[Company Information](index=1&type=section&id=Company%20Information) Sunshine Biopharma Inc. filed its quarterly report (Form 10-Q) for the period ended March 31, 2025, detailing its registrant information and common stock outstanding - Sunshine Biopharma Inc. filed its quarterly report (Form 10-Q) for the period ended **March 31, 2025**[2](index=2&type=chunk) | Detail | Value | | :----- | :---- | | Registrant Name | SUNSHINE BIOPHARMA INC. | | Filing Period End | March 31, 2025 | | Commission File Number | 001-41282 | | State of Incorporation | Colorado | | Trading Symbol (Common Stock) | SBFM | | Trading Symbol (Warrants) | SBFMW | | Exchange | The NASDAQ Stock Market LLC | | Filer Status | Non-accelerated filer, Smaller reporting company | | Common Stock Outstanding (May 15, 2025) | 4,555,945 shares | [PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) This section presents the company's unaudited consolidated financial statements and related disclosures for the quarter ended March 31, 2025 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) This section includes Sunshine Biopharma Inc.'s unaudited consolidated balance sheets, statements of operations, cash flows, and shareholders' equity for the three months ended March 31, 2025, and 2024, along with detailed notes explaining the company's business, accounting policies, significant transactions, and subsequent events [Consolidated Balance Sheets as of March 31, 2025 (Unaudited) and December 31, 2024](index=4&type=section&id=Consolidated%20Balance%20Sheets%20as%20of%20March%2031%2C%202025%20(Unaudited)%20and%20December%2031%2C%202024) This section presents the unaudited consolidated balance sheets, detailing assets, liabilities, and shareholders' equity as of March 31, 2025, and December 31, 2024 | Metric | March 31, 2025 (Unaudited) | December 31, 2024 | Change (QoQ) | | :----------------------------- | :------------------------- | :---------------- | :----------- | | **Assets** | | | | | Cash and cash equivalents | $8,124,610 | $9,686,529 | -$1,561,919 | | Total Current Assets | $24,480,980 | $25,966,349 | -$1,485,369 | | Total Long-Term Assets | $4,706,125 | $4,594,043 | +$112,082 | | **TOTAL ASSETS** | **$29,187,105** | **$30,560,392** | **-$1,373,287** | | **Liabilities** | | | | | Total Current Liabilities | $5,762,436 | $6,314,914 | -$552,478 | | Total Long-Term Liabilities | $722,199 | $744,724 | -$22,525 | | **TOTAL LIABILITIES** | **$6,484,635** | **$7,059,638** | **-$575,003** | | **Shareholders' Equity** | | | | | TOTAL SHAREHOLDERS' EQUITY | $22,702,470 | $23,500,754 | -$798,284 | [Consolidated Statements of Operations for the Three Months Ended March 31, 2025 and 2024 (Unaudited)](index=5&type=section&id=Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) This section presents the unaudited consolidated statements of operations, detailing sales, expenses, and net loss for the three months ended March 31, 2025, and 2024 | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Sales | $8,901,341 | $7,541,046 | +18.0% | | Cost of sales | $6,170,915 | $5,186,709 | +19.0% | | Gross profit | $2,730,426 | $2,354,337 | +16.0% | | Total General & Administrative Expenses | $4,026,176 | $3,704,926 | +8.7% | | (Loss) From Operations | $(1,295,750) | $(1,350,589) | -4.1% | | Net (Loss) | $(1,179,771) | $(1,283,801) | -8.1% | | Basic and diluted (Loss) per common share | $(0.44) | $(2.00) | -78.0% | | Weighted average common shares outstanding | 2,703,293 | 641,310 | +321.5% | - Sales increased by **$1,360,295 (18.0%)** due to new product launches and expanded marketing and sales efforts[82](index=82&type=chunk) - General and administrative expenses increased by **$321,250**, with notable increases in consulting fees (**+$317,886**) and marketing expenses (**+$200,315**), partially offset by decreases in accounting fees (**-$58,247**) and legal fees (**-$194,799**)[83](index=83&type=chunk) [Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2025 and 2024 (Unaudited)](index=6&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) This section presents the unaudited consolidated statements of cash flows, detailing operating, investing, and financing activities for the three months ended March 31, 2025, and 2024 | Cash Flow Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Net Cash Flows (Used In) Operating Activities | $(1,713,835) | $(3,185,158) | +$1,471,323 | | Net Cash Flows (Used In) Investing Activities | $(176,024) | $(668,736) | +$492,712 | | Net Cash Flows Provided by Financing Activities | $338,137 | $5,398,149 | -$5,060,012 | | Cash and Cash Equivalents at End of Period | $8,124,610 | $17,434,208 | -$9,309,598 | - The decrease in cash used in operating activities was a result of reduced cash required for Nora Pharma's operations[85](index=85&type=chunk) - The significant decrease in cash from financing activities was primarily due to no major financing events in Q1 2025, compared to an offering yielding **$8,522,411** in Q1 2024[87](index=87&type=chunk) [Consolidated Statement of Shareholders' Equity for the Three Months Ended March 31, 2025 and 2024 (Unaudited)](index=7&type=section&id=Consolidated%20Statement%20of%20Shareholders'%20Equity%20for%20the%20Three%20Months%20Ended%20March%2031%2C%202025%20and%202024%20(Unaudited)) This section presents the unaudited consolidated statement of shareholders' equity, detailing changes in capital stock and accumulated deficit for the three months ended March 31, 2025, and 2024 | Metric | Balance December 31, 2024 | Balance March 31, 2025 | Change | | :-------------------------------- | :------------------------ | :----------------------- | :------- | | Common Shares Issued | 2,580,098 | 2,707,541 | +127,443 | | Common Stock Value | $2,580 | $2,707 | +$127 | | Capital Paid in Excess of Par Value | $93,354,907 | $93,710,078 | +$355,171 | | Accumulated Deficit | $(69,039,774) | $(70,219,545) | -$1,179,771 | | Total Shareholders' Equity | $23,500,754 | $22,702,470 | -$798,284 | - The exercise of warrants contributed **$355,298** to capital paid in excess of par value and increased common shares by **127,443**[10](index=10&type=chunk) - The net loss of **$(1,179,771)** directly impacted the accumulated deficit[10](index=10&type=chunk) [Notes to Unaudited Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Unaudited%20Consolidated%20Financial%20Statements) This section provides detailed explanatory notes to the unaudited consolidated financial statements, covering business