60 Degrees Pharmaceuticals, Inc 10-Q for FY2026 Q1

60 Degrees Pharmaceuticals, Inc. (SXTP)

10-Q 2026-05-15 For: 2026-03-31

Added on May 15, 2026

About this 10-Q

60 Degrees Pharmaceuticals, Inc filed this 10-Q on May 15, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $162.09K; down 0.9% from $163.55K a year earlier
Net loss: $2.09M; compared with a net loss of $1.88M a year earlier
Diluted EPS: -$1.28; compared with -$6.25 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	24
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
Item 4.	Controls and Procedures	35
PART II. OTHER INFORMATION		36
Item 1.	Legal Proceedings	36
Item 1A.	Risk Factors	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	36
Item 3.	Defaults Upon Senior Securities	36
Item 4.	Mine Safety Disclosures	36
Item 5.	Other Information	36
Item 6.	Exhibits	37
SIGNATURES		38

	March 31, 2026		December 31,
	(Unaudited)		2025
ASSETS:
Current Assets:
Cash and Cash Equivalents	$	3,337,760	$	1,510,065
Accounts Receivable		335,836		509,644
Prepaid and Other Assets		1,676,270		978,131
Short-Term Investments		-		1,240,721
Inventory (Note 3)		910,603		656,924
Total Current Assets		6,260,469		4,895,485
Property and Equipment, net (Note 4)		259,665		246,365
Other Assets:
Intangible Assets, net (Note 5)		243,212		224,361
Total Other Assets		243,212		224,361
Total Assets	$	6,763,346	$	5,366,211
LIABILITIES AND SHAREHOLDERS' EQUITY:
Current Liabilities:
Accounts Payable and Accrued Expenses	$	1,487,590	$	1,459,279
SBA EIDL (including accrued interest) (Note 7)		8,772		8,772
Derivative Liabilities (Note 8)		379,308		374,741
Total Current Liabilities		1,875,670		1,842,792
Long-Term Liabilities:
SBA EIDL (including accrued interest) (Note 7)		143,197		144,003
Total Long-Term Liabilities		143,197		144,003
Total Liabilities		2,018,867		1,986,795
Commitments and Contingencies (Note 11)
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 March 31, 2026 and December 31, 2025, respectively (Note 6)		9,567,439		9,567,439
Common Stock, $0.0001 par value, 150,000,000 shares authorized; 2,636,788 and 1,163,142 shares issued and outstanding as of March 31, 2026 and December 31, 2025, respectively (Note 6)		264		116
Additional Paid-in Capital		45,095,267		41,646,139
Accumulated Other Comprehensive Income		148,540		142,598
Accumulated Deficit		(49,982,329)		(47,893,115)
60P Shareholders’ Equity:		4,829,181		3,463,177
Noncontrolling Interest		(84,702)		(83,761)
Total Shareholders' Equity		4,744,479		3,379,416
Total Liabilities and Shareholders' Equity	$	6,763,346	$	5,366,211

	For the Three Months Ended March 31,
	2026		2025
Product Revenues – net of Discounts and Rebates	$	162,092	$	163,552
Cost of Revenues		85,715		73,272
Gross Profit		76,377		90,280
Research Revenues		-		92,731
Net Revenue		76,377		183,011

Operating Expenses:
Research and Development		281,464		370,813
General and Administrative Expenses		1,889,874		1,723,136
Total Operating Expenses		2,171,338		2,093,949

Loss from Operations		(2,094,961)		(1,910,938)

Interest Expense		(1,389)		(1,790)
Change in Fair Value of Derivative Liabilities		(4,567)		5,105
Other Income, net		10,762		30,322
Total Interest and Other Income, net		4,806		33,637
Loss from Operations before Provision for Income Taxes		(2,090,155)		(1,877,301)
Provision for Income Taxes (Note 9)		-		-
Net Loss including Noncontrolling Interest		(2,090,155)		(1,877,301)
Net Loss – Noncontrolling Interest		(941)		(752)
Net Loss – attributed to 60 Degrees Pharmaceuticals, Inc.		(2,089,214)		(1,876,549)

