Summary by Moomoo AI
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