$SXTP
60 DEGREES PHARMACEUTICALS, INC.

2024 Q3 Form 10-Q Financial Statement

#000121390024068673 Filed on August 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $135.3K $125.0K
YoY Change 164.31% 109.92%
Cost Of Revenue $111.7K $89.56K
YoY Change 56.87% -51.32%
Gross Profit $23.61K $35.41K
YoY Change -217.98% -128.45%
Gross Profit Margin 17.45% 28.33%
Selling, General & Admin $1.215M $1.130M
YoY Change -7.5% 144.07%
% of Gross Profit 5147.21% 3190.13%
Research & Development $940.1K $3.095M
YoY Change 256.49% 1418.27%
% of Gross Profit 3982.31% 8741.88%
Depreciation & Amortization $4.334K $1.536K
YoY Change -20.98% -77.74%
% of Gross Profit 18.36% 4.34%
Operating Expenses $2.155M $4.225M
YoY Change 36.63% 533.73%
Operating Profit -$2.119M -$4.189M
YoY Change 39.23% 431.57%
Interest Expense -$41.56K -$4.720K
YoY Change -203.62% -100.43%
% of Operating Profit
Other Income/Expense, Net $16.62K $19.68K
YoY Change -123.58% -101.85%
Pretax Income -$2.160M -$4.174M
YoY Change -151.76% 24.83%
Income Tax $250.00 $438.00
% Of Pretax Income
Net Earnings -$2.160M -$4.173M
YoY Change -151.63% 25.06%
Net Earnings / Revenue -1596.38% -3338.95%
Basic Earnings Per Share -$0.93 -$4.23
Diluted Earnings Per Share -$0.93 -$4.23
COMMON SHARES
Basic Shares Outstanding 1.768M shares 11.57M shares
Diluted Shares Outstanding 2.443M shares 1.015M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.012M $1.577M
YoY Change 125.92% 8167.44%
Cash & Equivalents $3.301M $1.577M
Short-Term Investments $1.712M
Other Short-Term Assets $1.103M $1.464M
YoY Change -81.43% -71.09%
Inventory $452.0K $426.0K
Prepaid Expenses
Receivables $323.8K $296.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.891M $3.763M
YoY Change -22.53% -33.69%
LONG-TERM ASSETS
Property, Plant & Equipment $155.3K $159.6K
YoY Change 3947.37% 2028.45%
Goodwill
YoY Change
Intangibles $264.4K $250.1K
YoY Change 17.46% 21.19%
Long-Term Investments
YoY Change
Other Assets $374.6K $404.5K
YoY Change -71.73%
Total Long-Term Assets $529.9K $564.1K
YoY Change 107.47% -66.5%
TOTAL ASSETS
Total Short-Term Assets $6.891M $3.763M
Total Long-Term Assets $529.9K $564.1K
Total Assets $7.421M $4.327M
YoY Change -18.9% -41.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $677.6K $643.4K
YoY Change 149.49% -39.21%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $8.772K $8.772K
YoY Change 0.02% -98.42%
Total Short-Term Liabilities $1.310M $1.219M
YoY Change -47.2% -95.78%
LONG-TERM LIABILITIES
Long-Term Debt $147.9K $148.7K
YoY Change -99.4%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $147.9K $148.7K
YoY Change -3.08% -89.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.310M $1.219M
Total Long-Term Liabilities $147.9K $148.7K
Total Liabilities $1.458M $1.368M
YoY Change -44.64% -95.48%
SHAREHOLDERS EQUITY
Retained Earnings -$38.48M -$36.32M
YoY Change 25.89% 4.52%
Common Stock $186.00 $102.00
YoY Change -67.93% -57.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.040M $3.035M
YoY Change
Total Liabilities & Shareholders Equity $7.421M $4.327M
YoY Change -18.9% -41.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$2.160M -$4.173M
YoY Change -151.63% 25.06%
Depreciation, Depletion And Amortization $4.334K $1.536K
YoY Change -20.98% -77.74%
Cash From Operating Activities -$1.681M -$1.188M
YoY Change -55.2% 279.03%
INVESTING ACTIVITIES
Capital Expenditures $38.65K $130.6K
YoY Change 38.48% 620.13%
Acquisitions
YoY Change
Other Investing Activities -$1.708M
YoY Change
Cash From Investing Activities -$1.747M -$130.6K
YoY Change 6158.15% 620.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.150M -860.0
YoY Change -13.75% -100.27%
NET CHANGE
Cash From Operating Activities -1.681M -1.188M
Cash From Investing Activities -1.747M -130.6K
Cash From Financing Activities 5.150M -860.0
Net Change In Cash 1.722M -1.320M
YoY Change -21.36% 12408.34%
FREE CASH FLOW
Cash From Operating Activities -$1.681M -$1.188M
Capital Expenditures $38.65K $130.6K
Free Cash Flow -$1.720M -$1.319M
YoY Change -54.51% 297.68%

Facts In Submission

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dei Entity Registrant Name
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dei Document Period End Date
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CY2024Q1 us-gaap Profit Loss
ProfitLoss
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CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2024Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
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4995 usd
CY2024Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
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3137 usd
CY2024Q2 us-gaap Profit Loss
ProfitLoss
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CY2024Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q1 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
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CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1290 usd
CY2023Q1 us-gaap Profit Loss
ProfitLoss
-2597534 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-374 usd
CY2023Q2 us-gaap Profit Loss
ProfitLoss
-3343591 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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-24712941 usd
us-gaap Profit Loss
ProfitLoss
-3746241 usd
us-gaap Profit Loss
ProfitLoss
-5941125 usd
us-gaap Depreciation
Depreciation
1943 usd
us-gaap Depreciation
Depreciation
13802 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
17679 usd
us-gaap Adjustment For Amortization
AdjustmentForAmortization
13192 usd
sxtp Amortization Of Debt Discount
AmortizationOfDebtDiscount
645336 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-13517 usd
us-gaap Gain Loss On Sale Of Other Assets
GainLossOnSaleOfOtherAssets
-24500 usd
sxtp Amortization Of Note Issuance Costs
AmortizationOfNoteIssuanceCosts
