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Shuttle Pharmaceuticals Holdings, Inc. (SHPH)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 culminated in Shuttle Pharma’s year-end corporate update: Phase 2 glioblastoma trial enrollment reached 17 of the initial 40 randomized patients (40%), with 8 completing all seven treatment cycles; six leading U.S. cancer centers are participating .
  • Liquidity remained tight into year-end despite October financing; year-end cash was $1.92M and working capital was $0.68M, with going-concern risk disclosed and additional financing required to fund operations and the trial .
  • October financings delivered ~$4.5M gross equity proceeds (≈$4.0M net) and ~$0.79M of senior secured convertible notes; the CEO personally invested $237.5K, signaling insider support .
  • Nasdaq listing compliance remains a watch item: minimum equity cure by March 10, 2025 and bid-price compliance by June 30, 2025 were flagged; failure to cure could trigger delisting processes .

What Went Well and What Went Wrong

What Went Well

  • “Accelerated patient enrollment…with 40% enrollment in the initial randomized portion. As of today, a total of 17 of the initial 40 patients have been enrolled, with 8…having completed all seven cycles.” — Anatoly Dritschilo, M.D., CEO .
  • Diagnostics progress: Sponsored research agreement with UCSF to advance a PSMA-B theranostic program and continued work on the PC-RAD predictive test, expanding the platform beyond therapeutics .
  • Strengthened investor support: October public offering (~$4.5M gross) plus ~$0.79M convertible notes; CEO invested $237.5K, and a new corporate website launched to clarify the dual Therapeutics/Diagnostics strategy .

What Went Wrong

  • Liquidity and going concern: Year-end cash $1.92M and working capital $0.68M; management disclosed substantial doubt without additional financing .
  • Elevated operating costs and financing frictions: Legal/professional expenses rose sharply in 2024 (to $2.68M FY) amid reaudits/filing work, and the Alto note required equity settlements and cash collateral; loss on debt settlement totaled $0.83M FY .
  • Nasdaq deficiencies: Equity shortfall and bid-price deficiency forced reverse split and set cure deadlines (Mar 10 and Jun 30, 2025), adding market overhang and potential delisting risk if cures fail .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
Revenue ($USD)$0 $0 $0 (FY revenue was $—)
Net Loss ($USD)$(2,031,215) $(3,784,082) $(1,598,469) (derived: FY net loss $9,144,797 minus 9M net loss $7,546,328 )
Net Loss per Share (Basic)$(0.96) $(1.59) N/A (not disclosed)
Cash and Equivalents (end of period)$695,594 $156,656 $1,920,144

Notes:

  • Q4 net loss is calculated from reported FY and 9M figures (see citations).
  • Quarterly revenue is $0 in reported periods; FY 2024 shows no revenue .
  • EPS for Q4 was not disclosed.

Segment breakdown: Not applicable (single operating segment) .

KPIs

KPIQ2 2024Q3 2024Q4 2024
Phase 2 GBM trial statusIRB approvals and CRO engaged; study commencement targeted First three patients dosed; all six planned sites engaged 17/40 enrolled (40% of randomized cohort); 8 completed seven cycles; sites include Georgetown, AHN, UNC, UVA, Hackensack, Miami Cancer Institute
Cash balance milestone$0.70M at 6/30 $0.16M at 9/30 $1.92M at 12/31 (post financing)
Working capital$1.10M at 6/30 $(1.30)M at 9/30 $0.68M at 12/31
Financing executed—Alto note largely settled; reverse split; equity cure plan submitted to Nasdaq Oct 2024 public offering ($4.5M gross/$4.0M net); $0.79M convertible notes; CEO invested $237.5K

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Phase 2 GBM trial enrollmentInitial randomized portion (40 pts)Commence Phase 2 in 2024; sites onboarding 40% enrolled; 17/40 patients; aim to complete enrollment in coming year Raised specificity (progress milestone)
Trial durationFull Phase 218–24 months expected Reiterated 18–24 months; 2025 set for scientific milestones Maintained timeline
Financial guidance (revenue/margins)FY/Q4NoneNone; going-concern risk; funding plans and offerings disclosed Maintained (no financial guidance)
Listing compliance actions2024–2025Reverse split effected Aug-24 Equity cure targeted by Mar 10, 2025; bid-price cure by Jun 30, 2025 New cure deadlines (compliance plan)

Earnings Call Themes & Trends

No Q4 earnings call transcript was available in our search window.

TopicQ-2 (Q2 2024)Q-1 (Q3 2024)Current Period (Q4 2024)Trend
Clinical trial executionIRB approvals; CRO engaged; study commencement targeted First three patients dosed; all six sites engaged 17/40 enrolled; 8 completed cycles; six top centers active Positive acceleration
Diagnostics/theranosticsPC-RAD test and PSMA-B groundwork disclosed Continued platform positioning UCSF SRA to advance PSMA-B theranostic; Diagnostics subsidiary emphasis Building momentum
Liquidity & financingCash $0.70M; Alto note active Cash $0.16M; loss on debt settlement; Nasdaq equity deficiency notice Cash $1.92M post financing; going-concern risk persists Stabilized short term; still tight
Nasdaq complianceReverse split contemplated Reverse split executed; equity deficiency notice Cure timelines (Mar 10, 2025 equity; Jun 30, 2025 bid-price) Active remediation

Management Commentary

  • “This clinical trial is critical to the broader radiation therapy industry…we look to leverage radiation sensitizers to increase cancer cure rates, prolong patient survival and improve quality of life for patients suffering from glioblastoma.” — Anatoly Dritschilo, M.D., CEO .
  • “We have also made significant progress to advance our diagnostic subsidiary…PC-Rad test… and a PSMA-B ligand…a theranostic molecule offering diagnosis and therapeutics for metastatic prostate cancer.” .
  • “2025 is set to be a year of scientific milestones.” .

Q&A Highlights

No earnings call transcript was found; as a result, there are no Q&A highlights to report for Q4 2024 in our document set.

Estimates Context

  • Wall Street consensus estimates from S&P Global for Q4 2024 were not retrievable in this session; therefore, estimate comparisons are unavailable. Values would normally be retrieved from S&P Global.

Key Takeaways for Investors

  • Clinical catalyst: The Phase 2 GBM program is progressing with 40% of the initial randomized cohort enrolled and multiple top-tier centers active; expect further enrollment updates and potential data readouts aligned with the 18–24 month timeline .
  • Liquidity overhang: Year-end cash of $1.92M and working capital of $0.68M, plus explicit going-concern language, indicate near-term financing remains critical to sustain trial execution .
  • Platform expansion: Diagnostics initiatives (UCSF SRA for PSMA-B and PC-RAD test) add optionality beyond Ropidoxuridine and create theranostic angles potentially attractive for partnerships .
  • Capital markets risk: Nasdaq cure deadlines in March/June 2025 are binary catalysts; successful equity raise and sustained bid-price compliance would remove delisting risk; failure would pressure liquidity and investor access .
  • Insider alignment: CEO’s $237.5K participation in the note offering supports confidence but is modest relative to needs; watch for larger raises and potential strategic partnerships .
  • Expense discipline needed: Elevated legal/professional costs tied to reaudits/filings suggest administrative spend headwinds; securing low-cost capital/partners could mitigate cash burn .
  • Trading implications: Stock likely remains event-driven around financing announcements, Nasdaq compliance progress, and Phase 2 enrollment/data milestones.

Citations:
Corporate update and trial metrics . Liquidity and going concern . October financings . Nasdaq compliance . Q2 results . Q3 results . Q4 net loss derived from FY and 9M . Q3 press release highlights and cash as of Oct 31 .