Sunshine Biopharma, Inc. (SBFM): Business Model Canvas [Dec-2025 Updated]

You're looking at Sunshine Biopharma, Inc. (SBFM) and wondering how this microcap balances the books. Honestly, their model is a classic biotech tightrope walk: using the steady cash from their Canadian generics business-which pulled in $8.9 million in Q1 2025 alone, leading to $37.3 million TTM revenue as of Q3 2025-to fund the high-stakes research into their novel cancer and antiviral candidates like K1.1 mRNA. It's a hybrid blueprint where the established distribution through their wholly-owned subsidiary, Nora Pharma, provides the foundation, while the real upside hinges on regulatory success for their proprietary Intellectual Property. To see exactly how they structure these moving parts, from key partnerships with the University of Arizona to their cost structure dominated by Research and Development expenditure, dive into the full Business Model Canvas breakdown below.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Key Partnerships

You're looking at the external relationships Sunshine Biopharma, Inc. (SBFM) relies on to execute its dual strategy of generics commercialization and novel drug development. These partnerships are critical for both immediate revenue generation and future pipeline advancement.

University of Arizona for SARS-CoV-2 antiviral research

Sunshine Biopharma, Inc. (SBFM) maintains an ongoing collaboration with the University of Arizona for developing novel PLpro inhibitors against SARS Coronavirus infections. As of October 2025, this partnership resulted in the development of a new series of orally active, non-covalent protease inhibitors that showed dose-dependent antiviral activity in mice infected with SARS-CoV-2. This work builds on previous research where the lead compound, SBFM-PL4, demonstrated efficacy in a K18-human-ACE2 transgenic mouse model to block SARS-CoV-2 infection. The University of Arizona is noted as a Research 1 institution, which ranked in the top 20 in 2019 in research expenditures among all public universities, with $734 million in annual research expenditures at that time. The initial research on PLpro inhibitors was published in the Journal of Medicinal Chemistry in August 2024.

Generic drug manufacturers for cross-licensing and distribution agreements

The commercial arm of Sunshine Biopharma, Inc. (SBFM), through its subsidiary Nora Pharma, heavily relies on agreements with other entities to expand its Canadian generic drug portfolio. In fiscal year 2024, the company launched 13 new generic prescription drugs. Specifically, 4 of these were launched under cross-licensing agreements, and 9 were launched under distribution agreements. As of the 2024 annual report filing in April 2025, Sunshine Biopharma, Inc. (SBFM) currently markets 74 generic prescription drugs in Canada, with 12 additional drugs scheduled for launch in 2026. Furthermore, the company acquired rights to two significant gastrointestinal drugs in Canada, including Prucalopride, which targets a market estimated at $200 million. Two new generic antibiotics are also planned for release in the Canadian market within six to nine months from April 2025. The Q1 2025 period saw the launch of 6 new generics, including antibiotics, GI disorder treatments, and a schizophrenia medication.

Here's a quick look at the generic product expansion activity:

Contract Research Organizations (CROs) for preclinical studies

Sunshine Biopharma, Inc. (SBFM) utilizes external research capabilities for its preclinical pipeline programs. For the SARS-CoV-2 PLpro inhibitors developed with the University of Arizona, the research effort focused on determining the in vivo safety, pharmacokinetics, and dose selection properties, followed by efficacy testing in mice infected with SARS-CoV-2. Similarly, preclinical work for the K1.1 mRNA Lipid Nanoparticle therapy involved additional orthotopic human tumor model studies in mice to confirm its potential for hepatocellular carcinoma. Specific financial terms or the names of the CROs engaged for these preclinical studies are not publicly detailed with specific dollar amounts in the latest reports.

Financial institutions for capital raising and public offerings

Sunshine Biopharma, Inc. (SBFM) engages with financial institutions to secure necessary working capital and fund operations, often through registered direct offerings. Aegis Capital Corp. served as the exclusive placement agent for the registered direct offering that closed on April 3, 2025. This transaction raised aggregate gross proceeds of approximately $2.46 million at a price of $2.07 per share/warrant, involving the sale of 1,188,404 shares or pre-funded warrants. This followed a February 2024 underwritten public offering that secured approximately $10 million in gross proceeds. The company's trailing twelve-month revenue as of September 30, 2025, stood at $37.3M. The Q2 2025 revenue reached $9.41M, following Q1 2025 revenue of $8.90M, which represented an 18% year-over-year increase. In a strategic treasury move reported in October 2025, Sunshine Biopharma, Inc. (SBFM) invested $5.0M into a digital treasury asset.

