235 | |
|
|
- |
|
Total future minimum lease payments | |
| 478,045 | |
|
|
26,048 |
|
Less: imputed interest | |
| (113,221 | ) |
|
|
(64 |
) |
Present value of payments | |
$ | 364,824 | |
|
$ |
25,984 |
|
|
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v3.23.2
Notes Payable-Related Party
|
6 Months Ended |
Jun. 30, 2023 |
Related Party Transactions [Abstract] |
|
Notes Payable-Related Party |
Note
4 – Notes Payable-Related Party
On
December 1, 2020, the Company consolidated all of the outstanding loans owed to an officer of the Company and to his spouse, resulting
in the following two loans: (i) a single loan from the spouse of an officer of the Company, dated December 1, 2020, with a principal
balance of $,
bearing interest at the rate of %
per annum, with a maturity date of ; and (ii) a single loan owed to an officer
of the Company in the principal amount of $139,229,
bearing interest at the rate of 7.5%
per annum, with a maturity date of December
31, 2021. In
December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022, the notes were extended to
June 30, 2023.
On
June 21, 2021, the Company entered into a loan from the spouse of an officer of the Company in the amount of $(principal) with an interest rate of %
per annum due June 21, 2022. In July of 2022, the loan was extended to June 30, 2023.
During the six months ended June 30, 2023 principal payments of $ and interest of $ were paid. As of
June 30, 2023 the principal and interest balances for the related party notes were $0.
|
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v3.23.2
Convertible Notes and Notes Payable
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
Convertible Notes and Notes Payable |
Note
5 – Convertible Notes and Notes Payable
Alto
Opportunity Master Fund, SPC
On
January 11, 2023, the Company entered into a securities purchase agreement (the “SPA”) with Alto Opportunity Master
Fund, SPC – Segregated Master Portfolio B, a Cayman entity (the “Investor”), pursuant to which the Company sold to
the Investor a $4,300,000
convertible note (the “Alto Convertible Note”) and warrant (the “Warrant”) to purchase 1,018,079
shares of common stock (See Note 6),
exercisable at $2.35
per share, in exchange for gross proceeds of $3,935,000
million (the “Investment Amount”). The Company determined that the warrants had the
existence of a net cash settlement feature at inception and categorized the warrants as a liability in the accompanying unaudited
condensed consolidated financial statements. The Alto Convertible Note matures on Mach 11, 2025, but may be extended at the
option of the noteholder. The Alto Convertible Note amortizes on a monthly basis and the Company can make such monthly amortization
payments in cash or, subject to certain equity conditions, in registered shares of common stock or a combination thereof.
Installments may be deferred by the noteholder, resulting in a variable interest rate. However, the effective interest rate is
approximately 294%
based on the internal rate of return calculated on a series of cash flow that occur at regular intervals. For equity repayment, the
Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35 (ii) 90% of
the three lowest daily VWAPs of the 15 trading days prior to the payment date or (iii) 90% of the VWAP of the trading day prior to
payment date. The noteholder may convert at any time at a fixed price of $2.35
per share. The noteholder has an acceleration of installment amount conversion option (the “Acceleration Option”),
whereby the noteholder, with certain share percentage limitations, can convert to common stock any outstanding installment amount at
an amount equal to the installment amount plus five times (5x) the installment amount at any time. The Company has determined the
Acceleration Option is an embedded derivative within the host instrument and has bifurcated it from the host instrument and recorded
it as a derivative liability valued at $1,442,000,
using a Monte Carlo simulation model (Note 7). The Convertible Note is repayable over 26 months and bears interest at the rate of 5%
per annum. Additionally, the note contains certain redemption options and “Make Whole” provisions.
In
conjunction with entry into the SPA, the Company entered into a series of related agreements, including a security agreement (the
“Security Agreement”), an intellectual property security agreement (the “IP Security Agreement”) and a
subsidiary guaranty (the “Subsidiary Guaranty”). The security agreements and guaranty allow, among other things, for the
Investor to have a security interest in and place a lien on all of the Company’s assets and intellectual property until such
time as the Alto Convertible Note is paid off. In addition, the SPA called for the Company to enter into a springing deposit account
control agreement (the “Springing DACA”), which, in the event the Company defaults on its repayment of the Alto
Convertible Note, would allow the Investor to assume control of the Company’s bank account only with regard to any funds
remaining outstanding under the Alto Convertible Note. As such, in conjunction with entry into the SPA, the Company established a
separate bank account in which it deposited the Investment Amount and pursuant to which the Company, the Investor and the bank
holding the Investment Amount, First Republic Bank, entered into the Springing DACA agreement. As the Investment Amount had been
held at First Republic Bank, in light of certain banking crises then affecting smaller banks, on March 12, 2023, the Company and the
Investor moved the Investment Amount from First Republic Bank, after which time the Springing DACA was no longer in effect. Further,
pursuant to amendments to the SPA entered into in May and June of 2023, the Company and the Investor agreed that all of the Investment Amount
would be released to the Company and the relevant provision of the SPA which required the Springing DACA would no longer be deemed
applicable. In addition, the Company granted the Investor the option to purchase up to an additional $10
million in convertible notes and warrants on substantially the same terms as the Alto Convertible Note and Warrant, excluding the
Springing DACA requirement, with such option to be effective through December 31, 2025.
Boustead
Securities, LLC (“Boustead”) served as a placement agent for the Alto Convertible Note and Warrant offering and received
$345,000 cash compensation and a warrant to purchase 71,266 shares of common stock, exercisable at $2.35 per share. The Boustead warrant
was determined to be an equity instrument valued on a non-recurring basis. The Company used the Black Scholes valuation model using a
term of five years, volatility of 110%, a risk-free rate of 3.53% for a value of $99,543.
The
Company allocated the finance costs related to the Boustead placement agent fee of $345,000,
based on the relative fair market values of the Convertible Note and warrants issued. The allocation of the financing costs applied
$232,027
to the debt component as a debt discount that is being amortized to interest expense over the term of the Convertible Note, $104,245
to the warrant derivative liability component, expensed as a finance fee, and $8,727
to the equity warrant as a reduction in additional paid in capital.
