Summary by Moomoo AI
60 Degrees Pharmaceuticals reported Q2 2024 product revenues of $124,972, up 110% from $59,532 in Q2 2023, driven by strong growth in Arakoda sales. Gross profit improved to $35,408 compared to a loss of $124,445 last year, with gross margin reaching 28.3%. U.S. pharmaceutical distributor accounted for 92% of net product sales.Operating expenses increased significantly to $4.2 million from $667K in Q2 2023, primarily due to $2.6 million in R&D costs related to the Kentucky Technology report and $390K for the planned babesiosis trial. General and administrative expenses rose to $1.1 million driven by higher compensation, insurance, and investor outreach costs.The company ended the quarter with $1.6 million in cash. Management estimates current funds will sustain operations through March 2025, excluding costs for commercial programs and clinical trials. The company recently raised additional capital through an ATM offering in July-August 2024, selling 677,819 shares for proceeds of $2 million. A 1:12 reverse stock split was implemented in August 2024 to address Nasdaq listing requirements.