Key capital raising and financial metrics related to these partnerships include:

• Gross proceeds from April 3, 2025, registered direct offering: $2.46 million.
• Offering price per share in April 2025: $2.07.
• Shares/Warrants sold in April 2025 offering: 1,188,404 units.
• Gross proceeds from February 2024 underwritten offering: approximately $10 million.
• Trailing Twelve-Month Revenue as of September 30, 2025: $37.3M.
• Q2 2025 Revenue: $9.41 million.
• Investment in digital treasury asset: $5.0 million.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Key Activities

You're looking at the core engine of Sunshine Biopharma, Inc. (SBFM), which is a dual-track operation: steady revenue from established generics and high-risk, high-reward proprietary development. Here's the quick math on what they are actively doing as of late 2025.

Commercialization and distribution of 72+ generic drugs in Canada

The foundation of Sunshine Biopharma's current operations is the consistent commercialization of its generic portfolio through its subsidiary, Nora Pharma, in the Canadian market. This activity is designed to generate repeatable revenue to help fund the more speculative R&D efforts. The company has built a catalog of reliable, repeatable therapeutic products.

As of late 2025 reports, Sunshine Biopharma currently markets 72 generic prescription drugs in Canada. This is a key operational metric that feeds the cash flow engine. Furthermore, the company has a clear pipeline for expansion within this segment.

Still, you have to watch the cadence of new product introductions. Earlier in 2025, there were reports of plans to launch over 15 new drugs by the end of 2025, and another source mentioned plans to launch 12 additional drugs in 2026. You need to track which of those 2025 launches actually hit the market to see if they hit their internal targets.

Proprietary R&D for K1.1 mRNA liver cancer therapeutic

This activity represents the push into higher-barrier, potentially higher-margin proprietary products, specifically targeting human hepatocellular carcinoma (HCC) with their K1.1 mRNA Lipid Nanoparticle (K1.1-mRNA-LNP) technology. The focus here is on preclinical data validation.

The research has advanced to the point where studies in orthotopic human tumor models in mice confirmed the product's potential. The work involves two main sequences:

• Full-length K1.1c: Systemic administration reduced the growth of various human HCC tumors in mice and was well-tolerated.
• Truncated K1.1d: Preliminary study indicated significant anti-tumor activity in HCC models in mice.

The next concrete action here is determining the right dose. Further animal studies are currently underway to determine the optimal dosing of K1.1d. That's the next data inflection point for this program.

Advancing PLpro protease inhibitor for SARS-CoV-2 treatment

Sunshine Biopharma is actively developing a second-generation, orally active, non-covalent protease inhibitor targeting the PLpro enzyme, essential for SARS-CoV-2 replication. This work is conducted in collaboration with the University of Arizona.

The key activity milestones achieved include:

• New chemical series developed targeting the PLpro enzyme.
• Demonstrated dose-dependent antiviral activity against SARS-CoV-2 in mice.
• Molecules exhibited dose-dependent efficacy in cellular models of SARS-CoV-2 infection.
• The lead compound showed favorable pharmacokinetics properties and oral availability in mice, rats, and dogs.

The current work involves analyzing the dose-dependent efficacy in mice infected with SARS-CoV-2. The next steps, as noted by collaborators, will involve manufacturing and clinical trials, but right now, the activity is focused on lead optimization and preclinical efficacy data generation.

Strategic management of the $5 million digital treasury asset

A distinct, non-core pharmaceutical activity is the strategic allocation of capital to strengthen the balance sheet. The Board formally approved a strategic investment of $5 million in Bitcoin (BTC) as a treasury reserve asset.

This management activity has specific execution parameters:

• Approved Investment Amount: $5,000,000.
• Execution Method: To be acquired over time via a regulated digital asset custodian, or by buying an ETF or proxy stock.
• Future Intent: The Company plans to allocate additional funds to increase Bitcoin holdings as such funds become available in the future.

