FENC

MKT CAP:$197M

Fennec Pharmaceuticals Inc.

Market Cap

$197M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$6.60-$1.08 (-14.06%)

Apr 21, 2026

Company Details

Fennec Pharmaceuticals Inc. operates as a biopharmaceutical company. Its product candidate in the clinical stage of development is PEDMARK, a formulation of sodium thiosulfate for the prevention of platinum-induced ototoxicity in pediatric ...

CEO

Robert C. Andrade

IPO Date

Sep 15, 2017

Website

www.fennecpharma.com

Key Metrics TTM

Revenue

$39M

-15.9% YoY

Net Income

-$7M

EPS (Diluted)

-$0.24

Free Cash Flow

-$8M

Revenue / Share

$1.39

Gross Margin

93.1%

Operating Margin

-12.0%

Net Margin

-17.9%

FCF Margin

-20.6%

P/S

5.1x

P/E

—

Earnings Reports

Q4 2025

May 12, 2026

PENDING

FY 2025

Mar 27, 2026

$45M-4.4%EPS -$0.36

Q3 2025

Nov 13, 2025

$12M+78.7%EPS -$0.02

Q2 2025

Aug 14, 2025

$10M+32.9%EPS -$0.12

Q1 2025

May 14, 2025

$9M-65.5%EPS -$0.04

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 18	$0	$0	-$3M
Q1 19	$0	$0	-$3M
Q2 19	$0	$0	-$5M
Q3 19	$0	$0	-$2M
Q3 20	$0	$0	-$6M
Q4 20	$170.0K	$170.0K	-$3M
Q4 21	$0	$0	-$4M
Q1 23	$2M	$2M	-$5M
Q3 23	$7M	$6M	-$1M
Q1 24	$25M	$25M	$14M
Q2 24	$7M	$7M	-$5M
Q3 24	$7M	$6M	-$5M
Q4 24	$8M	$7M	-$934.0K
Q1 25	$9M	$8M	-$808.0K
Q2 25	$10M	$9M	-$3M
Q3 25	$12M	$12M	-$189.0K

Valuation

Quarter	P/S	P/E
Q4 18	—	—
Q1 19	—	—
Q2 19	—	—
Q3 19	—	—
Q3 20	—	—
Q4 20	1029.0x	—
Q4 21	701.0x	—
Q1 23	117.8x	—
Q3 23	22.9x	—
Q1 24	8.8x	584.9x
Q2 24	4.2x	—
Q3 24	3.0x	—
Q4 24	3.6x	—
Q1 25	5.4x	—
Q2 25	6.9x	—
Q3 25	6.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 18	-$3M	-$3M
Q1 19	-$2M	-$2M
Q2 19	-$3M	-$3M
Q3 19	-$2M	-$2M
Q3 20	-$5M	-$5M
Q4 20	-$3M	-$3M
Q4 21	-$3M	-$3M
Q1 23	-$6M	-$6M
Q3 23	-$3M	-$3M
Q1 24	$39M	$39M
Q2 24	-$8M	-$8M
Q3 24	-$2M	-$2M
Q4 24	-$1M	-$1M
Q1 25	-$4M	-$4M
Q2 25	-$4M	-$4M
Q3 25	$1M	$1M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 18	—	+23.5%
Q1 19	—	+49.6%
Q2 19	—	+80.6%
Q3 19	—	-34.6%
Q3 20	—	+88.2%
Q4 20	—	+31.2%
Q4 21	—	-12.9%
Q1 23	—	+272.9%
Q3 23	—	+28.9%
Q1 24	+14827.6%	+230.9%
Q2 24	—	+193.4%
Q3 24	+315.9%	+75.3%
Q4 24	+21.6%	+17.6%
Q1 25	-65.5%	-17.8%
Q2 25	+32.9%	+0.7%
Q3 25	+78.7%	+3.9%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 18	-$21.0K	—
Q1 19	$264.0K	—
Q2 19	$2M	—
Q3 19	$335.0K	—
Q3 20	$1M	—
Q4 20	$577.0K	339.4%
Q4 21	$910.0K	—
Q1 23	$1M	64.9%
Q3 23	$865.0K	13.3%
Q1 24	$1M	4.7%
Q2 24	$925.0K	12.7%
Q3 24	$2M	26.1%
Q4 24	$1M	14.2%
Q1 25	$798.0K	9.1%
Q2 25	$1M	15.5%
Q3 25	$2M	17.8%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q4 18	$2M	$1M	—	—
Q1 19	$2M	$1M	—	—
Q2 19	$2M	$3M	—	—
Q3 19	$795.0K	$1M	—	—
Q3 20	$1M	—	—	$4M
Q4 20	$1M	$2M	—	—
Q4 21	$521.2K	—	—	$4M
Q1 23	$4.0K	$4M	$3M	—
Q3 23	$12.0K	$4M	$3M	—
Q1 24	$3.0K	$6M	$5M	—
Q2 24	$157.0K	$7M	$5M	—
Q3 24	$97.0K	$6M	$5M	—
Q4 24	$50.0K	$4M	$4M	—
Q1 25	$94.0K	$6M	$3M	—
Q2 25	$107.0K	$7M	$4M	—
Q3 25	$29.0K	$7M	$5M	—

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$18M	$0	$18M
Q2 22	$15M	$0	$15M
Q3 22	$30M	$0	$30M
Q4 22	$24M	$0	$24M
Q1 23	$18M	$0	$18M
Q2 23	$15M	$0	$15M
Q3 23	$12M	$0	$12M
Q4 23	$13M	$0	$13M
Q1 24	$51M	$0	$51M
Q2 24	$43M	$0	$43M
Q3 24	$40M	$0	$40M
Q4 24	$27M	$0	$27M
Q1 25	$23M	$0	$23M
Q2 25	$19M	$0	$19M
Q3 25	$22M	$0	$22M
Q4 25	$37M	$0	$37M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 18	20M	+4.9%	+30.3%
Q1 19	20M	+0.0%	+8.0%
Q2 19	20M	0.0%	+7.1%
Q3 19	20M	0.0%	+4.9%
Q3 20	26M	+28.7%	+28.7%
Q4 20	24M	-7.4%	+19.1%
Q4 21	26M	+9.7%	+30.7%
Q1 23	27M	+2.1%	+33.5%
Q3 23	26M	-0.4%	+3.4%
Q1 24	31M	+17.5%	+31.2%
Q2 24	27M	-12.2%	+5.0%
Q3 24	27M	+0.3%	+3.1%
Q4 24	27M	+0.3%	+3.8%
Q1 25	28M	+0.4%	-11.3%
Q2 25	28M	+0.3%	+1.3%
Q3 25	28M	+0.8%	+1.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 18	$0	3
Q1 19	$0	3
Q2 19	$0	3
Q3 19	$0	3
Q3 20	$0	4
Q4 20	$18.9K	9
Q4 21	$0	10
Q1 23	$46.6K	36
Q3 23	$181.0K	36
Q1 24	$875.1K	29
Q2 24	$250.4K	29
Q3 24	$240.5K	29
Q4 24	$247.7K	32
Q1 25	$273.5K	32
Q2 25	$301.6K	32
Q3 25	$389.4K	32

Revenue / Employee