SBFMMEDIUM SIGNALOPERATIONAL10-K

Sunshine Biopharma substantially improved operating cash flow while expanding its drug portfolio and securing key patent approvals for coronavirus protease inhibitors.

The company's operating cash flow improved meaningfully from -$12.5M to -$5.3M, suggesting better operational efficiency despite persistent losses. The USPTO Notice of Allowance for their coronavirus protease inhibitor patent and expansion from 70 to 71 marketed drugs indicates potential future revenue diversification, though the company remains in a cash-burning phase typical of biotech operations.

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

SBFM showed mixed but generally improving operational metrics, with gross profit growing 14.9% to $12.3M and operating cash flow burn substantially reduced. The company cut R&D spending by 35% and dramatically reduced capital expenditures from $1.7M to $174K, suggesting a focus on cash preservation. While net losses widened slightly to -$6.0M, the overall financial picture indicates improved cash management and operational discipline during a challenging period for biotech companies.

FINANCIAL STATEMENT CHANGES
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.
On December 23, 2025, we received a Notice of Allowance from the USPTO for our PCT patent application.
Full patents are typically issued by the USPTO 4 to 8 weeks following the issuance of the Notice of Allowance and payment of the issue fees.
Additional research results on our lead compound have recently been submitted for publication in the Journal of Medicinal Chemistry and the research article has been peer-reviewed and is currently in press.
Our patent application, entitled Inhibitors of Coronavirus Protease , covers composition subject matter pertaining to small molecules for inhibition of the main Coronavirus protease, Mpro, an enzyme that is essential for viral replication.
On December 23, 2025, we received a Notice of Allowance from the USPTO for our PCT patent application.
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.
Our patent application covers composition subject matter pertaining to small molecules for inhibition of the main Coronavirus protease, Mpro, an enzyme that is essential for viral replication.
In the case of Nora Pharma s products, Nora Pharma secures cross-licenses from supply partners holding NOC s and in turn applies to Health Canada to obtain DIN s issued in Nora Pharma s name in order to commercialize in Canada.
in order to obtain approval of the FDA to offer our products for sale when ready.
Our personnel, together with outside consultants develop and place ads on various media platforms and manage our accounts with Amazon.
Competition According to Research and Markets , the Canadian generic pharmaceuticals market was valued at approximately $9.7 billion USD in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.9%, reaching $19.2 billion USD by the end of 2032.
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