The management frames this as a hedge and a high-conviction asset intended to support future growth and soften dilution pressure from R&D burn, while keeping the principal untouched to utilize gains over the burn rate. Finance: draft the cash flow impact analysis of the $5 million allocation versus the Q1 2025 net loss of $1.18 million by next Tuesday.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Key Resources

You're looking at the core assets Sunshine Biopharma, Inc. (SBFM) is relying on to fund its pipeline and drive growth. These aren't just line items; they are the tangible and intangible things that make the business run, especially as of late 2025.

Wholly-owned Canadian subsidiary, Nora Pharma

The generics arm, Nora Pharma Inc., which Sunshine Biopharma, Inc. acquired on October 20, 2022, remains the primary revenue engine. This subsidiary is key because it generates the cash flow to support the riskier, proprietary drug development efforts. For the nine months ended September 30, 2025, the total revenue was $27.73 million, and the core of this comes almost entirely from Nora Pharma's distribution model. Nora Pharma currently operates out of a Health Canada-certified facility spanning 23,500 square feet.

The portfolio size shows consistent expansion, which is the operational focus for this resource:

• Generic prescription drugs on the market as of March 24, 2025: 70.
• Additional generic drugs planned for launch in the remainder of 2025: 13.
• As of Q2 2024, the portfolio had reached 61 generic Rx drugs.

The growth in this segment directly impacts the operating expenses; for instance, General and administrative expenses rose to $16,481,915 in fiscal year 2024, up from $13,124,470 in 2023, largely due to Nora Pharma's expansion efforts.

Proprietary Intellectual Property (IP) for Adva-27a and K1.1 mRNA

The proprietary pipeline represents the high-upside, long-term value, even though these assets are not yet generating market revenue. The combined market potential for the initial targeted indications across the three main candidates-Adva-27a, K1.1 mRNA, and SBFM-PL4-was estimated at over $30 billion as of late 2023.

Here's a breakdown of the status of the specified IP assets:

The company is actively manufacturing research quantities of these candidates through external partners, including WuXi App Tech for Adva-27a and Arranta Bio MA LLC for K1.1 mRNA.

Regulatory approvals for biosimilar NIOPEG® in Canada

The launch of NIOPEG®, the biosimilar to NEULASTA® (Pegfilgrastim), through Nora Pharma in July 2025, is a critical resource for entering the high-value biologics market. Health Canada approval was secured by Nora Pharma for commercialization.

The market context for this asset is significant:

• NIOPEG® is comparable to NEULASTA®, used to reduce infection risk in chemotherapy patients with non-myeloid malignancies.
• The Canadian market for pegfilgrastim was estimated at approximately $88 million USD.
• The global market for NEULASTA® and its biosimilars was valued at $4.5 billion in 2024, projected to grow to $9.2 billion by 2033 at an 8.5% Compound Annual Growth Rate (CAGR).

This launch is intended to strengthen the portfolio and create new revenue streams by offering a cost-effective alternative in the biologics space.

$5 million strategic investment in digital treasury assets

In a move to bolster the balance sheet and hedge against monetary expansion, Sunshine Biopharma, Inc.'s Board formally approved a strategic investment of $5 million in Bitcoin (BTC) as a treasury reserve asset on October 14, 2025. The company indicated this $5 million position will be acquired over time via a regulated digital asset custodian or by purchasing an ETF or proxy stock. Management also noted the plan to increase Bitcoin holdings as additional funds become available in the future. As of September 30, 2025, the company reported total assets of $31.48 million and cash around $9.30 million.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Value Propositions

You're looking at the core offerings that Sunshine Biopharma, Inc. presents to its customers and the market as of late 2025. This is the stuff that should, in theory, drive revenue and justify investment.

Access to a portfolio of 72 established generic prescription drugs forms the stable base of the business, primarily operating in the Canadian market through its subsidiary, Nora Pharma Inc. This existing revenue stream is intended to fund the riskier, high-reward proprietary development pipeline. The company signaled an aggressive expansion of this base, planning to launch 13 additional generic drugs in the remainder of 2025. This generics business posted a trailing 12-month revenue of $37.3M as of September 30, 2025, with a reported gross profit margin of 31%.