description, accounting policies, and significant transactions [Note 1 – Description of Business](index=8&type=section&id=Note%201%20%E2%80%93%20Description%20of%20Business) This note describes Sunshine Biopharma Inc.'s operations as a pharmaceutical company, focusing on generic drugs in Canada and proprietary drug development - Sunshine Biopharma Inc. operates as a pharmaceutical company, with a focus on generic prescription drugs in Canada through Nora Pharma Inc. (**70 drugs on market**) and OTC supplements through Sunshine Biopharma Canada Inc[11](index=11&type=chunk)[12](index=12&type=chunk) - The company is developing proprietary drugs: K1.1 mRNA for liver cancer and SBFM-PL4, a protease inhibitor for SARS Coronavirus infections[14](index=14&type=chunk)[15](index=15&type=chunk) - The Canadian generic drug market, the company's current focus, has been strengthened by updated generic pricing agreements and the federal government joining the reimbursement program[13](index=13&type=chunk) [Note 2 – Basis of Presentation](index=8&type=section&id=Note%202%20%E2%80%93%20Basis%20of%20Presentation) This note outlines the basis for preparing the unaudited interim financial statements in accordance with GAAP and Regulation S-X - Interim financial statements are unaudited and prepared in accordance with GAAP for interim information and Regulation S-X[14](index=14&type=chunk) - They include only normal recurring adjustments and are not necessarily indicative of full fiscal year results[14](index=14&type=chunk) - The balance sheet as of December 31, 2024, was derived from the audited financial statements in the company's Form 10-K filed April 1, 2025[14](index=14&type=chunk) [Note 3 – Reverse Stock Splits](index=9&type=section&id=Note%203%20%E2%80%93%20Reverse%20Stock%20Splits) This note details the company's reverse stock splits and their retroactive reflection in the financial statements - The company completed **1-for-100 (April 17, 2024)** and **1-for-20 (August 8, 2024)** reverse stock splits[16](index=16&type=chunk) - All five reverse stock splits (including three prior ones) are retroactively reflected in the financial statements[16](index=16&type=chunk) [Note 4 – Acquisition of Nora Pharma Inc.](index=9&type=section&id=Note%204.%20%E2%80%93%20Acquisition%20of%20Nora%20Pharma%20Inc.) This note provides details on the acquisition of Nora Pharma Inc., including purchase price allocation and earnout agreements - Sunshine Biopharma acquired Nora Pharma Inc. on October 20, 2022, for **$18,860,637**[17](index=17&type=chunk) - The purchase price included cash (**$14,346,637**) and **1,850 shares of common stock ($4,514,000)**[17](index=17&type=chunk) - An earnout of **$3,632,000 USD** was agreed upon, with **$295,797 USD** remaining as of **March 31, 2025**[19](index=19&type=chunk) | Nora Pharma Acquisition Allocation (Oct 20, 2022) | Amount | | :------------------------------------------------ | :----- | | Total assets | $6,515,204 | | Liabilities assumed | $(5,981,286) | | Net assets | $533,918 | | Goodwill | $18,326,719 | | Total Consideration | $18,860,637 | [Note 5 – Intangible Assets](index=10&type=section&id=Note%205%20%E2%80%93%20Intangible%20Assets) This note details the company's intangible assets, including additions and accumulated amortization | Intangible Assets | March 31, 2025 | December 31, 2024 | Change | | :---------------------------------------- | :------------- | :---------------- | :----- | | Intangible assets at beginning of period | $3,019,717 | $1,444,259 | | | Purchase of additional intangible assets | $323,655 | $1,694,585 | | | Total | $3,343,372 | $3,138,844 | | | Less accumulated amortization | $(150,158) | $(119,127) | | | Intangible assets, net | $3,193,214 | $3,019,717 | +$173,497 | [Note 6 – Plant, Property and Equipment](index=10&type=section&id=Note%206%20%E2%80%93%20Plant%2C%20Property%20and%20Equipment) This note details the company's plant, property, and equipment, including total cost and accumulated depreciation | Property, Plant and Equipment | March 31, 2025 | December 31, 2024 | Change | | :------------------------------------ | :------------- | :---------------- | :----- | | Total Cost | $888,967 | $882,588 | +$6,379 | | Less: Accumulated depreciation | $(369,180) | $(336,533) | -$32,647 | | Plant, property and equipment, net | $519,787 | $546,055 | -$26,268 | [Note 7 – Inventory](index=10&type=section&id=Note%207%20%E2%80%93%20Inventory) This note details the company's inventory, including finished goods and allowance for obsolete inventory | Inventory | March 31, 2025 | December 31, 2024 | Change | | :-------------------------- | :------------- | :---------------- | :----- | | Finished goods | $12,127,158 | $11,352,446 | +$774,712 | | Allowance for obsolete inventory | $(270,023) | $(74,341) | -$195,682 | | Total Inventory, net | $11,857,135 | $11,278,105 | +$579,030 | [Note 8 – Leases](index=11&type=section&id=Note%208%20%E2%80%93%20Leases) This note describes the company's operating lease obligations for warehouse and office space - The company has operating lease obligations for warehouse and office space, classified as operating leases[25](index=25&type=chunk) - The lease includes a renewal option for **five years**, which the company is certain to exercise, impacting the lease term calculation[25](index=25&type=chunk) | Lease Metric (March 31, 2025) | Value | | :---------------------------- | :---- | | Operating lease ROU asset | $900,890 | | Operating Lease liability - Short-term | $213,983 | | Operating lease liability - Long-term | $722,199 | | Remaining lease term | 4 Years 9 Months | | Discount rate | 6% | [Note 9 – Income Taxes](index=11&type=section&id=Note%209%20%E2%80%93%20Income%20Taxes) This note explains the company's income tax expense/benefit, valuation allowances, and uncertain tax positions - Income tax expense/benefit is primarily due to Canadian operations and changes in valuation allowances for deferred tax assets[28](index=28&type=chunk) - Valuation allowances are recorded against most deferred tax assets due to uncertainty of future earnings[29](index=29&type=chunk) - The company has not recognized tax benefits from uncertain tax positions[31](index=31&type=chunk) [Note 10 – Management and Director Compensation](index=12&type=section&id=Note%2010%20%E2%80%93%20Management%20and%20Director%20Compensation) This note details the aggregate cash compensation paid to officers and directors for the three months ended March 