60 Degrees Pharmaceuticals, Inc. (60P) reported financial results for the quarter ended September 30, 2024. Product revenues, net of discounts and rebates, increased significantly to $135,293 from $51,188 in the same period last year, driven by domestic sales and growth in the Lyme disease community using Arakoda for babesiosis treatment. Cost of revenues rose to $111,687, but gross profit improved to $23,606, reflecting a positive gross margin of 17.45%. Research revenues were $12,818, primarily from a new contract with the USAMMDA. Operating expenses totaled $2,155,116, with research and development costs at $940,063, largely due to a $600,000 expense for delivered research materials. General and administrative expenses decreased slightly to $1,215,053. The company experienced a net loss of $2,159,785, including a noncontrolling interest loss of $713. Interest and other income, net, resulted in a loss of $41,556, with...Show More

60 Degrees Pharmaceuticals, Inc. (60P) reported financial results for the quarter ended September 30, 2024. Product revenues, net of discounts and rebates, increased significantly to $135,293 from $51,188 in the same period last year, driven by domestic sales and growth in the Lyme disease community using Arakoda for babesiosis treatment. Cost of revenues rose to $111,687, but gross profit improved to $23,606, reflecting a positive gross margin of 17.45%. Research revenues were $12,818, primarily from a new contract with the USAMMDA. Operating expenses totaled $2,155,116, with research and development costs at $940,063, largely due to a $600,000 expense for delivered research materials. General and administrative expenses decreased slightly to $1,215,053. The company experienced a net loss of $2,159,785, including a noncontrolling interest loss of $713. Interest and other income, net, resulted in a loss of $41,556, with a notable change in fair value of derivative liabilities and no debt extinguishment gains or losses. The company's cash balance stood at $3,300,688, with net cash used in operating activities at $4,009,871. 60P highlighted business developments, including IRB clearance for a babesiosis treatment protocol, clinical trial agreements, and a contract for Arakoda packaging validation. The company also discussed its liquidity, capital resources, and going concern considerations, stating sufficient funds through June 30, 2025, excluding certain trial costs. 60P's strategy focuses on increasing Arakoda sales, expanding tafenoquine's indications, and repositioning therapeutics for new uses. The company also mentioned a reverse stock split and compliance with Nasdaq's minimum bid price rule.