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60 Degrees Pharmaceuticals, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in product revenues to $135,293 from $51,188 in the same quarter the previous year. The increase is attributed to higher sales volume in the U.S. and Australia.
Cost of revenues for the quarter was $111,687, representing 82.55% of sales, compared to 139.09% in the same quarter of the previous year. The decrease in cost ratio is due to higher sales volume.
The company reported a gross profit of $23,606 for the quarter, compared to a gross loss of $20,008 in the previous year, with the improvement attributed to increased sales.
Research and development expenses increased to $940,063 from $263,703, primarily due to costs associated with the babesiosis trial and delivery of research materials.
General and administrative expenses decreased to $1,215,053 from $1,313,617, primarily due to reduced stock-based compensation expenses.
Net loss for the quarter was $2,160,248, compared to a net income of $4,173,605 in the previous year. The previous year's net income was impacted by gains on the change in fair value of financial instruments.
Cash used in operating activities was $4,009,871 for the nine months ended September 30, 2024, compared to $4,479,242 in the previous year.
60 Degrees had cash and cash equivalents of $3,300,688 as of September 30, 2024. The company acknowledges its dependence on additional capital to meet future obligations.
The filing also details various financial transactions, including a private placement offering and an at-the-market sales agreement.
The company continues to focus on increasing sales of Arakoda and conducting clinical trials for new indications of Tafenoquine.
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. Warrant quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.