aibioSunshine Biopharma files NT 10-K, says annual report will be late
Tickers SBFM
Sunshine Biopharma filed a Form 12b-25 on March 31, 2026 for its 10-K for the year ended December 31, 2025. It cites time constraints and says it will file no later than fifteen days after the original due date. Its 2024 net loss was $5,134,116.
Key facts
- Company
- Sunshine Biopharma Inc. (NASDAQ: SBFM)
- News type
- Distress
- Primary source
- Sunshine Biopharma Inc. Form NT 10-K filed March 31, 2026 (SEC EDGAR)
Sunshine Biopharma Inc. (Nasdaq: SBFM) filed a notification of late filing on Form 12b-25, commonly called an NT 10-K, on March 31, 2026. The notice covers the company's annual report on Form 10-K for the year ended December 31, 2025. The company is based in Fort Lauderdale, Florida, and its shares trade on the Nasdaq Capital Market under SBFM, with warrants under SBFMW. The notice is in a Form NT 10-K filed March 31, 2026.
What the notice says
The company checked the box for Rule 12b-25(b), which applies when a report will be filed within the extension period. In the narrative, the company says that time constraints in compiling, disseminating and reviewing the information required for the Form 10-K have made timely filing impracticable without undue hardship and expense. It undertakes to file the report no later than fifteen days after its original prescribed due date. Dr. Steve N. Slilaty, the Chief Executive Officer, is the contact named in the notice and signed it.
The notice gives no reason beyond time constraints. It does not say whether the audit is complete, whether the auditor has raised any issues, or what the year-end results look like. The notice leaves all of those open.
What the company does
Sunshine's main operating business is Nora Pharma Inc., a wholly owned subsidiary the company acquired on October 20, 2022. According to the 10-K for 2024, the company currently sells its generic drugs only in Canada. The annual report says generic products face intense competition, and that prices for generic drugs can fall. It also warns that the company's revenues from generic products may decline as a result of that competition or changes in regulatory policy.
The 2024 10-K describes a facility lease that it says is adequate for annual sales of approximately $50 to $75 million, beyond which the company would need more space. That figure is a capacity limit, not a forecast of sales.
Losses and cash in 2024
The latest full-year report is the 10-K for 2024. It reports a net loss of $5,134,116 for 2024, against $4,506,044 for 2023. Interest income fell during 2024 because of lower interest rates and less cash on hand, the report says.
At December 31, 2024, cash and cash equivalents were $9,686,529. Cash flows used in investing activities were $2,320,847 in 2024, mainly for intangible assets and equipment for Nora Pharma operations. Financing activities provided $9,289,507 in 2024, against $3,425,587 in 2023.
The 2024 financing included a February 2024 underwritten public offering with net proceeds of $8,522,411. The company also redeemed all of its April Warrants and May Investor Warrants on February 11, 2024 for an aggregate purchase price of $3,139,651. Warrant exercises across 2023 and 2024 brought in $3,558,812. On January 3, 2025, the company issued 127,443 shares on the exercise of Series B Warrants, for net proceeds of $355,298.
The 10-K says the company will need additional capital and may issue common stock, convertible preferred stock, convertible notes, options or warrants to raise it. Those instruments would dilute existing holders.
What comes next
The company must file its 2025 annual report no later than fifteen days after the original due date. This notice does not give 2025 results, the cash balance at year end 2025 or details of any new financing. Until the report is filed, the 2025 position is unreported.