The
Company allocated to the debt component of the note an original discount of $300,000,
legal fees of $65,000,
$215,000
for additional interest fees on day one added to note principal, $1,442,000
for the accelerated conversion feature, and $1,288,543
for the fair value of warrants, resulting in an additional $3,310,543
debt discount that is being amortized to interest expense over the term of the Alto Convertible Note.
During
the three and six months ended June 30, 2023, the Company recorded interest expense of $729,351 and
$1,328,682
respectively, which included amortization of debt discount as interest expense of $549,125 and
$1,012,177
respectively. During the three and six months ended June 30, 2023, the Company paid $1,527,750 and
$1,593,900 of
principal, respectively, and paid $220,689 and $240,831, respectively, of accrued interest, which payments were made in the form of 1,827,911 and 1,878,909 shares
of common stock, respectively, during the three and six months ended June 30, 2023.
As of June 30, 2023, the outstanding principal
for the convertible note was $2,921,100 and the debt
discount remaining was $2,530,394,
with a net convertible note carrying value of $390,706, which represents the current and non-current portions of the convertible
note as of June 30, 2023.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
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v3.23.2
Stockholders’ Equity
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Stockholders’ Equity |
Note
6 – Stockholders’ Equity
Common
Stock
During
the three and six months ended June 30, 2023, the Company issued:
| ● | 1,827,911
and 1,878,909 shares of common stock to settle $1,527,750 and $1,593,900
of principal and $220,689 and $240,831
of interest, respectively, on a Convertible Note and incurred $415,553 and $433,807
of loss on settlement, respectively. |
During
the three and six months ended June 30, 2022, the Company issued:
| ● | 839
and 839
shares of common stock for conversion of $16,340
and $16,340 of accrued interest, respectively. |
| ● | 5,104
and 10,208
shares of common stock upon vesting of restricted stock units, respectively. |
Warrants
In
connection with the January 2023 Alto Convertible Note, Boustead was granted warrants to purchase 71,266
shares of common stock, at an exercise price of $2.35
per share (Note 5). In addition, Alto was granted warrants to purchase 1,018,079 shares of common stock, at an exercise price of $2.35
per share (Note 5, 7).
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted – Boustead | |
| 71,266 | | |
| 2.35 | | |
| 4.00 | |
Granted – Alto |
|
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, June 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.28 | |
The
intrinsic value of the warrants as of June 30, 2023 is $0. All of the outstanding warrants are exercisable as of June 30, 2023.
Equity
Incentive Plan
Our
2018 Equity Incentive Plan (the “2018 Plan”) provides for equity incentives to be granted to our employees, executive
officers, directors and key advisers and consultants. Equity incentive grants may be made in the form of stock options with an
exercise price of not less than the fair market value of the underlying shares as determined pursuant to the 2018 Equity Incentive
Plan, restricted stock awards, other stock-based awards, or any combination of the foregoing. The 2018 Equity Incentive Plan is
administered by the Company’s compensation committee. We have reserved 3,000,000
shares of our common stock for issuance under the 2018 Equity Incentive Plan. As of June 30, 2023, 478,180
shares have been granted under the 2018 Equity Incentive Plan, of which 399,905
shares have vested.
Restricted
Stock Units
We
may grant restricted stock units (“RSU”) under our 2018 Plan. RSUs are bookkeeping entries representing an amount equal to
the fair market value of one share of our common stock. Subject to the provisions of our 2018 Plan, the administrator determines the
terms and conditions of RSUs, including the vesting criteria and the form and timing of payment. Notwithstanding the foregoing, the administrator,
in its sole discretion, may accelerate the time at which any restrictions will lapse or be removed. RSUs granted typically vest annually
in one third increments from the date of appointment.
During
the six months ended June 30, 2023 and 2022, pursuant to agreements with directors and officers, 59,326
and 0
RSUs with a value of $95,400
and $0
were granted and compensation expense for the RSUs of $57,855
and $333,066,
respectively, and was included in compensation under Research and Development.
As
of June 30, 2023, there was $98,655 of unrecognized RSU compensation cost related to non-vested share-based compensation arrangements
which is expected to be recognized by the end of December 31, 2024.
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 59,326 | | |
| 1.61 | |
Vested | |
| (75,549 | ) | |
| - | |
Outstanding, June 30, 2023 | |
| 83,050 | | |
$ | 1.95 | |
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- DefinitionThe entire disclosure for equity.
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v3.23.2
Derivative Liabilities
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Derivative Liabilities |
Note
7 – Derivative Liabilities
Fair
Value Assumptions Used in Accounting for Derivative Liabilities
ASC
815 requires us to assess the fair market value of derivative liabilities at the end of each reporting period and recognize any change
in the fair market value as other income or expense.
In
January 2023, in connection with the Alto Convertible Note, the Company issued warrants to purchase 1,018,079
shares of common stock, with an exercise price of $2.35
per share, valued at $1,189,000.
The Company determined our derivative liabilities from the warrants issued in relation to the Alto Convertible Note do not satisfy
the classification as equity instruments due to the existence of a certain net cash settlement provision that is not within the sole
control of the Company. In addition, there are certain down round provisions that could reduce the exercise price if the Company issues
securities at lower prices in the future.
The
Company determined our derivative liability from the noteholder’s Acceleration Option for the Alto Convertible Note is not clearly
and closely related to the host, and should be thus accounted for as a bifurcated derivative liability.
We
classified these derivative liabilities as a Level 3 fair value measurement and used the Monte Carlo pricing model to calculate the
fair value as of January 11, 2023 ($2,631,000 included
in debt discount) and June 30, 2023 ($955,725).
Key inputs for the simulation are summarized below. The Monte Carlo simulation uses an implied VWAP for the January 11, 2023
valuation date. The implied VWAP was backsolved by setting the summation of the parts (e.g., derivatives and debt without
derivatives) equal to the cash proceeds. The simulation was then iterated and manipulated to solve for the implied share price,
which was approximately $1.58
per share (or an approximate 14%
discount to the quoted market VWAP on January 11, 2023).
