60 Degrees Pharmaceuticals Announces Second Quarter 2024 Results
60 Degrees Pharmaceuticals (NASDAQ: SXTP) reported Q2 2024 financial results, showing significant growth in net product revenues. Key highlights include:
- Net product revenues doubled year-over-year to $125,000
- Sequential quarter-over-quarter revenue growth of 18.3%
- Gross profit improved from ($124,000) loss to $35,000 gain
- ARAKODA® pharmacy deliveries increased by 288%
- Operating expenses rose to $4.22 million, impacted by a non-recurring R&D charge
- Net loss widened to $4.29 million or ($4.23) per share
The company also reported progress in its clinical trials, with the first patient enrolled in a tafenoquine study for Babesiosis at Tufts Medical Center. Additionally, the FDA granted Orphan Drug Designation for tafenoquine in acute babesiosis treatment.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha riportato i risultati finanziari del Q2 2024, mostrando una crescita significativa nei ricavi netti da prodotto. I punti salienti includono:
- I ricavi netti da prodotto sono raddoppiati rispetto all'anno precedente, raggiungendo i 125.000 dollari
- Crescita dei ricavi sequenziale del 18,3% rispetto al trimestre precedente
- Il profitto lordo è migliorato da una perdita di ($124.000) a un guadagno di 35.000 dollari
- Le consegne di ARAKODA® sono aumentate del 288%
- Le spese operative sono salite a 4,22 milioni di dollari, influenzate da un onere R&S non ricorrente
- La perdita netta è aumentata a 4,29 milioni di dollari o ($4,23) per azione
L'azienda ha anche riportato progressi nelle sue sperimentazioni cliniche, con il primo paziente arruolato in uno studio sui tafenoquini per la Babesiosi presso il Tufts Medical Center. Inoltre, la FDA ha concesso la Designazione di Farmaco Orfano per il tafenoquino nel trattamento della babesiosi acuta.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) informó sobre los resultados financieros del Q2 2024, mostrando un crecimiento significativo en los ingresos netos por productos. Los puntos destacados incluyen:
- Los ingresos netos por productos se duplicaron en comparación con el año anterior, alcanzando los 125,000 dólares
- Crecimiento secuencial de los ingresos del 18.3% en comparación con el trimestre anterior
- La ganancia bruta mejoró de una pérdida de ($124,000) a una ganancia de $35,000
- Las entregas de ARAKODA® aumentaron en un 288%
- Los gastos operativos aumentaron a 4.22 millones de dólares, afectados por un cargo no recurrente de I+D
- La pérdida neta se amplió a 4.29 millones de dólares o ($4.23) por acción
La compañía también informó sobre avances en sus ensayos clínicos, con el primer paciente inscrito en un estudio de tafenoquina para la babesiosis en el Tufts Medical Center. Además, la FDA otorgó la Designación de Medicamento Huérfano para la tafenoquina en el tratamiento de la babesiosis aguda.
60 Degrees Pharmaceuticals (NASDAQ: SXTP)는 2024년 2분기 재무 결과를 발표하며 제품 순 수익이 크게 증가한 것을 보여주었습니다. 주요 내용은 다음과 같습니다:
- 제품 순 수익이 전년 대비 두 배 증가하여 125,000달러에 도달했습니다.
- 전 분기 대비 수익이 18.3% 증가했습니다.
- 총 이익이 ($124,000)의 손실에서 35,000달러의 이익으로 개선되었습니다.
- ARAKODA® 약국 배송이 288% 증가했습니다.
- 운영 비용이 비경상적인 R&D 비용의 영향을 받아 422만 달러로 증가했습니다.
- 순 손실이 429만 달러로 확대되었으며, 주당 ($4.23)입니다.
회사는 또한 Tufts Medical Center에서 Babesiosis에 대한 tafenoquine 연구에 첫 번째 환자가 등록되었다고 보고했습니다. 또한 FDA는 급성 Babesiosis 치료를 위한 tafenoquine에 대해 고아 약물 지정을 부여했습니다.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) a annoncé ses résultats financiers du Q2 2024, montrant une croissance significative des revenus nets de produits. Les points clés incluent :
- Les revenus nets de produits ont doublé par rapport à l'année précédente, atteignant 125 000 dollars
- Croissance séquentielle des revenus de 18,3 % par rapport au trimestre précédent
- Le bénéfice brut s'est amélioré, passant d'une perte de ($124 000) à un gain de 35 000 dollars
- Les livraisons d'ARAKODA® ont augmenté de 288 %
- Les dépenses d'exploitation ont augmenté pour atteindre 4,22 millions de dollars, influencées par un coût R&D non récurrent
- La perte nette s'est élargie à 4,29 millions de dollars ou ($4,23) par action
L'entreprise a également fait état de progrès dans ses essais cliniques, avec le premier patient inscrit dans une étude de tafénoquine pour la babesiose au Tufts Medical Center. De plus, la FDA a accordé le statut de médicament orphelin au tafénoquine pour le traitement de la babesiose aiguë.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) berichtete über die Finanz Ergebnisse des Q2 2024, die ein signifikantes Wachstum der Nettoproduktumsätze zeigen. Die wichtigsten Punkte sind:
- Die Nettoproduktumsätze verdopplten sich im Jahresvergleich auf 125.000 Dollar
- Sequenzielle Umsatzsteigerung von 18,3% im Vergleich zum Vorquartal
- Der Bruttogewinn verbesserte sich von einem Verlust von ($124.000) auf einen Gewinn von 35.000 Dollar
- Die Lieferungen von ARAKODA® stiegen um 288%
- Die Betriebskosten stiegen auf 4,22 Millionen Dollar, was durch eine nicht wiederkehrende R&D-Belastung beeinflusst wurde
- Der Nettoverlust weitete sich auf 4,29 Millionen Dollar oder ($4,23) pro Aktie aus
Das Unternehmen berichtete auch über Fortschritte in seinen klinischen Studien, wobei der erste Patient in eine Tafenoquin-Studie zur Babesiose im Tufts Medical Center eingeschrieben wurde. Darüber hinaus verlieh die FDA Tafenoquin die Orphan Drug Designation zur Behandlung von akuter Babesiose.