64239 usd
sxtp Amortization Of Capitalized Share Based Payments
AmortizationOfCapitalizedShareBasedPayments
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sxtp Amortization Of Capitalized Share Based Payments
AmortizationOfCapitalizedShareBasedPayments
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us-gaap Share Based Compensation
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
1739746 usd
us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2834 usd
us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
725797 usd
sxtp Writeoffs Of Capitalized Patents
WriteoffsOfCapitalizedPatents
8378 usd
us-gaap Inventory Lifo Reserve Period Charge
InventoryLIFOReservePeriodCharge
52301 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
65038 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
79505 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-154509 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
35507 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-40149 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-762 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
123396 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
299653 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
1581 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-1426049 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-13650 usd
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-24453 usd
us-gaap Increase Decrease In Deferred Compensation
IncreaseDecreaseInDeferredCompensation
40000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2328650 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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PaymentOfCapitalizationOfPatents
28298 usd
sxtp Payment Of Capitalization Of Patents
PaymentOfCapitalizationOfPatents
15419 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
90000 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
22075 usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
6000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-140373 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-21419 usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
1914513 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
16217 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
146544 usd
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5860 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
9990 usd
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
650000 usd
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
250000 usd
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
250000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1902426 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
503456 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
714 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-1664 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-245795 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
2142485 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
264865 usd
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1576602 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19070 usd
sxtp Capitalized Share Based Payments To Vendors
CapitalizedShareBasedPaymentsToVendors
4908658 usd
us-gaap Notes Issued1
NotesIssued1
71364 usd
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
13773 usd
sxtp Additions To Rou Assets For Lease Renewal
AdditionsToROUAssetsForLeaseRenewal
50922 usd
sxtp Additions To Lease Liabilities For Lease Renewal
AdditionsToLeaseLiabilitiesForLeaseRenewal
50570 usd
sxtp Debt Discount Recorded In Connection With Derivative Liabilities
DebtDiscountRecordedInConnectionWithDerivativeLiabilities
650000 usd
us-gaap Stock Issued1
StockIssued1
325000 usd
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
33895 usd
us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>1. NATURE OF OPERATIONS</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">60 Degrees Pharmaceuticals, Inc. was incorporated in Delaware on June 1, 2022 and merged on the same day with 60 Degrees Pharmaceuticals, LLC, a District of Columbia limited liability company organized on September 9, 2010. 60 Degrees Pharmaceuticals, Inc. and its subsidiary (referred to collectively as the “Company”, “60P”, or “60 Degrees Pharmaceuticals”) is a specialty pharmaceutical company that specializes in the development and marketing of new medicines for the treatment and prevention of infectious diseases. 60P achieved FDA approval of its lead product, ARAKODA<sup>®</sup> (tafenoquine), for malaria prevention, in 2018. Currently, 60P’s pipeline under development covers development programs for tick-borne fungal and other viral diseases utilizing three of the Company’s future products: (i) new products that contain the Arakoda regimen of tafenoquine; (ii) new products that contain tafenoquine; and (iii) celgosivir. The Company’s headquarters are located in Washington, D.C., with a majority-owned subsidiary in Australia.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">(a) Initial Public Offering</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On July 14, 2023, the Company closed its initial public offering consisting of 117,925 units at a price of $63.60 per unit for $6,454,325 in net proceeds, after deducting the underwriting discount and commission and other estimated offering expenses paid by the Company at closing (the “IPO”). Each unit consisted of one share of common stock of the Company, par value $0.0001 per share, one tradeable warrant to purchase one share of common stock at an exercise price of $73.14 per share (a “Tradeable Warrant”), and one non-tradeable warrant to purchase one share of the Company’s common stock at an exercise price of $76.32 per share (a “Non-tradeable Warrant”). The Tradeable Warrants and Non-Tradeable Warrants were immediately exercisable on the date of issuance and will expire five years from the date of issuance (July 12, 2023 to July 12, 2028).