FENNEC PHARMACEUTICALS INC. FENC
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.
The following is a summary of the principal risks that could adversely affect our business, operations, and financial results. A more thorough discussion of these and other risks follows this summary.
● We have a history of significant losses and have generated limited revenue from the sale of products since our inception.
● We may be required to conduct additional clinical trials for PEDMARK®, which would be costly and time-consuming to complete.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.6M | $47.5M | $21.3M | $1.8M | — | $170.0K | $0 | $0 | $0 | $0 |
| Cost of revenue | — | — | $1.3M | $86.0K | — | — | — | — | — | — |
| Gross profit | — | — | $20.0M | $1.4M | — | — | — | — | — | — |
| R&D | $250.0K | $307.0K | $56.0K | $3.5M | $5.0M | $5.1M | $5.6M | $5.0M | $1.9M | $472.0K |
| SG&A | $28.3M | $23.1M | $20.6M | $17.7M | $12.2M | $12.9M | $7.4M | $5.4M | $5.0M | $2.4M |
| Total operating expenses | $50.9M | $45.0M | $34.0M | $24.0M | $17.2M | $18.1M | $13.0M | — | — | — |
| Operating income | -$6.3M | $2.6M | -$12.8M | -$22.6M | -$17.2M | -$17.9M | -$13.0M | -$10.4M | -$7.0M | -$2.9M |
| Interest expense | — | — | $441.0K | $195.0K | — | — | — | — | — | — |
| Pre-tax income | -$9.6M | -$71.0K | -$16.0M | -$23.7M | -$17.3M | -$18.1M | -$12.8M | -$9.9M | -$7.0M | -$2.8M |
| Income tax | $106.0K | $365.0K | — | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net income | -$9.74B | -$436.0M | -$16.05B | -$23.7M | -$17.3M | -$18.1M | -$12.8M | -$9.9M | -$7.0M | -$2.8M |
| EPS, basic | -0.34 | -0.02 | -0.60 | -0.90 | -0.67 | -0.76 | — | — | — | — |
| EPS, diluted | -0.34 | -0.02 | -0.60 | -0.90 | -0.67 | -0.76 | -0.64 | -0.52 | -0.47 | -0.22 |
| Shares, diluted (wtd. avg.) | $28.6M | $27.3M | $26.6M | $26.3M | $26.0M | $23.7K | $19.9M | $18.9M | $15.0M | $12.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $36.8M | $26.6M | $13.3M | $23.8M | $21.1M | $30.3M | $13.7M | $22.8M | $28.3M | $3.9M |
| Total current assets | $67.0M | $44.1M | $26.9M | $26.7M | $22.4M | $31.4M | $13.9M | $22.9M | — | — |
| Total assets | $70.6M | $44.9M | $26.9M | $26.9M | $22.4M | $31.4M | $14.1M | $22.9M | $28.4M | $4.0M |
| Accounts payable | $4.6M | $3.2M | $3.8M | $2.4M | $777.0K | $1.6M | $1.6M | $1.0M | $855.0K | $244.0K |
| Total current liabilities | $10.5M | $6.9M | $7.6M | $4.6M | $1.7M | $2.3M | $2.3M | $1.6M | $1.6M | $402.0K |
| Long-term debt | — | $19.3M | $30.9M | $24.9M | — | — | — | — | — | — |
| Total liabilities | $35.1M | $50.8M | $38.5M | $29.5M | $6.6M | $2.3M | $2.3M | $1.6M | $1.6M | $402.0K |
| Retained earnings | -$229.4M | -$219.7M | -$219.2M | -$203.2M | -$179.5M | -$162.1M | -$144.0M | -$131.3M | -$121.4M | -$114.3M |
| Total equity | $35.5M | -$5.9M | -$11.6M | -$2.6M | $15.8M | $29.1M | $11.9M | $21.3M | $26.8M | $3.6M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$12.5M | $27.0M | -$17.1M | -$18.1M | -$14.2M | -$15.6M | -$9.1M | -$7.8M | -$3.6M | -$2.1M |
| Stock-based compensation | $7.0M | $5.1M | $5.4M | $4.1M | $3.7M | $2.8M | $2.7M | $1.8M | $1.5M | $615.0K |
| Investing cash flow | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Financing cash flow | $22.6M | -$13.6M | $6.6M | $20.7M | $5.0M | $32.3M | -$71.0K | $2.3M | $28.0M | $5.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-050339.
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