60 Degrees Pharmaceuticals Announces First Quarter 2024 Results

WASHINGTON, May 15, 2024 (GLOBE NEWSWIRE) — 60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) (the “Company”), a pharmaceutical company focused on the development of novel infectious disease medicines, today announced its financial results for the first fiscal quarter of 2024, ended March 31, 2024.

Financial highlights for the quarter ended March 31, 2024:

Net product revenue increased approximately 515% from $17.17 thousand for Q1 2023 to approximately $105.7 thousand for Q1 2024; Company attributes growth to domestic commercial sales of ARAKODA^®.
The Company achieved a gross profit of approximately $51.0 thousand in the first quarter of 2024, compared to a gross loss of approximately $55.9 thousand in the first quarter of 2023. The increase in sales volume enabled the Company to overcome the fixed costs of goods associated with the drug. Supply Chain Security Act which had previously resulted in a gross loss.
Operating expenses were approximately $1.41 million in the first quarter of 2024, compared to approximately $0.899 million in the first quarter of 2023. The increase in operating expenses was primarily due to associated research and development costs preparatory activities for our babesiosis clinical trial, increased commercial expenses. promotional costs and increased legal, auditing and financial expenses.
Net income attributable to common shareholders in the first quarter of 2024 was approximately $0.309 million, or $0.03 per share, compared to a net loss of approximately $2.601 million, or ($1.13) per share. action in the first quarter of 2023, representing an improvement of $2.910 million. . This improvement is attributed to a change in the fair value of liabilities and a decrease in interest expenses.

Business Highlights for the Quarter Ended March 31, 2024

Following a Type C meeting with the United States Food and Drug Administration (“FDA”) on January 17, 2024, the Company initiated planning for a clinical study in support of a future indication For tafenoquine for the treatment of babesiosis. Registrations are expected to begin in summer 2024.
In February 2024, the Company appointed Kristen Landon as the Company’s Chief Commercial Officer to lead marketing activities related to ARAKODA.

About 60 Degrees Pharmaceuticals, Inc.
60 Degrees Pharmaceuticals, Inc., founded in 2010, specializes in the development and commercialization of novel medicines for the treatment and prevention of infectious diseases that affect the lives of millions of people. 60 Degrees Pharmaceuticals, Inc. Received FDA Approval for Its Leading Product, ARAKODA^® (tafenoquine), for the prevention of malaria, in 2018. 60 Degrees Pharmaceuticals, Inc. also collaborates with leading research organizations in the United States, Australia and Singapore. The mission of 60 Degrees Pharmaceuticals, Inc. was supported by in-kind funding from the U.S. Department of Defense and private institutional investors, including Knight Therapeutics Inc., a Pan-American specialty pharmaceutical company based in Canada. 60 Degrees Pharmaceuticals, Inc. is headquartered in Washington, DC and has a majority-owned subsidiary in Australia. Learn more at www.60degreespharma.com.

Caution Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current beliefs about future events. When used in this press release, the words “anticipate”, “believe”, “estimate”, “expect”, “future”, “intend”, “plan” or the form negative of these terms and similar expressions, to the extent they relate to us or our management, identify forward-looking statements. Forward-looking statements are neither historical facts nor guarantees of future performance. Instead, they are based solely on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, the activities of regulators and future regulations and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are beyond our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: there is substantial doubt about our ability to continue as a going concern; we may not be eligible for Australian government research and development tax reductions; if we are unable to successfully develop, obtain FDA approval and secure commercialization of non-malaria prevention indications for tafenoquine (ARAKODA^® or other regimen) or Celgosivir in a timely manner, we may not be able to expand our business operations; we may not be able to successfully conduct planned clinical trials; and we have no manufacturing capacity, which exposes us to lengthy and costly delays in bringing our products to market. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (“SEC”), including information contained in our Annual Report on Form 10.-K filed with the SEC on April 1, 2024 and our subsequent filings with the SEC. Investors and security holders are encouraged to read these documents free of charge on the SEC’s website at www.sec.gov. As a result of these matters, changes in facts, unrealized assumptions or other circumstances, the Company’s actual results may differ materially from the anticipated results discussed in the forward-looking statements contained in this press release. Any forward-looking statements we make in this press release are based only on information currently available to us and speak only as of the date they are made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Media Contact:
Sheila A. Burke
[email protected]
(484) 667-6330

Investor contact:
Patrick Gaynes
[email protected]
(310) 989-5666