Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 91

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 91
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19 trial, after which we made the decision not
to file for the research rebate. In 2024, we also began to recognize research revenues related to the new USAMMDA contract we were awarded
in July 2024 to facilitate commercial validation of a new bottle and replacement blister packaging of Arakoda.

Operating Expenses

    For the Year Ended December 31,  

    Consolidated Statements of Operations Data: 
    2024  
    2023  
    $ Change  
    % Change 
  
    Research and Development 
    $4,986,526  
    $691,770  
    $4,294,756  
     620.84%
  
    General and Administrative Expenses 
     5,024,985  
     4,241,836  
     783,149  
     18.46 
  
    Total Operating Expenses 
    $10,011,511  
    $4,933,606  
    $5,077,905  
     102.92%

50

Research and Development 

Research and development costs increased during
the year ended December 31, 2024 when compared to the year ended December 31, 2023. Research and development costs incurred during the
year ended December 31, 2023 consisted of initiation costs related to our Phase IIB COVID-19 clinical trial, which was later suspended
in the fourth quarter of 2023. Direct COVID-19-related trial costs represent less than 1% of the total research and development costs
for the year ended December 31, 2024 at $16,247 and 83% of the costs for the year ended December 31, 2023 at $574,609. During the year
ended December 31, 2024, $3,225,000, or 65% of the total research and development costs, relate to share-based payments granted to two
vendors in January 2023, which payments were initially deferred and capitalized. Kentucky Technology, Inc. delivered us a report on the
potential development of SJ733 + tafenoquine in the second quarter of 2024 and Trevally completed the synthesis of 8.8 kilograms of castanospermine
in the third quarter of 2024, resulting in $2,625,000 and $600,000, respectively, of research and development expense recognized for the
year ended December 31,