What the changes say
- Accumulated deficit grew to $75,015,126 alongside ongoing net losses.
- Supplier concentration increased with 75% of drug portfolio manufactured by three overseas suppliers.
- Nasdaq compliance remains precarious despite trading slightly above the $1.00 minimum bid price.
What changed since the prior 10-K
New
- NewRisks Related to Our Business
We are dependent on a concentrated base of finished goods suppliers, which increases our risk of product interruption
Approximately 75% of our drug portfolio is manufactured by three overseas suppliers, exposing us to severe regulatory and operational supply disruptions.
- NewRisks Related to Our Common Stock
If we are unable to continue to meet the listing requirements of Nasdaq, our common stock will be delisted
Failure to meet Nasdaq listing requirements will result in the delisting of our common stock.
Dropped
- DroppedRisks Related to Our Business
A significant or prolonged economic downturn could have a material adverse effect on our results of operations
- DroppedRisks Related to Our Common Stock
On September 9, 2024, we received a letter from Nasdaq confirming that we had regained compliance with the bid price requirement in Listing Rule 5550(a)(2) (the “Bid Price Rule”), as required by the Panel’s decision dated June 28, 2024
Reworded
- 100% rewrittenRisks Related to Our Common Stock
Our common stock currently trades on Nasdaq, where it is subject to various listing requirements, including Nasdaq Rule 5500(a)(2), which requires that our common stock maintain a minimum bid price of at least $1.00 to maintain its listing on Nasdaq (the “Bid Price Rule”)
Updated to reflect that common stock trades slightly above the $1.00 minimum bid price, with potential reverse stock split authorization up to 1-for-10.
Was: Our common stock currently trades on Nasdaq, where it is subject to various listing requirements
- 87% rewrittenRisks Related to Our Business
We have incurred losses and may never achieve profitability
Updated accumulated deficit to $75,015,126 as of December 31, 2025, with a net loss of $5,975,352 for the year.
- 34% rewrittenRisks Related to Our Business
We are subject to the significant risks associated with the generic pharmaceutical business
Expanded macroeconomic risk factors to include ongoing conflicts and tariff escalations alongside rising inflation and supply chain disruptions.
All 12 risk factors
Headings as the filing states them, in filing order.
Risks Related to Our Business
- 01We have incurred losses and may never achieve profitability87% rewritten
- 02We are subject to the significant risks associated with the generic pharmaceutical business34% rewritten
- 03Sales of our generic products may be adversely affected by the drug regulatory environment in Canada
- 04We may experience delays in launching our new generic products
- 05We may not receive required regulatory approval for any of our non-generic pharmaceutical product candidates
- 06We will require additional funding to satisfy our future capital needs, which may not be available
- 07Our business is subject to the effects of adverse publicity, which could negatively affect our sales and revenues
- 08Our manufacturing and third-party fulfillment activities are subject to certain risks
- 09We are dependent on a concentrated base of finished goods suppliers, which increases our risk of product interruptionNew
Risks Related to Our Common Stock
- 10If we are unable to continue to meet the listing requirements of Nasdaq, our common stock will be delistedNew
- 11Our common stock currently trades on Nasdaq, where it is subject to various listing requirements, including Nasdaq Rule 5500(a)(2), which requires that our common stock maintain a minimum bid price of at least $1.00 to maintain its listing on Nasdaq (the “Bid Price Rule”)100% rewritten
- 12We do not intend to pay dividends on our common stock for the foreseeable future
Other Sunshine Biopharma 10-Ks
- FY2024 10-K risk factors12 risks
Sunshine Biopharma relies heavily on lower-margin Canadian generic drugs through Nora Pharma while funding development of proprietary candidates.
Filed Apr 01, 2025
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.