Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): August 19, 2024

 

SUNSHINE BIOPHARMA, INC.

(Exact name of registrant as specified in its charter)

 

Colorado	001-41282	20-5566275
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer ID No.)

 

333 Las Olas Way, CU4 Suite 433

Fort Lauderdale, FL 33301

(Address of principal executive offices) (zip code)

 

[phone]

(Registrant’s telephone number, including area code)

 

                            

(Former name or former address, if changed since last report.)

  

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.001	SBFM	The Nasdaq Stock Market LLC
Common Stock Purchase Warrants	SBFMW	The Nasdaq Stock Market LLC

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

On August 19, 2024, Sunshine Biopharma, Inc. (the “Company”) issued a press release announcing the Company’s financial results for the period ended June 30, 2024. The press release is attached hereto as Exhibit 99.1.

 

In accordance with General Instruction B.2 of Form 8-K, the information in Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release
104		Cover Page Interactive Data File (formatted in Inline XBRL).

  

 

 

 

 

 

 

 

 

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SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Dated: August 19, 2024	SUNSHINE BIOPHARMA, INC.
	By: /s/ Dr. Steve N. Slilaty
	Dr. Steve N. Slilaty, Chief Executive Officer

 

 

 

 

 

 

 

 

 

 

 

 

 

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Exhibit 99.1

 

 

 

SUNSHINE BIOPHARMA REPORTS 2024 SECOND QUARTER RESULTS:

SECOND QTR REVENUES UP 67%, YTD REVENUES UP 61%

 

FORT LAUDERDALE, FL / ACCESSWIRE / August 19, 2024 / Sunshine Biopharma, Inc. (NASDAQ: “SBFM”) (the “Company”), a pharmaceutical company offering and researching life-saving medicines in a variety of therapeutic areas including oncology and antivirals today announced that it has filed its 2024 second quarter report with the Securities and Exchange Commission. The Company reported gross revenues of $9,303,067 for the three months ended June 30, 2024, a 67% increase over gross revenues of $5,560,865 for same period in 2023. For the six-month period ended June 30, 2024, gross revenues were $16,844,113, compared to gross revenue of $10,454,918 for the same period in 2023, an increase of 61%. These increases are attributable to new product launches and expanded marketing and sales efforts by the Company’s wholly owned Canadian subsidiary, Nora Pharma Inc.

 

The following are highlights of the Company’s 2024 second quarter results:

 

·

Sales in the second quarter grew to $9,303,067, compared to $5,560,865 during the same period last year, an increase of 67%.

 

·

The Company’s second quarter sales of $9,303,067 represent a 23% sequential increase over first quarter sales of $7,541,046.

 

·

Net loss for the three months ended June 30, 2024, was $(494,300) compared to a net loss of $(902,108) during the same period of 2023, a decrease of 45%.

 

The following are highlights of the Company’s 2024 year-to-date (YTD) results:

 

·

In terms of YTD results, sales grew to $16,844,113, compared to $10,454,918 during the same period last year, an increase of 61%.

 

·

Net loss for the six months ended June 30, 2024, was $(1,778,101) compared to a net loss of $(2,604,538) during the same period of 2023, a decrease of 32%.

 

·

Shareholders’ Equity grew to $23,489,865, an 11% increase over Shareholders’ Equity at December 31, 2023.

 

“We are steadily advancing and working tirelessly to achieve our goal of profitability,” said Dr. Steve Slilaty, CEO of Sunshine Biopharma. “Our team is dedicated to implementing innovative strategies and optimizing our operations to ensure sustainable growth. We remain committed to delivering value to our stakeholders and are confident that our efforts will lead us to success.”

 

The following are key metrics contained in the Company’s Statement of Operations for the three- and six-month periods ended June 30, 2024:

 

		2024Q2				2023Q2				2024YTD				2023YTD
Sales		$	9,303,067			$	5,560,865			$	16,844,113			$	10,454,918
Gross Profit		$	2,356,257			$	1,952,747			$	4,710,594			$	3,780,869
General & Administrative Expenses		$	3,624,533			$	2,966,635			$	7,378,640			$	6,660,398
Net Loss		$	(494,300	)		$	(902,108	)		$	(1,778,101	)		$	(2,604,538	)

 

 

 

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About Sunshine Biopharma, Inc.

 

Sunshine Biopharma currently has 61 generic prescription drugs on the market in Canada and 32 additional drugs scheduled to be launched in the remainder of 2024 and in 2025. Among the new drugs to be launched in 2024 is NIOPEG®, a biosimilar of NEULASTA®. Like NEULASTA®, NIOPEG® is a long-acting form of recombinant human granulocyte colony-stimulating factor (filgrastim). It is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.

 

In addition, Sunshine Biopharma is conducting a proprietary drug development program which is comprised of (i) K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and (ii) PLpro protease inhibitor, a small molecule for treatment of SARS Coronavirus infections. For more information, please visit: www.sunshinebiopharma.com.

 

Safe Harbor Forward-Looking Statements

 

This press release contains forward-looking statements which are based on current expectations, forecasts, and assumptions of Sunshine Biopharma, Inc. (the “Company”) that involve risks as well as uncertainties that could cause actual outcomes and results to differ materially from those anticipated or expected. These statements appear in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, including statements related to the Company’s drug development activities, financial performance, and future growth. These risks and uncertainties are further described in filings and reports by the Company with the U.S. Securities and Exchange Commission (SEC). Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors detailed from time to time in the Company’s filings with the SEC. Reference is hereby made to cautionary statements and risk factors set forth in the Company’s most recent SEC filings.

 

For Additional Information:

Sunshine Biopharma Contact:

Camille Sebaaly, CFO

Direct Line: 514-814-0464

[e-mail]

 

 

 

 

 

 

 

 

 

 

 

 

 

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Cover	Aug. 19, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 19, 2024
Entity File Number	001-41282
Entity Registrant Name	SUNSHINE BIOPHARMA, INC.
Entity Central Index Key	0001402328
Entity Tax Identification Number	20-5566275
Entity Incorporation, State or Country Code	CO
Entity Address, Address Line One	333 Las Olas Way,
Entity Address, Address Line Two	CU4 Suite 433
Entity Address, City or Town	Fort Lauderdale
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33301
City Area Code	(954)
Local Phone Number	515-0810
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock [Member]
Title of 12(b) Security	Common Stock, par value $0.001
Trading Symbol	SBFM
Security Exchange Name	NASDAQ
Common Stock Purchase Warrants [Member]
Title of 12(b) Security	Common Stock Purchase Warrants
Trading Symbol	SBFMW
Security Exchange Name	NASDAQ

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