60 Degrees Pharmaceuticals, Inc 10-Q for FY2026 Q2

60 Degrees Pharmaceuticals, Inc. (SXTP)

10-Q 2026-08-14 For: 2026-06-30

Added on August 14, 2026

About this 10-Q

60 Degrees Pharmaceuticals, Inc filed this 10-Q on August 14, 2026, covering the quarter ended June 30, 2026 (FY2026 Q2).

Headline figures

Quarter ended June 30, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $207.9K; up 106.0% from $100.93K a year earlier
Net loss: $2.26M; compared with a net loss of $1.73M a year earlier
Diluted EPS: -$0.90; compared with -$5.01 a year earlier

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Delaware		45-2406880
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.0001 per share	SXTP	The Nasdaq Stock Market LLC
Warrants, each warrant to purchase one share of Common Stock	SXTPW	The Nasdaq Stock Market LLC

Large accelerated filer	☐	Accelerated filer	☐
Non-accelerated filer	☒	Smaller reporting company	☒
		Emerging growth company	☒

		Page
PART I. FINANCIAL INFORMATION		1
Item 1.	Consolidated Condensed Financial Statements (unaudited)	1
	Consolidated Condensed Balance Sheets	1
	Consolidated Condensed Statements of Operations and Comprehensive Loss	2
	Consolidated Condensed Statements of Shareholders’ Equity	3
	Consolidated Condensed Statements of Cash Flows	5
	Notes to Consolidated Condensed Financial Statements	6
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	25
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	38
Item 4.	Controls and Procedures	38
PART II. OTHER INFORMATION		39
Item 1.	Legal Proceedings	39
Item 1A.	Risk Factors	39
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	39
Item 3.	Defaults Upon Senior Securities	39
Item 4.	Mine Safety Disclosures	39
Item 5.	Other Information	39
Item 6.	Exhibits	40
SIGNATURES		41

	June 30, 2026		December 31,
	(Unaudited)		2025
ASSETS:
Current Assets:
Cash and Cash Equivalents	$	1,022,606	$	1,510,065
Accounts Receivable		567,040		509,644
Prepaid and Other Assets		1,263,706		978,131
Short-Term Investments		-		1,240,721
Inventory (Note 3)		877,945		656,924
Total Current Assets		3,731,297		4,895,485
Property and Equipment, net (Note 4)		242,714		246,365
Other Assets:
Intangible Assets, net (Note 5)		308,683		224,361
Total Other Assets		308,683		224,361
Total Assets	$	4,282,694	$	5,366,211
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current Liabilities:
Accounts Payable and Accrued Expenses (Note 6)	$	1,218,119	$	1,459,279
SBA EIDL (including accrued interest) (Note 8)		2,003		8,772
Derivative Liabilities (Note 9)		384,973		374,741
Total Current Liabilities		1,605,095		1,842,792
Long-Term Liabilities:
SBA EIDL (including accrued interest) (Note 8)		149,176		144,003
Total Long-Term Liabilities		149,176		144,003
Total Liabilities		1,754,271		1,986,795
Commitments and Contingencies (Note 12)
SHAREHOLDERS' EQUITY:
Series A Preferred Stock, $0.0001 par value, 1,000,000 shares authorized; 76,480 and 76,480 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively (Note 7)		9,567,439		9,567,439
Common Stock, $0.0001 par value, 150,000,000 shares authorized; 2,659,288 and 1,163,142 shares issued and outstanding as of Jun 30, 2026 and Dec 31, 2025, respectively (Note 7)		264		116
Additional Paid-in Capital		45,142,245		41,646,139
Accumulated Other Comprehensive Income		151,092		142,598
Accumulated Deficit		(52,246,855)		(47,893,115)
60P Shareholders’ Equity:		2,614,185		3,463,177
Noncontrolling Interest		(85,762)		(83,761)
Total Shareholders' Equity		2,528,423		3,379,416
Total Liabilities and Shareholders' Equity	$	4,282,694	$	5,366,211

