Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1420

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 6
Chunk 1420
---
985  
     4,241,836  
     783,149  
     18.46 
  
    Total Operating Expenses 
    $10,011,511  
    $4,933,606  
    $5,077,905  
     102.92%

50

Research and Development 

Research and development costs increased during
the year ended December 31, 2024 when compared to the year ended December 31, 2023. Research and development costs incurred during the
year ended December 31, 2023 consisted of initiation costs related to our Phase IIB COVID-19 clinical trial, which was later suspended
in the fourth quarter of 2023. Direct COVID-19-related trial costs represent less than 1% of the total research and development costs
for the year ended December 31, 2024 at $16,247 and 83% of the costs for the year ended December 31, 2023 at $574,609. During the year
ended December 31, 2024, $3,225,000, or 65% of the total research and development costs, relate to share-based payments granted to two
vendors in January 2023, which payments were initially deferred and capitalized. Kentucky Technology, Inc. delivered us a report on the
potential development of SJ733 + tafenoquine in the second quarter of 2024 and Trevally completed the synthesis of 8.8 kilograms of castanospermine
in 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,