60 Degrees Pharmaceuticals, Inc. reported its financial performance for the quarter ended June 30, 2024, with a significant increase in product revenues, primarily driven by domestic sales of its malaria prevention drug, Arakoda. Product revenues reached $124,972, a 109.92% increase from the previous year's quarter, while service revenues remained at zero. The cost of revenues decreased by 51.32% to $89,564, resulting in a gross profit of $35,408, marking a substantial improvement from the prior year's gross loss. Research revenues were minimal at $728. Operating expenses saw a sharp rise, with research and development costs at $3,095,326, mainly due to expenses related to the planned babesiosis trial for tafenoquine and a significant expense recognized upon delivery of a report from Kentucky Technology, Inc. General and administrative expenses also increased...Show More

60 Degrees Pharmaceuticals, Inc. reported its financial performance for the quarter ended June 30, 2024, with a significant increase in product revenues, primarily driven by domestic sales of its malaria prevention drug, Arakoda. Product revenues reached $124,972, a 109.92% increase from the previous year's quarter, while service revenues remained at zero. The cost of revenues decreased by 51.32% to $89,564, resulting in a gross profit of $35,408, marking a substantial improvement from the prior year's gross loss. Research revenues were minimal at $728. Operating expenses saw a sharp rise, with research and development costs at $3,095,326, mainly due to expenses related to the planned babesiosis trial for tafenoquine and a significant expense recognized upon delivery of a report from Kentucky Technology, Inc. General and administrative expenses also increased to $1,129,560, reflecting higher compensation and related expenses. The company reported a net loss of $4,172,755, attributed to 60 Degrees Pharmaceuticals, Inc., which included a minor loss from the change in fair value of derivative liabilities and a small amount of other net income. The company's cash used in operating activities was $2,328,650 for the six months ended June 30, 2024. The report also highlighted a reverse stock split effective August 12, 2024, and the sale of 677,819 shares under an At-the-Market Issuance Sales Agreement, generating proceeds of $1,994,583. The company's financial statements have been prepared on a going concern basis, despite not having demonstrated the ability to generate enough revenues to cover operating expenses to date.