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Product Revenues – net of Discounts and Rebates	$	207,898	$	100,932	$	369,990	$	264,484
Cost of Revenues		151,100		50,051		236,815		123,323
Gross Profit		56,798		50,881		133,175		141,161
Research Revenues		-		206,939		-		299,670
Net Revenue		56,798		257,820		133,175		440,831

Operating Expenses:
Research and Development		598,653		231,912		880,117		602,725
General and Administrative Expenses		1,729,247		1,632,236		3,619,121		3,355,372
Total Operating Expenses		2,327,900		1,864,148		4,499,238		3,958,097

Loss from Operations		(2,271,102)		(1,606,328)		(4,366,063)		(3,517,266)

Interest Expense		(1,403)		(1,221)		(2,792)		(3,011)
Change in Fair Value of Derivative Liabilities		(5,665)		(140,447)		(10,232)		(135,342)
Other Income, net		12,584		13,066		23,346		43,388
Total Interest and Other Income (Loss), net		5,516		(128,602)		10,322		(94,965)
Loss from Operations before Provision for Income Taxes		(2,265,586)		(1,734,930)		(4,355,741)		(3,612,231)
Provision for Income Taxes (Note 10)		-		-		-		-
Net Loss including Noncontrolling Interest		(2,265,586)		(1,734,930)		(4,355,741)		(3,612,231)
Net Loss – Noncontrolling Interest		(1,060)		(1,204)		(2,001)		(1,956)
Net Loss – attributed to 60 Degrees Pharmaceuticals, Inc.		(2,264,526)		(1,733,726)		(4,353,740)		(3,610,275)

Comprehensive Loss:
Net Loss		(2,265,586)		(1,734,930)		(4,355,741)		(3,612,231)
Unrealized Foreign Currency Translation Gain		2,552		17,242		8,494		7,338
Total Comprehensive Loss		(2,263,034)		(1,717,688)		(4,347,247)		(3,604,893)

Net Loss – Noncontrolling Interest		(1,060)		(1,204)		(2,001)		(1,956)
Comprehensive Loss – attributed to 60 Degrees Pharmaceuticals, Inc.		(2,261,974)		(1,716,484)		(4,345,246)		(3,602,937)

Cumulative Dividends on Series A Preferred Stock		(134,307)		(126,705)		(259,619)		(244,863)
Net Loss - attributed to common stockholders	$	(2,396,281)	$	(1,843,189)	$	(4,604,865)	$	(3,847,800)

Net Loss per Common Share(1):
Basic and Diluted	$	(0.90)	$	(5.01)	$	(2.10)	$	(11.16)
Weighted Average Number of Common Shares Outstanding(1)
Basic and Diluted		2,653,848		368,250		2,192,367		344,701

	For the Three and Six Months Ended June 30, 2026
	Series A Preferred Stock			Common Stock			Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders’ Equity Attributable to 60P		Noncontrolling Interest on Shareholders		Total Shareholders' Equity
	Shares	Amount		Shares	Amount		Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Total Shareholders’ Equity Attributable to 60P		Noncontrolling Interest on Shareholders		Total Shareholders' Equity
Balance—December 31, 2025	76,480	$	9,567,439	1,163,142	$	116	$	41,646,139	$	(47,893,115)	$	142,598	$	3,463,177	$	(83,761)	$	3,379,416
Issuance of common stock pursuant to ATM Offering, net of offering costs paid at closing and deferred offering costs (Note 6)	-		-	1,473,708		148		3,369,604		-		-		3,369,752		-		3,369,752
Share rounding adjustment for 1:4 Reverse Stock Split	-		-	(62)		-		-		-		-		-		-		-
Share-based compensation expense	-		-	-		-		79,524		-		-		79,524		-		79,524
Net foreign translation gain	-		-	-		-		-				5,942		5,942		-		5,942
Net loss	-		-	-		-		-		(2,089,214)		-		(2,089,214)		(941)		(2,090,155)
Balance— March 31, 2026 (unaudited)	76,480	$	9,567,439	2,636,788	$	264	$	45,095,267	$	(49,982,329)	$	148,540	$	4,829,181	$	(84,702)	$	4,744,479
Issuance of common stock for granted restricted stock units	-		-	22,500		-		-		-		-		-		-		-
Share-based compensation expense	-		-	-		-		46,978		-		-		46,978		-		46,978
Net foreign translation gain	-		-	-		-		-		-		2,552		2,552		-		2,552
Net loss	-		-	-		-		-		(2,264,526)		-		(2,264,526)		(1,060)		(2,265,586)
Balance— June 30, 2026 (unaudited)	76,480	$	9,567,439	2,659,288	$	264	$	45,142,245	$	(52,246,855)	$	151,092	$	2,614,185	$	(85,762)	$	2,528,423