The
key inputs for the Monte Carlo simulation for the six months ended June 30, 2023, were as follows:
Net
cash settlement and down round key valuation inputs – warrants
Schedule
of Monte Carlo Simulation Assumption
Annualized volatility | |
| 68.73% - 147.3 | % |
Risk-free interest rate | |
| 3.78% - 5.40 | % |
Implied VWAP * | |
$ | 0.95 - 1.58 | |
Dividend yield | |
| 0 | % |
Exercise price | |
$ | 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 1 year to 4 years | |
* |
Based on a Monte Carlo
simulation analysis of 75,000 – 100,000 iterations |
Acceleration
option key valuation inputs
Discount rate | |
| 55%
- 65 | % |
Risk-free interest rate | |
| 3.90%
- 5.47 | % |
Implied VWAP * | |
$ | 0.95
- 1.58 | |
Date of acceleration | |
| 0.1
year to 2 years | |
* |
Based on
a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2022 | |
$ | - | |
Addition of new derivative liability — warrants | |
| 1,189,000 | |
Gain on change in fair value — warrants | |
| (711,243 | ) |
Addition of new derivative liability — accelerated feature | |
| 1,442,000 | |
Gain on change in fair value — accelerated feature | |
| (964,032 | ) |
Balance – June 30, 2023 | |
$ | 955,725 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2021 | |
$ | 94,025 | |
Loss on change in fair value of the derivative | |
| 18,772 | |
Balance – June 30, 2022 | |
$ | 112,797 | |
|
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- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
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v3.23.2
Subsequent Events
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Note
8 – Subsequent Events
Management
evaluated all additional events subsequent to the balance sheet date through the date the unaudited interim condensed consolidated financial
statements were issued and determined that the following items were required to be disclosed.
On July 17, 2023, the Company received
a notice from Alto Opportunity Master Fund to convert 251,127 shares of common stock related to the convertible note. The aggregate converted amount was $234,628, including $24,628 of interest.
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- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
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v3.23.2
Summary of Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in the United States of America (“GAAP”) for interim financial statements and with the instructions to Form 10-Q
and Rule 8-03 of Regulation S-X of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not
contain all information and notes required by accounting principles generally accepted in the United States of America for annual financial
statements. A complete discussion of the Company’s significant accounting policies is included in the Company’s Annual Report
on Form 10-K for the year ended December 31, 2022.
In
the opinion of the Company’s management, the accompanying unaudited condensed consolidated financial statements contain all
of the adjustments necessary to present the financial position of the Company as of June 30, 2023 and the results of operations and
cash flows for the periods presented. The accompanying condensed consolidated financial statements of the Company have not been
audited by the Company’s independent registered public accounting firm, except that the year-end condensed consolidated
balance sheet was derived from audited financial statements. The results of operations for the three and six months ended June 30,
2023 are not necessarily indicative of the operating results for the full fiscal year or any future period. These unaudited
condensed consolidated financial statements should be read in conjunction with the financial statements and related notes thereto
for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 15,
2023.
|
Basis of Consolidation |
Basis
of Consolidation
The
unaudited condensed financial statements have been prepared on a consolidated basis with those of the Company’s wholly-owned
subsidiary, Shuttle Pharmaceuticals, Inc. All intercompany transactions and balances have been eliminated.
|
Reclassifications |
Reclassifications
Certain
prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on
the reported results of operations.
|
Use of Estimates |
Use
of Estimates
The
preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting
period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts,
historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that
are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from
the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future
results of operations will be affected. Significant estimates are contained in the accompanying financial statements for the
valuation of derivatives, the valuation allowance on deferred tax assets, share-based compensation, useful lives for depreciation and amortization of long-lived assets, and the incremental borrowing rate used
on right-of-use assets.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 4,435,870 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,010,916 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 5,446,786 | | |
$ | 8,417,203 | |
Periodically,
the Company may carry cash balances at financial institutions in excess of the federally insured limit of $250,000 per institution. The
amount in excess of the FDIC insurance as of June 30, 2023 was approximately $5,195,000. The Company has not experienced losses on these
accounts and management believes, based upon the quality of the financial institutions, that the credit risk with regard to these deposits
is not significant.
|
Marketable Securities |
Marketable
Securities
Our
investments in debt securities are carried at fair value. Investments in debt securities that are not classified as held-to-maturity
are carried at fair value and classified as either trading or available-for-sale. Realized and unrealized gains and losses on trading
of debt securities are charged to income and unrealized gains and losses on available-for-sale debt securities are included in other
comprehensive income or loss.
The
marketable securities held by the Company, which are classified as trading marketable securities, consisted of an outstanding balance
of $2,904,177 and $0 as of June 30, 2023 and December 31, 2022, respectively. During the six months ended June 30, 2023 and 2022, the
Company recognized interest income of $35,955 and $0, realized gains of $1,744 and $0, and unrealized gains of $11,528 and $0, respectively.
|
Fair Value of Financial Instruments |
Fair
Value of Financial Instruments
The
Company follows accounting guidelines on fair value measurements for financial instruments measured on a recurring basis, as well as
for certain assets and liabilities that are initially recorded at their estimated fair values. Fair Value is defined as the exit price,
or the amount that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
as of the measurement date. The Company uses the following three-level hierarchy that maximizes the use of observable inputs and minimizes
the use of unobservable inputs to value its financial instruments:
|
● |
Level 1: Observable inputs
such as unadjusted quoted prices in active markets for identical instruments. |
|
|
|
|
● |
Level 2: Quoted prices
for similar instruments that are directly or indirectly observable in the marketplace. |
|
|
|
|
● |
Level 3: Significant unobservable
inputs which are supported by little or no market activity and that are financial instruments whose values are determined using pricing
models, discounted cash flow methodologies, or similar techniques, as well as instruments for which the determination of fair value
requires a significant judgment or estimation. |
Financial
instruments measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair
value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety
requires the Company to make judgments and consider factors specific to the asset or liability. The use of different assumptions and/or
estimation methodologies may have a material effect on estimated fair values. Accordingly, the fair value estimates disclosed, or initial
amounts recorded, may not be indicative of the amount that the Company or holders of the instruments could realize in a current market
exchange.
The
carrying amounts of the Company’s financial instruments including cash and cash equivalents, prepaid expenses, accounts payable
and accrued liabilities approximate fair value due to the short-term maturities of these instruments.