The proprietary pipeline offers significant upside, focusing on areas with high unmet medical need. The value here is tied to innovation and potential market disruption. For instance, the K1.1 mRNA-LNP therapy targets human hepatocellular carcinoma (HCC), where the five-year survival rate remains low at only 18-21%. Preclinical work showed the full-length K1.1c reduced growth in mouse HCC tumors, and the truncated K1.1d showed significant anti-tumor activity in those models.

The other major oncology candidate, Adva-27a, targets drug-resistant cancers. Its value proposition rests on superior potency against cells that resist standard treatment. Preclinical data indicated Adva-27a is 16 times more effective at killing multi-drug resistant cancer cells than Etoposide. Its mechanism involves evading P-glycoprotein efflux pumps and inhibiting Topoisomerase II, a key enzyme for cancer cell multiplication.

Sunshine Biopharma, Inc. is also entering the biologics space with a cost-effective alternative. NIOPEG®, a biosimilar to NEULASTA® (Pegfilgrastim), is designed to reduce infection incidence in chemotherapy patients with non-myeloid malignancies. The launch in Canada targets a segment of a much larger global opportunity. The global market for NEULASTA® and its biosimilars was estimated at $4.5 billion in 2024, with projections reaching $9.2 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.5%. NIOPEG® is offered in a prefilled syringe format of 6mg/0.6mL.

Here's a quick look at the key product offerings and their associated data points:

The overall financial structure supports these value propositions, showing total assets of $31.5M against $0.0 in total debt, resulting in a debt-to-equity ratio of 0%.

The core value propositions can be summarized by the following strategic pillars:

• Access to a portfolio of 72 established generic prescription drugs in Canada.
• Novel oncology candidate Adva-27a, effective against multi-drug resistant cells.
• Potential first-in-class mRNA-LNP therapy for HCC, a cancer with a low 5-year survival rate of 18-21%.
• Cost-effective biosimilar NIOPEG®, entering the $4.5 billion (2024) Pegfilgrastim segment.
• Revenue growth, with Q1 2025 revenues up 18% year-over-year.

Finance: draft 13-week cash view by Friday.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Customer Relationships

For Sunshine Biopharma, Inc. (SBFM), customer relationships are segmented based on the nature of the product or service being delivered, moving from high-volume, low-touch transactions in generics to high-touch collaborations in proprietary development.

Transactional sales model for generic drug distribution

The foundation of Sunshine Biopharma, Inc.'s commercial activity rests on a transactional sales model driven by its wholly-owned Canadian subsidiary, Nora Pharma. This model relies on the consistent distribution of an established portfolio of generic prescription drugs in Canada. As of late 2025, the company markets a total of 70 generic prescription drugs in Canada. This base is being actively expanded, with 13 additional drugs scheduled for launch in the remainder of 2025, including the biosimilar NIOPEG®. The scale of this transactional business is reflected in the top-line figures; Q1 2025 revenue reached $8.9 million, followed by Q2 2025 revenue of $9.41 million. The Trailing Twelve Month (TTM) revenue as of September 30, 2025, stood at $37.32 million. This segment is designed for efficiency, where the relationship is primarily governed by supply chain logistics and product availability rather than deep, ongoing consultation.

Dedicated support for key pharmaceutical wholesalers and pharmacies

While the generic distribution is transactional, the operational scale necessitates dedicated support structures to ensure product flow to key intermediaries. The company appointed Michel Roy as Chief Commercial Officer in Q1 2025, signaling an internal focus on optimizing commercial execution and likely managing relationships with major pharmaceutical wholesalers and pharmacy chains in Canada. The entry into specific, high-value generics, such as domperidone, which has a potential Canadian market opportunity exceeding $200 million, requires robust logistical and account management support for the distribution network. This support is about maintaining the transactional pipeline integrity.

• Secured Health Canada authorization for domperidone commercialization.
• Portfolio includes 70 generic prescription drugs on the market.
• Planned launch of 13 more drugs in late 2025.

