Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 929

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 929
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,850 boxes
sold for the year ended December 31, 2024, compared to 903 boxes for the year ended December 31, 2023. As of December 31, 2024, Biocelect’s
unsold inventory that remains subject to profit share was the equivalent of 385 boxes. While growth in Australia is similarly positive
to that in the US, Biocelect has achieved that growth by competing directly with Malarone in terms of price in their market for the approved
antimalarial prophylaxis indication. As of December 31, 2024, $9,444 of profit share was due to us ($0 as of December 31, 2023).

Arakoda sales volume is also showing signs of
sales growth in Europe. We first shipped Arakoda to our distributor Scandinavian Biopharma (“SB”) in September 2022. For
the year ended December 31, 2024, SB reported 147 boxes sold (0 for the year ended December 31, 2023). According to our distributor,
this is due to greater interest in treating babesiosis.

Cost of Revenues, Gross Profit (Loss), and
Gross Margin

Cost of revenues was $384,765 for the year ended
December 31, 2024, as compared to $474,550 for the year ended December 31, 2023. While net product sales increased over the same periods,
the decrease in cost of goods sold is primarily attributable to the fixed part of cost of goods. As the sales volume has increased, the
gross margin has improved as the variable cost of goods of each unit sold is substantially less than the sales price. Additionally, write-downs
for expired inventory were significantly higher during the year ended December 31, 2023 at $191,111, as compared to $22,046 during the
year ended December 31, 2024. Due to these factors, the Gross Margin % increased significantly from (87.15%) for the year ended December
31, 2023 to 37.78% for the year ended December 31, 2024. 

Other Operating Revenues

    For the Year Ended
    December 31,  

    Consolidated Statements of Operations Data: 
    2024  
    2023  
    $ Change  
    % Change 
  
    Research Revenues 
    $73,771  
    $-