Fennec Pharmaceuticals Inc. Q4 FY2025 earnings call

2025 was a transformational year for FENIC. We delivered record net product sales. We made strategic decisions to enhance execution by increasing the customer-facing team and expanding into new territories in the AYA market. Strengthened financial health through discipline operating decisions and efficiency measures. FENIC HEARS program achieved record performance in the fourth quarter. Marketing team focused on activating young adult testicular patients, with plans to partner with a testicular cancer advocacy group and participate in the ASCO meeting. Made significant progress advancing clinical evidence strategy, with STS-J01 clinical trial in Japan progressing well.

For the fourth quarter of 2025, net product sales were $13.8 million compared to $7.9 million in the comparable period of 2024, an increase of approximately 75%. For the full fiscal year 2025, net product sales were $44.6 million compared to $29.6 million in 2024, an increase of approximately 50%. The increase in net product sales is attributable to growth across both new and existing accounts, with notable success and progress in conversion and adherence of PEDMAR patients.

Anticipate cash operating expenses to grow from approximately $35 million in 2025 to approximately $50 million in 2026. PEDMARC momentum to build meaningfully throughout 2026 with additional countries launched and commercial activities expanding. Intend to evaluate issuing revenue and EBITDA guidance as we monitor the impact of growth initiatives. Every additional 100 patients per year has the potential to add $30 million in net revenues and an estimated $0.70 per share of free cash flow or cash EPS.

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ. Patent litigation settlement may face potential仿制药 competition risks in the future.

Q: David Amsalem with Piper Sandler asked about germ cell tumor and testicular cancer patients, including field engagement, penetration in the segment, uptake in academic and community practices, and mix between pediatric and older segments.

A: Jeff and Pierre responded discussing focus on germ cell tumors, partnerships with advocacy groups, increased interest from academic and community settings, and the mix of pediatric and older segments.

Q: Riley Securities asked about growth of treated patients in 4Q and slope of increase in coming quarters.

A: Jeff responded discussing focus on AYA market, mix of new and existing accounts, and expectation of growth continuing with material contribution in the back half of 2026.