FENNEC PHARMACEUTICALS INC.

Listed Company

FENCCIK 0001211583NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)A1CAFY ends Dec 31

Period

FY 2025

Revenue

$44.64M

Net Income

$-9.74M

Total Assets

$70.55M

Equity

$35.47M

Shares Out

34.48M

Op. Cash Flow

$-12.47M

Business

FENNEC PHARMACEUTICALS INC. is a commercial-stage specialty pharmaceutical company that develops and commercializes therapies to reduce cisplatin-induced ototoxicity. Its principal product is PEDMARK® (PEDMARQSI® outside the U.S.), an approved sodium thiosulfate injection to mitigate hearing loss in pediatric patients receiving cisplatin. The company operates through its commercial organization and subsidiaries, with active entities supporting U.S. commercialization and an exclusive licensing partnership with Norgine for Europe, Australia and New Zealand. It distributes via a U.S. field force, specialty pharmacies, hospital channels and partner-led commercialization in licensed territories.

Summary from filing dated 2025-03-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product sales, net	45	30	21	—	—
Licensing revenue	—	18	—	—	—
Total net revenues	45	48	21	2	—
Cost of product sales	4	3	1	—	—
Research and development	250,000	307,000	56,000	4	5
Selling and marketing	19	18	12	3	—
General and administrative	28	23	21	18	12
Total operating expenses	51	45	34	24	17
(Loss)/income from operations	−6	3	−13	−23	−17
Unrealized foreign exchange gain/(loss)	28,000	−82,000	5,000	−9,000	−10,000
Amortization expense	−64,000	−89,000	−287,000	−149,000	−16,000
Unrealized loss on securities	−2,000	−81,000	−39,000	—	—
Loss on debt extinguishment	−2	—	—	—	—
Interest income	787,000	2	441,000	—	—
Interest expense	−2	−4	−3	—	—
Total other expense	−3	−3	−3	−1	−123,000
Loss before income tax	−10	−71,000	−16	—	—
Income tax	−106,000	−365,000	—	—	—
Net loss	−10	−436,000	−16	−24	−17
Basic net loss per common share	−0.34	−0.02	−0.6	−0.9	−0.67
Diluted net loss per common share	−0.34	−0.02	−0.6	−0.9	−0.67
Weighted-average number of common shares outstanding basic	29	27	27	26	26
Weighted-average number of common shares outstanding diluted	29	27	27	26	26

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2023 2023-09-30	FY 2022 2022-12-31
Cash and cash equivalents	37	27	13	—	24
Accounts receivable, net	23	13	9	—	2
Prepaid expenses	4	3	3	1	770,000
Inventory	2	1	2	—	576,000
Other current assets	2	466,000	44,000	—	63,000
Total current assets	67	44	27	20	27
Non-current accounts receivable, net	3	—	—	—	—
Other non-current assets, net of amortization	717,000	822,000	816,000	—	—
Total non-current assets	4	822,000	6,000	—	211,000
Total assets	71	45	27	20	27
Accounts payable	5	3	4	—	2
Accrued liabilities	6	3	4	—	2
Operating lease liability - current	—	2,000	21,000	—	—
Contract liability - current	248,000	248,000	—	—	—
Total current liabilities	11	7	8	—	5
Term loan	—	18	30	—	25
PIK interest	—	1	1	—	260,000
Debt discount	—	−139,000	−288,000	—	−361,000
Contract liability - long-term	25	25	2,000	—	—
Total non-current liabilities	25	44	31	—	25
Total liabilities	35	51	38	—	30
Common stock, no par value; unlimited shares authorized; 34,163 shares issued and outstanding (2024 27,527)	190	146	144	—	143
Additional paid-in capital	74	67	62	—	57
Accumulated deficit	−229	−220	−219	216	−203
Accumulated other comprehensive income	1	1	1	—	1
Total shareholders' equity/(deficit)	35	−6	−12	10	−3
Total liabilities and shareholders' equity/(deficit)	71	45	27	20	27

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−10	−436,000	−16	24	—
Inventory reserve	773,000	517,000	—	—	—
Allowance for credit losses	2	4	—	—	—
Amortization of contract asset	103,000	800,000	—	—	—
Amortization of debt access fees	—	21,000	221,000	132,000	14,000
Amortization of debt discount	65,000	138,000	66,000	17,000	2,000
Unrealized loss on securities	2,000	81,000	39,000	184,000	—
Equity-based compensation	7	5	5	4	4
PIK interest	—	52,000	—	—	—
Accounts receivable	−12	−8	−7	−2	—
Prepaid expenses	−658,000	−505,000	104,000	264,000	−237,000
Inventory	−1	579,000	−2	−576,000	—
Other assets	−1	796,000	—	—	—
Other non-current assets	−3	—	—	—	—
Accounts payable	1	−537,000	1	2	−794,000
Accrued liabilities	2	−326,000	576,000	1	101,000
Contract liability	—	25	—	—	—
Net cash (used in)/provided by operating activities	−12	27	−17	−18	−14
Issuance of shares, options exercise	2	1	2	928,000	33,000
Proceeds form the issuance of common stock, net of offering costs	42	—	—	—	—
Payment of long-term debt	−19	−13	—	−5	—
Prepayment penalty on debt repayment	−2	—	—	—	—
Cash paid for taxes on restricted share release	−187,000	−176,000	−78,000	−194,000	—
Deferred issuance costs	—	−2	—	—	—
Net cash provided by/(used in) by financing activities	23	−14	7	21	5
Increase in cash and cash equivalents	10	13	−11	3	−9
Cash paid for interest	4	4	—	—	—
Cash paid for taxes	748,000	—	—	—	—
Right-of-use assets obtained in exchange for operating lease liabilities	—	2,000	—	—	—
Financed insurance policy	393,000	386,000	403,000	—	—

Filings

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