60 Degrees Pharmaceuticals (SCTP) Registration Filing summary

Company overview and business model

• Specialty pharmaceutical company focused on developing and commercializing therapies for infectious diseases, with a pipeline targeting vector-borne, fungal, and viral diseases.

• Lead product, Arakoda (tafenoquine), is FDA-approved for malaria prevention and commercially available since 2019.

• Pipeline includes new tafenoquine regimens for tick-borne diseases (babesiosis), fungal infections, and Celgosivir for viral diseases like dengue and RSV.

• Business model leverages partnerships, licensing, and a virtual management structure to reduce development costs.

• Strategy centers on expanding Arakoda’s indications, increasing sales, and repositioning small molecule therapeutics with established safety profiles.

Financial performance and metrics

• As of July 12, 2024, 12,206,116 shares of common stock outstanding.

• Accumulated deficit of $32,580,850 as of December 31, 2023; net loss of $3,813,800 in 2023 and $6,177,784 in 2022.

• Operating losses of $5,154,583 in 2023 and $1,750,445 in 2022; net gain of $427,985 for Q1 2024, but operating loss of $1,331,659 for the same period.

• Aggregate market value of outstanding common stock held by non-affiliates is $3,761,186 as of June 7, 2024.

• Independent auditors have raised substantial doubt about the company’s ability to continue as a going concern.

Use of proceeds and capital allocation

• Intends to use net proceeds from the offering for general corporate purposes, working capital, and execution of commercialization and development strategy.

• May use a portion of proceeds for acquisitions or investments in complementary businesses or technologies.

• Management has broad discretion in the timing and application of proceeds.