60 Degrees Pharmaceuticals, Inc. (60P) reported a significant year-over-year increase in product revenues for the quarter ended March 31, 2024, with net product revenues rising from $17,172 to $105,674, a 515.39% increase. This growth was primarily driven by U.S. sales of Arakoda®, with the U.S. pharmaceutical distributor accounting for 99% of total net product sales. Service revenues also contributed $10,789, attributed to the final payment from the United States Army Medical and Materiel Development Activity for storing Arakoda® purchases. Cost of revenues decreased by 10.51% to $65,437, resulting in a gross profit of $51,026 and a gross margin improvement to 43.81%. Research revenues increased to $29,631, mainly from the Australian Tax Authority for qualified research activities. Operating expenses rose to $1,412,316 due to higher general and administrative expenses and research and...Show More

60 Degrees Pharmaceuticals, Inc. (60P) reported a significant year-over-year increase in product revenues for the quarter ended March 31, 2024, with net product revenues rising from $17,172 to $105,674, a 515.39% increase. This growth was primarily driven by U.S. sales of Arakoda®, with the U.S. pharmaceutical distributor accounting for 99% of total net product sales. Service revenues also contributed $10,789, attributed to the final payment from the United States Army Medical and Materiel Development Activity for storing Arakoda® purchases. Cost of revenues decreased by 10.51% to $65,437, resulting in a gross profit of $51,026 and a gross margin improvement to 43.81%. Research revenues increased to $29,631, mainly from the Australian Tax Authority for qualified research activities. Operating expenses rose to $1,412,316 due to higher general and administrative expenses and research and development costs, leading to a loss from operations of $1,331,659. However, a gain of $1,740,847 from the change in fair value of derivative liabilities and other income of $20,262 led to a net income of $430,470 for the quarter. The company's future plans include preparatory actions for a clinical trial studying tafenoquine in treating babesiosis, with patient enrollment expected later in 2024.