Sunshine Biopharma Files 2025 Annual Report on Form 10-K

TL;DR

<b>Sunshine Biopharma Inc. has submitted its 2025 annual report (10-K) detailing its financial and operational performance.</b>

AI Summary

Sunshine Biopharma Inc. (SBFM) filed a Annual Report (10-K) with the SEC on April 3, 2026. Sunshine Biopharma Inc. filed its annual report for the fiscal year ending December 31, 2025. The filing is a Form 10-K, indicating a comprehensive overview of the company's financial and operational status. The report was accepted by the SEC on April 3, 2026. The company's mailing and business address is 333 Las Olas Way, Fort Lauderdale, FL 33301. Sunshine Biopharma Inc. operates within the Pharmaceutical Preparations industry (SIC 2834).

Why It Matters

For investors and stakeholders tracking Sunshine Biopharma Inc., this filing contains several important signals. This 10-K filing provides investors and stakeholders with crucial, up-to-date information on Sunshine Biopharma's financial health, strategic initiatives, and risk factors for the 2025 fiscal year. As a pharmaceutical preparations company, this report is essential for understanding the company's progress in drug development, regulatory compliance, and market positioning.

Risk Assessment

Risk Level: low — Sunshine Biopharma Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, specific negative financial or operational news, thus posing a low immediate risk based solely on this document type.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess Sunshine Biopharma's current financial health and future prospects.

Key Numbers

• 2025-12-31 — Period of Report (Fiscal Year End)
• 2026-04-03 — Filing Date (SEC Filing Date)
• 1079582 — iXBRL 10-K Size (FORM 10-K FOR DEC 2025)
• 86 — Documents (Total documents in submission)

Key Players & Entities

• Sunshine Biopharma Inc. (company) — Filer
• 2025-12-31 (date) — Period of Report
• 2026-04-03 (date) — Filing Date
• 333 LAS OLAS WAY CU4 SUITE 433 (location) — Mailing Address
• FORT LAUDERDALE (location) — Mailing Address
• FL 33301 (location) — Mailing Address
• 0001402328 (company) — CIK
• 2834 (industry) — SIC

FAQ

Industry Context

Sunshine Biopharma Inc. operates in the Pharmaceutical Preparations industry, focusing on the development and commercialization of drugs.

Regulatory Implications

As a pharmaceutical company, Sunshine Biopharma is subject to stringent regulatory oversight from bodies like the FDA regarding drug development, testing, and approval processes.

What Investors Should Do

1. Review the financial statements for revenue, expenses, and profitability.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Examine management's discussion and analysis for strategic insights and future outlook.

Key Dates

• 2025-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2026-04-03: Filing Date — Date the 10-K was officially filed with the SEC.

Year-Over-Year Comparison

This filing represents the company's annual performance review for the fiscal year 2025, following previous filings which would detail prior periods.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 Warrants SBFM SBFMW Nasdaq Capi
• $10.4 billion — strengthen our presence in the Canadian $10.4 billion a year generic drugs market ( IMARC Gro

Filing Documents

• sunshine_i10k-123125.htm (10-K) — 1054KB
• sunshine_ex2301.htm (EX-23.1) — 4KB
• sunshine_ex2302.htm (EX-23.2) — 4KB
• sunshine_ex3101.htm (EX-31.1) — 10KB
• sunshine_ex3102.htm (EX-31.2) — 10KB
• sunshine_ex3201.htm (EX-32.1) — 5KB
• image_001.jpg (GRAPHIC) — 6KB
• image_003.jpg (GRAPHIC) — 14KB
• bushheader.jpg (GRAPHIC) — 11KB
• image_002.jpg (GRAPHIC) — 7KB
• 0001683168-26-002644.txt (&nbsp;) — 5492KB
• sbfm-20251231.xsd (EX-101.SCH) — 43KB
• sbfm-20251231_cal.xml (EX-101.CAL) — 65KB
• sbfm-20251231_def.xml (EX-101.DEF) — 135KB
• sbfm-20251231_lab.xml (EX-101.LAB) — 355KB
• sbfm-20251231_pre.xml (EX-101.PRE) — 296KB
• sunshine_i10k-123125_htm.xml (XML) — 706KB

Forward Looking Statements

Forward Looking Statements ii PART I 1

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18

Cybersecurity

Item 1C. Cybersecurity 18

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 19 PART II 20

Market for the Registrant's

Item 5. Market for the Registrant's Common Equity Related Stockholder Matters and Issuer Purchases of Equity Securities 20

Reserved

Item 6. Reserved. 21

Management's

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 22

Quantitative and

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 23

Financial Statements

Item 8. Financial Statements and Supplementary Data 24

Changes in and Disagreements

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 47

Controls and Procedures

Item 9A. Controls and Procedures 47

Other Information

Item 9B. Other Information 48

Disclosure Regarding

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 48 PART III 49

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 49

Executive Compensation

Item 11. Executive Compensation 52

Security Ownership

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 54

Certain Relationships

Item 13. Certain Relationships and Related Transactions, and Director Independence 56

