aibioSunshine Biopharma sets up $4,000,000 at-the-market stock sale with Aegis Capital
Tickers SBFM
Sunshine Biopharma Inc. signed an at-the-market sales agreement with Aegis Capital Corp. under which it may sell up to $4,000,000 of common stock, with Aegis as exclusive sales agent.
Key facts
- Company
- Sunshine Biopharma Inc. (NASDAQ: SBFM)
- News type
- Financings
- Primary source
- Sunshine Biopharma Inc. 8-K (2026-07-20)
Sunshine Biopharma Inc. (Nasdaq: SBFM) entered into an At-The-Market Issuance Sales Agreement with Aegis Capital Corp. on July 20, 2026. Under the agreement, the company may sell shares of its common stock for an aggregate offering price of up to $4,000,000 in at-the-market offerings, with Aegis acting as exclusive sales agent. The company reported the agreement in a Form 8-K filed the same day. The report does not state that any shares have been sold under it.
The terms
Sales may be made by any method permitted by law that counts as an at-the-market offering under Rule 415(a)(4), including sales on or through the Nasdaq Capital Market or any other existing trading market for the common stock. Aegis receives a commission of 3.0% of the gross proceeds from any shares sold, plus reimbursement of certain expenses. The company agreed to indemnify Aegis against certain liabilities, including under the Securities Act, and to contribute to payments Aegis may have to make because of them.
The company is not obligated to sell shares, and Aegis is not obligated to buy or sell them. The report states that no assurance can be given that any shares will be sold, or as to their price, amount or timing. Either party may terminate the agreement as provided in its terms.
The shares will be issued under a Form S-3 shelf registration statement, File No. 333-284142, filed with the Securities and Exchange Commission on January 6, 2025, and declared effective on January 15, 2025. A prospectus supplement was to be filed on July 20, 2026. Hart & Hart, LLC gave an opinion on the validity of the shares, filed as Exhibit 5.1. The report names no underwriter or placement agent other than Aegis Capital Corp., and it is signed by Dr. Steve N. Slilaty, chief executive officer.
What the company does
Sunshine Biopharma describes itself as a pharmaceutical company offering and researching medicines across several therapeutic areas, including oncology and antivirals. Its subsidiary Nora Pharma Inc. has 71 generic prescription drugs on the market in Canada, and its other subsidiary, Sunshine Biopharma Canada Inc., develops and sells OTC supplements.
Nora Pharma acquires product rights in Canada through in-licensing and supply agreements, cross-licensing, and distribution agreements. The 10-K says the Health Canada approval process takes on average 12 months for in-licensed products and on average 45-60 days for cross-licensed products.
After a Notice of Compliance and Drug Identification Number, the company starts the process with the Pan-Canadian Pharmaceutical Alliance to have the drug listed on provincial and federal formularies.
The proprietary program includes K1.1 mRNA, an LNP encapsulated mRNA candidate targeted for liver cancer, and SBFM-PL4, a protease inhibitor for SARS coronavirus infections.
Financial position
The XBRL data in the 10-K show revenue of $36.3 million for the fiscal year ended December 31, 2025, compared with $34.9 million for 2024. Research and development expense was $604,308 in 2025 and $933,902 in 2024. The company reported a net loss of $6.0 million for 2025 and $5.1 million for 2024. Operating cash flow was negative $5.3 million in 2025 and negative $12.5 million in 2024.
Dilution and what the filing leaves out
The prospectus supplement was to be filed on July 20, 2026, the same day as the agreement. The report gives no cash balance, no sale price and no use of proceeds, and does not say whether the company needs the money. Any sale would add shares and dilute existing holders. The program is capped at $4,000,000, which is less than the $5.3 million of operating cash the company used in 2025, a year in which it also reported a net loss of $6.0 million.
The 10-K lists 22 additional drugs in the pipeline, including 12 the company anticipates launching during the remainder of 2026. That is the company's expectation, and each launch depends on Health Canada approval. The proprietary K1.1 mRNA and SBFM-PL4 programs are research candidates, and the sources report no clinical data for either.