Fennec Pharmaceuticals Inc.
- Open
- 10.24
- Day high
- 10.69
- Day low
- 10.24
- Prev close
- 10.44
- Volume
- 186K
- Mkt cap
- $365M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 9.7
- P/S
- 7.2
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$322K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Fennec Pharmaceuticals Inc. (FENC) is a Healthcare company listed on NASDAQ. The stock is up 24% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Fennec Pharmaceuticals Inc. (FENC) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
FENC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 14, 2026 | $-0.02 | $0.01 | +150.0% | $15M | +8.6% |
| Mar 24, 2026 | $0.03 | $-0.11 | -466.7% | $14M | -5.8% |
| Nov 13, 2025 | $-0.08 | $-0.02 | +75.0% | $12M | -15.2% |
| Aug 14, 2025 | $-0.06 | $-0.11 | -83.3% | $10M | +0.9% |
| Mar 10, 2025 | $0.56 | $-0.06 | -110.7% | $8M | +1.6% |
| Nov 7, 2024 | $-0.13 | $-0.21 | -61.5% | $7M | -12.9% |
| Aug 13, 2024 | $0.06 | $-0.20 | -433.3% | $7M | -34.3% |
| Mar 21, 2024 | $-0.02 | $-0.10 | -400.0% | $10M | +12.3% |
| Aug 3, 2023 | $-0.18 | $-0.21 | -16.7% | $3M | -47.5% |
| May 11, 2023 | $-0.21 | $-0.23 | -9.5% | $2M | -9.4% |
| Nov 11, 2022 | $-0.17 | $-0.31 | -82.4% | — | — |
| Aug 12, 2022 | $-0.10 | $-0.19 | -90.0% | — | — |
FENC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 2, 2026 | Raykov Rostyother: Former Director | Option | 15,597 | $2.45 |
| Jul 2, 2026 | Raykov Rostyother: Former Director | Grant | 2,778 | — |
| Jul 2, 2026 | Raykov Rostyother: Former Director | Sell | 9,599 | $10.41 |
| Jul 1, 2026 | Evans Terry Lofficer: Chief Commercial Officer | Grant | 168 | — |
| Jul 1, 2026 | Andrade Robertofficer: CHIEF FINANCIAL OFFICER | Grant | 1,703 | — |
| Jul 1, 2026 | Hackman Jeffrey S.director, officer: Chief Executive Officer | Grant | 1,159 | — |
| Jul 1, 2026 | Sayad Pierre Sargisofficer: Chief Medical Officer | Grant | 168 | — |
| Jul 1, 2026 | Cioffi Christiana Marieofficer: Chief Strategy Officer | Grant | 156 | — |
| Jun 10, 2026 | Cook Jodi Adirector | Grant | 20,000 | $8.70 |
| Jun 10, 2026 | RALLIS CHRIS Adirector | Grant | 20,000 | $8.70 |
| Jun 10, 2026 | Islam Khaliddirector | Grant | 25,000 | $8.70 |
| Jun 10, 2026 | Brughera Marco Mariadirector | Grant | 20,000 | $8.70 |
| Jun 2, 2026 | Raykov Rostydirector | Sell | 9,747 | $9.62 |
| Jun 2, 2026 | Raykov Rostydirector | Grant | 2,778 | — |
| Jun 2, 2026 | Raykov Rostydirector | Option | 15,597 | $2.45 |
Source: FENC SEC Form 4 filings, latest Jul 2, 2026. For informational purposes only — not investment advice.
See the full FENC insider & 13F page →Fennec Pharmaceuticals Inc. company profile
Overview
Fennec Pharmaceuticals Inc. (NASDAQ:FENC) is a biopharmaceutical company founded in 1996 and headquartered in Research Triangle Park, North Carolina. Originally incorporated as Adherex Technologies Inc., the company changed its name to Fennec Pharmaceuticals in September 2014 to reflect its focused mission on pediatric oncology. The company went public in September 2017 and has since established itself as a specialized player in the rare disease pharmaceutical space, specifically targeting the prevention of chemotherapy-induced hearing loss in cancer patients.
Business
Fennec Pharmaceuticals operates in the specialized biopharmaceutical sector, focusing on ototoxicity prevention - the medical term for hearing damage caused by certain medications. The company's core product is PEDMARK, a proprietary formulation of sodium thiosulfate designed to prevent platinum-induced hearing loss in pediatric cancer patients receiving cisplatin chemotherapy. To understand PEDMARK's importance, it's essential to know that cisplatin is a widely-used chemotherapy drug highly effective against various cancers, including testicular, ovarian, head and neck, and pediatric cancers like neuroblastoma and hepatoblastoma. However, cisplatin has a significant side effect: it can cause permanent hearing loss (ototoxicity) in up to 60% of pediatric patients. This hearing damage can severely impact a child's development, speech, learning abilities, and quality of life. PEDMARK works as a cytoprotective agent - it protects healthy cells from chemotherapy damage without interfering with the cancer-fighting properties of cisplatin. The drug is administered intravenously after each cisplatin dose and has been clinically proven to reduce the risk of hearing loss by approximately 40% in pediatric patients. The company operates as a single-product commercial entity, with PEDMARK representing virtually 100% of its product revenue. Fennec has two primary market segments: the original pediatric market (patients under 18) where it first gained FDA approval, and the expanding Adolescent and Young Adult (AYA) market (patients 18-39 years old) which represents a significant growth opportunity with an estimated 20,000 patients annually in the United States compared to approximately 3,500 in the pediatric segment.
