XML 41 R23.htm IDEA: XBRL DOCUMENT
v3.24.3

Summary of Significant Accounting Policies (Tables) | 6 Months Ended | 12 Months Ended
--- | --- | ---
Jun. 30, 2024 | Dec. 31, 2023
Schedule of the Error Correction | Schedule of the Error Correction
|  | June 30, 2023 |  |  | Correction |  |  | Corrected June 30, 2023 |
Research and development expense |  | $ | 1,944,181 |  |  | $ | (182,715 | ) |  | $ | 1,761,466 |
General and administrative expense |  |  | 281,918 |  |  |  | 182,715 |  |  |  | 464,633 |
Total |  | $ | 2,226,099 |  |  | $ | - |  |  | $ | 2,226,099 |
Schedule of Cash and Cash Equivalents | Schedule of Cash and Cash Equivalents
|  | June 30, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Cash |  | $ | 645,594 |  |  | $ | 1,550,098 |
Money market funds |  |  | 50,000 |  |  |  | 1,026,318 |
Total cash and cash equivalents |  | $ | 695,594 |  |  | $ | 2,576,416 |
| 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 December 31, 2023 and 2022, cash and cash equivalents consisted of the following: Schedule of Cash and Cash Equivalents
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Cash |  | $ | 1,550,098 |  |  | $ | 5,411,378 |
Money market funds |  |  | 1,026,318 |  |  |  | 3,005,825 |
Total cash and cash equivalents |  | $ | 2,576,416 |  |  | $ | 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, 2024 and December 31, 2023: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
June 30, 2024 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Carrying Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Treasury Bonds |  | $ | 1,642,995 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,642,995 |
Total Assets |  | $ | 1,642,995 |  |  | $ | - |  |  | $ | - |  |  | $ | 1,642,995 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Liability - Warrants |  | $ | - |  |  | $ | - |  |  | $ | 359,919 |  |  | $ | 359,919 |
Derivative Liability - Accelerated feature |  |  | - |  |  |  | - |  |  |  | 504 |  |  |  | 504 |
Total Liabilities |  | $ | - |  |  | $ | - |  |  | $ | 360,423 |  |  | $ | 360,423 |
December 31, 2023 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Carrying Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Treasury Bonds |  | $ | 2,887,215 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,887,215 |
Total Assets |  | $ | 2,887,215 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,887,215 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Liability - Warrants |  | $ | - |  |  | $ | - |  |  | $ | 410,660 |  |  | $ | 410,660 |
Derivative Liability - Accelerated feature |  |  | - |  |  |  | - |  |  |  | 3,852 |  |  |  | 3,852 |
Derivative Liability |  |  | - |  |  |  | - |  |  |  | 3,852 |  |  |  | 3,852 |
Total Liabilities |  | $ | - |  |  | $ | - |  |  | $ | 414,512 |  |  | $ | 414,512 |
| 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 December 31, 2023: Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis
December 31, 2023 |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Carrying Value |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Marketable Securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
United States Treasury Bonds |  | $ | 2,887,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,887,215 |
Total Assets |  | $ | 2,887,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,887,215 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative Liability - Warrants |  | $ | — |  |  | $ | — |  |  | $ | 410,660 |  |  | $ | 410,660 |
Derivative Liability - Accelerated feature |  |  | — |  |  |  | — |  |  |  | 3,852 |  |  |  | 3,852 |
Total Liabilities |  | $ | — |  |  | $ | — |  |  | $ | 414,512 |  |  | $ | 414,512 |
