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60 Degrees Pharmaceuticals Inc. (SXTP+7.26%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total product revenues of $607,574 for 2024, an increase from $253,573 in 2023. This increase is attributed to higher sales volume of Arakoda, primarily driven by organic growth in the Lyme disease community.
Cost of revenues decreased to $384,765 from $474,550, resulting in a gross profit of $222,809 compared to a gross loss of $220,977 in the previous year.
Research and development expenses increased significantly to $4,986,526 from $691,770, mainly due to share-based payments to vendors and costs related to the babesiosis trial for tafenoquine.
General and administrative expenses rose to $5,024,985 from $4,241,836, driven by higher compensation, legal fees, and advertising expenses.
The company reported a net loss of $7,947,107 for 2024, compared to a net loss of $3,765,702 in 2023. The increase in net loss is primarily due to higher operating expenses.
Cash and cash equivalents were $1,659,353 as of December 31, 2024, down from $2,142,485 at the end of 2023. The decrease is attributed to cash used in operating activities.
The company raised $7,053,571 through financing activities in 2024, including proceeds from a public offering and an at-the-market offering.
The company continues to focus on increasing sales of Arakoda and conducting clinical trials to expand the use of tafenoquine for new indications.
60 Degrees Pharmaceuticals acknowledges the substantial doubt about its ability to continue as a going concern, citing the need for additional capital to fund operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 60 Degrees Pharmaceuticals Inc. annual 10-K report dated March 27, 2025. To report an error, please email earnings@qz.com.