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of June 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,904,177 | | |
$ | - | | |
$ | - | | |
$ | 2,904,177 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 477,757 | | |
$ | 477,757 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 477,968 | | |
| 477,968 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 955,725 | | |
$ | 955,725 | |
|
Derivative Financial Instruments |
Derivative
Financial Instruments
The
Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risks. We evaluate all of our
financial instruments to determine if such instruments are derivatives or contain features that qualify as embedded derivatives. For
derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value
and is then re-valued at each reporting date, with changes in the fair value reported in the statements of operations. For our derivative
financial instruments, the Company used a Monte Carlo valuation model to value the derivative instruments at inception and on subsequent
valuation dates. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or
as equity, is evaluated at the end of each reporting period. Derivative liabilities are classified in the balance sheet as current or
non-current based on whether or not net-cash settlement or conversion of the instrument could be required within twelve (12) months of
the balance sheet date.
|
Research and Development Expenses |
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include, but are not limited to, product
development, clinical and regulatory expenses, payroll and other personnel expenses, materials, supplies, related subcontract expenses,
and consulting costs. In September of 2022, TCG GreenChem, Inc. (“TCG GreenChem”) was contracted for process research, development
and cGMP compliant manufacture of IPdR. The total project cost is $1,500,000 to be paid in four milestone payments. To date, the Company
has made three payments as follows: the first payment of $450,000 was paid during the quarter ended September 30, 2022, pursuant to which
TCG GreenChem commenced work on the project, the second milestone payment of $300,000 was paid during the three months ended March 31,
2023, and the third payment for $300,000 was paid on June 8, 2023. The remaining payment of $450,000 will be made following completion
of the last related milestone — completion and characterization of the active pharmaceutical ingredients (API). As of the date of this filing, sufficient quantities
of the API have now been completed in order to perform our Phase II clinical trial.
Regarding
the accounting treatment for reimbursements, GAAP provides limited guidance on the accounting for government grants received by for-profit
companies. We understand there is more than one acceptable alternative for the accounting treatment – a reduction of costs, a deferred
credit to be amortized, revenue or other income. The Company has concluded that reimbursements are more akin to a reduction of costs
and applies reimbursements against incurred research costs.
|
Net Loss Per Common Stock |
Net
Loss Per Common Stock
Net
loss per share of common stock requires presentation of basic earnings per share on the face of the statements of operations for all
entities with complex capital structures and requires a reconciliation of the numerator and denominator of the basic earnings per share
computation. In the accompanying financial statements, basic loss per share is computed by dividing net loss by the weighted average
number of shares of common stock outstanding during the year. Diluted earnings per share is computed by dividing net income by the weighted
average number of shares of common stock and potentially dilutive outstanding shares of common stock during the period to reflect the
potential dilution that could occur from common shares issuable through contingent share arrangements, stock options and warrants unless
the result would be antidilutive.
The
dilutive effect of restricted stock units subject to vesting and other share-based payment awards is calculated using the “treasury
stock method,” which assumes that the “proceeds” from the exercise of these instruments are used to purchase common
shares at the average market price for the period. The dilutive effect of convertible securities is calculated using the “if-converted
method.” Under the if-converted method, securities are assumed to be converted at the beginning of the period, and the resulting
shares of common stock are included in the denominator of the diluted calculation for the entire period being presented.
For
the six months ended June 30, 2023 and 2022, the following common stock equivalents were excluded from the computation of diluted
net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
| | |
| |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,243,021 | | |
| - | |
Preferred A shares | |
| - | | |
| 97,062 | |
Warrants | |
| 1,446,155 | | |
| 48,531 | |
Restricted stock units | |
| 83,050 | | |
| - | |
Anti-dilutive securities | |
| 2,772,226 | | |
| 145,593 | |
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
The
Company has considered all recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have
a material impact on its financial statements. As new accounting pronouncements are issued, we will adopt those that are applicable under
the circumstances.
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- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
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v3.23.2
Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Schedule of Cash and Cash Equivalents |
Cash
and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which
are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss
in value. As of June 30, 2023 and December 31, 2022, cash and cash equivalents consisted of the following:
Schedule
of Cash and Cash Equivalents
| |
| | |
| |
| |
June 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Cash | |
$ | 4,435,870 | | |
$ | 5,411,378 | |
Money market funds | |
| 1,010,916 | | |
| 3,005,825 | |
Total cash
and cash equivalents | |
$ | 5,446,786 | | |
$ | 8,417,203 | |
|
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
Set
out below are the Company’s financial instruments that are required to be remeasured at fair value on a recurring basis and their
fair value hierarchy as of June 30, 2023 (none for December 31, 2022):
Schedule
of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2023 | |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Carrying Value | |
Assets | |
| | | |
| | | |
| | | |
| | |
Marketable Securities: | |
| | | |
| | | |
| | | |
| | |
United States Treasury Bonds | |
$ | 2,904,177 | | |
$ | - | | |
$ | - | | |
$ | 2,904,177 | |
Liabilities | |
| | | |
| | | |
| | | |
| | |
Derivative Liability - Warrants | |
$ | - | | |
$ | - | | |
$ | 477,757 | | |
$ | 477,757 | |
Derivative Liability - Accelerated feature | |
| - | | |
| - | | |
| 477,968 | | |
| 477,968 | |
Total Liabilities | |
$ | - | | |
$ | - | | |
$ | 955,725 | | |
$ | 955,725 | |
|
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share |
For
the six months ended June 30, 2023 and 2022, the following common stock equivalents were excluded from the computation of diluted
net loss per share as the result of the computation was anti-dilutive.
