60 DEGREES PHARMACEUTICALS, INC.

SXTPdata completeness 100%4 fiscal years on file

The thesis, from the filings

60 DEGREES PHARMACEUTICALS, INC. earns about -178% on invested capital, and has bought back 72% of its shares over 4 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	$223,208¹	$253,573²	$607,574³	$1.01M³
Net income	−$6.18M⁴	−$3.77M⁵	−$7.95M⁶	−$7.37M⁶
Operating cash flow	−$1.01M⁷	−$4.54M⁸	−$5.65M⁹	−$6.85M⁹
Capital expenditure	—	$57,623¹⁰	$103,773¹¹	$139,881¹¹
Free cash flow (derived)	—	−$4.6M⁸	−$5.75M⁹	−$6.99M⁹
Total debt	—	$158,772¹²	$305,891¹³	$302,775¹³
Cash & equivalents	$264,865¹⁴	$2.14M¹⁵	$1.66M¹⁶	$1.51M¹⁶
Diluted shares	2.4M	66,314	113,665	670,211

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$51.67

your share of equity

Profit it earned you last year

−$109.89

Free cash flow it threw off

−$104.28

Debt you’d be carrying

$4.52

10 shares is a claim on $51.67 of net worth that earned you −$109.89 and generated −$104.28 of cash last year, against $4.52 of debt.

iii. Is this a good business?

Moat signal · return on invested capital

-178% avg · 4y

FY22 —FY23 -42%FY24 -234%FY25 -258%

It earned an average -178% on invested capital over 4 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−72% shares · 4y

Share count is down 72% over 4 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 91% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2022-12-31 · accession 0001213900-24-028577 (Revenues)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (Revenues)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (Revenues)
10-K · period ending 2022-12-31 · accession 0001213900-24-028577 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0001213900-24-028577 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (LongTermDebtCurrent)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (LongTermDebtNoncurrent)
10-K · period ending 2022-12-31 · accession 0001013762-25-003343 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
10-K · period ending 2023-12-31 · accession 0001013762-25-003343 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001554855-26-000467 (CashAndCashEquivalentsAtCarryingValue)