High-touch engagement with academic and research partners

For the proprietary pipeline, customer relationships shift to a high-touch, collaborative model involving academic and research institutions. This engagement is critical for de-risking the development process. Sunshine Biopharma, Inc. is actively engaged in proprietary drug development, which involves external scientific expertise. For instance, a groundbreaking series of protease inhibitors for COVID-19 was developed in collaboration with the University of Arizona. Furthermore, the company has completed studies confirming the efficacy of its K1.1 mRNA Lipid Nanoparticle product for liver cancer, a process that inherently involves close interaction with research sites and investigators. These partners are essential for validating the science behind the high-potential, higher-margin therapeutics that represent the company's future growth vector.

Investor relations for NASDAQ-listed microcap company

As a NASDAQ-listed microcap company, investor relations form a distinct and crucial relationship category. The relationship management here focuses on transparency regarding financial performance and strategic milestones to maintain market confidence, especially given the company's ongoing unprofitability. The Q3 2025 Earnings Per Share (EPS) was reported at -$0.19, missing analyst expectations of -$0.12. The company's market capitalization as of November 13, 2025, was $8.19 million, with 4.91 million shares outstanding. A notable strategic move impacting investor perception was the investment of $5 million into a digital treasury asset, signaling an effort to bolster the balance sheet outside of traditional financing, which can soften dilution pressure. The risk profile is highlighted by a reported Sharpe ratio of -0.64, indicating poor risk-adjusted returns over the period. The stock price on October 16, 2025, was trending up by 19.68% amid optimism, though the stock price as of November 13, 2025, was $1.67.

Here's the quick math on the scale of the business as of late 2025:

Finance: draft 13-week cash view by Friday.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Channels

You're looking at how Sunshine Biopharma, Inc. (SBFM) gets its products-mostly generics-into the hands of Canadian patients and prescribers as of late 2025. The channels are heavily weighted toward established pharmaceutical distribution networks in Canada, anchored by its subsidiary.

Nora Pharma, the Canadian distribution subsidiary

Nora Pharma Inc. is the core engine for Sunshine Biopharma's commercial channel strategy in Canada. This subsidiary specializes in the nationwide distribution of generic medications. The importance of this channel is clear in the financials; the acquisition of Nora Pharma in October 2022 added $10.7 million in revenue to the company's top line. This focus on generics is paying off, as the company marketed 72 generic prescription drugs in Canada as of late 2025, with 13 additional drugs planned for launch in the remainder of 2025. Revenue growth in fiscal year 2024, which jumped to $34,874,283, was directly attributed to expanded sales efforts and new product introductions by Nora Pharma. The expansion of Nora Pharma's operations also drove an increase in General and Administrative expenses to $16,481,915 in 2024. For the trailing twelve months ending September 30, 2025, Sunshine Biopharma's total revenue reached $37.32 million.

The recent Health Canada authorization for domperidone, commercialized via Nora Pharma, opens up a specific, high-value segment. The Canadian market for domperidone is described as an opportunity exceeding $200 million, representing 17% of the North American share, which itself accounts for 39% of the projected $1.36 billion in global domperidone sales for 2025. This regulatory win validates the channel strategy for regulated markets.

Here are some key metrics reflecting the scale of the Canadian distribution channel as of 2025 data:

Pharmaceutical wholesalers and pharmacy chains in Canada

The actual movement of product to the end-user relies on established relationships with pharmaceutical wholesalers and pharmacy chains across Canada. Nora Pharma's specialization is in this nationwide distribution. The successful market entry of products like Prucalopride, which targets chronic constipation, demonstrates the channel's functionality for gastrointestinal drugs. Furthermore, the launch of gabapentin, a generic for nerve pain, shows the subsidiary's capability to execute on commercial distribution for various therapeutic areas. The company launched 6 new generics in Q1 2025 alone, all feeding into this established network.

The channel strategy involves:

• Securing distribution agreements with major Canadian wholesalers.
• Ensuring regulatory compliance for each product launch.
• Leveraging the existing infrastructure built by Nora Pharma.
• Targeting specific segments like chronic constipation and nerve pain.