Schedule of Anti-dilutive Securities Excluded from Computation of Earnings Per Share | For the six months ended June 30, 2024 and 2023, 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, |
|  | 2024 |  |  | 2023 |
Convertible notes (Note 5) |  |  | 80,744 |  |  |  | 155,378 |
Warrant (Note 6) |  |  | 184,000 |  |  |  | 184,000 |
Restricted stock units (Note 6) |  |  | 58,839 |  |  |  | 10,382 |
|  |  | 323,583 |  |  |  | 349,760 |
| For the years ended December 31, 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
|  | December 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
|  |  |  |  | (as restated) |
Convertible notes (Note 6) |  |  | 119,939 |  |  |  | — |
Warrants (Note 7) |  |  | 184,000 |  |  |  | 47,831 |
Restricted stock units (Note 7) |  |  | 24,731 |  |  |  | 2,966 |
|  |  | 328,670 |  |  |  | 50,797 |
Schedule of Key Inputs of Warrant Liabilities | The key inputs for the Monte Carlo simulation as of June 30, 2024, were as follows: Schedule of Monte Carlo Simulation Assumption
Net cash settlement and down round key valuation inputs – warrants* |  |  |
Annualized volatility |  |  | 89.76% - 99.20 | %
Risk-free interest rate |  |  | 4.61% - 5.48 | %
Quoted VWAP |  | $ | 3.12 |
Exercise price |  | $ | 18.80 |
Probability assessment |  |  | 2.5% - 30 | %
Illiquidity discount |  |  | -15 | %
Time period (years) |  |  | 0.11 - 2.53 |
* |  | Based on a Monte Carlo simulation analysis of 250,000 iterations
Acceleration option key valuation inputs* |  |  |
Annualized volatility |  |  | 64.76% - 74.98 | %
Risk-free interest rate |  |  | 5.23% - 5.48 | %
Quoted VWAP |  | $ | 3.12 |
Illiquidity discount |  |  | -15 | %
Time period (years) |  |  | 0 - 0.7 |
* |  | Based on a Monte Carlo simulation analysis of 250,000 iterations
| The range of key inputs for the Monte Carlo simulation for the year ended December 31, 2023, were as follows: Schedule of Monte Carlo Simulation Assumption
Net cash settlement and down round key valuation inputs – Alto Warrants* |  |  |
Annualized volatility |  |  | 77.51% - 92.33 | %
Risk-free interest rate |  |  | 4.01% - 5.23 | %
Quoted VWAP* |  | $ | 4.72 |
Exercise price |  | $ | 18.80 |
Probability assessment |  |  | 5% - 25 | %
Illiquidity discount |  |  | (17 | )%
Time period (years) |  |  | 0.53 - 3.03 |
Estimated fair value (issuance) |  | $ | 1,189,000 |
Estimated fair value (December 31, 2023) |  | $ | 410,660 |
| * | Based on a Monte Carlo simulation analysis of 50,000 iterations
Alto Acceleration Option key valuation inputs* |  |  |  |
Annualized volatility |  |  | 34.23% - 59.15 | %
Risk-free interest rate |  |  | 4.68% - 5.60 | %
Quoted VWAP* |  | $ | 4.72 |
Illiquidity discount |  |  | (17 | )%
Time period (years) |  |  | 0 - 1.2 |
Estimated fair value (issuance) |  | $ | 1,442,000 |
Estimated fair value (December 31, 2023) |  | $ | 3,852 |
| * | Based on a Monte Carlo simulation analysis of 50,000 iterations
Schedule of Warrant Liabilities |  | Schedule of Warrant Liabilities
|  | Warrant Liability – Series A Preferred Stock Obligation |
Balance, December 31, 2021 (as restated) |  |  | 334,955 |
Issued |  |  | - |
Exercised (settled) |  |  | - |
Loss on change in fair value |  |  | 421,768 |
Reclassifications to stockholders’ equity |  |  | (756,723 | )
Balance, December 31, 2022 |  |  | — |
|  | Warrant Liability – August 2022 Warrants |
Balance, December 31, 2021 (as restated) |  |  | - |
Issued |  |  | 146,624 |
Exercised (settled) |  |  | (91,036 | )
Loss on change in fair value |  |  | 5,102 |
Reclassifications to stockholders’ equity |  |  | (60,690 | )
Balance, December 31, 2022 |  |  | — |
|  | Warrant Liability – Boustead Placement Agent Warrants |
