Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1927

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 1927
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 positions have been established.

F-30

The Company recognizes interest and penalties
accrued related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2024 and 2023 the Company did
not recognize interest and penalties related to unrecognized tax benefits.

10. SHARE-BASED COMPENSATION

The following is a summary of share-based compensation
expenses reported in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023:

    For the Year Ended December 31, 

    2024  
    2023 
  
    Research and Development 
    $3,227,300  
    $192,371 
  
    General and Administrative Expenses 
     381,348  
     1,543,803 
  
    Total Share-Based Compensation Expense Included in Operating
    Expenses 
    $3,608,648  
    $1,736,174 

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