60 Degrees Pharmaceuticals Announces Third Quarter 2024 Results
60 Degrees Pharmaceuticals (NASDAQ: SXTP) reported Q3 2024 financial results showing significant year-over-year growth. Sales revenue increased 164% to $135 thousand, driven by a 140% increase in ARAKODA® pharmacy deliveries. The company achieved a gross profit of $24 thousand, compared to a $20 thousand loss in Q3 2023. However, operating expenses rose to $2.16 million, and net loss was $2.27 million. A $4 million private placement was completed at $1.38 per share. Key business developments included granting University of Kentucky reference rights for ARAKODA®, securing a U.S. Army contract, and advancing clinical trials for babesiosis treatment.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) ha riportato i risultati finanziari del terzo trimestre 2024, evidenziando una crescita significativo anno dopo anno. I ricavi delle vendite sono aumentati del 164% a 135 mila dollari, grazie a un incremento del 140% nelle consegne di ARAKODA® nelle farmacie. L'azienda ha registrato un utile lordo di 24 mila dollari, rispetto a una perdita di 20 mila dollari nel terzo trimestre del 2023. Tuttavia, le spese operative sono aumentate a 2,16 milioni di dollari e la perdita netta è stata di 2,27 milioni di dollari. È stata completata una collocazione privata di 4 milioni di dollari a 1,38 dollari per azione. Tra i principali sviluppi aziendali si segnalano la concessione dei diritti di riferimento dell'Università del Kentucky per ARAKODA®, l'assegnazione di un contratto all'Esercito degli Stati Uniti e il progresso nella sperimentazione clinica per il trattamento della babesiosi.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) anunció los resultados financieros del tercer trimestre de 2024, mostrando un crecimiento significativo año tras año. Los ingresos por ventas aumentaron un 164% a 135 mil dólares, impulsados por un incremento del 140% en las entregas de ARAKODA® a las farmacias. La compañía logró una ganancia bruta de 24 mil dólares, en comparación con una pérdida de 20 mil dólares en el tercer trimestre de 2023. Sin embargo, los gastos operativos se elevaron a 2,16 millones de dólares, y la pérdida neta fue de 2,27 millones de dólares. Se completó una colocación privada de 4 millones de dólares a 1,38 dólares por acción. Entre los principales desarrollos empresariales se incluye la concesión de derechos de referencia a la Universidad de Kentucky para ARAKODA®, la obtención de un contrato con el Ejército de EE. UU. y el avance de los ensayos clínicos para el tratamiento de la babesiosis.
60 Degrees Pharmaceuticals (NASDAQ: SXTP)는 2024년 3분기 재무 결과를 발표하며 전년 대비 크게 성장했다고 밝혔습니다. 판매 수익은 13만 5천 달러로 164% 증가했으며, 이는 ARAKODA® 약국 배송이 140% 증가한 데 기인합니다. 회사는 2만 4천 달러의 총 이익을 달성했으며, 2023년 3분기에는 2만 달러의 손실을 기록했습니다. 그러나 운영 비용은 216만 달러로 증가했으며, 순손실은 227만 달러에 달했습니다. 4백만 달러 규모의 사모 배정이 주당 1.38달러에 완료되었습니다. 주요 사업 개발에는 켄터키 대학교에 ARAKODA®에 대한 참조 권한 부여, 미국 군대와의 계약 체결, 그리고 바베시아증 치료를 위한 임상 실험이 포함되었습니다.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) a annoncé les résultats financiers du troisième trimestre 2024, montrant une croissance significative d'une année sur l'autre. Les revenus des ventes ont augmenté de 164 % pour atteindre 135 000 dollars, grâce à une augmentation de 140 % des livraisons d'ARAKODA® en pharmacie. L'entreprise a réalisé un bénéfice brut de 24 000 dollars, contre une perte de 20 000 dollars au troisième trimestre 2023. Cependant, les dépenses d'exploitation ont grimpé à 2,16 millions de dollars et la perte nette était de 2,27 millions de dollars. Un placement privé de 4 millions de dollars a été réalisé à 1,38 dollar par action. Parmi les développements commerciaux clés, on note l'octroi de droits de référence à l'Université du Kentucky pour ARAKODA®, la sécurisation d'un contrat avec l'armée américaine et l'avancement des essais cliniques pour le traitement de la babésiose.