Revenue model
Fennec generates revenue through direct product sales of PEDMARK to hospitals and cancer treatment centers. The company employs a direct-to-institution sales model, targeting approximately 200 pediatric hospital centers that account for roughly 80% of cisplatin usage in children. Each treatment course typically requires multiple vials - pediatric patients average around 15-20 vials per treatment cycle, while AYA patients require approximately 30 vials due to their larger body surface area. The company's revenue model faces several key dynamics that influence profitability. Positive factors include the drug's orphan drug exclusivity until September 2029, which provides protection from generic competition, and the establishment of a dedicated J-Code for billing purposes, which streamlines reimbursement processes. The company has achieved over 90% reimbursement success in both pediatric and AYA populations, with costs covered by both commercial insurance and government programs like Medicaid. Challenging factors include competition from compounded sodium thiosulfate products, which some institutions continue to use despite FDA communications about their non-substitutable nature. Patient adherence represents another margin pressure, currently running at approximately 50% in the AYA population, meaning many patients don't complete their full treatment course. Additionally, the company faces the typical biotech challenge of high fixed costs for regulatory compliance, quality manufacturing, and commercial infrastructure spread across a relatively small patient population. The company also generates licensing revenue through its partnership with Norgine for European commercialization rights, which provided an upfront payment of $43 million and potential milestone payments up to $230 million. This represents a risk-sharing model where Fennec receives upfront capital while Norgine handles European market development and commercialization costs.
Competitive moat
Fennec's competitive moat is moderate but strengthening, built primarily on regulatory exclusivity and clinical differentiation rather than fundamental technological barriers. The company's strongest protection comes from its orphan drug exclusivity until September 2029, which prevents FDA approval of competing products for the same indication during this period. The company has established clinical differentiation through its proprietary formulation and delivery method. PEDMARK's specific pH, concentration, and administration protocol have been clinically validated in controlled trials, while compounded alternatives lack this level of clinical evidence. The FDA has issued communications stating that PEDMARK cannot be substituted with other sodium thiosulfate products, providing regulatory support for the company's market position. However, the moat faces meaningful challenges. Compounded competition remains the primary threat, as hospital pharmacies can still prepare sodium thiosulfate solutions in-house, though these lack the clinical validation and consistency of PEDMARK. The underlying active ingredient (sodium thiosulfate) is not proprietary, meaning the barrier to entry is primarily regulatory rather than technological. The company is working to strengthen its moat through market expansion and clinical evidence generation. By moving into the larger AYA market and establishing PEDMARK as the standard of care through medical education and guideline inclusion (such as NCCN guidelines), Fennec aims to build physician preference and institutional adoption that goes beyond regulatory protection. The ongoing investigator-initiated trial in Japan and potential expansion into additional indications could further strengthen the competitive position, though these remain developmental opportunities rather than established advantages.
Risks & safety
Fennec presents a moderate margin of safety with improving financial metrics but ongoing cash burn concerns. • Liquidity and Solvency: Strong current ratio of 5.13 and quick ratio of 4.97 as of Q1 2025, with $22.7 million in cash and short-term investments against $8.4 million in current liabilities. No debt burden (debt-to-equity ratio of 0.0). • Cash Burn: Negative free cash flow of $4.3 million in Q1 2025, with projected annual cash operating expenses of approximately $33 million. At current burn rate, the company has less than 12 months of cash runway, creating near-term financing pressure. • Valuation Metrics: Price-to-book ratio of 67.4 indicates significant premium valuation. Negative EBITDA of -$0.8 million in Q1 2025 shows the company is approaching but hasn't achieved operational profitability. • Revenue Growth: Positive trend with 18% year-over-year growth in Q1 2025 and 40% growth in 2024, suggesting improving commercial traction. • Break-even Proximity: Management targets $8.5-9 million in quarterly sales to reach cash flow break-even, compared to current $8.8 million quarterly revenue, indicating the company is approaching self-sustainability.
Recent development
Over the past two years, Fennec has executed a significant market expansion strategy beyond its original pediatric focus. The company successfully expanded into the Adolescent and Young Adult (AYA) market following NCCN guideline updates that endorsed PEDMARK for patients up to 39 years old. This expansion represents a potential six-fold increase in addressable market size, from approximately 3,500 pediatric patients to over 20,000 AYA patients annually. The company has strengthened its commercial infrastructure through key leadership appointments, including CEO Jeff Hackman in August 2024, who brought over 30 years of oncology commercialization experience. Additional executive hires included Pierre Sayad as Chief Medical Officer, Terry Evans as Chief Commercial Officer, and Christiana Cioffi as Chief Strategy Officer, signaling a commitment to commercial execution. International expansion has been a major strategic focus, with the company signing an exclusive licensing agreement with Norgine for European, Australian, and New Zealand markets. This partnership provided $43 million upfront and up to $230 million in potential milestones. PEDMARK launched commercially in Germany and the UK in 2024, with pricing established at €10,500 and £8,277 per vial respectively. The company has also enhanced its patient access programs through partnerships with specialty pharmacies like Orsini, enabling home administration and improving patient convenience. The Fennec HEARS patient support program was expanded to improve adherence rates, which currently stand at approximately 50% in the AYA population. Regulatory achievements include securing a dedicated J-Code for PEDMARK billing, which streamlined reimbursement processes, and ongoing discussions for inclusion in medical compendia. An investigator-initiated trial in Japan was fully enrolled in 2024, with results expected in the second half of 2025, potentially opening access to the Japanese market.
FENC company profile · for informational purposes only — not investment advice.
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