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Sunshine Biopharma(SBFM) - 2024 Q2 - Quarterly Report
SBFMSunshine Biopharma(SBFM)2024-08-16 21:00

Financial Performance - Sales for Q2 2024 reached 9,303,067,a67.59,303,067, a 67.5% increase from 5,560,865 in Q2 2023[5] - Gross profit for the first half of 2024 was 4,710,594,comparedto4,710,594, compared to 3,780,869 in the same period of 2023, reflecting a 24.5% increase[5] - Net loss for Q2 2024 was 494,300,adecreasefromanetlossof494,300, a decrease from a net loss of 902,108 in Q2 2023, representing a 45.2% improvement[5] - Basic loss per common share for Q2 2024 was (9.94),animprovementfrom(9.94), an improvement from (71.17) in Q2 2023[5] - For the six months ended June 30, 2024, Sunshine Biopharma reported a net loss of 3,157,256comparedtoanetlossof3,157,256 compared to a net loss of 1,778,101 for the same period in 2023, indicating a significant increase in losses[9] - The net loss attributable to common stock for Q2 2024 was (494,300),comparedtoanetlossof(494,300), compared to a net loss of (902,108) for the same period in 2023[44] Expenses and Cash Flow - Total general and administrative expenses for Q2 2024 were 3,624,533,up22.23,624,533, up 22.2% from 2,966,635 in Q2 2023[5] - Cash flows used in operating activities for the first half of 2024 totaled 7,762,942,comparedto7,762,942, compared to 5,628,146 in the same period of 2023[6] - Cash and cash equivalents at the end of Q2 2024 were 11,507,745,downfrom11,507,745, down from 19,729,491 at the end of Q2 2023[6] - The company recorded an income tax expense of 343,691forQ22024,comparedtoanincometaxbenefitof343,691 for Q2 2024, compared to an income tax benefit of (87,677) in Q2 2023[51] - The company paid its officers a total cash compensation of 1,120,356forthethreemonthsendedJune30,2024,comparedto1,120,356 for the three months ended June 30, 2024, compared to 1,382,842 for the same period in 2023[49] Financing Activities - Proceeds from public offerings in Q2 2024 amounted to 8,522,411,anincreasefrom8,522,411, an increase from 4,089,208 in Q2 2023[6] - The company completed an underwritten public offering on February 15, 2024, raising gross proceeds of approximately 10million,withnetproceedsof10 million, with net proceeds of 8,522,411[15] - The company raised 8,522,411fromapublicofferingofcommonstockduringthesixmonthsendedJune30,2024,comparedto8,522,411 from a public offering of common stock during the six months ended June 30, 2024, compared to 4,089,208 in the same period of 2023, reflecting a 108.1% increase in financing activities[6] - The company reported a net cash flow from financing activities of 5,369,566forthesixmonthsendedJune30,2024,comparedto5,369,566 for the six months ended June 30, 2024, compared to 3,519,672 for the same period in 2023, indicating a 52.5% increase[6] Shareholder Equity and Stock Activity - As of June 30, 2024, the total shareholders' equity was 23,489,865,adecreasefrom23,489,865, a decrease from 24,819,615 as of March 31, 2024[8] - As of June 30, 2024, the Company had a total of 1,170,510 shares of common stock issued and outstanding[37] - The Company completed a 1-for-100 and a 1-for-20 reverse split of its common stock in April and August 2024, respectively[14] - The Company repurchased 2,228 shares of common stock at an average price of 2,274.20pershareforatotalcostof2,274.20 per share for a total cost of 506,822 during the six months ended June 30, 2023[34] - The Company has authorized capital of 3,000,000,000 shares of common stock and 30,000,000 shares of preferred stock, with 130,000 shares of Series B Preferred Stock outstanding as of June 30, 2024[29] Acquisitions and Intangible Assets - The Company acquired Nora Pharma Inc. for a total purchase price of 18,860,637,with18,860,637, with 14,346,637 paid in cash and 4,514,000throughtheissuanceof1,850sharesofcommonstockvaluedat4,514,000 through the issuance of 1,850 shares of common stock valued at 2,440 per share[21] - The Company recorded a total earn-out amount of 3,632,000relatedtotheacquisitionofNoraPharma,withpaymentsmadetotaling3,632,000 related to the acquisition of Nora Pharma, with payments made totaling 4,375,930 CAD (approximately 3,346,000USD)asofApril22,2024[24]−AsofJune30,2024,theCompanyhadtotalintangibleassetsof3,346,000 USD) as of April 22, 2024[24] - As of June 30, 2024, the Company had total intangible assets of 2,521,639, net of accumulated amortization of 74,511[25]−TheCompanyplanstoamortizeitsintangibleassetsoverthenextfiveyears,withestimatedamortizationamountsstartingat74,511[25] - The Company plans to amortize its intangible assets over the next five years, with estimated amortization amounts starting at 73,257 annually[26] Research and Development - Sunshine Biopharma is developing proprietary drugs including Adva-27a for pancreatic cancer, K1.1 mRNA for liver cancer, and SBFM-PL4 for Coronavirus infections[12] - The company has paused IND-enabling studies for Adva-27a as of November 2, 2023[12] - The updated generic pricing agreement in Canada, effective October 1, 2023, will last for three years and may be extended for an additional two years[12] Market and Revenue Segmentation - Sales from the Generic Pharmaceuticals segment represented approximately 97% of total revenues, while the remaining 3% came from OTC Products as of June 30, 2024[11] - Sunshine Biopharma's accumulated deficit increased to 65,683,759asofJune30,2024,from65,683,759 as of June 30, 2024, from 65,189,459 at the end of March 31, 2024[8]