Sunshine Biopharma, Inc. (SBFM) Bundle
A Brief History of Sunshine Biopharma Inc.
Foundation and Initial Growth
Sunshine Biopharma Inc. was founded in 2006, focusing on the development of generic pharmaceuticals and other healthcare products. The company began its journey by establishing a strong foothold in the Canadian market, securing several licenses to manufacture generic drugs.
Acquisition of Nora Pharma
In October 2022, Sunshine Biopharma acquired Nora Pharma, enhancing its product portfolio with 152 Drug Identification Numbers (DINs) issued by Health Canada for prescription drugs. This acquisition was valued at approximately $4,514,000, reflecting a significant investment in expanding its operational capabilities.
Financial Performance
As of September 30, 2024, Sunshine Biopharma reported revenues of $25,279,291 for the nine months ended September 30, 2024, a 54% increase from $16,412,586 during the same period in 2023. Gross profit also increased to $7,576,745, up from $5,771,125 year-over-year.
| Metric | 2024 (9 months) | 2023 (9 months) |
|---|---|---|
| Revenue | $25,279,291 | $16,412,586 |
| Gross Profit | $7,576,745 | $5,771,125 |
| Net Loss | $2,975,904 ($13.61 per share) | $3,256,020 ($265.71 per share) |
Operational Challenges
Despite the revenue growth, Sunshine Biopharma faced operational challenges, reporting a net loss of $2,975,904 for the nine months ended September 30, 2024, compared to a loss of $3,256,020 in the prior year. Increased general and administrative expenses were noted, rising from $9,369,203 in 2023 to $11,351,144 in 2024.
Recent Developments
In 2024, Sunshine Biopharma executed significant financial maneuvers, including a public offering completed on February 15, 2024, which raised approximately $10 million in gross proceeds. The company also underwent reverse stock splits in April and August 2024, adjusting its capital structure.
| Event | Date | Details |
|---|---|---|
| Acquisition of Nora Pharma | October 2022 | Valued at $4,514,000 |
| Public Offering | February 15, 2024 | Gross proceeds of approx. $10 million |
| Reverse Stock Split | April 17, 2024 | 1-for-100 split executed |
| Reverse Stock Split | August 8, 2024 | 1-for-20 split executed |
Liquidity Position
As of September 30, 2024, Sunshine Biopharma reported cash and cash equivalents of $12,206,655, down from $18,846,140 a year prior. This decline reflects the operational cash flows used in various activities, including inventory expansion.
Future Outlook
Looking ahead, Sunshine Biopharma aims to continue its growth trajectory through strategic marketing and sales efforts, particularly via its subsidiary, Nora Pharma. The company anticipates needing to raise additional capital for research and development as well as further operational expansion.
A Who Owns Sunshine Biopharma, Inc. (SBFM)
Current Ownership Structure
As of September 30, 2024, Sunshine Biopharma, Inc. (SBFM) has the following ownership structure:
| Type of Share | Shares Issued | Par Value | Capital Paid in Excess of Par | Accumulated Deficit | Total Shareholders' Equity |
|---|---|---|---|---|---|
| Common Stock | 1,999,660 | $0.001 | $91,737,284 | $(66,881,562) | $25,039,312 |
| Preferred Stock, Series B | 130,000 | $0.10 | N/A | N/A | N/A |
Major Shareholders
The significant shareholders of Sunshine Biopharma, Inc. as of 2024 include:
- Advanomics Corporation - A company controlled by the CEO, holding a substantial portion of common shares.
- Institutional Investors - Various institutional investors have acquired shares during public offerings.
- Individual Investors - A mix of individual shareholders, including retail investors.
Financial Performance Indicators
Sunshine Biopharma reported the following financial metrics for the nine months ended September 30, 2024:
| Metric | Value |
|---|---|
| Total Revenues | $25,279,291 |
| Net Loss | $(2,975,904) |
| Net Loss per Share | $(13.61) |
| Gross Profit | $7,576,745 |
| General & Administrative Expenses | $11,351,144 |
| Cash and Cash Equivalents | $12,206,655 |
Recent Financing Activities
In February 2024, Sunshine Biopharma completed a financing event raising approximately $10 million, which has significantly influenced its equity position:
| Financing Event | Amount Raised |
|---|---|
| Public Offering | $8,522,411 |
| Warrants Exercised | $1,940,610 |
| Treasury Stock Purchase | $(3,139,651) |
Ownership Evolution
Sunshine Biopharma has seen changes in ownership structure due to various financing activities, including:
- Common Stock Issuance - Increased from 12,839 shares in 2023 to 1,999,660 shares in 2024.
- Preferred Stock Issuance - Increased from 10,000 shares in 2023 to 130,000 shares in 2024.