	For the Three and Six Months Ended June 30, 2025
	Series A Preferred Stock			Common Stock(1)			Additional Paid-In Capital(1)		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity Attributable to 60P		Noncontrolling Interest on Shareholders		Total Shareholders' Equity
	Shares	Amount		Shares	Amount		Additional Paid-In Capital(1)		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Shareholders’ Equity Attributable to 60P		Noncontrolling Interest on Shareholders		Total Shareholders' Equity
Balance—December 31, 2024	76,480	$	9,567,439	141,749	$	14	$	34,860,633	$	(40,527,957)	$	135,471	$	4,035,600	$	(80,594)	$	3,955,006
Issuance of common stock and warrants pursuant to January 2025 Offering, net of offering costs paid at closing and deferred offering costs (Note 7)	-		-	51,079		5		804,341		-		-		804,346		-		804,346
Issuance of common stock and warrants pursuant to February 2025 Offering, net of offering costs paid at closing and deferred offering costs (Note 7)	-		-	75,176		8		908,619		-		-		908,627		-		908,627
Issuance of common stock upon exercise of Pre-Funded Warrants	-		-	96,300		9		1,917		-		-		1,926		-		1,926
Issuance of shares for annual performance bonuses, net of shares withheld for taxes	-		-	3,953		-		103,544		-		-		103,544		-		103,544
Share-based compensation expense	-		-	-		-		142,645		-		-		142,645		-		142,645
Net foreign translation loss	-		-	-		-		-		-		(9,904)		(9,904)		-		(9,904)
Net loss	-		-	-		-		-		(1,876,549)		-		(1,876,549)		(752)		(1,877,301)
Share rounding adjustment for 1:5 Reverse Stock Split	-		-	(7)		-		-		-		-		-		-		-
Balance— March 31, 2025 (unaudited)	76,480	$	9,567,439	368,250	$	36	$	36,821,699	$	(42,404,506)	$	125,567	$	4,110,235	$	(81,346)	$	4,028,889
Share-based compensation expense	-		-	-		-		34,503		-		-		34,503		-		34,503
Net foreign translation gain	-		-	-		-		-		-		17,242		17,242		-		17,242
Net loss	-		-	-		-		-		(1,733,726)		-		(1,733,726)		(1,204)		(1,734,930)
Balance— June 30, 2025 (unaudited)	76,480	$	9,567,439	368,250	$	36	$	36,856,202	$	(44,138,232)	$	142,809	$	2,428,254	$	(82,550)	$	2,345,704

Level 1	-	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2	-	Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

Level 3	-	Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

	December 31, 2025
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	374,741	$	374,741
Total	$	-	$	-	$	374,741	$	374,741

	Average Exchange Rate
	Three Months Ended June 30,				Six Months Ended June 30,				As of
Currency	2026		2025		2026		2025		June 30, 2026		December 31, 2025
1 AUD =	0.71	USD	0.64	USD	0.70	USD	0.63	USD	0.69	USD	0.67	USD

	June 30, 2026		December 31, 2025
Raw Material (API)	$	60,062	$	75,662
Work in Process		-		446,957
Finished Goods		817,883		385,982
Total Inventory		877,945		908,601
Reserve for Expiring Inventory		-		(251,677)
Inventory	$	877,945	$	656,924

