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60 Degrees Pharmaceuticals (NASDAQ: SXTP; SXTPW) reported a significant increase in its financial performance for Q1 2024. The company saw net product revenues surge by 515% year-over-year to $105.7 thousand, driven by domestic sales of ARAKODA®. Gross profit improved from a loss of $55.9 thousand in Q1 2023 to a profit of $51.0 thousand in Q1 2024. However, operating expenses rose to $1.41 million, up from $0.899 million, due to higher R&D costs, commercial promotional costs, and other expenses.
Net income for common shareholders stood at $0.309 million, or $0.03 per share, a marked improvement from a net loss of $2.601 million, or ($1.13) per share, in Q1 2023. This turnaround is attributed to a change in the fair value of liabilities and reduced interest expenses. Business highlights include the initiation of planning for a clinical study for tafenoquine for babesiosis treatment following an FDA meeting, and the appointment of Kristen Landon as Chief Commercial Officer in February 2024.
60 Degrees Pharmaceuticals, a pharmaceutical company focusing on infectious diseases, announced a planned clinical trial of tafenoquine in treating babesiosis. This will be the first study of its kind in the U.S., aiming to address the unmet medical need for new treatment methods for babesiosis. The trial will assess the safety and efficacy of tafenoquine in combination with atovaquone-azithromycin. The Company's CEO, Dr. Geoff Dow, outlined the study protocol in response to the medical community's call for more research on babesiosis treatment.
60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP; SXTPW) has received comments from the FDA on the protocol for a clinical trial studying tafenoquine in treating babesiosis, a life-threatening tick-borne disease. The comments do not require material changes to the trial design. The Company is moving forward with trial planning and patient enrollment is expected to begin later in 2024.