60 Degrees Pharmaceuticals (NASDAQ: SXTP) hat die finanziellen Ergebnisse für das dritte Quartal 2024 veröffentlicht und dabei ein signifikantes Wachstum im Vergleich zum Vorjahr gezeigt. Der Umsatz stieg um 164% auf 135 Tausend Dollar, angetrieben durch einen Anstieg der ARAKODA®-Apothekenlieferungen um 140%. Das Unternehmen erzielte einen Bruttogewinn von 24 Tausend Dollar, im Vergleich zu einem Verlust von 20 Tausend Dollar im dritten Quartal 2023. Die operativen Aufwendungen stiegen jedoch auf 2,16 Millionen Dollar, und der Nettoverlust betrug 2,27 Millionen Dollar. Eine Privatplatzierung in Höhe von 4 Millionen Dollar wurde zu 1,38 Dollar pro Aktie abgeschlossen. Zu den wichtigsten Geschäftsentwicklungen gehörten die Gewährung von Referenzrechten an der Universität von Kentucky für ARAKODA®, der Abschluss eines Vertrags mit der US-Armee und der Fortschritt von klinischen Studien zur Behandlung von Babesiose.
- 164% increase in sales revenue to $135 thousand
- 140% increase in ARAKODA® pharmacy deliveries (1,319 boxes)
- Improved gross profit from -$20K to +$24K
- Secured $4 million private placement funding
- Obtained U.S. Army contract for ARAKODA® packaging validation
- Operating expenses increased 37% to $2.16 million
- Net loss of $2.27 million ($0.93 per share)
- Significant decline from net income of $4.09 million in Q3 2023
- Potential shareholder dilution from private placement
Insights
The Q3 results reveal concerning financial metrics for this micro-cap pharmaceutical company. While the
The
The developments around ARAKODA (tafenoquine) show mixed progress. The collaboration with University of Kentucky for SJ733 Phase IIb program and the U.S. Army contract for packaging validation represent positive steps for product development. The expansion into babesiosis treatment through the approved expanded access study could open new market opportunities.
However, with only 1,319 boxes delivered in Q3, market penetration remains minimal for an FDA-approved drug. The need for new packaging validation and clinical trials suggests ongoing challenges in product development and commercialization. The company needs to demonstrate stronger market adoption metrics to validate its commercial strategy.
- Q3 2024 sales revenue increased
164% year-over-year to$135 thousand . - Sequential (quarter-over-quarter) net product revenue growth of
8.3% . - Gross profit increased from (
$20 thousand ) to$24 thousand .
WASHINGTON, Nov. 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 third fiscal quarter of the 2024 year, ended September 30, 2024.
Financial Highlights for the Quarter Ended September 30, 2024:
- A
140% increase in ARAKODA® pharmacy deliveries from 550 boxes (Q3 2023) to 1,319 boxes (Q3 2024) generated164% in sales revenues from$51 thousand for the third quarter of 2023 to approximately$135 thousand for the third quarter of 2024. - The Company achieved a gross profit of approximately
$24 thousand in the third quarter of 2024, compared to an approximate gross loss of$20 thousand in the third quarter of 2023. - Operating expenses were approximately
$2.16 million in the third quarter of 2024, compared to approximately$1.58 million in the third quarter of 2023. The increase in operating expenses was primarily due to the delivery of$600,000 of research material previously paid for in stock prior to our initial public offering in July of 2023. - Net loss attributable to common shareholders in the third quarter of 2024 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 the third quarter of 2023, representing a$6.36 million decline. This decline is nearly entirely attributable to a change in the fair value of liabilities of$6.20 million in Q3 2023 to ($0.06) million in Q3 2024. - A
$4 million private placement priced at-the-market comprising common stock and associated warrants at$1.38 per share was concluded in September with net proceeds to support working capital, commercialization of ARAKODA (tafenoquine), and ongoing R&D efforts.
Business Highlights for the Quarter Ended September 30, 2024
- 60 Degrees Pharmaceuticals granted the University of Kentucky right of reference to the Company’s new drug application (NDA) for ARAKODA® (tafenoquine). The right of reference will allow FDA to review clinical efficacy and safety data, non-clinical data, and chemistry, manufacturing and controlled information on ARAKODA as the agency reviews protocols and new IND submissions related to the University of Kentucky SJ733 Phase IIb program.
- The Company was awarded a fixed-price contract with the United States Army Medical Materiel Development Activity to support commercial validation of new bottle and replacement blister packaging of ARAKODA® (tafenoquine).
- Ethics approval of an open label, expanded access study of the ARAKODA® regimen of tafenoquine in combination with standard of care regimens in immunosuppressed patients with persistent/relapsing babesiosis was granted in the third quarter of 2024.
- The Company signed clinical trial agreements with all planned trial sites for the Tafenoquine Babesiosis Study.
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
What was SXTP's revenue growth in Q3 2024?
How much did SXTP's ARAKODA deliveries increase in Q3 2024?
What was SXTP's net loss per share in Q3 2024?
How much funding did SXTP raise in their private placement in Q3 2024?
