Sunshine Biopharma(SBFM) - 2024 Q3 - Quarterly Report

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].