Core Viewpoint - 60 Degrees Pharmaceuticals, Inc. reported significant growth in sales revenue and improvements in gross profit for Q3 2024, alongside increased operating expenses and a net loss attributable to common shareholders. Financial Highlights - Q3 2024 sales revenue increased 164% year-over-year to approximately $135 thousand from $51 thousand in Q3 2023 [3] - ARAKODA® pharmacy deliveries rose by 140% from 550 boxes in Q3 2023 to 1,319 boxes in Q3 2024 [3] - Gross profit improved to approximately $24 thousand in Q3 2024, compared to a gross loss of approximately $20 thousand in Q3 2023 [3] - Operating expenses were approximately $2.16 million in Q3 2024, up from approximately $1.58 million in Q3 2023 [3] - Net loss attributable to common shareholders was approximately $2.27 million, or ($0.93) per share, compared to a net income of approximately $4.09 million, or $9.13 per share in Q3 2023, representing a decline of $6.36 million [3] Business Highlights - The Company granted the University of Kentucky the right of reference to its NDA for ARAKODA®, facilitating FDA review of clinical efficacy and safety data [4] - A fixed-price contract was awarded to support commercial validation of new packaging for ARAKODA® by the United States Army Medical Materiel Development Activity [4] - Ethics approval was granted for an open label, expanded access study of ARAKODA® in immunosuppressed patients with persistent/relapsing babesiosis [4] - Clinical trial agreements were signed with all planned trial sites for the Tafenoquine Babesiosis Study [4] Company Overview - 60 Degrees Pharmaceuticals, Inc. specializes in developing and marketing new medicines for infectious diseases and achieved FDA approval for ARAKODA® in 2018 [5] - The Company collaborates with prominent research organizations in the U.S., Australia, and Singapore, and has received support from the U.S. Department of Defense and private institutional investors [5]
60 Degrees Pharmaceuticals Announces Third Quarter 2024 Results