60 Degrees Pharmaceuticals Reports Revenue Growth to $607,574 Despite Increased Net Loss

60 Degrees Pharmaceuticals, Inc. reported a significant increase in its financial performance for the fiscal year ending December 31, 2024, with product revenues reaching $607,574, compared to $253,573 in the previous year. This growth is attributed to a 214% increase in sales volume of its malaria preventative treatment, Arakoda, which saw sales of 5,119 boxes in 2024, up from 1,632 boxes in 2023. The company also recognized $73,771 in research revenues, marking a notable shift from the previous year when no research revenues were recorded.

Despite the increase in revenue, the company reported a net loss of $7,947,107 for 2024, compared to a net loss of $3,765,702 in 2023. The rise in losses is primarily due to increased operating expenses, which totaled $10,011,511 in 2024, up from $4,933,606 in 2023. Research and development costs surged to $4,986,526, largely due to expenses related to the planned babesiosis trial for tafenoquine, while general and administrative expenses also increased significantly.

In terms of strategic developments, 60 Degrees Pharmaceuticals has been actively pursuing new product indications and partnerships. The company is conducting a Phase II clinical study to evaluate tafenoquine for chronic babesiosis, with patient enrollment expected to begin in the third quarter of 2025. Additionally, the company has entered into a Patent License Agreement with Tufts Medical Center to advance the development of tafenoquine for babesiosis treatment. The company also completed a reverse stock split in February 2025, consolidating its shares to enhance its market position.

Operationally, the company has made strides in expanding its market presence, particularly in the U.S. and Australia. The U.S. pharmaceutical distributor accounted for 95% of total net product sales in 2024, while sales in Australia also showed growth, with Biocelect reporting a 105% year-over-year increase. The company’s workforce remains small, with only three full-time employees as of December 31, 2024, but it is focused on attracting and retaining talent through its equity incentive plan.

Looking ahead, 60 Degrees Pharmaceuticals faces challenges in achieving profitability, as indicated by its ongoing losses and the substantial doubt expressed by auditors regarding its ability to continue as a going concern. The company plans to fund its operations through various means, including potential capital raises, but acknowledges the uncertainty surrounding its ability to secure additional funding. The management remains committed to increasing sales of Arakoda and exploring new therapeutic indications to drive future growth.