	June 30, 2026		December 31, 2025
Lab Equipment	$	396,791	$	366,791
Machinery		55,800		55,800
Computer Equipment		11,598		11,598
Furniture		3,030		3,030
Property and Equipment, at cost		467,219		437,219
Accumulated Depreciation		(224,505)		(190,854)
Property and Equipment, net	$	242,714	$	246,365

	June 30, 2026		December 31, 2025
Patents	$	241,896	$	207,428
Website Development Costs		204,501		131,622
Intangible Assets, at cost		446,397		339,050
Accumulated Amortization		(137,714)		(114,689)
Intangible Assets, net	$	308,683	$	224,361

Period	Patents		Website Development Costs
2026 (remaining six months)	$	5,559	$	21,630
2027		7,416		36,532
2028		7,416		32,423
2029		7,416		4,470
2030		7,416		-
Thereafter		31,856		-
Total	$	67,079	$	95,055

	Number of Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2025	1,896,928	$	23.29	2.57
Granted	-		-	-
Exercised	-		-	-
Forfeited	-		-	-
Expired	-		-	-
Total outstanding, March 31, 2026	1,896,928	$	23.29	2.32
Granted	-		-	-
Exercised	-		-	-
Forfeited	-		-	-
Expired	-		-	-
Total outstanding, June 30, 2026	1,896,928	$	23.29	2.07
Total exercisable, June 30, 2026	1,896,928	$	23.29	2.07

	Number of Warrants	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2024(1)	441,277	$	70.37	3.26
Granted	186,807		14.24	2.00
Exercised	(96,300)		0.02	Indefinite
Forfeited	-		-	-
Expired	-		-	-
Total outstanding, March 31, 2025	531,784	$	63.39	2.60
Granted	-		-	-
Exercised	-		-	-
Forfeited	-		-	-
Expired	-		-	-
Total outstanding, June 30, 2025	531,784	$	63.39	2.60
Total exercisable, June 30, 2025	531,784	$	63.39	2.60

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Weighted-average grant date fair value		N/A		N/A		N/A	$	18.20
Risk-free interest rate		N/A		N/A		N/A		4.36%
Expected volatility		N/A		N/A		N/A		90.00%
Expected term (years)		N/A		N/A		N/A		4.50
Expected dividend yield		N/A		N/A		N/A		0.00%

			Payments Due By Period
	Total		Less than 1 year		1-3 years		4-5 years		More than 5 Years
Principal obligations on the debt arrangements	$	150,030	$	2,003	$	6,663	$	7,196	$	134,168
Interest obligations on the debt arrangements		91,325		6,769		10,881		10,348		63,327
Accounts payable and accrued expenses		1,218,119		1,218,119		-		-		-
Total	$	1,459,474	$	1,226,891	$	17,544	$	17,544	$	197,495

	June 30, 2026		December 31, 2025
Accrued clinical trial expenses	$	354,881	$	623,777
Accrued professional fees		154,366		291,173
Accrued compensation and benefits		79,479		17,930
Accrued royalties		36,205		52,192
Accrued other		593,188		474,207
Total Accounts payable and accrued expenses	$	1,218,119	$	1,459,279

Period	Principal Payments
2026 (remaining six months)	$	403
2027		3,216
2028		3,323
2029		3,466
2030		3,598
Thereafter		136,024
Total	$	150,030

	Contingent Milestone Payment
Derivative liabilities - December 31, 2025	$	374,741
Change in fair value		4,567
Derivative liabilities - March 31, 2026	$	379,308
Change in fair value		5,665
Derivative liabilities - June 30, 2026	$	384,973

	Contingent Milestone Payment
Derivative liabilities - December 31, 2024	$	640,830
Change in fair value		(5,105)
Derivative liabilities - March 31, 2025	$	635,725
Change in fair value		140,447
Derivative liabilities - June 30, 2025	$	776,172