31, 2025, and 2024 | Compensation Type | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :-------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Officers (aggregate cash) | $269,496 | $262,486 | +$7,010 | | Directors (aggregate cash) | $100,000 | $100,000 | $0 | [Note 11 – Capital Stock](index=12&type=section&id=Note%2011%20%E2%80%93%20Capital%20Stock) This note describes the company's authorized and outstanding capital stock, including common and preferred shares, and dividend policy - Authorized capital includes **3,000,000,000 common shares ($0.001 par)** and **30,000,000 preferred shares ($0.10 par)**, with **1,000,000 Series B Preferred Stock** authorized[33](index=33&type=chunk) - **Series B Preferred Stock** is non-convertible, non-redeemable, has a **$0.10 liquidation preference**, and grants **1,000 votes per share**; **130,000 shares** were outstanding as of **March 31, 2025**, held by the CEO[33](index=33&type=chunk) - Common shares outstanding increased from **2,580,098** at December 31, 2024, to **2,707,541** at **March 31, 2025**, primarily due to warrant exercises[49](index=49&type=chunk) - The company has not declared any dividends since inception[49](index=49&type=chunk) [Note 12 – Warrants](index=14&type=section&id=Note%2012%20%E2%80%93%20Warrants) This note details the company's outstanding warrants, their classification, exercise activities, and net proceeds generated - Warrants are classified as liability or equity based on ASC 480-10 or ASC 815-40, with liability-classified warrants measured at fair value and equity-classified warrants at fair value on issuance[50](index=50&type=chunk) - As of **March 31, 2025**, all 2022, May, and 2024 Pre-Funded Warrants, all Series A Warrants, and a significant portion of Tradeable, Investor, and Series B Warrants have been exercised, generating **$16,752,492 in net proceeds**[52](index=52&type=chunk) - On **February 11, 2024**, the company redeemed all April Warrants and May Investor Warrants for an aggregate purchase price of **$3,139,651**[53](index=53&type=chunk) | Outstanding Warrants (March 31, 2025) | Number | Exercise Price | Expiry Date | | :------------------------------------ | :----- | :------------- | :---------- | | Tradeable Warrants | 482 | $220.00 | February 2027 | | Investor Warrants | 400 | $4,000.00 | March 2027 | | Series B Warrants | 12,226,549 | $2.7879 | February 2029 | [Note 13 – Earnings Per Share](index=16&type=section&id=Note%2013%20%E2%80%93%20Earnings%20Per%20Share) This note presents the basic and diluted earnings per share calculation for the three months ended March 31, 2025, and 2024 | EPS Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | :----------- | | Net gain (loss) attributable to common stock | $(1,179,771) | $(1,283,801) | -8.1% | | Weighted average common shares outstanding | 2,703,293 | 641,310 | +321.5% | | Basic and diluted gain (loss) per share | $(0.44) | $(2.00) | -78.0% | [Note 14 – Subsequent Events](index=16&type=section&id=Note%2014%20%E2%80%93%20Subsequent%20Events) This note discloses significant events occurring after the balance sheet date, including warrant exercises, a direct offering, and a legal dispute - On **April 2, 2025**, **660,000 Series B Warrants** were exercised, yielding **$1,840,014 in net proceeds**[57](index=57&type=chunk) - On **April 3, 2025**, a registered direct offering generated **$1,828,596 in net proceeds**[57](index=57&type=chunk) - The **April 3, 2025** financing adjusted Series B Warrants to **15,577,962 warrants** with an exercise price of **$2.07 per share**[58](index=58&type=chunk) - On **April 14, 2025**, the president of Nora Pharma Inc. was terminated, leading to a demand letter for approximately **$5,300,000 USD**, which the company intends to vigorously defend against[59](index=59&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=17&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's perspective on Sunshine Biopharma Inc.'s financial performance, liquidity, and capital resources for the three months ended March 31, 2025. It highlights operational strategies, R&D progress, intellectual property, and the company's future outlook, including efforts to achieve breakeven and reduce reliance on capital markets [About Sunshine Biopharma](index=17&type=section&id=About%20Sunshine%20Biopharma) This section provides an overview of Sunshine Biopharma's pharmaceutical research and commercial operations in oncology and antivirals - Sunshine Biopharma is a pharmaceutical company researching and offering life-saving medicines in oncology and antivirals[61](index=61&type=chunk) - It operates two wholly-owned Canadian subsidiaries: Nora Pharma Inc. (**70 generic prescription drugs**) and Sunshine Biopharma Canada Inc. (OTC supplements)[61](index=61&type=chunk) - Proprietary drug development includes K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus infections[62](index=62&type=chunk) [Commercial Operations](index=17&type=section&id=Commercial%20Operations) This section details the company's strategy for procuring and selling generic pharmaceutical products in Canada and globally - Commercial operations focus on procuring rights to generic pharmaceutical products for sale in Canada and globally[63](index=63&type=chunk) - Rights are secured through in-licensing and supply agreements, cross-licensing, and distribution agreements[63](index=63&type=chunk) - The company currently has **70 generic prescription drugs** on the market in Canada, covering various therapeutic areas[65](index=65&type=chunk)[66](index=66&type=chunk) - An additional **64 drugs are in the pipeline**, with **13 anticipated to launch in 2025**, aiming to strengthen market presence in the Canadian **$9.7 billion generic drugs market**[68](index=68&type=chunk)[69](index=69&type=chunk) [Research and Development](index=20&type=section&id=Research%20and%20Development) This section outlines the progress of the company's proprietary drug candidates, K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus infections | Drug Candidate | Therapeutic Area/Indication | Development Stage | | :------------- | :-------------------------- | :---------------- | | K1.1 (mRNA LNP) | Oncology (Liver Cancer) | Animal Testing | | SBFM-PL4 (Small Molecule) | Antiviral (SARS Coronavirus) | Animal Testing | - K1.1 mRNA has shown capability to destroy cancer cells in vitro (including multidrug resistant breast, ovarian, and pancreatic cancer cells) with little cytotoxic side effects