Comprehensive Loss:
Net Loss		(2,090,155)		(1,877,301)
Unrealized Foreign Currency Translation Gain (Loss)		5,942		(9,904)
Total Comprehensive Loss		(2,084,213)		(1,887,205)

Net Loss – Noncontrolling Interest		(941)		(752)
Comprehensive Loss – attributed to 60 Degrees Pharmaceuticals, Inc.		(2,083,272)		(1,886,453)

Cumulative Dividends on Series A Preferred Stock		(125,312)		(118,158)
Net Loss - attributed to common stockholders	$	(2,208,584)	$	(2,004,611)

Net Loss per Common Share(1):
Basic and Diluted	$	(1.28)	$	(6.25)
Weighted Average Number of Common Shares Outstanding(1)
Basic and Diluted		1,725,758		320,890

	For the Three Months Ended March 31, 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

	For the Three Months Ended March 31, 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 6)	-		-	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 6)	-		-	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

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

	March 31, 2026		December 31, 2025
Raw Material (API)	$	75,662	$	75,662
Work in Process		113,414		446,957
Finished Goods		721,527		385,982
Total Inventory		910,603		908,601
Reserve for Expiring Inventory		-		(251,677)
Inventory	$	910,603	$	656,924

	March 31, 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		(207,554)		(190,854)
Property and Equipment, net	$	259,665	$	246,365

	March 31, 2026		December 31, 2025
Patents	$	224,004	$	207,428
Website Development Costs		143,062		131,622
Intangible Assets, at cost		367,066		339,050
Accumulated Amortization		(123,854)		(114,689)
Intangible Assets, net	$	243,212	$	224,361

Period	Patents		Website Development Costs
2026 (remaining nine months)	$	5,550	$	17,663
2027		7,400		15,467
2028		7,400		11,358
2029		7,400		282
2030		7,400		-
Thereafter		31,780		-
Total	$	66,930	$	44,770

	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
Total exercisable, March 31, 2026	1,896,928		23.29	2.32

	For the Three Months Ended March 31,
	2026		2025
Weighted-average grant date fair value	$	N/A	$	18.20
Risk-free interest rate		N/A		4.36%
Expected volatility		N/A		90.00
Expected term (years)		N/A		4.50
Expected dividend yield		N/A		0.00%

Period	Principal Payments
2026 (remaining nine 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

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

			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	$	1,214	$	6,600	$	7,129	$	135,087
Interest obligations on the debt arrangements		93,518		7,558		10,944		10,415		64,601
Accounts payable and accrued expenses		1,487,590		1,487,590		-		-		-
Total	$	1,731,138	$	1,496,362	$	17,544	$	17,544	$	199,688

	For the Three Months Ended March 31,
Consolidated Statements of Operations Data:	2026		2025
Product Revenues – net of Discounts and Rebates	$	162,092	$	163,552
Cost of Revenues		85,715		73,272
Gross Profit		76,377		90,280
Research Revenues		-		92,731
Net Revenue		76,377		183,011

Operating Expenses:
Research and Development		281,464		370,813
General and Administrative Expenses		1,889,874		1,723,136
Total Operating Expenses		2,171,338		2,093,949

Loss from Operations		(2,094,961)		(1,910,938)

Interest Expense		(1,389)		(1,790)
Change in Fair Value of Derivative Liabilities		(4,567)		5,105
Other Income, net		10,762		30,322
Total Interest and Other Income, net		4,806		33,637
Loss from Operations before Provision for Income Taxes		(2,090,155)		(1,877,301)
Provision for Income Taxes		-		-
Net Loss including Noncontrolling Interest		(2,090,155)		(1,877,301)
Net Loss – Noncontrolling Interest		(941)		(752)
Net Loss – attributed to 60 Degrees Pharmaceuticals, Inc.	$	(2,089,214)	$	(1,876,549)

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: May 15, 2026	/s/ Geoffrey Dow
	Geoffrey Dow
	Chief Executive Officer and President, Director (Principal Executive Officer)

Dated: May 15, 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)