Schedule
of Anti-dilutive Securities Excluded from Computation of Earnings Per Share
| |
| | |
| |
| |
June 30, | | |
June 30, | |
| |
2023 | | |
2022 | |
Convertible notes (Note 6) | |
| 1,243,021 | | |
| - | |
Preferred A shares | |
| - | | |
| 97,062 | |
Warrants | |
| 1,446,155 | | |
| 48,531 | |
Restricted stock units | |
| 83,050 | | |
| - | |
Anti-dilutive securities | |
| 2,772,226 | | |
| 145,593 | |
|
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v3.23.2
Leases (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
Schedule of Right-of Use Asset and Lease Information About Operating Lease |
The
following summarizes the right-of use asset and lease information for the Company’s operating leases:
Schedule
of Right-of Use Asset and Lease Information About Operating Lease
| |
| | |
| |
| |
Six Months Ended | |
| |
June 30, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Operating lease cost | |
$ | 42,737 | | |
$ | 35,088 | |
Sublease income | |
| (4,242 | ) | |
| (2,121 | ) |
Total lease cost | |
$ | 38,495 | | |
$ | 32,967 | |
| |
| | | |
| | |
Other information | |
| | | |
| | |
Cash paid for operating cash flows from operating leases | |
$ | 42,771 | | |
$ | 37,746 | |
Right-of-use assets obtained in exchange for new operating lease liability | |
$ | 365,556 | | |
$ | - | |
| |
| | | |
| | |
Weighted-average remaining lease term — operating leases (year) | |
| 4.98 | | |
| 1.30 | |
Weighted-average discount rate — operating leases | |
| 10.46 | % | |
| 10 | % |
|
Schedule of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability |
Future
non-cancelable minimum lease payments under the operating lease liability as of June 30, 2023, are as follows:
Schedule
of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
| |
As of June 30, 2023 |
|
Years Ended December 31, | |
Lease Ending August 31, 2028 | |
|
Lease Ending October 31, 2023 |
|
2023 (remaining six months) | |
$ | 26,958 | |
|
$ |
26,048 |
|
2024 | |
| 91,545 | |
|
|
- |
|
2025 | |
| 94,247 | |
|
|
- |
|
2026 | |
| 97,074 | |
|
|
- |
|
2027 | |
| 99,986 | |
|
|
- |
|
2028 | |
| 68,235 | |
|
|
- |
|
Total future minimum lease payments | |
| 478,045 | |
|
|
26,048 |
|
Less: imputed interest | |
| (113,221 | ) |
|
|
(64 |
) |
Present value of payments | |
$ | 364,824 | |
|
$ |
25,984 |
|
|
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v3.23.2
Stockholders’ Equity (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
Schedule of Warrants Activity |
Schedule
of Warrants Activity
| |
Number of | | |
Weighted Average | | |
Average | |
| |
warrants | | |
Exercise Price | | |
Life (years) | |
Outstanding, December 31, 2022 | |
| 356,810 | | |
$ | 3.92 | | |
| 2.79 | |
Granted – Boustead | |
| 71,266 | | |
| 2.35 | | |
| 4.00 | |
Granted – Alto |
|
| 1,018,079 | | |
| 2.35 | | |
| 4.00 | |
Outstanding, June 30, 2023 | |
| 1,446,155 | | |
$ | 2.74 | | |
| 3.28 | |
|
Schedule of Restricted Stock Units (RSUs) |
A
summary of activity regarding the Restricted Stock Units issued follows:
Schedule
of Restricted Stock Units (RSUs)
| |
Number of RSUs | | |
Weighted Average Grant Date
Fair Value Per RSU | |
Outstanding, December 31, 2022 | |
| 99,273 | | |
$ | 15.06 | |
Granted | |
| 59,326 | | |
| 1.61 | |
Vested | |
| (75,549 | ) | |
| - | |
Outstanding, June 30, 2023 | |
| 83,050 | | |
$ | 1.95 | |
|
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v3.23.2
Derivative Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Monte Carlo Simulation Assumption |
The
key inputs for the Monte Carlo simulation for the six months ended June 30, 2023, were as follows:
Net
cash settlement and down round key valuation inputs – warrants
Schedule
of Monte Carlo Simulation Assumption
Annualized volatility | |
| 68.73% - 147.3 | % |
Risk-free interest rate | |
| 3.78% - 5.40 | % |
Implied VWAP * | |
$ | 0.95 - 1.58 | |
Dividend yield | |
| 0 | % |
Exercise price | |
$ | 2.35 | |
Probability of fundamental transaction | |
| 5% - 25 | % |
Date of fundamental transaction | |
| 1 year to 4 years | |
* |
Based on a Monte Carlo
simulation analysis of 75,000 – 100,000 iterations |
Acceleration
option key valuation inputs
Discount rate | |
| 55%
- 65 | % |
Risk-free interest rate | |
| 3.90%
- 5.47 | % |
Implied VWAP * | |
$ | 0.95
- 1.58 | |
Date of acceleration | |
| 0.1
year to 2 years | |
* |
Based on
a Monte Carlo simulation analysis of 75,000 – 100,000 iterations |
|
Schedule of Derivative Liabilities |
The
following table summarizes the changes in the derivative liabilities:
Schedule
of Derivative Liabilities
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2022 | |
$ | - | |
Addition of new derivative liability — warrants | |
| 1,189,000 | |
Gain on change in fair value — warrants | |
| (711,243 | ) |
Addition of new derivative liability — accelerated feature | |
| 1,442,000 | |
Gain on change in fair value — accelerated feature | |
| (964,032 | ) |
Balance – June 30, 2023 | |
$ | 955,725 | |
Fair Value Measurements Using Significant Unobservable Inputs (Level 3) |
Balance – December 31, 2021 | |
$ | 94,025 | |
Loss on change in fair value of the derivative | |
| 18,772 | |
Balance – June 30, 2022 | |
$ | 112,797 | |
|
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v3.23.2
Organization and Liquidity (Details Narrative) - USD ($)
|
|
1 Months Ended |
3 Months Ended |
6 Months Ended |
|
Aug. 12, 2016 |
Jan. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jan. 11, 2023 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Net income loss |
|
|
|
$ 2,184,372
|
$ 975,097
|
$ 597,275
|
$ 681,839
|
$ 3,159,468
|
$ 1,279,114
|
|
Proceeds from issuance or sale of equity |
|
|
$ 10,022,193
|
|
|
|
|
|
|
|
Exercisable price per share |
|
$ 2.35
|
|
|
|
|
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Exercisable price per share |
|
|
|
|
|
|
|
|
|
$ 2.35
|
Institutional Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Debt instrument, face amount |
|
$ 4,300,000
|
|
|
|
|
|
|
|
|
Net proceeds from warrants |
|
$ 3,590,000
|
|
|
|
|
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Conversion of stock, shares issued |
45,000,000
|
|
|
|
|
|
|
|
|
|
Sale of stock, percentage of ownership after transaction |
100.00%
|
|
|
|
|
|
|
|
|
|
Net income loss |
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Institutional Investor [Member] | Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
|
|
|
|
Four year warrant to purchase |
|
1,018,079
|
|
|
|
|
|
|
|
|
Exercisable price per share |
|
$ 2.35
|
|
|
|
|
|
|
|
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
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v3.23.2
Schedule of Cash and Cash Equivalents (Details) - USD ($)
|
Jun. 30, 2023 |
Dec. 31, 2022 |
Accounting Policies [Abstract] |
|
|
Cash |
$ 4,435,870
|
$ 5,411,378
|
