Shuttle Pharmaceuticals Reports No Revenue, Increased Losses, and Significant Expense Growth in Latest 10-Q

Shuttle Pharmaceuticals Holdings, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending June 30, 2025. The company recorded no revenue for the period, consistent with the previous year, while total operating expenses surged to $6.9 million, up from $2.9 million in the same period last year. This increase was primarily driven by a 111% rise in research and development expenses, which reached $2.6 million, and a 364% increase in general and administrative expenses, totaling $2.9 million. The net loss for the six months ended June 30, 2025, was approximately $6.8 million, compared to a loss of $3.8 million for the same period in 2024.

The company’s balance sheet showed a substantial increase in total assets, which rose to $5.5 million as of June 30, 2025, compared to $2.5 million at the end of 2024. This growth was largely attributed to a significant increase in cash and cash equivalents, which reached $4.8 million, up from $1.9 million at the end of the previous year. The increase in cash was bolstered by two equity raises in March and June 2025, which collectively provided approximately $8.9 million in net proceeds. Current liabilities also increased to $1.7 million, up from $1.5 million, primarily due to higher accounts payable and accrued expenses.

Strategically, Shuttle Pharmaceuticals has been active in its clinical development efforts, particularly with its lead product candidate, Ropidoxuridine, which is designed to enhance the effectiveness of radiation therapy in cancer treatment. The company has completed a Phase I clinical trial and is preparing for a Phase II trial, which commenced in October 2024. Additionally, the company has made organizational changes, including the appointment of a new Chief Executive Officer and the resignation of key executives, which may impact its operational focus and strategic direction.

Operationally, the company has seen a notable increase in its employee headcount, reflecting its ongoing commitment to advancing its research and development initiatives. The filing indicates that the company is focused on maintaining compliance with Nasdaq listing requirements, having recently executed a 1-for-25 reverse stock split to meet the minimum bid price requirement. Looking ahead, Shuttle Pharmaceuticals acknowledges the challenges it faces in achieving positive cash flows and emphasizes the need for continued fundraising efforts to support its operations and clinical trials. The company remains committed to its goal of developing innovative cancer therapies, although it recognizes the uncertainties inherent in the pharmaceutical development process.