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Sunshine Biopharma(SBFM) - 2023 Q3 - Quarterly Report
SBFMSunshine Biopharma(SBFM)2023-11-13 13:00

Business Operations - Sunshine Biopharma operates two wholly owned subsidiaries: Nora Pharma, which has 51 generic prescription drugs on the market in Canada, and Sunshine Biopharma Canada, which develops and sells OTC products[58] - Nora Pharma is set to launch 32 additional generic drugs in Canada in 2024 and 2025, enhancing its market presence[58] - The company has a pipeline of generic prescription drugs scheduled for launch, including 2 products in Q1 2024 and 6 products in Q2 2024, among others[65] - Sunshine Biopharma owns 180 Drug Identification Numbers (DINs) for prescription drugs in Canada, secured through in-licenses from international manufacturers[78] - The company has two Natural Product Numbers (NPNs) for its OTC products, Essential 9™ and Essential Calcium-Vitamin D[79] Research and Development - Sunshine Biopharma is developing proprietary drugs, including Adva-27a for pancreatic cancer and K1.1 mRNA for liver cancer, both currently in preclinical stages[66] - The company has filed multiple patent applications, including for a COVID-19 treatment targeting the main protease (Mpro) and the Papain-Like protease (PLpro)[76] - A research agreement with the University of Arizona aims to develop PLpro inhibitors, with an exclusive worldwide license agreement established in February 2023[72] - The company has paused IND-enabling studies of Adva-27a due to unfavorable lab results and is considering chemical modifications[67] - Sunshine Biopharma's research efforts include developing an injectable candidate for PLpro inhibitors to treat COVID-19 in patients unable to use existing antiviral treatments[73] Financial Performance - Sales for the three months ended September 30, 2023, reached 5,957,668,asignificantincreaseof5,957,668, a significant increase of 5,824,860 compared to 132,808inthesameperiodof2022[80]−GrossprofitforthethreemonthsendedSeptember30,2023,was132,808 in the same period of 2022[80] - Gross profit for the three months ended September 30, 2023, was 1,990,256, compared to 67,025forthesameperiodin2022,reflectingasubstantialgrowth[80]−GeneralandadministrativeexpensesforthethreemonthsendedSeptember30,2023,were67,025 for the same period in 2022, reflecting a substantial growth[80] - General and administrative expenses for the three months ended September 30, 2023, were 2,769,730, an increase of 984,725from984,725 from 1,785,005 in the same period of 2022[81] - The net loss for the three months ended September 30, 2023, was 651,482(651,482 (0.04 per share), an improvement from a net loss of 1,457,019(1,457,019 (0.08 per share) in the same period of 2022[82] - Revenues for the nine months ended September 30, 2023, totaled 16,412,586,anincreaseof16,412,586, an increase of 16,006,826 compared to 405,760inthesameperiodof2022[83]−GrossprofitfortheninemonthsendedSeptember30,2023,increasedto405,760 in the same period of 2022[83] - Gross profit for the nine months ended September 30, 2023, increased to 5,771,125 from 205,449inthesameperiodof2022[83]−GeneralandadministrativeexpensesfortheninemonthsendedSeptember30,2023,were205,449 in the same period of 2022[83] - General and administrative expenses for the nine months ended September 30, 2023, were 9,369,203, up by 5,526,614from5,526,614 from 3,842,589 in the same period of 2022[84] - The net loss for the nine months ended September 30, 2023, was 3,256,020(3,256,020 (0.12 per share), compared to a net loss of 3,232,125(3,232,125 (0.26 per share) in the same period of 2022[85] - As of September 30, 2023, the company had cash or cash equivalents of 18,846,140,withnetcashusedinoperatingactivitiesamountingto18,846,140, with net cash used in operating activities amounting to 6,085,435[86] - The company estimates needing approximately $30 million in additional capital for the expansion of drug development activities and generic pharmaceuticals operations[90]