Scientific publications and conferences for R&D pipeline visibility

While the commercial channel focuses on generics, visibility for the proprietary drug development pipeline is crucial for long-term valuation. This visibility is driven through scientific publications and conference presentations. The proprietary pipeline includes K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer, and a PLpro protease inhibitor for SARS Coronavirus infections. Progress in this channel was marked by studies confirming the efficacy of the K1.1 mRNA Lipid Nanoparticle product for liver cancer in Q1 2025. Specifically, additional orthotopic human tumor model studies in mice further confirmed K1.1 mRNA-LNP as a novel therapeutic for hepatocellular carcinoma during Q1 2025. This scientific validation is the primary output used to communicate progress in this non-commercial channel.

Direct-to-consumer sales for non-prescription products

Sunshine Biopharma, Inc. also has a focus on over-the-counter supplements in Canada alongside its prescription generics business. This represents a separate, though less detailed in public filings, channel for direct-to-consumer (DTC) engagement. While specific revenue figures for the OTC supplement line are not broken out from the overall Nora Pharma performance, the inclusion of this category suggests a dual-pronged approach to the Canadian market, capturing both prescription and wellness segments.

Finance: review Q3 2025 G&A spend relative to Q3 2025 revenue of $9.42 million to assess scaling efficiency by end of next week.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Customer Segments

You're looking at the specific groups Sunshine Biopharma, Inc. (SBFM) targets with its current offerings and pipeline as of late 2025. It's a mix of established commercial customers and future-facing clinical stakeholders, plus the capital providers funding the journey.

Canadian pharmaceutical wholesalers and retail pharmacies

This segment is the core revenue driver from the established generics business, primarily through its Nora Pharma arm, which focuses on reliable, repeatable therapeutic products in Canada. The company is actively expanding this base.

• Sunshine Biopharma, Inc. markets 70 generic prescription drugs on the market in Canada.
• The company planned to launch 13 additional drugs in the remainder of 2025.
• In the first quarter of 2025, 6 new generic prescription drugs were successfully launched.
• One of the planned launches for 2025 is NIOPEG®, a biosimilar of NEULASTA®.

Oncologists and healthcare providers treating cancer patients

This group is targeted by both the commercial portfolio and the proprietary drug development pipeline, which is heavily focused on oncology.

• The proprietary pipeline includes K1.1 mRNA, an mRNA-Lipid Nanoparticle targeted for liver cancer (hepatocellular carcinoma).
• Additional lead programs involve anthracycline-based compounds like Bisantrene, which showed activity against breast and prostate cancer cell lines.
• Adva-27a, a novel analog, is being evaluated for glioblastoma multiforme and other drug-resistant malignancies.
• The biosimilar NIOPEG® is indicated to decrease the incidence of infection in patients with non-myeloid malignancies receiving anti-neoplastic therapy.

Patients requiring generic and biosimilar medications

These are the end-users of the commercialized products, benefiting from access to necessary medications in the Canadian market.

The scale of the commercial offering directly addresses this segment's needs. Here's a quick look at the financial context supporting this customer base:

Institutional and retail investors in the biotech sector

This segment provides the necessary capital for operations and pipeline advancement. The company actively engages with this group through capital raises and market presence on NASDAQ.

• Sunshine Biopharma, Inc. closed a registered direct offering of approximately $2.46 million with institutional investors on April 3, 2025.
• The company made a strategic $5 million investment in Bitcoin as part of its strategic asset reserve to enhance treasury resilience.
• The stock trades on NASDAQ under the ticker SBFM.
• One Wall Street analyst has issued a 1-year price target of $7.00.
• The forecasted net loss for 2025 is approximately -$5,992,637.

The company's Q1 2025 revenue growth was 18% year-over-year, showing top-line momentum that appeals to this investor segment, defintely.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Cost Structure

The Cost Structure for Sunshine Biopharma, Inc. is heavily influenced by the dual nature of its business: maintaining a commercial generics operation while funding early-stage biopharmaceutical research.

High General and Administrative (G&A) expenses represent a significant fixed cost component. For the first quarter of 2025, G&A expenses were reported at $4.03 million. This figure reflected an 8.7% rise year-over-year, which management noted outpaced the increase in gross profit for that period, signaling ongoing operational pressure.