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company granted the underwriters a 45-day over-allotment option to purchase up to 17,689 shares of the Company’s common stock at a price of $63.36 per share and/or 17,689 Tradeable Warrants at a price of $0.12 per Tradeable Warrant and/or 17,689 Non-tradeable Warrants at $0.12 per Non-tradeable Warrant, or any combination thereof (the “IPO Over-Allotment”). On July 13, 2023, the underwriters partially exercised the Over-Allotment and purchased an additional 8,387 Tradeable Warrants and 8,387 Non-tradeable Warrants. The Company also issued to the underwriters warrants to purchase 7,076 shares of the Company’s common stock, at an exercise price of $69.96 per share, equal to 110% of the offering price per unit (the “IPO Representative Warrants”). The Representative Warrants are exercisable for a period of five years from the date of issuance (July 14, 2023 to July 14, 2028).</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The units were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-269483), originally filed with the Securities and Exchange Commission (the “SEC”) on January 31, 2023 (the “IPO Registration Statement”) and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration Statement was declared effective by the SEC on July 11, 2023. The common stock and tradeable warrants began trading on The Nasdaq Capital Market on July 12, 2023 under the symbols “SXTP” and “SXTPW,” respectively. The closing of the IPO occurred on July 14, 2023.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">  </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">(b) Going Concern</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, the Company has not demonstrated the ability to generate enough revenues to date to cover operating expenses and has accumulated losses to date. This condition, among others, raises substantial doubt about the ability of the Company to continue as a going concern for one year from the date these consolidated condensed financial statements are issued.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In view of these matters, continuation as a going concern is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and achieve gross profitability from their single marketed product. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Management plans to fund operations of the Company through third party and related party debt/advances, private placement of restricted securities and the issuance of stock in a subsequent offering until such a time as the business achieves profitability or a business combination may be achieved.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On June 30, 2024, the Company had cash and cash equivalents totaling $1,576,602, as compared to cash and cash equivalents totaling $2,142,485 at December 31, 2023. During the six months ended June 30, 2024, the Company used $2,328,650 of cash in its operating activities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s future results are subject to substantial risks and uncertainties. The Company has operated at a loss for its entire history and there can be no assurance that it will ever achieve or maintain profitability. The Company has historically funded its operations primarily with proceeds from sales of common stock and warrants for the purchase of common stock, proceeds from the issuance of convertible debt, and borrowings under loan and security agreements.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company expects to need to raise additional capital under structures available to the Company, including debt and/or equity offerings, which may not be on favorable terms. The Company would not have sufficient funds to meet its obligations within twelve months from the issuance date of these consolidated condensed financial statements. As such, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt about the Company’s ability to continue as a going concern. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If the Company raises funds through collaborations, or other similar arrangements with third parties, it may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company and/or may reduce the value of its common stock. If the Company is unable to raise additional funds through equity or debt financings when needed, it may be required to delay, limit, reduce or terminate its product development or future commercialization efforts or grant rights to develop and market its product candidates even if the Company would otherwise prefer to develop and market such product candidates itself.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company also expects to use cash and cash equivalents to fund activities relating to commercial support for its existing product and any future clinical research trials and operating activities. The Company’s future liquidity and capital requirements will depend on numerous factors, including the initiation and progress of clinical trials and research and product development programs; obtaining regulatory approvals and complying with applicable laws and regulations; the timing and effectiveness of product commercialization activities, including marketing arrangements; the timing and costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; and the effect of competing technological and market developments.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company’s capital commitments over the next twelve months include interest obligations on the Company’s debt arrangements of $8,772 and $643,375 to satisfy current accounts payable and accrued expenses. </p>
CY2023Q3 sxtp Percentage Of Offering Price Per Unit