Balance, December 31, 2021 (as restated) |  |  | - |
Issued |  |  | 92,336 |
Exercised (settled) |  |  | - |
Gain on change in fair value |  |  | (28,196 | )
Reclassification to stockholders’ equity |  |  | (64,140 | )
Balance, December 31, 2022 |  |  | — |
Schedule of Useful Lives for Property Plant Equipment |  | Schedule of Useful Lives for Property Plant Equipment
Furniture |  |  | 5 years |
Computers and equipment |  |  | 5 years |
Research Equipment |  |  | 10 years |
Warrant [Member] |  |
Schedule of Key Inputs of Warrant Liabilities |  | Schedule of Key Inputs of Warrant Liabilities
Warrant Liability – Series A Preferred Stock Obligation |  | December 31, 2021 |  |  | Reclassification Date |
Estimated fair value of Company’s stock |  | $ | 40.00 |  |  | $ | 32.50 |
Exercise price (based on estimated IPO or Listing terms at issuance) |  | $ | 40.00 - $166.56 |  |  | $ | 32.00 |
Number of warrants (based on estimated Series A Preferred Stock conversion shares upon IPO or Listing at issuance) |  |  | 12,135 - 33,681 shares |  |  |  | 42,101 shares |
Annualized volatility |  |  | 86.3 | % |  |  | 82.5 | %
Risk-free interest rate |  |  | 1.08 | % |  |  | 3.44 | %
Estimated IPO date |  |  | 9/30/2022 |  |  |  | — |
Estimated Term |  |  | 3.75 years |  |  |  | 3.00 years |
Probability of IPO or Listing Occurring |  |  | 90 | % |  |  | — |
Probability of IPO as “Qualified IPO” |  |  | 33 | % |  |  | — |
Probability of IPO as “Listing” |  |  | 67 | % |  |  | — |
Estimated fair value |  | $ | 334,955 |  |  | $ | 756,723 |
Warrant Liability – August 2022 Warrants |  | Issuance Dates |  |  | Reclassification/Settlement Date |
Estimated fair value of Company’s stock |  | $ | 32.00 |  |  | $ | 32.50 |
Exercise price |  | $ | 20.00 |  |  | $ | 20.00 |
Number of warrants |  |  | 6,250 |  |  |  | 6,250 |
Remaining term |  |  | 5.0 years |  |  |  | 4.9 years |
Volatility |  |  | 80.0 | % |  |  | 82.5 | %
Risk-free interest rate |  |  | 2.7 | % |  |  | 3.3 | %
Estimated fair value |  | $ | 146,624 |  |  | $ | 151,726 |
Warrant Liability – Boustead Placement Agent Warrants |  | Issuance Dates |  |  | Reclassification Date |
Estimated fair value of Company’s stock |  | $ | 32.00 |  |  | $ | 32.50 |
Exercise price (based on estimated Convertible Note conversion terms at issuance) |  | $ | 16.00 |  |  | $ | 16.00 |
Number of warrants (based on estimated Convertible Note conversion terms at issuance) |  |  | 3,688 |  |  |  | 2,581 |
Remaining term |  |  | 5.0 years |  |  |  | 4.4 – 4.5 years |
Volatility |  |  | 86.1 | % |  |  | 82.5 | %
Risk-free interest rate |  |  | 1.8% - 2.0% |  |  |  | 3.4 | %
Estimated fair value |  | $ | 92,336 |  |  | $ | 64,140 |

X
- Definition Schedule of Useful Lives for Property Plant Equipment [Table Text Block] + References No definition available. + Details
Name: | SHPH_ScheduleOfUsefulLivesForPropertyPlantEquipmentTableTextBlock
Namespace Prefix: | SHPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Warrant Liabilities [TableTextBlock] + References No definition available. + Details
Name: | SHPH_ScheduleofWarrantLiabilitiesTableTextBlock
Namespace Prefix: | SHPH_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 + Details
Name: | us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of cash and cash equivalents. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashAndCashEquivalentsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-8 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-7 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147483443/250-10-50-9 + Details
Name: | us-gaap_ScheduleOfErrorCorrectionsAndPriorPeriodAdjustmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |