Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1263

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 1263
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 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, 2024. We also incurred $1,359,532 in costs related to our babesiosis trial for tafenoquine during the year ended
December 31, 2024 ($0 during the year ended December 31, 2023).

General and Administrative Expenses

For the year ended December 31, 2024, our general
and administrative expenses increased by 18.46% or $783,149 from the year ended December 31, 2023. During the year ended December 31,
2024, we recorded higher compensation expenses including $275,114 of bonus expense and $662,951 of salaries, taxes, and benefits expense,
respectively (compared to $0 and $492,780 for the year ended December 31, 2023, respectively) due to certain sales and performance bonuses
payable to our executives, and higher salaries due to hiring of our new Chief Commercial Officer in February 2024. Additionally, during
the year ended December 31, 2024, we incurred $410,016 in legal and professional fees, $549,912 of insurance expenses, $1,019,111 of
investor outreach expenses, and $433,884 of advertising and promotion expenses (up from $268,611, $304,581, $668,639, and $172,551 for
the year ended December 31, 2023, respectively). These were partially offset by a significant decrease in stock-based compensation, which
decreased from $528,926 for the year ended December 31, 2023 to $32,767 for the year ended December 31, 2024. The decrease is, in part,
due to a decrease in the average grant date fair value of stock-based awards granted in 2024 as compared to 2023, as well as certain
fully vested stock-based awards granted to our directors on the closing date of our IPO, and to our executives at the end of 2023.

Interest and Other Income (Expense), Net

    For the Year Ended
    December 31,  

    Consolidated Statements of Operations Data: 
    2024  
    2023  
    $ Change  
    % Change 
  
    Interest Expense 
    $(7,912