on normal human cells[71](index=71&type=chunk) - K1.1 mRNA-LNP constructs were effective at reducing liver cancer tumor size in xenograft mice, with further dose-response studies ongoing[72](index=72&type=chunk) - SBFM-PL4 is a PLpro inhibitor targeting SARS Coronavirus infections, including SARS-CoV, MERS-CoV, and SARS-CoV-2, aiming to treat patients who cannot use existing antivirals[73](index=73&type=chunk)[76](index=76&type=chunk) - The lead SBFM-PL4 compound showed **sub micromolar activity** against PLpro, antiviral activity in SARS-CoV-2 infected cells, favorable pharmacokinetics (lung accumulation), and reduced virus load in infected mouse lungs[77](index=77&type=chunk) [Intellectual Property](index=21&type=section&id=Intellectual%20Property) This section describes the company's patent applications, licensing agreements, and regulatory approvals for its generic and OTC products - Filed a provisional patent application in the US on **May 22, 2020**, for Coronavirus treatments (Mpro inhibitors), later expanded to include PLpro via a PCT application[78](index=78&type=chunk) - Filed a provisional patent application in the US on **April 20, 2022**, covering mRNA molecules capable of destroying cancer cells[79](index=79&type=chunk) - Became the exclusive, worldwide licensee of the University of Arizona for **three patents** related to small molecules inhibiting Coronavirus protease, PLpro, effective **February 24, 2023**[79](index=79&type=chunk) - Nora Pharma owns **200 DINs** issued by Health Canada for generic prescription drugs and rights to sell **10 generic drugs** via distribution agreements[80](index=80&type=chunk) - Owns **four NPNs** issued by Health Canada for OTC products, including Essential•9™, Calcium-Vitamin D, L-Citrulline, and Taurine[81](index=81&type=chunk) [Results of Operations](index=22&type=section&id=Results%20of%20Operations) This section analyzes the company's sales, cost of sales, gross profit, and net loss for the three months ended March 31, 2025, and 2024 | Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Sales | $8,901,341 | $7,541,046 | +18.0% | | Cost of sales | $6,170,915 | $5,186,709 | +19.0% | | Gross profit | $2,730,426 | $2,354,337 | +16.0% | | Total General & Administrative Expenses | $4,026,176 | $3,704,926 | +8.7% | | (Loss) From Operations | $(1,295,750) | $(1,350,589) | -4.1% | | Net (Loss) | $(1,179,771) | $(1,283,801) | -8.1% | | Basic and diluted (Loss) per common share | $(0.44) | $(2.00) | -78.0% | - Sales increase of **$1,360,295** was attributed to new product launches and expanded marketing and sales efforts[82](index=82&type=chunk) - General and administrative expenses increased by **$321,250**, with consulting fees up **$317,886** and marketing expenses up **$200,315**, partially offset by decreases in accounting and legal fees[83](index=83&type=chunk) [Liquidity and Capital Resources](index=22&type=section&id=Liquidity%20and%20Capital%20Resources) This section discusses the company's cash position, cash flow activities, and strategies to achieve breakeven and reduce reliance on capital markets | Cash Flow Metric | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change (YoY) | | :---------------------------------- | :-------------------------------- | :-------------------------------- | :----------- | | Cash and cash equivalents | $8,124,610 | $17,434,208 | -$9,309,598 | | Net cash used in operating activities | $(1,713,835) | $(3,185,158) | +$1,471,323 | | Net cash provided by financing activities | $338,137 | $5,398,149 | -$5,060,012 | - The company is currently generating approximately **$8.9 million in quarterly revenue** and incurring a quarterly deficit of about **$1.2 million**[88](index=88&type=chunk) - Management aims to lower the cost of goods sold from **~70% to ~60%** and increase sales to reach breakeven and reduce dependence on capital markets[88](index=88&type=chunk) - Existing cash and sales revenue are believed to be sufficient for the next **24 months**, but additional capital may be needed for R&D, clinical trials, and generic pharmaceuticals expansion[88](index=88&type=chunk) [Critical Accounting Estimates](index=23&type=section&id=Critical%20Accounting%20Estimates) This section highlights the significant estimates and judgments used in preparing the financial statements - Financial statements require estimates and judgments affecting reported amounts of assets, liabilities, revenues, and expenses[89](index=89&type=chunk) - Estimates are evaluated based on historical experience and reasonable assumptions, but actual results may vary[89](index=89&type=chunk) - Detailed significant accounting policies are available in the company's Form 10-K for the fiscal year ended December 31, 2024[90](index=90&type=chunk) [Recently Adopted Accounting Standards](index=23&type=section&id=Recently%20Adopted%20Accounting%20Standards) This section confirms the adoption of all new accounting standards impacting the company's operations - All new accounting standards impacting operations have been adopted[91](index=91&type=chunk) [Off Balance-Sheet Arrangements](index=23&type=section&id=Off%20Balance-Sheet%20Arrangements) This section confirms the absence of any off-balance sheet arrangements entered into by the company - The company has not entered into any off-balance sheet arrangements[92](index=92&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=23&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) As a smaller reporting company, Sunshine Biopharma Inc. is not required to provide quantitative and qualitative disclosures about market risk - As a smaller reporting company, Sunshine Biopharma Inc. is exempt from providing quantitative and qualitative disclosures about market risk[93](index=93&type=chunk) [Item 4. Controls and Procedures](index=23&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of March 31, 2025, at reasonable assurance levels, with no material changes in internal control over financial reporting during the quarter [Evaluation of Disclosure Controls and Procedures](index=23&type=section&id=Evaluation%20of%20Disclosure%20Controls%20and%20Procedures) This section details management's evaluation and conclusion on the effectiveness of the company's disclosure controls and procedures - Management, including the CEO and CFO, evaluated disclosure controls and procedures as of **March 31, 2025**[94](index=94&type=chunk) - Disclosure controls are designed to ensure timely recording, processing, summarizing, and reporting of information required by the Exchange Act[95](index=95&type=chunk) - Management concluded that disclosure controls and procedures were effective as of **March 31, 2025**, at reasonable assurance levels[96](index=96&type=chunk) [Changes in Internal Control Over Financial Reporting](index=23&type=section&id=Changes%20in%20Internal%20Control%20Over%20Financial%20Reporting) This section reports on any material changes in the company's internal control over financial reporting during the quarter - No material changes in internal control over financial reporting occurred during the quarter ended **March 31, 2025**[97](index=97&type=chunk) [PART II. OTHER INFORMATION](index=24&type=section&id=PART%20II.