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
Consolidated Statements of Operations Data:	2026		2025		2026		2025
Product Revenues – net of Discounts and Rebates	$	207,898	$	100,932	$	369,990	$	264,484
Cost of Revenues		151,100		50,051		236,815		123,323
Gross Profit		56,798		50,881		133,175		141,161
Research Revenues		-		206,939		-		299,670
Net Revenue		56,798		257,820		133,175		440,831

Operating Expenses:
Research and Development		598,653		231,912		880,117		602,725
General and Administrative Expenses		1,729,247		1,632,236		3,619,121		3,355,372
Total Operating Expenses		2,327,900		1,864,148		4,499,238		3,958,097

Loss from Operations		(2,271,102)		(1,606,328)		(4,366,063)		(3,517,266)

Interest Expense		(1,403)		(1,221)		(2,792)		(3,011)
Change in Fair Value of Derivative Liabilities		(5,665)		(140,447)		(10,232)		(135,342)
Other Income, net		12,584		13,066		23,346		43,388
Total Interest and Other Income (Loss), net		5,516		(128,602)		10,322		(94,965)
Loss from Operations before Provision for Income Taxes		(2,265,586)		(1,734,930)		(4,355,741)		(3,612,231)
Provision for Income Taxes		-		-		-		-
Net Loss including Noncontrolling Interest		(2,265,586)		(1,734,930)		(4,355,741)		(3,612,231)
Net Loss – Noncontrolling Interest		(1,060)		(1,204)		(2,001)		(1,956)
Net Loss – attributed to 60 Degrees Pharmaceuticals, Inc.	$	(2,264,526)	$	(1,733,726)	$	(4,353,740)	$	(3,610,275)

Exhibit No.		Description
1.1		Engagement Agreement (incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
1.2		Amendment to Engagement Agreement (incorporated by reference to Exhibit 1.2 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
1.3		Extension to Engagement Agreement (incorporated by reference to Exhibit 1.3 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
1.4		Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed July 18, 2025)
1.5		Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.4 of the Company’s Current Report on Form 8-K filed July 18, 2025)
1.6		At-The-Market Sales Agreement (incorporated by reference to Exhibit 1.1 of the Company’s Current Report on Form 8-K filed September 5, 2025)
4.1		Form of Warrant (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
4.2		Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
4.3		Form of Warrant (incorporated by reference to Exhibit 4.1 of the Company’s Current Report on Form 8-K filed on February 6, 2025)
4.4		Form of Placement Agent Warrant (incorporated by reference to Exhibit 4.2 of the Company’s Current Report on Form 8-K filed on February 6, 2025)
10.1		Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on January 30, 2025)
10.2		Form of Securities Purchase Agreement (incorporated by reference to Exhibit 10.1 of the Company’s Current Report on Form 8-K filed on February 6, 2025)
31.1*		Rule 13a-14(a)/15d-14(a) Certification of the President and Chief Executive Officer of 60 Degrees Pharmaceuticals, Inc.
31.2*		Rule 13a-14(a)/15d-14(a) Certification of the Chief Financial Officer of 60 Degrees Pharmaceuticals, Inc.
32.1**		Section 1350 Certification of the President and Chief Executive Officer of 60 Degrees Pharmaceuticals, Inc.
32.2**		Section 1350 Certification of the Chief Financial Officer of 60 Degrees Pharmaceuticals, Inc.
101.INS*		Inline XBRL Instance Document
101.SCH*		Inline XBRL Taxonomy Extension Schema Document
101.CAL*		Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*		Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*		Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE*		Inline XBRL Taxonomy Extension Presentation Linkbase Document
104*		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	60 DEGREES PHARMACEUTICALS, INC.

Dated: August 14, 2026	/s/ Geoffrey Dow
	Geoffrey Dow
	Chief Executive Officer and President, Director (Principal Executive Officer)

Dated: August 14, 2026	/s/ Tyrone Miller
	Tyrone Miller
	Chief Financial Officer (Principal Financial and Accounting Officer)

(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

(a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

(b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

	/s/ Geoffrey Dow
	Name:	Geoffrey Dow
	Title:	Chief Executive Officer and President
		(Principal Executive Officer)