Conclusion on Ownership Dynamics
The ownership dynamics of Sunshine Biopharma, Inc. reflect a mix of institutional and individual investors, with significant influence from management and strategic financing efforts. The company continues to focus on expanding its market presence while managing its financial health amid operational challenges.
Sunshine Biopharma, Inc. (SBFM) Mission Statement
Company Overview
Sunshine Biopharma, Inc. is a pharmaceutical company focused on the development and commercialization of life-saving medicines across various therapeutic areas, including oncology and antiviral treatments. The company operates through its wholly-owned subsidiaries, Nora Pharma Inc. and Sunshine Biopharma Canada Inc., which offer a range of generic prescription medications and over-the-counter products.
Mission Statement
As of 2024, Sunshine Biopharma's mission statement emphasizes its commitment to "developing innovative pharmaceutical products that improve patient outcomes and quality of life." This mission underpins its strategic initiatives in drug development and market expansion.
Key Financial Metrics
Sunshine Biopharma's financial performance highlights its growth trajectory and operational challenges:
| Metric | 2024 (9 months) | 2023 (9 months) | Change (%) |
|---|---|---|---|
| Revenue | $25,279,291 | $16,412,586 | 54% |
| Gross Profit | $7,576,745 | $5,771,125 | 31.2% |
| General & Administrative Expenses | $11,351,144 | $9,369,203 | 21.1% |
| Net Loss | ($2,975,904) | ($3,256,020) | 8.6% |
| Loss Per Share | ($13.61) | ($265.71) | 94.9% |
Operational Highlights
Sunshine Biopharma is actively involved in the development of proprietary drug candidates, including:
- K1.1 mRNA for liver cancer
- SBFM-PL4, a PLpro protease inhibitor for SARS Coronavirus
- Adva-27a for pancreatic cancer
The company has expanded its product portfolio through its subsidiary, Nora Pharma, which now holds 152 Drug Identification Numbers (DINs) for prescription drugs in Canada, reflecting its operational capabilities in the pharmaceutical market.
Financial Position
As of September 30, 2024, Sunshine Biopharma reported the following financial position:
| Assets | Amount |
|---|---|
| Total Assets | $30,056,816 |
| Current Assets | $25,981,863 |
| Cash and Cash Equivalents | $12,206,655 |
| Inventory | $9,820,730 |
| Liabilities | Amount |
|---|---|
| Total Liabilities | $5,017,504 |
| Current Liabilities | $4,528,477 |
Market Strategy
Sunshine Biopharma's growth strategy involves expanding its marketing and sales efforts through its subsidiary, Nora Pharma. The increase in revenue is attributed to enhanced market penetration and product availability.
Future Outlook
The company anticipates continued investments in research and development, with a focus on launching innovative pharmaceutical products. Sunshine Biopharma aims to secure additional capital to support its operational and developmental goals as it navigates industry challenges and opportunities.
How Sunshine Biopharma, Inc. (SBFM) Works
Company Overview
Sunshine Biopharma, Inc. operates primarily through its wholly owned subsidiary, Nora Pharma, which focuses on the development, manufacture, and sale of generic pharmaceuticals and over-the-counter (OTC) products in Canada. Sunshine Biopharma is classified into two segments: Prescription Generic Pharmaceuticals and Nonprescription OTC Products.
Financial Performance
As of September 30, 2024, Sunshine Biopharma reported the following financial metrics:
| Metric | 2024 (9 Months) | 2023 (9 Months) |
|---|---|---|
| Revenue | $25,279,291 | $16,412,586 |
| Gross Profit | $7,576,745 | $5,771,125 |
| Net Loss | $2,975,904 | $3,256,020 |
| Loss Per Share | $13.61 | $265.71 |
| Cash and Cash Equivalents | $12,206,655 | $16,292,347 |
| Accounts Receivable | $3,218,682 | $2,552,362 |
| Inventory | $9,820,730 | $5,734,755 |
Revenue Sources
Sales from the Prescription Generic Pharmaceuticals segment accounted for approximately 97% of total revenues in 2024, while the remaining 3% came from OTC products. The increase in revenue is attributed to enhanced marketing and sales efforts by Nora Pharma.
Cost Structure
The direct costs related to revenue generation for the nine months ended September 30, 2024, were $17,702,546, which is 70% of total revenue. This compares to $10,641,461 (65% of revenue) for the same period in 2023.
