aibioSunshine Biopharma files NT 10-K late-filing notice for 2024 annual report
Tickers SBFM
The company says it needs additional time to complete its financial statements for the period ended December 31, 2024. It checked the box for filing within the fifteenth calendar day after the due date.
Key facts
- Company
- Sunshine Biopharma Inc. (NASDAQ: SBFM)
- News type
- Distress
- Primary source
- Sunshine Biopharma Inc. Form NT 10-K filed March 31, 2025 (SEC EDGAR)
Sunshine Biopharma, Inc. (Nasdaq: SBFM) filed a Form 12b-25 notification of late filing, commonly called an NT 10-K, on March 31, 2025. It covers the annual report for the year ended December 31, 2024. The form, signed by chief executive officer Dr. Steve N. Slilaty, is the company's notice that it cannot file the report on time. It says the company "will need additional time to complete its financial statements."
What the notice says
The company checked the box saying it can file within the fifteenth calendar day after the prescribed due date, which is the extension the rule allows for an annual report. The form's narrative gives no reason beyond the need for more time to complete the statements. It does not name an accounting issue, an auditor problem, a restatement or a dispute.
The form also has both the Form 10-K and the Form 10-Q boxes checked. The filing does not explain why both are marked. The form also marks "No" to whether a significant change in results is expected, and it gives no estimate of the 2024 numbers.
The 2023 report's cover page says the common stock trades on the Nasdaq Capital Market under SBFM, and the warrants under SBFMW. The NT 10-K does not mention Nasdaq.
The last full annual report
The company's annual report for 2023 was its most recent annual report when the notice was filed. It reports a net loss of $4,506,044 for 2023, down from $26,744,440 for 2022. The accumulated deficit was $63,905,658 at December 31, 2023.
Cash and cash equivalents were $16,292,347 at December 31, 2023, down from $21,826,437 a year earlier. The company's financing activities brought in $3,425,587 in 2023, against $39,465,107 in 2022.
Most of the business is now generic drugs. On October 20, 2022, the company acquired Nora Pharma Inc., a generic pharmaceuticals company in the greater Montreal area, paying in part with $4,514,000 in stock. The 2023 report says Nora Pharma had 52 generic prescription drugs on the market in Canada, with 32 more scheduled to launch in 2024 and 2025. A second subsidiary, Sunshine Biopharma Canada Inc., sells OTC supplements.
The 2023 report describes the company's drug pipeline in detail. Its lead compound, Adva-27a, is a small molecule that the company says was designed for aggressive cancers, including pancreatic cancer. Development has been paused pending further analysis of unfavorable in vitro results obtained in the second half of 2023. After an internal review of the laboratory results on November 2, 2023, the company gave notice terminating its December 2022 research agreement with the Jewish General Hospital, which had been running the IND-enabling studies. The other programs in the report are K1.1, an mRNA-based candidate for liver cancer, and SBFM-PL4, an antiviral candidate, both listed as in animal testing.
Why the delay matters
The NT 10-K does not explain the delay. It gives no 2024 cash balance, loss or going concern assessment.
The company's own drug programs are early: one paused after unfavorable lab results and two in animal testing. A late annual report leaves investors without audited 2024 figures for the generic business that now carries the company, or for its cash after 2023.
What comes next
The notice gives a fifteen-day extension from the prescribed due date. The company has not said when it expects to file the 2024 report, and the NT 10-K does not give a date. The annual report itself is the next checkpoint. The form lists the principal executive office in Fort Lauderdale, Florida, and it was signed on March 31, 2025.