- Net product revenues doubled year-over-year to $125,000
- Sequential quarter-over-quarter revenue growth of 18.3%
- Gross profit improved from ($124,000) loss to $35,000 gain
- ARAKODA® pharmacy deliveries increased by 288%
- FDA granted Orphan Drug Designation for tafenoquine in acute babesiosis treatment
- Operating expenses increased significantly from $0.67 million to $4.22 million
- Net loss widened by $0.95 million to $4.29 million
- Loss per share increased to ($4.23) from ($16.84) in Q2 2023
Insights
60 Degrees Pharmaceuticals' Q2 2024 results show mixed signals. While the 110% year-over-year revenue growth to
However, the significant increase in operating expenses to
The 288% increase in ARAKODA® pharmacy deliveries is encouraging, but the company needs to significantly scale up to achieve profitability. The recent FDA Orphan Drug Designation for tafenoquine could potentially accelerate future growth.
The initiation of the clinical trial for tafenoquine in Babesiosis at Tufts Medical Center marks a significant milestone. Babesiosis, a tick-borne illness, lacks FDA-approved treatments, presenting a potential market opportunity for 60 Degrees Pharmaceuticals.
The FDA Orphan Drug Designation for tafenoquine in acute babesiosis is crucial. This status provides benefits like market exclusivity, tax credits for clinical trials and potential fast-track designation. It could accelerate the drug's path to market and enhance its commercial viability.
However, it's important to note that clinical trials and regulatory approvals are time-consuming and costly processes with no guaranteed success. Investors should monitor the progress of this trial closely, as its outcomes could significantly impact the company's future prospects.
- Q2 2024 net product revenues doubled year-over-year to
$125 thousand - Sequential (quarter-over-quarter) net product revenue growth of
18.3% - Gross profit increased from (
$124 thousand ) to$35 thousand , year-over-year
WASHINGTON, Aug. 14, 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 second quarter of 2024, ended June 30, 2024.
Financial Highlights:
110% net product revenue growth resulted from an increase in ARAKODA® pharmacy deliveries of288% , from 331 boxes (Q2 2023) to 1,301 boxes (Q2 2024).- The Company achieved a gross profit of approximately
$35 thousand in the second quarter of 2024, compared to an approximate gross loss of$124 thousand in the second quarter of 2023. - Operating expenses were approximately
$4.22 million in the second quarter of 2024, compared to approximately$0.67 million in the second quarter of 2023. The increase was impacted by a non-recurring, non-cash, R&D charge of$2.63 million . - Net loss attributable to common shareholders in the second quarter of 2024 was approximately
$4.29 million , or ($4.23) per share, compared to a net loss of approximately$3.34 million , or ($16.84) per share in the second quarter of 2023, representing a$0.95 million increase in loss.
Business Highlights for the Quarter Ended June 30, 2024
- The first patient was enrolled in the Company’s clinical trial of tafenoquine for Babesiosis at Tufts Medical Center.
- The Company received FDA Orphan Drug Designation for tafenoquine for treatment of patients with acute babesiosis.
About 60 Degrees Pharmaceuticals, Inc.
60 Degrees Pharmaceuticals, Inc., founded in 2010, specializes in developing and marketing new medicines for the treatment and prevention of infectious diseases that affect the lives of millions of people. 60 Degrees Pharmaceuticals, Inc. achieved FDA approval of its lead product, ARAKODA® (tafenoquine), for malaria prevention, in 2018. 60 Degrees Pharmaceuticals, Inc. also collaborates with prominent research organizations in the U.S., Australia, and Singapore. The 60 Degrees Pharmaceuticals, Inc. mission has been supported through in-kind funding from the U.S. Department of Defense and private institutional investors including Knight Therapeutics Inc., a Canadian-based pan-American specialty pharmaceutical company. 60 Degrees Pharmaceuticals, Inc. is headquartered in Washington D.C., with a majority-owned subsidiary in Australia. Learn more at www.60degreespharma.com.
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward‐looking statements reflect the current view about future events. When used in this press release, the words “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “plan,” or the negative of these terms and similar expressions, as they relate to us or our management, identify forward‐looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy, 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 outside of 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 as to our ability to continue on a going-concern basis; we might not be eligible for Australian government research and development tax rebates; if we are not able to successfully develop, obtain FDA approval for, and provide for the 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 puts us at risk of lengthy and costly delays of 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 the information contained in our Annual Report on Form 10-K filed with the SEC on April 1, 2024, and our subsequent SEC filings. Investors and security holders are urged to read these documents free of charge on the SEC’s web site at www.sec.gov. As a result of these matters, changes in facts, assumptions not being realized or other circumstances, the Company’s actual results may differ materially from the expected results discussed in the forward-looking statements contained in this press release. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is 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
SheilaBurke-consultant@60degreespharma.com
(484) 667-6330
Investor Contact:
Patrick Gaynes
patrickgaynes@60degreespharma.com
(310) 989-5666
FAQ
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