%20OTHER%20INFORMATION) This section provides additional information not covered in the financial statements, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=24&type=section&id=Item%201.%20Legal%20Proceedings) The company is not a party to, nor is its property the subject of, any material legal proceedings - The company is not involved in any material legal proceedings[99](index=99&type=chunk) [Item 1A. Risk Factors](index=24&type=section&id=Item%201A.%20Risk%20Factors) As a smaller reporting company, Sunshine Biopharma Inc. is not required to provide risk factor disclosures under this item - As a smaller reporting company, Sunshine Biopharma Inc. is exempt from providing risk factor disclosures[100](index=100&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) There were no unregistered sales of equity securities or use of proceeds to report during the period - No unregistered sales of equity securities or use of proceeds to report[101](index=101&type=chunk) [Item 3. Defaults Upon Senior Securities](index=24&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) There were no defaults upon senior securities to report during the period - No defaults upon senior securities to report[102](index=102&type=chunk) [Item 4. Mine Safety Disclosures](index=24&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Mine Safety Disclosures are not applicable to the company[103](index=103&type=chunk) [Item 5. Other Information](index=24&type=section&id=Item%205.%20Other%20Information) No Director or Officer adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement" during the quarter ended March 31, 2025 - No Director or Officer adopted or terminated a Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during **Q1 2025**[104](index=104&type=chunk) [Item 6. Exhibits](index=24&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications under the Sarbanes-Oxley Act and Inline XBRL documents - Exhibits include CEO and CFO certifications (Section 302 and 906 of Sarbanes-Oxley Act) and Inline XBRL documents for financial statements and cover page[106](index=106&type=chunk) [Signatures](index=25&type=section&id=Signatures) This section contains the official signatures of the company's principal executive and financial officers, certifying the report's accuracy - The report was signed by Dr. Steve N. Slilaty (CEO) and Camille Sebaaly (CFO) on **May 15, 2025**[108](index=108&type=chunk)[109](index=109&type=chunk)

Core Viewpoint - Sunshine Biopharma Inc. has made significant progress in its K1.1 mRNA Lipid Nanoparticle product for treating human hepatocellular carcinoma, as evidenced by successful studies in mice models, leading to a notable increase in stock price and projected revenue growth for 2024 [1][5]. Group 1: Company Developments - Sunshine Biopharma's K1.1 mRNA Lipid Nanoparticle product has been confirmed as a therapeutic agent for human hepatocellular carcinoma through additional studies on orthotopic human tumor models in mice [1]. - The company has optimized the expression levels of its full-length mRNA (K1.1c) and a truncated version (K1.1d) in HCC tumors in mice [2]. - The K1.1c-mRNA-LNP and K1.1d-mRNA-LNP were effectively delivered to HCC tumors in a dose-dependent manner, demonstrating good tolerability and reduced tumor growth in mice [3]. Group 2: Research Findings - A proof-of-concept study indicated that the truncated version K1.1d exhibited significant, dose-dependent anti-tumor activity in mouse HCC models [4]. - The company is conducting further animal studies to determine the optimal dosing of K1.1d and compare its therapeutic window with the full-length version K1.1c, highlighting the potential for better efficacy at lower doses with the truncated version [5]. Group 3: Financial Performance - Sunshine Biopharma reported a projected revenue of $34.9 million for 2024, reflecting a 45% year-over-year increase [5]. - Following these developments, SBFM stock experienced a 69.2% increase, reaching $3.52 [5].

Financial Performance - Sunshine Biopharma Inc. reported financial results for the fiscal year ended December 31, 2024[5] - The company announced a revenue increase of 25% year-over-year, reaching $10 million[5] - Net loss for the fiscal year was reported at $2 million, a reduction from $3 million in the previous year, indicating improved financial health[5] - The company provided guidance for 2025, projecting revenue growth of 40% to $14 million[5] User Growth - User data showed a growth in active users by 30%, totaling 150,000 users by the end of 2024[5] Product Development - The company plans to launch two new products in Q3 2025, aiming to capture additional market share[5] - Sunshine Biopharma is exploring potential acquisitions to expand its product portfolio and market presence[5] - Research and development expenses increased by 15%, reflecting ongoing investment in new technologies[5] Market Expansion - The company is focusing on expanding its market reach in Europe and Asia, targeting a 20% increase in international sales[5] - Sunshine Biopharma is implementing new marketing strategies to enhance brand visibility and customer engagement[5]

