FENC on Nasdaq

FENNEC PHARMACEUTICALS INC.

You are urged to read this Annual Report on Form 10-K (“Annual Report”) in its entirety.4 From its latest annual report

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Last updated Oct 19, 2026.

Overview

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  • TickerFENC on Nasdaq2
  • IndustryBiological Products, (No Diagnostic Substances)2
  • HeadquartersResearch Triangle Park, United States2
  • Incorporated inBritish Columbia, Canada3
  • Business addressPo Box 13628, 68 Tw Alexander Drive, Research Triangle Park, Nc 277093
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formBusiness corporations (which includes professional corporations)2
  • LEI5299003IE70ITO2CBM732
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered address68 TW Alexander Drive, PO Box 13628, 27709 Research Triangle Park, NC, Canada2

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You are urged to read this Annual Report on Form 10-K (“Annual Report”) in its entirety. “We,” “our,” “ours,” “us,” “Fennec,” or the “Company,” when used herein, refers to Fennec Pharmaceuticals Inc., a British Columbia corporation, and its wholly-owned subsidiary, Fennec Pharmaceuticals, Inc., a Delaware corporation.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-14.1%Operating margin5
-21.8%Net margin5
-6.1%Revenue growth, 20255
-27.5%Return on equity5

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Research and development1¢$250.0K
  • Other costs99¢$44.3M
  • Income tax0¢$106.0K

Out of $44.6M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$44.6M in 2025
0$20.0M$40.0M$60.0M2019: $0$020192020: $200.0K$200.0K20202022: $1.5M$1.5M2022+668%2023: $21.3M$21.3M2023+1284%2024: $47.5M$47.5M2024+124%2025: $44.6M$44.6M2025−6%
Gross profit8$20.0M in 2023+1280% since 2022
0$5.0M$10.0M$15.0M$20.0M2022: $1.4M$1.4M20222023: $20.0M$20.0M2023+1280%
Operating income101112895-$6.3M in 2025−52% since 2019
-$30.0M-$20.0M-$10.0M0$10.0M2019: -$13.0M-$13.0M20192020: -$17.9M-$17.9M2020+37%2021: -$17.2M-$17.2M2021−4%2022: -$22.6M-$22.6M2022+31%2023: -$12.8M-$12.8M2023−43%2024: $2.6M$2.6M20242025: -$6.3M-$6.3M2025
Net income101112895-$9.7M in 2025−24% since 2019
-$30.0M-$20.0M-$10.0M02019: -$12.8M-$12.8M20192020: -$18.1M-$18.1M2020+42%2021: -$17.3M-$17.3M2021−4%2022: -$23.7M-$23.7M2022+37%2023: -$16.0M-$16.0M2023−32%2024: -$436.0K-$436.0K2024−97%2025: -$9.7M-$9.7M2025+2134%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Product sales, net$44.6M$29.6M
Licensing revenue$18.0M
Total net revenues$44.6M$47.5M
Cost of product sales$3.8M$3.2M
Research and development$250.0K$307.0K
Selling and marketing$18.6M$18.4M
General and administrative$28.3M$23.1M
Total operating expenses$50.9M$45.0M
(Loss)/income from operations-$6.3M$2.6M
Unrealized foreign exchange gain/(loss)$28.0K-$82.0K
Amortization expense-$64.0K-$89.0K
Unrealized loss on securities-$2.0K-$81.0K
Loss on debt extinguishment-$2.0M
Interest income$787.0K$1.7M
Interest expense-$2.1M-$4.1M
Total other expense-$3.4M-$2.6M
Loss before income tax-$9.6M-$71.0K
Income tax-$106.0K-$365.0K
Net loss-$9.7M-$436.0K
Basic net loss per common share-$0.34-$0.02
Diluted net loss per common share-$0.34-$0.02
Weighted-average number of common shares outstanding basic28.6M shares27.3M shares
Weighted-average number of common shares outstanding diluted28.6M shares27.3M shares

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Leadership

Who has led FENNEC PHARMACEUTICALS INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. William P. Peters2007–2008
  2. Rosty Raykov2009–2024
  3. Jeffrey S. Hackman2024–now

Chair

  1. William P. Peters2007–2008

President

  1. Robin J. Norris2007–2009

Chief financial officer

  1. James A. Klein Jr.2007–2008
  2. Robert Andrade2017–now

Chief operating officer

  1. Robin J. Norris2007–2008
  2. Adrian Haigh2023–2024
2010201520202025
Board members and other officers (25)

Former names

  • ADHEREX TECHNOLOGIES INCDec 10, 2002 to Aug 14, 20143

Timeline

  1. Aug 19, 2024New chief executive Jeffrey S. Hackman becomes CEO15
  2. Jul 17, 2009New chief executive Rosty Raykov becomes CEO16
  3. Mar 5, 2007New chief executive William P. Peters becomes CEO17