Money market funds |
1,010,916
|
3,005,825
|
Total cash and cash equivalents |
$ 5,446,786
|
$ 8,417,203
|
X |
- References
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v3.23.2
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details)
|
Jun. 30, 2023
USD ($)
|
Liabilities |
|
Total Liabilities |
$ 955,725
|
Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
477,757
|
Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
477,968
|
US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
2,904,177
|
Fair Value, Inputs, Level 1 [Member] |
|
Liabilities |
|
Total Liabilities |
|
Fair Value, Inputs, Level 1 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 1 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
2,904,177
|
Fair Value, Inputs, Level 2 [Member] |
|
Liabilities |
|
Total Liabilities |
|
Fair Value, Inputs, Level 2 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 2 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
|
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
|
Fair Value, Inputs, Level 3 [Member] |
|
Liabilities |
|
Total Liabilities |
955,725
|
Fair Value, Inputs, Level 3 [Member] | Warrant [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
477,757
|
Fair Value, Inputs, Level 3 [Member] | Accelerated Feature [Member] |
|
Liabilities |
|
Derivative Liability - Accelerated feature |
477,968
|
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] |
|
Assets |
|
United States Treasury Bonds |
|
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v3.23.2
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
2,772,226
|
145,593
|
Convertible Debt Securities [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,243,021
|
|
Series A Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
|
97,062
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
1,446,155
|
48,531
|
Restricted Stock Units (RSUs) [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Anti-dilutive securities |
83,050
|
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.23.2
Summary of Significant Accounting Policies (Details Narrative) - USD ($)
|
|
3 Months Ended |
6 Months Ended |
|
Jun. 08, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Cash FDIC insured amount |
|
|
|
$ 250,000
|
|
|
Cash, uninsured amount |
|
|
|
5,195,000
|
|
|
Marketable securitie outstanding balance |
|
|
|
2,904,177
|
|
|
Interest income |
|
|
|
35,955
|
$ 0
|
|
Marketable securities realized gain loss |
|
|
|
1,744
|
0
|
|
Marketable securities unrealized gain loss |
|
|
|
$ 11,528
|
|
|
TCG Green Chem Inc [Member] |
|
|
|
|
|
|
Project expected cost |
|
|
$ 1,500,000
|
|
|
|
Payments to invoices in research and development |
$ 300,000
|
$ 300,000
|
450,000
|
|
|
|
Other research and development expense |
|
|
$ 450,000
|
|
|
|
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v3.23.2
Schedule of Right-of Use Asset and Lease Information About Operating Lease (Details) - USD ($)
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Leases |
|
|
Operating lease cost |
$ 42,737
|
$ 35,088
|
Sublease income |
(4,242)
|
(2,121)
|
Total lease cost |
38,495
|
32,967
|
Other information |
|
|
Cash paid for operating cash flows from operating leases |
42,771
|
37,746
|
Right-of-use assets obtained in exchange for new operating lease liability |
$ 365,556
|
|
Weighted-average remaining lease term - operating leases (year) |
4 years 11 months 23 days
|
1 year 3 months 18 days
|
Weighted-average discount rate - operating leases |
10.46%
|
10.00%
|
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v3.23.2
Schedule of Future Non-cancelable Minimum Lease Payments Under the Operating Lease Liability (Details)
|
Jun. 30, 2023
USD ($)
|
August 31, 2028 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
2023 (remaining six months) |
$ 26,958
|
2024 |
91,545
|
2025 |
94,247
|
2026 |
97,074
|
2027 |
99,986
|
2028 |
68,235
|
Total future minimum lease payments |
478,045
|
Less: imputed interest |
(113,221)
|
Present value of payments |
364,824
|
October 31, 2023 [Member] |
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
2023 (remaining six months) |
26,048
|
2024 |
|
2025 |
|
2026 |
|
2027 |
|
2028 |
|
Total future minimum lease payments |
26,048
|
Less: imputed interest |
(64)
|
Present value of payments |
$ 25,984
|
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v3.23.2
Leases (Details Narrative)
|
6 Months Ended |
Jun. 30, 2023
USD ($)
|
Leases |
|
Lessee, operating lease, assumptions and judgments, discount rate, description |
The
interest rate used to determine the present value of our lease ending in October of 2023 was our incremental borrowing rate estimated at 10% when the lease was entered into in 2019. Our new lease beginning in June of 2023, the interest rate
used was an equity built up, risk adjusted rate,
estimated to be 10.48%, as the interest rate implicit in most of our leases is not readily determinable
|
Lessee, operating lease, description |
The
first is for a monthly payment of $6,480,
with a security deposit of $6,480 held for the duration of the lease, and commenced on October 1, 2018, with the first
payment made on January 1, 2019
|
Payments for rent |
$ 6,480
|
Deposits |
$ 6,480
|
Lease expiration date |
Oct. 31, 2023
|
Proceeds from Lines of Credit |
$ 43,234
|
Security deposit |
3,891
|
[custom:CamCost] |
$ 3,315
|
X |
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v3.23.2
Notes Payable-Related Party (Details Narrative) - USD ($)
|
|
|
1 Months Ended |
6 Months Ended |
Jun. 21, 2021 |
Dec. 01, 2020 |
Dec. 31, 2021 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Related Party Transaction [Line Items] |
|
|
|
|
|
Debt Instrument, Maturity Date, Description |
|
|
In
December of 2021 the maturity dates of these loans were further extended to June 30, 2022. In July of 2022, the notes were extended to
June 30, 2023
|
|
|
Proceeds from (Repayments of) Related Party Debt |
|
|
|
$ (685,473)
|
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
|
|
|
102,373
|
|
Debt Instrument, Increase, Accrued Interest |
|
|
|
0
|
|
Officers Spouse [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
$ 120,000
|
$ 426,243
|
|
|
|
Related Party Transaction, Rate |
7.50%
|
7.50%
|
|
|
|
Related Party Transaction, Date |
|
Dec. 31, 2021
|
|
|
|
Proceeds from (Repayments of) Related Party Debt |
|
|
|
685,473
|
|
Interest Paid, Excluding Capitalized Interest, Operating Activities |
|
|
|
$ 102,373
|
|
Related Party Officer [Member] |
|
|
|
|
|
Related Party Transaction [Line Items] |
|
|
|
|
|
Related Party Transaction, Amounts of Transaction |
|
$ 139,229
|
|
|
|
Related Party Transaction, Rate |
|
7.50%
|
|
|
|
Related Party Transaction, Date |
|
Dec. 31, 2021
|
|
|
|
X |
- DefinitionIncrease for accrued, but unpaid interest on the debt instrument for the period.