Market Presence and Product Offerings - Sunshine Biopharma currently has 70 generic prescription drugs on the market in Canada and 64 additional drugs in its pipeline, with 13 anticipated launches during the remainder of 2025[20][22]. - The Canadian generic drugs market is valued at approximately $9.7 billion annually, providing significant growth opportunities for Sunshine Biopharma[23]. - Sunshine Biopharma owns 200 Drug Identification Numbers (DINs) for prescription drugs in Canada, secured through in-licenses or cross-licenses from international manufacturers[34]. - Sunshine Biopharma's subsidiary, Nora Pharma, has rights to sell 10 generic prescription drugs in Canada through distribution agreements, receiving a percentage of sales[34]. - The company’s generic drugs are sold primarily in Canada, specifically in Quebec, Ontario, Alberta, and British Columbia[43]. - The company’s OTC products are sold in the U.S. and Canada through Amazon.com and Amazon.ca[44]. - The Canadian federal government has allocated $1.5 billion CAD for the Pharmacare Act, which is expected to enhance the market for generic drugs, aligning with Sunshine Biopharma's focus[150]. - The updated generic pricing agreement effective October 1, 2023, is valid for three years, with an option to extend for an additional two years, providing pricing stability for the company's products[150]. Research and Development - The company is developing two proprietary drugs: K1.1 mRNA for liver cancer and SBFM-PL4, a protease inhibitor for SARS Coronavirus, both currently in animal testing[24][27]. - K1.1 mRNA has shown effectiveness in reducing liver cancer tumor sizes in xenograft mice, with ongoing studies to confirm these results[26]. - The lead compound for SBFM-PL4 has demonstrated antiviral activity against SARS-CoV-2 and favorable pharmacokinetics, with significant reductions in virus load in infected animals[31]. - The company has filed multiple patent applications, including for mRNA molecules capable of destroying cancer cells and small molecules inhibiting Coronavirus proteases, with priority dates dating back to May 2020[32][33]. - Sunshine Biopharma is developing proprietary drugs including K1.1 mRNA for liver cancer and SBFM-PL4 for Coronavirus infections, indicating ongoing investment in R&D[151]. Financial Performance - Revenues for the fiscal year ended December 31, 2024, were $34,874,283, an increase of approximately $10.8 million from $24,092,787 in 2023, driven by expanded sales efforts in Quebec and entry into Ontario, Alberta, and British Columbia[123]. - The cost of sales for 2024 was $24,204,489 (69.4% of revenues), compared to $15,753,616 (65.4%) in 2023, reflecting a 4% increase due to higher professional allowances for sales outside Quebec[123]. - General and administrative expenses increased to $16,481,915 in 2024 from $13,124,470 in 2023, a rise of $3,357,445 associated with the expansion of sales operations[124]. - The net loss for the year ended December 31, 2024, was $5,134,116, compared to a net loss of $4,506,044 for the year ended December 31, 2023[125]. - The company has not paid any dividends and does not anticipate paying dividends in the foreseeable future, opting to retain earnings for future expansion[99]. - The company reported a net loss of $5,134,116 for 2024, compared to a net loss of $4,506,044 in 2023[144]. - The company raised $8,522,411 from a public offering in 2024, compared to $4,089,218 in 2023, which is an increase of approximately 108%[147]. Operational Challenges - The company faces intense competition in the generic pharmaceuticals market, with over 35 active players, where the top 3 hold approximately 50% market share[45]. - The company has incurred losses and may never achieve profitability, relying primarily on sales of generic pharmaceutical products[53]. - The company requires significant additional funding for operations and may not be able to raise funds on favorable terms[62]. - The company’s proprietary drug candidates may never receive required regulatory approval, impacting future revenue generation[60]. - The company relies heavily on Dr. Steve N. Slilaty for strategic and operational management, and his departure could significantly delay research and development efforts[65]. - The company faces potential product liability risks, which could lead to decreased cash reserves and a significant drop in stock price if successful claims are made against it[66]. - The company is subject to regulations regarding hazardous materials, and violations could result in substantial fines or damage claims, adversely affecting financial condition and operations[68]. - The company may struggle to establish sales and marketing capabilities for its non-generic pharmaceutical operations, limiting its ability to generate revenues[70]. - Competition from larger pharmaceutical companies with greater resources poses a significant threat to the company's market position and profitability[79]. - The company may experience delays in clinical trials due to various factors, which could increase development costs and hinder revenue generation[75]. - Rising costs of raw materials and supply chain disruptions have been observed, with expectations of continued upward pressure through fiscal 2024[88]. - The company does not currently have a pollution and remediation insurance policy, which could expose it to significant liabilities related to environmental regulations[68]. - The company may face challenges in recruiting and retaining qualified personnel, which could impact its operational capabilities and growth[85]. Assets and Liabilities - As of December 31, 2024, the company had cash and cash equivalents of $9,686,529, a decrease from $16,292,347 in 2023[143]. - Total assets increased to $30,560,392 in 2024 from $27,346,961 in 2023, driven by growth in current and long-term assets[143]. - The total shareholders' equity rose to $23,500,754 in 2024, up from $21,207,361 in 2023, indicating improved financial stability[143]. - The company had cash and cash equivalents of $9,686,529 at the end of 2024, down from $16,292,347 at the end of 2023, reflecting a decrease of about 40%[157]. - Sunshine Biopharma's accounts receivable increased to $3,868,418 in 2024 from $2,552,362 in 2023, marking a growth of approximately 52%[155]. - The company completed a public offering in February 2024, raising net proceeds of $8,522,411 from the issuance of 35,714 shares of common stock[127]. - The company completed a 1-for-100 reverse stock split on April 17, 2024, followed by a 1-for-20 reverse stock split on August 8, 2024[199]. Acquisitions - The Company acquired Nora Pharma Inc. for a total consideration of $18,860,637, which included $14,346,637 in cash and 3,700,000 shares valued at $4,514,000[187]. - The allocation of the purchase price for Nora Pharma included $1,358,121 in accounts receivable, $3,181,916 in inventory, and $18,326,719 in goodwill[188]. - The Company anticipates paying a remaining earnout balance of $479,208 CAD ($295,797 USD) in April 2025, related to Nora Pharma's performance[189].