PercentageOfOfferingPricePerUnit
1.10 pure
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
1576602 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2142485 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2328650 usd
CY2024Q2 sxtp Sbaeid Lincluding Accrued Interest Current
SBAEIDLincludingAccruedInterestCurrent
8772 usd
CY2024Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
643375 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">(c) Use of Estimates</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and those estimates may be material. Significant estimates include the reserve for inventory, derivative liabilities, and valuation allowance for the deferred tax asset.</p>
CY2024Q2 us-gaap Inventory Write Down
InventoryWriteDown
16684 usd
CY2023Q2 us-gaap Inventory Write Down
InventoryWriteDown
111220 usd
us-gaap Inventory Write Down
InventoryWriteDown
17325 usd
us-gaap Inventory Write Down
InventoryWriteDown
116611 usd
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">(i) Concentrations</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, accounts receivable, inventory purchases, and borrowings.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Significant customers represent any customer whose business makes up 10% of receivables or revenues. At June 30, 2024, significant customers represented 100% of receivables (consisting of two customers and one significant customer at 96%). At December 31, 2023, significant customers represented 92% of receivables (consisting of three customers and two significant customers at 79% and 13%, respectively). For the three months ended June 30, 2024, 92% of total net revenues (consisting of three customers and one significant customer) were generated from significant customers. For the three months ended June 30, 2023, 100% of total net revenues (consisting of one significant customer) were generated from significant customers. For the six months ended June 30, 2024, 95% of total net revenues (consisting of three customers and one significant customer) were generated from significant customers. For the six months ended June 30, 2023, 100% of total net revenues (consisting of two significant customers) were generated from significant customers.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Currently, the Company has exclusive relationships with distributors in Australia and Europe. A failure to perform by any of our current distributors would create disruption for patients in those markets.</p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Since the Company first started working on tafenoquine all inventory has been acquired in a collaborative relationship from a sole vendor. Should the vendor cease to supply tafenoquine, it would take significant costs and efforts to rebuild the supply chain with a new sole vendor sourcing the active pharmaceutical ingredient (“API”).</p>
CY2024Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3095326 usd
CY2023Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
203872 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3432508 usd
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
327866 usd
CY2024Q2 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
567050 usd
CY2023Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
2306796 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><span style="text-decoration:underline">(p) Reclassifications</span></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certain prior period interim amounts have been reclassified for consistency with the current period presentation. These reclassifications had no material effect on the consolidated condensed results of operations and comprehensive loss, shareholders’ equity (deficit), or cash flows.</p>
CY2024Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.12
CY2024Q2 us-gaap Inventory Work In Process
InventoryWorkInProcess
307047 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
278987 usd
CY2024Q2 us-gaap Inventory Finished Goods
InventoryFinishedGoods
118973 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
187182 usd
CY2024Q2 us-gaap Inventory Net
InventoryNet
426020 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
466169 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
299241 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
205825 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
139650 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
148064 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
159591 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
57761 usd
CY2024Q2 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
55800 usd
us-gaap Equipment Expense
EquipmentExpense
67000 usd
CY2024Q2 us-gaap Depreciation
Depreciation
1536 usd
CY2023Q2 us-gaap Depreciation
Depreciation
6901 usd
us-gaap Depreciation
Depreciation
1943 usd
us-gaap Depreciation
Depreciation
13802 usd
CY2024Q2 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
203938 usd
CY2023Q4 us-gaap Finite Lived Patents Gross
FiniteLivedPatentsGross
185595 usd
CY2024Q2 sxtp Finite Lived Website Development Costs Gross
FiniteLivedWebsiteDevelopmentCostsGross
101323 usd
CY2023Q4 sxtp Finite Lived Website Development Costs Gross
FiniteLivedWebsiteDevelopmentCostsGross
79248 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
305261 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
264843 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
55158 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
37585 usd
CY2024Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
250103 usd
CY2023Q4 us-gaap Intangible Assets Net Excluding Goodwill
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CY2024Q2 us-gaap Stock Issued During Period Value Issued For Services
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