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v3.23.2
Convertible Notes and Notes Payable (Details Narrative)
|
|
3 Months Ended |
6 Months Ended |
|
|
Jan. 11, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
$ / shares
shares
|
Jun. 30, 2022
USD ($)
|
Jun. 03, 2023
USD ($)
|
Jan. 31, 2023
$ / shares
shares
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Convertible debt |
|
|
|
|
|
$ 2,921,100
|
|
Warrants to purchase common stock | shares |
|
|
|
|
|
|
1,018,079
|
Warrants exerciable shares | $ / shares |
|
|
|
|
|
|
$ 2.35
|
Proceeds from convertible note payable |
|
|
|
$ 3,935,000
|
$ 525,715
|
|
|
Convertible notes payable |
|
$ 10,000,000
|
|
10,000,000
|
|
|
|
Allocation of financing costs |
|
|
|
345,000
|
|
|
|
Legal fees |
|
416,688
|
$ 260,680
|
784,312
|
$ 589,392
|
|
|
Interest expense debt |
|
549,125
|
|
1,012,177
|
|
|
|
Accrued interest |
|
|
|
0
|
|
|
|
Amortization of Debt Issuance Costs |
|
|
|
2,530,394
|
|
|
|
Convertible note payable |
|
390,706
|
|
390,706
|
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Debt Instrument, Periodic Payment, Principal |
|
1,527,750
|
|
1,593,900
|
|
|
|
Stock Issued During Period, Value, New Issues |
|
$ 1,827,911
|
|
$ 1,878,909
|
|
|
|
Measurement Input, Expected Term [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Expected years |
|
5 years
|
|
5 years
|
|
|
|
Measurement Input, Price Volatility [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
|
110
|
|
110
|
|
|
|
Measurement Input, Risk Free Interest Rate [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Warrants and rights outstanding measurement input |
|
3.53
|
|
3.53
|
|
|
|
Boustead Securities LLC [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
|
71,266
|
|
71,266
|
|
|
|
Warrants exerciable shares | $ / shares |
|
$ 2.35
|
|
$ 2.35
|
|
|
|
Warrant derivative liability |
|
$ 104,245
|
|
$ 104,245
|
|
|
|
Proceeds from convertible note and warrant offering |
|
|
|
345,000
|
|
|
|
Fair value of warrants |
|
|
|
99,543
|
|
|
|
Allocation of financing costs |
|
|
|
232,027
|
|
|
|
Equity warrant as reduction in additional paid in capital |
|
8,727
|
|
8,727
|
|
|
|
Interest expense debt |
|
729,351
|
|
1,328,682
|
|
|
|
Debt Instrument, Periodic Payment, Principal |
|
1,527,750
|
|
1,593,900
|
|
|
|
Accrued interest |
|
220,689
|
|
240,831
|
|
|
|
Boustead Securities LLC [Member] | Convertible Note [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Fair value of warrants |
|
|
|
1,288,543
|
|
|
|
Debt discount |
|
300,000
|
|
300,000
|
|
|
|
Legal fees |
|
|
|
65,000
|
|
|
|
Interest fee |
|
|
|
215,000
|
|
|
|
Debt principal amount |
|
$ 1,442,000
|
|
1,442,000
|
|
|
|
Interest expense debt |
|
|
|
$ 3,310,543
|
|
|
|
Securities Purchase Agreement [Member] |
|
|
|
|
|
|
|
Short-Term Debt [Line Items] |
|
|
|
|
|
|
|
Convertible debt |
$ 4,300,000
|
|
|
|
|
|
|
Warrants to purchase common stock | shares |
1,018,079
|
|
|
|
|
|
|
Warrants exerciable shares | $ / shares |
$ 2.35
|
|
|
|
|
|
|
Proceeds from convertible note payable |
$ 3,935,000
|
|
|
|
|
|
|
Effective interest rate |
294.00%
|
|
|
|
|
|
|
Debt description |
the
Alto Convertible Note is convertible into shares of common stock at a price per share equal to the lower of (i) $2.35 (ii) 90% of
the three lowest daily VWAPs of the 15 trading days prior to the payment date or (iii) 90% of the VWAP of the trading day prior to
payment date
|
|
|
|
|
|
|
Fixed price per share | $ / shares |
$ 2.35
|
|
|
|
|
|
|
Warrant derivative liability |
$ 1,442,000
|
|
|
|
|
|
|
Debt interest rate |
5.00%
|
|
|
|
|
|
|
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v3.23.2
Schedule of Warrants Activity (Details) - Warrant [Member] - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Beginning Balance |
356,810
|
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 3.92
|
|
Weighted Average Life (Years), Outstanding Ending |
3 years 3 months 10 days
|
2 years 9 months 14 days
|
Number of Warrants Outstanding, Ending Balance |
1,446,155
|
356,810
|
Weighted Average Exercise Price, Outstanding Beginning Balance |
$ 2.74
|
$ 3.92
|
Boustead [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Granted |
71,266
|
|
Weighted Average Exercise Price, Granted |
$ 2.35
|
|
Weighted Average Life (Years), Granted |
4 years
|
|
Alto [Member] |
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
Number of Warrants Outstanding, Granted |
1,018,079
|
|
Weighted Average Exercise Price, Granted |
$ 2.35
|
|
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4 years
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v3.23.2
Schedule of Restricted Stock Units (RSUs) (Details) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
Number of RSUs, Outstanding, Beginning Balance | shares |
99,273
|
Weighted Average Grant Date Fair Value Per RSU, Beginning Balance | $ / shares |
$ 15.06
|
Number of Stock Option Outstanding, Granted | shares |
59,326
|
Weighted Average Exercise Price, Granted | $ / shares |
$ 1.61
|
Number of RSUs, Vested | shares |
(75,549)
|
Weighted Average Grant Date Fair Value Per RSU, Vested | $ / shares |
|
Number of RSUs, Outstanding, Beginning Balance | shares |
83,050
|
Weighted Average Grant Date Fair Value Per RSU, Ending Balance | $ / shares |
$ 1.95
|
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v3.23.2
Stockholders’ Equity (Details Narrative) - USD ($)
|
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jan. 31, 2023 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number shares issued for conversion of note |
1,827,911
|
|
839
|
|
|
839
|
|
Accrued interest settled with common stock |
|
|
$ 16,340
|
|
|
$ 16,340
|
|
Loss on settlement of convertible debt |
$ 415,553
|
|
|
|
$ 433,807
|
|
|
Common stock vesting of restricted stock unit |
|
|
5,104
|
|
|
10,208
|
|
Number of warrants to purchase |
|
|
|
|
|
|
1,018,079
|
Exercise price per share |
|
|
|
|
|
|
$ 2.35
|
Agreegate intrinsic value of warrants |
0
|
|
|
|
$ 0
|
|
|
Number of shares vested under plan |
|
|
|
|
399,905
|
|
|