Expenses
General and administrative expenses for the nine months ended September 30, 2024, were $11,351,144, an increase from $9,369,203 in 2023. The breakdown of expenses includes:
| Expense Category | 2024 Amount | 2023 Amount |
|---|---|---|
| Accounting | $565,172 | $301,381 |
| Consulting | $576,481 | $745,850 |
| Legal | $563,745 | $392,874 |
| Marketing | $737,116 | $502,987 |
| Salaries | $5,183,738 | $4,344,801 |
| R&D | $784,630 | $1,039,502 |
Liquidity and Capital Resources
As of September 30, 2024, Sunshine Biopharma had cash and cash equivalents of $12,206,655. The company incurred net cash used in operating activities of $9,123,898 during the nine months ended September 30, 2024.
Stock Performance and Capital Structure
As of September 30, 2024, the total number of issued and outstanding common shares was 1,999,660. The company has not declared any dividends since its inception.
Research and Development
Sunshine Biopharma is engaged in the development of proprietary drugs, including Adva-27a, a small chemotherapy molecule for pancreatic cancer. The company is also exploring the development of an injectable drug candidate for treating Coronavirus infections.
Market Position and Future Outlook
The company operates in a highly regulated environment, with prices for generic drugs largely influenced by governmental policies in Canada. Recent negotiations have resulted in updated generic pricing effective from October 1, 2023, which will remain valid for three years. The company anticipates needing additional capital for future research and development activities.
Conclusion
The company's financial health reflects growth in sales and a strategic focus on expanding its generic pharmaceuticals portfolio, although it continues to face operational losses and cost management challenges.
How Sunshine Biopharma, Inc. (SBFM) Makes Money
Business Operations
Business Operations
Sunshine Biopharma operates primarily through its wholly owned subsidiary, Nora Pharma, which offers a portfolio of generic prescription drugs in Canada. As of September 30, 2024, the company held 152 Drug Identification Numbers (DINs) issued by Health Canada for prescription drugs, and four Natural Product Numbers (NPNs) for over-the-counter products. The revenue model is largely driven by the sales of these pharmaceuticals, which accounted for approximately 97% of total revenue, with over-the-counter (OTC) products contributing the remaining 3% .
Revenue Generation
For the nine months ended September 30, 2024, Sunshine Biopharma reported revenues of $25,279,291, marking a 54% increase from $16,412,586 in the same period of 2023. This growth is attributed to expanded marketing and sales efforts by Nora Pharma. Moreover, during the third quarter of 2024, the company generated $8,435,178 in sales, up from $5,957,668 in the same quarter the previous year.
Cost of Sales
The direct costs associated with generating these revenues were $17,702,546 for the nine months ended September 30, 2024, which constitutes 70% of total revenue. The cost of sales for the third quarter was $5,569,027, resulting in a gross profit of $2,866,151 for that period.
General and Administrative Expenses
General and administrative expenses for the nine-month period ending on September 30, 2024, rose to $11,351,144, compared to $9,369,203 in 2023. Key components of these expenses included:
- Accounting: $565,172
- Consulting: $576,481
- Marketing: $737,116
- Salaries: $5,183,738
Loss from Operations
Despite revenue growth, Sunshine Biopharma incurred a loss from operations totaling $3,774,399 for the nine-month period ending September 30, 2024. The net loss for the same period was $2,975,904, translating to a loss per share of $13.61.
Interest Income
Interest income for the nine months ended September 30, 2024, was $396,453, down from $517,163 in 2023 due to reduced cash on hand.
Liquidity Position
As of September 30, 2024, Sunshine Biopharma reported cash and cash equivalents of $12,206,655. The company is not generating sufficient revenues to fully implement its business plan and anticipates needing to raise additional capital for future operations.
Table of Financial Performance
| Period | Revenue | Cost of Sales | Gross Profit | General & Administrative Expenses | Loss from Operations | Net Loss | Cash & Cash Equivalents |
|---|---|---|---|---|---|---|---|
| Q3 2024 | $8,435,178 | $5,569,027 | $2,866,151 | $3,972,504 | ($1,106,353) | ($1,197,803) | $12,206,655 |
| Q3 2023 | $5,957,668 | $3,967,412 | $1,990,256 | $2,769,730 | ($779,474) | ($651,482) | $18,846,140 |
| 9M 2024 | $25,279,291 | $17,702,546 | $7,576,745 | $11,351,144 | ($3,774,399) | ($2,975,904) | $12,206,655 |
| 9M 2023 | $16,412,586 | $10,641,461 | $5,771,125 | $9,369,203 | ($3,598,078) | ($3,256,020) | $18,846,140 |
Future Outlook
Sunshine Biopharma is actively engaged in the development of proprietary drugs, including a small chemotherapy molecule for pancreatic cancer and a PLpro inhibitor targeting SARS-CoV2. The success of these programs is expected to influence future revenue streams.
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Resources:
- Sunshine Biopharma, Inc. (SBFM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Sunshine Biopharma, Inc. (SBFM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Sunshine Biopharma, Inc. (SBFM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.