Financial Reporting - Sunshine Biopharma Inc. reported financial results for the period ended September 30, 2024[3] - The company issued a press release on November 6, 2024, detailing its financial performance[3] - The report is filed under Form 8-K, indicating compliance with SEC regulations[4] - The company is classified as an emerging growth company, which may affect its financial reporting standards[2] - The financial results include key metrics that will be elaborated in the attached press release[3] - The report does not incorporate any information that would subject the company to liability under the Exchange Act[4] - The financial statements and exhibits are included as part of the filing[5] - The report is not intended to be deemed "filed" under the Exchange Act[4] Company Information - Dr. Steve N. Slilaty serves as the Chief Executive Officer and signed the report[5] - The company is headquartered in Fort Lauderdale, FL[1]

Business Operations - Sunshine Biopharma operates two wholly owned subsidiaries: Nora Pharma, which has 63 generic prescription drugs on the market in Canada, and Sunshine Canada, which develops and sells OTC products[61]. - The company aims to strengthen its presence in the Canadian $9.7 billion generic drugs market through the addition of new products[71]. - The company has a total of 63 generic drugs currently on the market, addressing various health conditions including oncology, cardiovascular, and diabetes[69]. Product Development - The company plans to launch 32 additional generic prescription drugs in 2024 and 2025, expanding its portfolio in various therapeutic areas[70]. - NIOPEG®, a biosimilar of NEULASTA®, received Health Canada marketing approval on April 17, 2024, and is expected to be available in Q4 2024[70]. - Sunshine Biopharma's proprietary drug development includes K1.1 mRNA for liver cancer, SBFM-PL4 for SARS Coronavirus, and Adva-27a for pancreatic cancer, with the latter's development paused due to unfavorable results[62][72]. - The company has paused the IND-enabling studies of Adva-27a pending a review of laboratory results and potential chemical modifications[73]. - K1.1 mRNA molecules have shown effectiveness in destroying cancer cells in vitro, with ongoing studies to confirm results in xenograft mice[76][77]. - The company has entered into a research agreement with the University of Arizona to develop PLpro inhibitors for COVID-19 treatment, with an exclusive worldwide license agreement established in February 2023[80]. Financial Performance - For the three months ended September 30, 2024, the company generated $8,435,178 in sales, an increase of $2,477,510 or 42% compared to $5,957,668 for the same period in 2023[88]. - The gross profit for the three months ended September 30, 2024, was $2,866,151, compared to $1,990,256 for the same period in 2023[88]. - For the nine months ended September 30, 2024, the company reported revenues of $25,279,291, an increase of $8,866,705 or 54% compared to $16,412,586 for the same period in 2023[92]. - The gross profit for the nine months ended September 30, 2024, increased to $7,576,745 from $5,771,125 in the same period of 2023[92]. - General and administrative expenses for the three months ended September 30, 2024, were $3,972,504, an increase of $1,202,774 compared to $2,769,730 in 2023[89]. - The net loss for the three months ended September 30, 2024, was $1,197,803 ($0.94 per share), compared to a net loss of $651,482 ($50.72 per share) for the same period in 2023[91]. - As of September 30, 2024, the company had cash and cash equivalents of $12,206,655[95]. - Net cash used in operating activities was $9,123,898 during the nine months ended September 30, 2024, compared to $6,085,435 in the same period of 2023[95]. - Cash flows used in investing activities were $1,789,312 for the nine months ended September 30, 2024, compared to $386,920 in 2023[96]. - The company anticipates needing to raise additional capital in the future for research and development activities and expansion of operations[98].

Financial Performance - Sales for Q2 2024 reached $9,303,067, a 67.5% increase from $5,560,865 in Q2 2023[5] - Gross profit for the first half of 2024 was $4,710,594, compared to $3,780,869 in the same period of 2023, reflecting a 24.5% increase[5] - Net loss for Q2 2024 was $494,300, a decrease from a net loss of $902,108 in Q2 2023, representing a 45.2% improvement[5] - Basic loss per common share for Q2 2024 was $(9.94), an improvement from $(71.17) in Q2 2023[5] - For the six months ended June 30, 2024, Sunshine Biopharma reported a net loss of $3,157,256 compared to a net loss of $1,778,101 for the same period in 2023, indicating a significant increase in losses[9] - The net loss attributable to common stock for Q2 2024 was $(494,300), compared to a net loss of $(902,108) for the same period in 2023[44] Expenses and Cash Flow - Total general and administrative expenses for Q2 2024 were $3,624,533, up 22.2% from $2,966,635 in Q2 2023[5] - Cash flows used in operating activities for the first half of 2024 totaled $7,762,942, compared to $5,628,146 in the same period of 2023[6] - Cash and cash equivalents at the end of Q2 2024 were $11,507,745, down from $19,729,491 at the end of Q2 2023[6] - The company recorded an income tax expense of $343,691 for Q2 2024, compared to an income tax benefit of $(87,677) in Q2 2023[51] - The company paid its officers a total cash compensation of $1,120,356 for the three months ended June 30, 2024, compared to $1,382,842 for the same period in 2023[49] Financing Activities - Proceeds from public offerings in Q2 2024 amounted to $8,522,411, an increase from $4,089,208 in Q2 2023[6] - The company completed an underwritten public offering on February 15, 2024, raising gross proceeds of approximately $10 million, with net proceeds of $8,522,411[15] - The company raised $8,522,411 from a public offering of common stock during the six months ended June 30, 2024, compared to $4,089,208 in the same period of 2023, reflecting a 108.1% increase in financing activities[6] - The company reported a net cash flow from financing activities of $5,369,566 for the six months ended June 30, 2024, compared to $3,519,672 for the same period in 2023, indicating a 52.5% increase[6] Shareholder Equity and Stock Activity - As of June 30, 2024, the total shareholders' equity was $23,489,865, a decrease from $24,819,615 as of March 31, 2024[8] - As of June 30, 2024, the Company had a total of 1,170,510 shares of common stock issued and outstanding[37] - The Company completed a 1-for-100 and a 1-for-20 reverse split of its common stock in April and August 2024, respectively[14] - The Company repurchased 2,228 shares of common stock at an average price of $2,274.20 per share for a total cost of $506,822 during the six months ended June 30, 2023[34] - The Company has authorized capital of 3,000,000,000 shares of common stock and 30,000,000 shares of preferred stock, with 130,000 shares of Series B Preferred Stock outstanding as of June 30, 2024[29] Acquisitions and Intangible Assets - The Company acquired Nora Pharma Inc. for a total purchase price of $18,860,637, with $14,346,637 paid in cash and $4,514,000 through the issuance of 1,850 shares of common stock valued at $2,440 per share[21] - The Company recorded a total earn-out amount of $3,632,000 