aibio60 Degrees Pharmaceuticals closes private placement for about $1.0 million gross proceeds
Tickers SXTP
60 Degrees sold shares at $1.74 for approximately $1.0 million gross, with H.C. Wainwright & Co. as exclusive placement agent, after its annual report carried a going-concern warning.
Key facts
- Company
- 60 Degrees Pharmaceuticals, Inc. (NASDAQ: SXTP)
- News type
- Financings
- Primary source
- 60 DEGREES PHARMACEUTICALS, INC. Form 8-K filed August 4, 2026 (SEC EDGAR)
60 Degrees Pharmaceuticals, Inc. (Nasdaq: SXTP) signed a securities purchase agreement with certain institutional investors on July 30, 2026 and closed the private placement on July 31, 2026, according to a Form 8-K filed August 4, 2026. Gross proceeds were approximately $1.0 million, before placement agent fees and offering expenses. The 8-K does not name the investors.
The securities
The company agreed to sell 191,571 shares of common stock at $1.74 per share. It also agreed to sell pre-funded warrants for up to 383,142 shares at $1.739 per warrant, with the exercise price set at $0.001 per share. Each share and pre-funded warrant came with common warrants. Series A warrants cover up to 574,413 shares and Series B warrants cover up to 574,413 shares. Both series have an exercise price of $1.49 and are exercisable from issuance.
The Series A warrants expire five years from the effective date of the registration statement covering resale of the underlying shares. The Series B warrants expire 24 months from that date. Holders cannot exercise warrants that would leave them owning more than 4.99% of the common stock, or 9.99% at the holder's election.
The July 30 press release gives 574,713 shares for each warrant series. The 8-K gives 574,413. Neither document explains the difference.
Use of proceeds
The company says it intends to use the proceeds of about $1.0 million for working capital, general operations and its research and development program. That figure excludes any money from later exercises of the pre-funded and common warrants.
The placement agent and its fees
H.C. Wainwright & Co., LLC acted as exclusive placement agent under an engagement letter dated August 30, 2024. The letter has been amended six times, most recently on July 22, 2026. Under it, the company agreed to pay a cash fee of 7.5% of gross proceeds and a management fee of 1.0% of gross proceeds. It also agreed to reimburse the agent $25,000 for non-accountable expenses and $25,000 for certain accountable expenses, including legal fees. The company also issued the agent warrants for up to 43,103 shares at $2.175 per share, exercisable for five years from the effective date.
The purchase agreement names Sichenzia Ross Ference Carmel LLP as company counsel. Neither the 8-K nor the purchase agreement names counsel to the placement agent.
The annual report describes an At-The-Market Sales Agreement with H.C. Wainwright & Co., LLC signed on September 5, 2025, under which the company could sell shares with aggregate gross proceeds of up to $1,397,532.
Registration and exemptions
The securities were not registered under the Securities Act of 1933. They were offered under Section 4(a)(2) and Rule 506(b). Under a registration rights agreement, the company must file a registration statement to register the resale of the shares issuable on exercise of the common warrants and pre-funded warrants. It must use best efforts to have that statement declared effective within 45 days after July 30, 2026, or within 75 days if the SEC conducts a full review.
The financial position behind the raise
The annual report, for the year ended December 31, 2025, shows cash and cash equivalents of $1,510,065 at year-end, against $1,659,353 a year earlier. Net cash used in operating activities was $6,849,022 in 2025 and $5,648,088 in 2024.
The audited financial statements for 2025 and 2024 include an explanatory note referring to recurring operating losses and expressing substantial doubt about the company's ability to continue as a going concern. The annual report says the company plans to fund operations through third-party and related-party debt or advances, private placements of restricted securities, and other financing. It says the company has not yet demonstrated the ability to generate enough revenue to cover operating expenses.
The company describes itself as developing and commercializing new medicines for vector-borne disease. The annual report describes a pipeline that also covers fungal and viral diseases.
What the filing leaves open
The 8-K does not say how many investors took part or whether any of them already holds shares. Investors who want to judge the raise will need the resale registration statement once it is filed.