Restricted stock award granted value |
|
|
|
|
|
|
|
Share based compensation |
|
|
|
|
$ 57,855
|
$ 333,066
|
|
Restricted Stock Units (RSUs) [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of shares granted under plan |
|
|
|
|
59,326
|
|
|
Share based compensation |
|
|
|
|
$ 57,855
|
$ 333,066
|
|
Unrecognized compensation cost |
$ 98,655
|
|
|
|
$ 98,655
|
|
|
Restricted Stock Units (RSUs) [Member] | Directors and Officers [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Restricted stock award granted shares |
|
|
|
|
59,326
|
0
|
|
Restricted stock award granted value |
|
|
|
|
$ 95,400
|
$ 0
|
|
2018 Equity Incentive Plan [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Common stock, capital shares reserved for future issuance |
3,000,000
|
|
|
|
3,000,000
|
|
|
Number of shares granted under plan |
|
|
|
|
478,180
|
|
|
Alto Convertible Note [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number of warrants to purchase |
|
|
|
|
|
|
71,266
|
Exercise price per share |
|
|
|
|
|
|
$ 2.35
|
Common Stock [Member] |
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
Number shares issued for conversion of note |
1,827,911
|
50,998
|
|
839
|
|
|
|
Debt instrument periodic payment principal |
$ 1,527,750
|
|
|
|
$ 1,593,900
|
|
|
Accrued interest settled with common stock |
220,689
|
|
|
|
240,831
|
|
|
Loss on settlement of convertible debt |
$ 415,553
|
|
|
|
$ 433,807
|
|
|
Restricted stock award granted shares |
|
|
5,104
|
5,104
|
|
|
|
Restricted stock award granted value |
|
|
|
|
|
|
|
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v3.23.2
Schedule of Monte Carlo Simulation Assumption (Details)
|
6 Months Ended |
|
Jun. 30, 2023
$ / shares
|
Jan. 11, 2023
$ / shares
|
Measurement Input, Price Volatility [Member] | Minimum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
68.73
|
|
Measurement Input, Price Volatility [Member] | Maximum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
147.3
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Equity Option [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
3.90
|
|
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
3.78
|
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Equity Option [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
5.47
|
|
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
5.40
|
|
Measurement Input Volume Weighted Average Price [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
|
1.58
|
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|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
[1] |
0.95
|
|
Measurement Input Volume Weighted Average Price [Member] | Minimum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
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Debt Instrument, Measurement Input |
[2] |
0.95
|
|
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|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
[1] |
1.58
|
|
Measurement Input Volume Weighted Average Price [Member] | Maximum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
[2] |
1.58
|
|
Measurement Input, Expected Dividend Rate [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
0
|
|
Measurement Input, Exercise Price [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
2.35
|
|
Measurement Input, Default Rate [Member] | Minimum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
5
|
|
Measurement Input, Default Rate [Member] | Maximum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
25
|
|
Measurement Input, Expected Term [Member] | Minimum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Term |
|
1 year
|
|
Measurement Input, Expected Term [Member] | Maximum [Member] | Warrant [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Term |
|
4 years
|
|
Measurement Input, Discount Rate [Member] | Minimum [Member] | Equity Option [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
55
|
|
Measurement Input, Discount Rate [Member] | Maximum [Member] | Equity Option [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Measurement Input |
|
65
|
|
Measurement Input Date of Acceleration [Member] | Minimum [Member] | Equity Option [Member] |
|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Term |
|
1 month 6 days
|
|
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|
|
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Debt Instrument, Term |
|
2 years
|
|
|
|
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v3.23.2
Schedule of Derivative Liabilities (Details) - USD ($)
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Gain on change in fair value of the derivative |
$ (434,275)
|
$ 58,422
|
$ (1,675,275)
|
$ 18,772
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
|
|
Beginning balance |
|
|
|
94,025
|
Addition of new derivatives recognized as debt discounts |
|
|
1,189,000
|
|
Gain on change in fair value of the derivative |
|
|
(711,243)
|
|
Addition of new derivatives recognized as debt discounts |
|
|
1,442,000
|
|
Gain on change in fair value of the derivative |
|
|
(964,032)
|
18,772
|
Beginning balance |
$ 955,725
|
$ 112,797
|
$ 955,725
|
$ 112,797
|
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Derivative Liabilities (Details Narrative)
|
Jun. 30, 2023
USD ($)
|
Jan. 31, 2023
USD ($)
$ / shares
shares
|
Jan. 11, 2023
USD ($)
$ / shares
|
Fair Value Measurement Inputs and Valuation Techniques [Line Items] |
|
|
|
Number of warrants to purchase | shares |
|
1,018,079
|
|
Exercise price per share | $ / shares |
|
$ 2.35
|
|
Warrants price | $ |
|
$ 1,189,000
|
|
Derivative, Fair Value, Net | $ |
$ 955,725
|
|
$ 2,631,000
|
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|
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|
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|
|
1.58
|
[custom:DerivativeDiscountPercentage-0] |
|
|
14.00%
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Grafico Azioni Shuttle Pharmaceuticals (NASDAQ:SHPH)
Storico
Da Ago 2024 a Set 2024
Grafico Azioni Shuttle Pharmaceuticals (NASDAQ:SHPH)
Storico
Da Set 2023 a Set 2024