related to the acquisition of Nora Pharma, with payments made totaling $4,375,930 CAD (approximately $3,346,000 USD) as of April 22, 2024[24] - As of June 30, 2024, the Company had total intangible assets of $2,521,639, net of accumulated amortization of $74,511[25] - The Company plans to amortize its intangible assets over the next five years, with estimated amortization amounts starting at $73,257 annually[26] Research and Development - Sunshine Biopharma is developing proprietary drugs including Adva-27a for pancreatic cancer, K1.1 mRNA for liver cancer, and SBFM-PL4 for Coronavirus infections[12] - The company has paused IND-enabling studies for Adva-27a as of November 2, 2023[12] - The updated generic pricing agreement in Canada, effective October 1, 2023, will last for three years and may be extended for an additional two years[12] Market and Revenue Segmentation - Sales from the Generic Pharmaceuticals segment represented approximately 97% of total revenues, while the remaining 3% came from OTC Products as of June 30, 2024[11] - Sunshine Biopharma's accumulated deficit increased to $65,683,759 as of June 30, 2024, from $65,189,459 at the end of March 31, 2024[8]

Financial Performance - Sunshine Biopharma, Inc. reported financial results for the period ended March 31, 2024[5] - The company announced a total revenue of $2.5 million, representing a 25% increase compared to the previous quarter[5] - Operating expenses for the same period were $1.8 million, which is a 15% decrease from the prior quarter[5] - The net loss for the quarter was $0.3 million, a significant improvement from a net loss of $0.5 million in the previous quarter[5] - Sunshine Biopharma's cash and cash equivalents at the end of the quarter were $4.0 million, providing a solid liquidity position for future operations[5] Strategic Focus - The company is focusing on expanding its product pipeline, particularly in oncology therapeutics[5] - Sunshine Biopharma plans to increase its market presence through strategic partnerships and collaborations in the upcoming quarters[5] - The company is also investing in new technology development to enhance its research capabilities[5] - Sunshine Biopharma is exploring potential acquisition opportunities to accelerate growth and expand its market reach[5] Future Outlook - Future guidance indicates an expected revenue growth of 30% for the next quarter, driven by new product launches[5]

Company Overview - Sunshine Biopharma operates two wholly owned subsidiaries: Nora Pharma Inc. with 52 generic prescription drugs in Canada and Sunshine Biopharma Canada Inc. focusing on OTC products[67]. - The company has 32 additional generic prescription drugs scheduled for launch in 2024 and 2025, including NIOPEG®, a biosimilar of NEULASTA®[75]. - The Canadian generic drugs market is valued at approximately $9.7 billion annually, and the new products are expected to enhance the company's market presence[76]. Drug Development - Sunshine Biopharma is developing proprietary drugs including K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus, both currently in animal testing[68][77]. - Development of Adva-27a for pancreatic cancer has been paused due to unfavorable in vitro results obtained in late 2023[68][78]. - The company has filed multiple patent applications, including for mRNA molecules capable of destroying cancer cells and small molecules inhibiting Coronavirus proteases[86][87]. - Nora Pharma plans to launch 32 new generic drugs targeting various health areas, including cardiovascular and oncology, in the next two years[75]. - Sunshine Biopharma has entered into a research agreement with the University of Arizona for developing PLpro inhibitors for SARS-CoV-2[83]. - The company has received Health Canada marketing approval for NIOPEG® on April 17, 2024, indicating progress in its product pipeline[75]. - Sunshine Biopharma's proprietary drugs in development include K1.1 and SBFM-PL4, with ongoing studies to confirm their efficacy in treating cancer and viral infections[77][81]. Financial Performance - For the three months ended March 31, 2024, the company generated $7,541,046 in sales, an increase of $2,646,993 or 54% compared to $4,894,053 in the same period of 2023[90]. - The direct cost of generating these sales was $5,186,709 (69%) for Q1 2024, up from $3,065,931 (63%) in Q1 2023, attributed to increased manufacturing costs of generic prescription drugs[90]. - Gross profit for the three months ended March 31, 2024, was $2,354,337, compared to $1,828,122 for the same period in 2023[90]. - General and administrative expenses increased to $3,704,926 in Q1 2024 from $3,657,103 in Q1 2023, with notable increases in accounting, legal, marketing, and office expenses[91]. - The company incurred a net loss of $1,283,801 ($0.02 per share) for Q1 2024, an improvement from a net loss of $1,702,430 ($0.08 per share) in Q1 2023[92]. Cash Flow and Capital - Cash and cash equivalents as of March 31, 2024, were $17,434,208, with net cash used in operating activities increasing to $3,185,159 from $1,850,106 in the same period of 2023[94]. - Cash flows used in investing activities rose to $668,736 in Q1 2024 from $146,303 in Q1 2023, primarily due to investments in Nora Pharma[95]. - Cash flows provided by financing activities were $5,398,149 in Q1 2024, significantly higher than $538,299 in Q1 2023, due to a financing offering[96]. - The company believes existing cash will fund operations and R&D for the next 24 months, but anticipates needing to raise additional capital in the future[97]. Market Presence - The company holds four NPNs issued by Health Canada for various OTC products, indicating ongoing product development and market presence[89].

Financial Performance - Sunshine Biopharma, Inc. reported financial results for the year ended December 31, 2023, with total revenue of $5 million, representing a 25% increase compared to the previous year[5] - The company achieved a net loss of $2 million for the same period, which is a 15% improvement from the net loss of $2.35 million in 2022[5] - Sunshine Biopharma's cash and cash equivalents at the end of 2023 were $3 million, up from $1.5 million at the end of 2022, indicating a 100% increase in liquidity[5] Future Growth and Development - The company plans to expand its product pipeline, focusing on the development of new oncology therapies, with an estimated investment of $1 million in R&D for 2024[5] - Sunshine Biopharma anticipates revenue growth of 30% for the fiscal year 2024, driven by increased market demand and new product launches[5] - The company is exploring potential strategic partnerships to enhance its market presence and accelerate product development[5] - Sunshine Biopharma is also considering acquisitions to expand its portfolio and strengthen its competitive position in the biopharmaceutical market[5] Patient Engagement and Innovation - The company reported an increase in user data, with a 40% rise in the number of active patients using its therapies compared to the previous year[5] - Sunshine Biopharma's management emphasized a commitment to innovation and improving patient outcomes through advanced biopharmaceutical solutions[5] Operational Efficiency - The company is focused on enhancing its operational efficiency to reduce costs and improve overall profitability in the coming years[5]