Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 935

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 935
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, and proceeds from the issuance of convertible debt and promissory notes. Based on current internal
projections, taking into consideration the net proceeds of approximately $1.9 million received under the ATM Agreement, an additional
$5.127 million in cumulative net proceeds received from the September, 2024 Private Placement and 2025 offerings, and recent growth in
Arakoda sales, we estimate that we will have sufficient funds to remain viable through August 31, 2025, excluding the additional costs
of conducting the expanded access study for chronic babesiosis patients (currently being planned), and assuming no additional capital
raises. We cannot give assurance that we can increase our cash balances or limit our cash consumption and thus maintain sufficient cash
balances for our planned operations or future acquisitions. Future business demands may lead to cash utilization at levels greater than
recently experienced. We may need to raise additional capital in the future. However, we cannot assure you that we will be able to raise
additional capital on acceptable terms, or at all.

Going Concern

In their audit report for the fiscal year ended
December 31, 2024, our auditors have expressed their concern as to our ability to continue as a going concern. Our ability to continue
as a going concern is dependent upon our ability to generate cash flows from operations and obtain financing. The audited consolidated
financial statements for the years ended December 31, 2024, and December 31, 2023, respectively, included an explanatory note referring
to our recurring operating losses and expressing substantial doubt in our ability to continue as a going concern. 

Our future results are subject to substantial
risks and uncertainties. Since our inception, we have not demonstrated the ability to generate enough revenues to date to cover operating
expenses and we have accumulated losses to date. To date, we have funded our operations primarily with proceeds from sales of common stock
and warrants for the purchase of common stock, sales of preferred stock, proceeds from the issuance of convertible debt and borrowings
under loan and security agreements.

Continuation as a going concern is dependent upon
our ability to meet our financial requirements, raise additional capital, and achieve gross profitability from our single marketed product.
To achieve profitability, we expect we will need to raise additional capital to fund our activities relating to commercial support for
our existing product and any future clinical research trials and operating activities. However, there can be no assurance that we
will ever achieve or maintain profitability. These conditions, among others,