60 Degrees Pharmaceuticals Announces First Quarter 2024 Results

• Q1 2024 net product revenues increased 515% year-over-year to $105.7 thousand.
  
• Gross profit increased from ($55.9 thousand) to $51.0 thousand.

WASHINGTON, May 15, 2024 (GLOBE NEWSWIRE) -- 60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) (the “Company”), a pharmaceutical company focused on developing new medicines for infectious diseases, reported today their financial results for the first fiscal quarter of the 2024 year, ended March 31, 2024.

Financial Highlights for the Quarter Ended March 31, 2024:

• Net product revenues increased approximately 515% from $17.17 thousand for the first quarter of 2023 to approximately $105.7 thousand for first quarter of 2024; the Company credits growth from domestic commercial sales of ARAKODA.
• The Company achieved a gross profit of approximately $51.0 thousand in the first quarter of 2024, compared to an approximate gross loss of $55.9 thousand in the first quarter of 2023. Increased sales volume allowed the Company to overcome fixed cost of goods expense associated with the Drug Supply Chain Security Act that previously led to 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 research and development costs associated with preparatory activities for our babesiosis clinical trial, increased commercial promotional costs, and increased legal, audit 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 in the first quarter of 2023, representing a $2.910 million improvement. This improvement is attributed to a change in the fair value of liabilities and decreased interest expense.

Business Highlights for the Quarter Ended March 31, 2024

• Following a Type C meeting with the U.S. Food and Drug Administration (“FDA”) on January 17, 2024, the Company initiated planning of a clinical study in support of a future indication for tafenoquine for treatment of babesiosis. Enrollment is planned to begin in the summer of 2024.
• In February 2024, the Company appointed Kristen Landon as the Company’s Chief Commercial Officer to lead commercialization activities related to ARAKODA.

About 60 Degrees Pharmaceuticals, Inc.