Filings

394 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 222 insider forms, 19 large holders, 81 other. The latest 20:

  1. Oct 13, 20264 EDGAR
  2. Oct 13, 20264 EDGAR
  3. Oct 13, 20264 EDGAR
  4. Oct 13, 20264 EDGAR
  5. Oct 13, 20264 EDGAR
  6. Oct 1, 20264 EDGAR
  7. Oct 1, 20264 EDGAR
  8. Oct 1, 20264 EDGAR
  9. Oct 1, 20264 EDGAR
  10. Oct 1, 20264 EDGAR
  11. Sep 17, 20268-K EDGAR
  12. Sep 16, 20264 EDGAR
  13. Sep 15, 2026144 EDGAR
  14. Sep 1, 2026144 EDGAR
  15. Sep 1, 20264 EDGAR
  16. Aug 31, 20264 EDGAR
  17. Aug 31, 20264 EDGAR
  18. Aug 31, 20264 EDGAR
  19. Aug 31, 2026144 EDGAR
  20. Aug 31, 20264 EDGAR

The 394 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

86 open-market trades by officers, directors and large owners since October 2021: 4 buys and 82 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 15, 2026Brughera Marco MariaDirectorSale15,545$10.29$160.0KForm 4
Sep 1, 2026Raykov RostySale10,000$12.11$121.1KForm 4
Aug 31, 2026Sayad Pierre SargisChief Medical OfficerSale12,000$12.18$146.2KForm 4
Aug 27, 2026Andrade RobertCHIEF FINANCIAL OFFICERSale75,000$11.78$883.5KForm 4
Aug 3, 2026Raykov RostySale10,000$9.58$95.8KForm 4
Jul 1, 2026Raykov RostySale9,599$10.41$99.9KForm 4
Jun 1, 2026Raykov RostySale9,747$9.62$93.8KForm 4
May 11, 2026RALLIS CHRIS ADirectorSale8,346$7.04$58.8KForm 4
May 1, 2026Raykov RostySale10,781$6.47$69.8KForm 4
Apr 1, 2026Raykov RostySale10,946$6.31$69.1KForm 4
Mar 2, 2026Raykov RostySale10,079$8.36$84.3KForm 4
Feb 2, 2026Raykov RostySale10,349$7.76$80.3KForm 4
Jan 2, 2026Raykov RostySale10,312$7.60$78.4KForm 4
Dec 24, 2025Southpoint Capital Advisors LP10% ownerSale1,000,000$7.50$7.5MForm 4
Dec 5, 2025Raykov RostySale10,000$7.54$75.4KForm 4
Nov 18, 2025Southpoint Capital Advisors LLC10% ownerSale19,341$8.79$170.0KForm 4
Nov 17, 2025Southpoint GP, LLC10% ownerSale85,918$8.79$755.2KForm 4
Nov 14, 2025Southpoint GP, LLC10% ownerSale160,100$8.00$1.3MForm 4
Nov 5, 2025Raykov RostySale10,000$8.10$81.0KForm 4
Oct 10, 2025RALLIS CHRIS ADirectorSale1,775$9.24$16.4KForm 4

All 86 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Rosalind Advisors, Inc.3,188,001$34.3M12.9%+279,800
AIGH Capital Management LLC2,486,038$26.7M2.4%+504,537
Solas Capital Management, LLC1,889,366$20.3M10.9%−592,832
BlackRock, Inc.1,727,069$18.6M0.0%+358,893
AWM Investment Company, Inc.1,160,296$12.5M1.1%+440,161
Vanguard Capital Management LLC839,306$9.0M0.0%−57,838
Prospect Capital Advisors, LLC497,800$5.4M2.4%New
State Street Corp426,004$4.6M0.0%+66,949
Geode Capital Management, LLC402,566$4.3M0.0%+30,828
Jane Street Group, LLC233,877$2.5M0.0%New
Potomac Capital Management, Inc.224,400$2.4M1.8%No change
Morgan Stanley221,920$2.4M0.0%+10,812
Vanguard Portfolio Management LLC199,998$2.1M0.0%+31,525
Northern Trust Corp167,922$1.8M0.0%+15,799
Marshall Wace, Llp138,758$1.5M0.0%New
Renaissance Technologies LLC134,200$1.4M0.0%New
Nuveen, LLC131,482$1.4M0.0%+70,534
Trexquant Investment LP119,122$1.3M0.0%+67,253
CenterBook Partners LP118,582$1.3M0.1%New
Lion Point Capital, LP112,434$1.2M5.8%No change
Bridgeway Capital Management, LLC108,005$1.2M0.0%+25,000
Cornerstone Capital, Inc.105,000$1.1M0.1%No change
XTX Topco Ltd93,866$1.0M0.0%+78,611
Aqr Capital Management LLC92,889$998.6K0.0%+68,743
Wellington Management Group Llp84,548$908.9K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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