Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 107

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 107
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    Total Share-Based Compensation Expense Included in Operating Expenses 
    $186,763  
    $125,368 

Share-Based Compensation under 2022 Equity Incentive Plan

On November 22, 2022, the Company adopted the
2022 Equity Incentive Plan (the “2022 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted
stock, restricted stock units and performance awards to eligible employees, directors and consultants, to be granted from time to time
by the Board of Directors of the Company. To date, the Company has granted shares of common stock, restricted stock units, stock options
to employees, non-employees, and directors under the 2022 Plan. As of March 31, 2025, the number of remaining shares available for issuance
under the 2022 Plan is equal to 57,068.

Stock Options

The Company grants stock options to employees,
non-employees, and directors with exercise prices equal to the closing price of the underlying shares of the Company’s common stock
on the Nasdaq Capital Market on the date that the options are granted. Options granted generally have a term of five to ten years from
the grant date and are subject to vesting as determined in the individual award agreement. The Company estimates the fair value of stock
options on the grant date by applying the Black-Scholes option pricing valuation model.

20

During the three months ended March 31, 2025,
the Company granted a total of 120,000 stock options to two executives at a per share exercise price of $6.55. These options are subject
to vesting annually in five equal tranches, with the first 20% tranche fully vested on the date of grant and thereafter, vest on the last
date of each fiscal year beginning December 31, 2025. The weighted average grant date fair value of options granted during the three months
ended March 31, 2025 was $4.55. There were no stock options granted during the three months ended March 31, 2024.

The following table summarizes the significant
assumptions used in determining the fair value of options granted during the three months ended March 31, 2025 and 2024:

     For the Three Months Ended March 31,      2025   2024   Weighted-average grant date fair value  $4.55    N/A   Risk-free interest