Principal Accounting

Item 14. Principal Accounting Fees and Services 56 PART IV 57

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules 57

Signatures

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. and its subsidiaries. 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 CODM Chief Operating Decision Maker 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. Food and Drug Administration FDA Form 483 An official list of inspectional findings that an FDA investigator issues at the end of an inspection FDIC Federal Deposit Insurance Corporation FIFO First-In-First-Out method for inventory valuation FTC Federal Trade Commission G&A General and Administrative GAAP Generally Accepted Accounting Principles GDPR General Data Protection Regulation GMP Good Manufacturing Practice GST Goods and Services Tax (Canada) HPFB Health Products and Food Branch of Health Canada Health Canada The Canadian drug regulatory body HIPPA Health Insurance Portability and Accountability Act IND Investigational New Drug IT Information Technology LNP Lipid Nano Particle K1.1 mRNA The laboratory designation of the Company's mRNA based anticancer therapy under development MD&A

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations MERS-CoV Middle East Respiratory Syndrome Coronavirus MNPI Material Non-Public Information Mpro Coronavirus main protease mRNA Messenger ribonucleic acid NDA New Drug Application NOC Notice of Compliance issued by Health Canada Nora Pharma Nora Pharma Inc., a wholly-owned subsidiary of the Company acquired on October 20, 2022 NPN Natural Product Number, an eight-digit number issued by Health Canada authorizing the sale of a natural product or a supplement in Canada OTC Over-The-Counter pCPA pan-Canadian Pharmaceutical Alliance, an alliance of the provincial, territorial and federal governments that determines generic drugs pricing PCT Patent Cooperation Treaty PLpro Coronavirus papain-like protease QST Quebec Sales Tax (Canada) R&D Research and Development ROU Right of Use SAR Stock Appreciation Right SARS Coronavirus Severe Acute Respiratory Syndrome Coronavirus, the group of coronaviruses that includes SARS-CoV-2, MERS-CoV, and SARS-CoV SARS-CoV Severe Acute Respiratory Syndrome Coronavirus that first appeared in 2003 SARS-CoV-2 Severe Acute Respiratory Syndrome Coronavirus 2, the virus that causes COVID-19 SBFM-PL4 Laboratory designation of the Company's SARS Coronavirus treatment under development SEC U.S. Securities and Exchange Commission SOC Security Operations Center Street Name Securities held in the name of a brokerage firm on behalf of a client Sunshine Canada Sunshine Biopharma Canada Inc., a wholly owned subsidiary of the Company U.S. United States of America USD U.S. Dollars. All applicable references in this report refer to US Dollars unless otherwise specifically stated. USPTO United States Patent and Trademark Office ii

FORWARD LOOKING STATEMENTS

FORWARD LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking Securities Exchange Act of 1934, as amended, or the Exchange Act. The statements regarding Sunshine Biopharma Inc. contained in this Report that are not historical in nature, particularly those that utilize terminology such as "may," "will," "should," "likely," "expects," "anticipates," "estimates," "believes" or "plans," or comparable terminology, are forward-looking statements based on current expectations and assumptions, and entail various risks and uncertainties that could cause actual results to differ materially from those expressed in such forward-looking statements. Important factors known to us that could cause such material differences are identified in this Report. We undertake no obligation to correct or update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable law. You are advised, however, to consult any future disclosures we make on related subjects in future reports we file with the SEC. iii PART I

BUSINESS

ITEM 1. BUSINESS About Sunshine Biopharma We are a pharmaceutical company offering and researching life-saving medicines in a wide variety of therapeutic areas, including oncology and antivirals. We have two wholly owned subsidiaries: (i) Nora Pharma Inc. ("Nora Pharma"), a Canadian corporation, through which we currently have 71 generic prescription drugs on the market in Canada, and (ii) Sunshine Biopharma Canada Inc. ("Sunshine Canada"), a Canadian corporation which develops and sells OTC supplements. In addition, we are conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an LNP encapsulated mRNA targeted for liver cancer, and (ii) SBFM-PL4, a protease inhibitor for treatment of SARS Coronavirus infections. Commercial Operations Our commercial operations are focused on the procurement of rights to pharmaceutical products for sale, currently in Canada and ultimately around the world. We seek to secure such rights through various types of strategic arrangements, including: In-licensing and Supply Agreements: Nora Pharma acquires the rights to import, market, sell and distribute the products in Canada by purchasing the drug dossiers from strategic partners. Nora Pharma then files the dossiers with Health Canada to obtain regulatory approval prior to marketing. The approval process at Health Canada takes on average of 12 months. The products are sold under Nora Pharma label. Cross-licensing: Nora Pharma acquires the rights to import, market, sell and distribute the products in Canada by receiving an authorization letter from pharmaceutical partners. The partners' products are already approved in Canada but we are still required to obtain our own approval from Health Canada, which takes on average 45-60 days. The products are sold under Nora Pharma label. Distribution Agreements: Nora Pharma acquires the rights to market, sell and distribute the products in Canada by signing a distribution agreement with pharmaceutical p

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View this 10-K filing on SEC EDGAR