SBFMHIGH SIGNALFINANCIAL10-K

SBFM executed a major equity raise generating $19.8M in cash while significantly reducing R&D spending and capital expenditures amid continued substantial losses.

The dramatic 967% increase in cash position indicates a successful but likely dilutive capital raise, as evidenced by the 81% increase in outstanding shares from 2.7M to 4.9M. While this provides near-term liquidity relief, the simultaneous 35% cut in R&D spending for a biopharma company suggests potential cost-cutting pressures that could impact future drug development capabilities.

Comparing 2026-04-03 vs 2025-04-01View on EDGAR →
FINANCIAL ANALYSIS

The company's financial profile shows mixed signals with cash increasing dramatically to $21.8M while losses deepened to -$6.0M and R&D spending was slashed by 35%. Positive developments include 15% gross profit growth and 58% improvement in operating cash flow burn, but these are overshadowed by rising interest expenses and reduced investment in core R&D activities. The 90% reduction in capital expenditures alongside the R&D cuts suggests the company is prioritizing cash preservation over growth investments despite the successful fundraising.

FINANCIAL STATEMENT CHANGES
Cash & Equivalents
Balance Sheet
+967.2%
$2.0M→$21.8M

Cash position surged 967.2% — strong cash generation or capital raise providing significant financial cushion.

Interest Expense
P&L
+248.4%
$39K→$137K

Interest expense surged 248.4% — significant debt increase or rising rates materially impacting earnings.

Capital Expenditure
Cash Flow
-89.5%
$1.7M→$174K

Capex reduced 89.5% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Operating Cash Flow
Cash Flow
+57.5%
-$12.5M→-$5.3M

Operating cash flow surged 57.5% — exceptional cash generation, highest quality earnings signal.

R&D Expense
P&L
-35.3%
$934K→$604K

R&D spending cut 35.3% — could signal cost discipline or concerning reduction in innovation investment.

Inventory
Balance Sheet
+19.5%
$11.3M→$13.5M

Inventory built 19.5% — monitor whether demand supports this build or if write-downs may follow.

Net Income
P&L
-16.4%
-$5.1M→-$6.0M

Net income declined 16.4% — review whether driven by operations, interest costs, or non-recurring items.

Gross Profit
P&L
+14.9%
$10.7M→$12.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Accounts Receivable
Balance Sheet
-10.6%
$3.9M→$3.5M

Receivables declined — improved collection efficiency or conservative revenue recognition.

LANGUAGE CHANGES
NEW — 2026-04-03
PRIOR — 2025-04-01
ADDED
As of April 2, 2026, the Registrant had 4,905,945 shares of common stock, par value $0.001 issued and outstanding.
Exhibits, Financial Statement Schedules 57 Signatures 59 i DEFINED TERMS Unless the context requires otherwise, references to Sunshine, the Company, we, us or our in this Form 10-K refer to Sunshine Biopharma Inc.
All applicable references in this report refer to US Dollars unless otherwise specifically stated.
In addition to the 71 drugs currently on the market, we have 22 additional drugs in our pipeline including 12 we anticipate launching during the remainder of 2026.
Our provisional patent application, entitled Inhibitors of Coronavirus Protease , was converted into a PCT patent application on April 30, 2021.
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REMOVED
As of April 1, 2025, the Registrant had 2,707,541 shares of common stock, par value $0.001 issued and outstanding.
Exhibits, Financial Statement Schedules 53 Signatures 55 DEFINED TERMS Unless the context requires otherwise, references to Sunshine, the Company, we, us or our in this Form 10-K refer to Sunshine Biopharma Inc.
The following are definitions for terms or abbreviations used in this Form 10-K: ASC Accounting Standards Codification ANDS Abbreviated New Drug Submission ASU Accounting Standards Update issued by FASB CAD Canadian Dollar COSO Committee of Sponsoring Organizations of the Treadway Commission COVID-19 Novel coronavirus disease of 2019 CSF NIST Cybersecurity Framework DIN Drug Identification Number, an eight-digit number issued by Health Canada authorizing the sale of a drug in Canada EPS Earnings per share EUA Emergency Use Authorization FASB Financial Accounting Standards Board FDA U.S.
All applicable references in this report refer to US Dollars and not Canadian Dollars (CAD) unless otherwise specifically stated.
In addition to the 70 drugs currently on the market, we have 64 additional drugs in our pipeline including 13 we anticipate launching during the remainder of 2025.
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