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: