Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 502

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 502
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,736,174 

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. The 2022 Plan provides for an automatic increase in the number of shares available for issuance
beginning on January 1, 2023 and each January 1 thereafter, by 4% of the number of outstanding shares of common stock on the immediately
preceding December 31, or such number of shares as determined by the Board of Directors. Additionally, on July 16, 2024 and November
6, 2024 the Company’s stockholders approved an increase to the number of shares available under the 2022 Plan by 83,334 shares
and 100,000 shares, respectively. As of December 31, 2024, the number of remaining shares available for issuance under the 2022 Plan
is equal to 154,392.

Stock Grants

On July 11, 2023, the Company recognized $187,200
of share-based compensation expense upon the one-time issuance of 668 shares of common stock to the Company’s Board of Directors,
by virtue of the terms of the agreements described in Note 11, which is reflected in general and administrative expenses in the consolidated
statement of operations and comprehensive loss.

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. 

The following table summarizes the significant
assumptions used in determining the fair value of options granted or modified during the years ended December 31, 2024 and 2023:

     2024   2023   Weighted-average grant date fair value  $8.78   $189.60   Risk-free interest rate