Cost of Goods Sold (COGS), or Cost of Revenue, is tied directly to the sales volume of the generic drug manufacturing and acquisition segment, primarily through Nora Pharma. For the quarter ending June 2025, the Cost of Revenue was reported at $6.0Mn. Based on Q1 2025 results, where Revenue was $8.90 million and Gross Profit was $2.73 million, the implied COGS for that quarter was approximately $6.17 million ($8.90 million minus $2.73 million).

The company continues to incur costs related to Significant Research and Development (R&D) expenditure for pipeline drugs. While specific R&D dollar amounts for Q1 2025 are not explicitly detailed in the G&A context, progress was noted on the K1.1 mRNA Lipid Nanoparticle product for hepatocellular carcinoma.

Costs associated with Regulatory compliance and clinical trial costs are inherent to the biopharma segment, particularly for advancing proprietary assets like the K1.1 program, though specific financial figures for these activities are not itemized in the readily available quarterly summaries.

Here is a look at some key cost-related metrics from the first half of 2025:

The operational structure shows that G&A expenses of $4.03 million in Q1 2025 significantly exceeded the reported Gross Profit of $2.73 million for the same period, underscoring the challenge of covering overhead with current gross margins.

The company has expanded its commercial footprint, launching 6 new generic prescription drugs in Q1 2025, which contributes to the COGS base and associated operational costs.

• G&A expenses increased by 8.7% in Q1 2025 year-over-year.
• The generics portfolio included 70 products on the market, with 13 more slated for 2025.
• Q1 2025 revenue was $8.9 million.

Finance: draft 13-week cash view by Friday.

Sunshine Biopharma, Inc. (SBFM) - Canvas Business Model: Revenue Streams

You're looking at the hard numbers driving Sunshine Biopharma, Inc.'s top line as of late 2025. The revenue streams are a mix of established generics and newer, higher-potential biosimilar entries, plus a novel treasury strategy.

The core revenue generation comes from the established generic prescription drug portfolio. For the first quarter of 2025, Sunshine Biopharma, Inc. reported total revenue of $8.9 million. This represented an 18% year-over-year growth compared to Q1 2024's $7.54 million.

Looking at the broader picture through the third quarter of 2025, the Trailing Twelve Month (TTM) revenue, ending September 30, 2025, stood at $37.32 million. This TTM figure reflects a 13.24% year-over-year growth. For the nine months ended September 30, 2025, the cumulative revenue was $27.728 million, which was up 9.7% compared to the same period in the prior year. The most recent quarterly figure, Q3 2025 revenue, was $9,417,179.

A significant new component to the revenue stream is the launch of new products, specifically the biosimilar NIOPEG®, through its Canadian subsidiary, Nora Pharma Inc.. This product is comparable to NEULASTA® (Pegfilgrastim). The global market for NEULASTA® and its biosimilars was estimated at $4.5 billion in 2024, with projections to reach $9.2 billion by 2033, showing a compound annual growth rate (CAGR) of 8.5%. The Canadian market for biologics was substantial, reaching $10 billion in 2020. At the time of the NIOPEG® launch, Sunshine Biopharma, Inc. already had 72 generic prescription drugs on the Canadian market, with plans to launch more than 12 additional drugs through the remainder of 2025.

Here's a quick look at the key revenue milestones as of late 2025:

• Sales from generics generated $8.9 million in Q1 2025.
• TTM revenue as of Q3 2025 was $37.32 million.
• Cumulative revenue for the first nine months of 2025 was $27.73 million.
• NIOPEG® targets a segment of the global market valued at $4.5 billion in 2024.

Sunshine Biopharma, Inc. also introduced a non-traditional revenue-related financial strategy. On October 14, 2025, the Board approved a strategic investment of $5 million in Bitcoin (BTC) as a treasury reserve asset. Management views this as a hedge and a high-conviction asset, with plans to increase holdings as funds become available.

You can see the recent revenue progression below:

The company's strategy clearly involves scaling its existing generics business while using the cash flow to enter higher-margin areas like biosimilars with NIOPEG®, which is a key driver for future revenue diversification. Finance: draft 13-week cash view by Friday.