Company: SXTPW
Filing Date: 2025-02-14
Form Type: S-1
Source: 0001213900-25-014334
Chunk: 305

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-02-14
Form: S-1
Chunk 305
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 derivative expense.

Derivative expense recorded during the year ended December 31, 2022 is summarized as follows:

| Commitment                           
 Date                                 |     | May  
 24,  
 2022 |           |   |
|:-------------------------------------|:----|:-----|----------:|:--|
| Fair value of derivative liabilities |     | $    | 1,483,888 |   |
| Less: face amount of                 
 debt                                 |     |      |  (979,275 | ) |
| Derivative expense                   |     | $    |   504,613 |   |

In connection with the valuation of the Company’s derivative liabilities related to the 2023 Bridge Notes and warrants, the Company determined a fair value on the commitment date (May 8, 2023) of $ 954,725. As the fair value of the derivative liabilities exceeded the net proceeds received of $ 555,000, the Company recorded a debt discount at the maximum amount allowed (the face amount of the debt less the OID and debt issuance costs detailed in Note 8) and recorded the excess as derivative expense.

F-61

Derivative expense recorded during the year ended December 31, 2023 is summarized as follows:

| Commitment                           
 Date                                 |     | May  
 8,   
 2023 |          |   |
|:-------------------------------------|:----|:-----|---------:|:--|
| Fair value of derivative liabilities |     | $    |  954,725 |   |
| Less: face amount of                 
 debt                                 |     |      | (555,000 | ) |
| Derivative expense                   |     | $    |  399,725 |   |

A reconciliation of the beginning and ending balances for the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows at December 31, 2023 and 2022:

|                                                                           |     | Bridge 
 Shares |            |   |     | Warrants |          |   |     | Convertible   
 Notes Payable |         |   |     | Contingent 
 Milestone  
 Payment    |           |     | Total |            |   |
|:--------------------------------------------------------------------------|:----|:-------|-----------:|:--|:----|:---------|---------:|:--|:----|:--------------|--------:|:--|:----|:-----------|----------:|:----|