60 Degrees Pharmaceuticals, a pharmaceutical company, has reported its annual financial performance and business developments. The company has decided not to recognize the benefits of U.S. Federal, state, and net deferred tax assets, leading to a full valuation allowance against its net deferred tax assets as of December 31, 2023, and December 31, 2022. The company did not establish reserves for uncertain tax positions as of the end of 2023 and 2022. Significant customers accounted for 92% of receivables and 93% of total net revenues as of December 31, 2023. The company's largest customer, the US government, ended its purchase support contract and clinical study in 2022, and no significant receivables or revenues from the government are anticipated in the near term. The company has exclusive relationships with distributors in...Show More

60 Degrees Pharmaceuticals, a pharmaceutical company, has reported its annual financial performance and business developments. The company has decided not to recognize the benefits of U.S. Federal, state, and net deferred tax assets, leading to a full valuation allowance against its net deferred tax assets as of December 31, 2023, and December 31, 2022. The company did not establish reserves for uncertain tax positions as of the end of 2023 and 2022. Significant customers accounted for 92% of receivables and 93% of total net revenues as of December 31, 2023. The company's largest customer, the US government, ended its purchase support contract and clinical study in 2022, and no significant receivables or revenues from the government are anticipated in the near term. The company has exclusive relationships with distributors in Australia and Europe, and any failure to perform by these distributors could disrupt patient access in those markets. The company's financial instruments are primarily cash, accounts receivable, inventory purchases, and borrowings, with a concentration of credit risk. Revenue is recognized in accordance with FASB ASC Topic No. 606, and the majority of revenues come from sales of its Arakoda™ product to resellers in the US and abroad. Research and development costs were recorded at $691,770 for the year ended December 31, 2023. The company's financial instruments are measured at fair value, with derivative liabilities carried at fair value based on Level 3 inputs. The company's future plans include managing its business in one identifiable segment and continuing to evaluate the impact of recently adopted and issued accounting pronouncements on its financial statement disclosures.