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Sunshine Biopharma Inc. (SBFM-5.15%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Sunshine Biopharma's operations, including its pharmaceutical business and proprietary drug development program. The company operates through its subsidiaries, Nora Pharma Inc. and Sunshine Biopharma Canada Inc., focusing on generic drugs and over-the-counter supplements in Canada.
Sunshine Biopharma reported revenues of $34,874,283 for 2024, an increase from $24,092,787 in 2023. The revenue growth is attributed to expanded sales efforts and the introduction of new products by Nora Pharma.
The cost of sales for 2024 was $24,204,489, representing 69.4% of sales, compared to 65.4% in 2023. The increase is attributed to higher professional allowances outside Quebec.
General and administrative expenses rose to $16,481,915 in 2024 from $13,124,470 in 2023, primarily due to the expansion of Nora Pharma's operations.
Sunshine Biopharma reported a net loss of $5,134,116 for 2024, compared to a net loss of $4,506,044 in 2023.
The company is developing proprietary drugs, including K1.1 mRNA for liver cancer and SBFM-PL4 for SARS Coronavirus treatment, both in the animal testing stage.
Sunshine Biopharma's intellectual property portfolio includes patents related to its proprietary drugs and licenses for generic drugs in Canada.
The company acknowledges risks related to its generic pharmaceutical business, including competition, regulatory changes, and supply chain disruptions.
Sunshine Biopharma's management includes Dr. Steve N. Slilaty as CEO, with an employment agreement providing for a severance payment of $14 million if terminated without cause.
The company's common stock is listed on the Nasdaq Capital Market, and it faced compliance challenges with Nasdaq listing requirements in 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sunshine Biopharma Inc. annual 10-K report dated April 1, 2025. To report an error, please email earnings@qz.com.