Fennec Pharmaceuticals Inc Financials

FENC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

Financial Health Signals

Altman Z-Score Distress

-1.21

Fennec Pharmaceuticals Inc scores -1.21, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($287.6M) relative to total liabilities ($50.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Piotroski F-Score Neutral

6/9

Fennec Pharmaceuticals Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Mixed

-61.88x

For every $1 of reported earnings, Fennec Pharmaceuticals Inc generates $-61.88 in operating cash flow ($27.0M OCF vs -$436K net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

0.6x

Fennec Pharmaceuticals Inc earns $0.6 in operating income for every $1 of interest expense ($2.6M vs $4.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

This page shows Fennec Pharmaceuticals Inc (FENC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 28 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

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Key Financial Metrics

Revenue

$47.5M

YoY+123.7%

Fennec Pharmaceuticals Inc generated $47.5M in revenue in fiscal year 2024. This represents an increase of 123.7% from the prior year.

EBITDA

N/A

Free Cash Flow

N/A

Net Income

-$436K

YoY+97.3%

Fennec Pharmaceuticals Inc reported -$436K in net income in fiscal year 2024. This represents an increase of 97.3% from the prior year.

EPS (Diluted)

$-0.02

YoY+96.7%

Fennec Pharmaceuticals Inc earned $-0.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 96.7% from the prior year.

Cash & Debt

$26.6M

YoY+100.7%

5Y CAGR+14.3%

10Y CAGR+27.7%

Fennec Pharmaceuticals Inc held $26.6M in cash against $19.3M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

28M

YoY+1.9%

5Y CAGR+6.7%

10Y CAGR+10.0%

Fennec Pharmaceuticals Inc had 28M shares outstanding in fiscal year 2024. This represents an increase of 1.9% from the prior year.

Gross Margin

N/A

Operating Margin

5.4%

YoY+65.5pp

Fennec Pharmaceuticals Inc's operating margin was 5.4% in fiscal year 2024, reflecting core business profitability. This is up 65.5 percentage points from the prior year.

Net Margin

-0.9%

YoY+74.6pp

Fennec Pharmaceuticals Inc's net profit margin was -0.9% in fiscal year 2024, showing the share of revenue converted to profit. This is up 74.6 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

$307K

YoY+448.2%

5Y CAGR-44.1%

10Y CAGR-1.5%

Fennec Pharmaceuticals Inc invested $307K in research and development in fiscal year 2024. This represents an increase of 448.2% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

FENC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$47.5M+123.7%	$21.3M+1284.5%	$1.5M	N/A	$200K	$0
Cost of Revenue	N/A	$1.3M+1364.0%	$86K	N/A	N/A	N/A
Gross Profit	N/A	$20.0M+1279.8%	$1.4M	N/A	N/A	N/A
R&D Expenses	$307K+448.2%	$56K-98.4%	$3.5M-29.1%	$5.0M-2.4%	$5.1M-9.0%	$5.6M
SG&A Expenses	$23.1M+12.0%	$20.6M+16.2%	$17.7M+44.8%	$12.2M-5.5%	$12.9M+75.0%	$7.4M
Operating Income	$2.6M+120.1%	-$12.8M+43.5%	-$22.6M-31.2%	-$17.2M+3.7%	-$17.9M-37.5%	-$13.0M
Interest Expense	$4.1M+19.9%	$3.4M+1640.5%	$195K	N/A	N/A	N/A
Income Tax	$365K	N/A	$0	$0	$0	$0
Net Income	-$436K+97.3%	-$16.0M+32.3%	-$23.7M-36.7%	-$17.3M+4.2%	-$18.1M-41.8%	-$12.8M
EPS (Diluted)	$-0.02+96.7%	$-0.60+33.3%	$-0.90-34.3%	$-0.67+11.8%	$-0.76	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Revenue	$12.5M+29.1%	$9.7M+10.3%	$8.8M+10.4%	$7.9M+9.1%	$7.3M-71.4%	$25.4M+160.7%	$9.7M+49.4%	$6.5M
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	$685K+106.9%	$331K
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	$9.1M+46.3%	$6.2M
R&D Expenses	$29K-72.9%	$107K+13.8%	$94K+88.0%	$50K-68.2%	$157K+5133.3%	$3K-90.6%	$32K+166.7%	$12K
SG&A Expenses	$6.8M-2.9%	$7.0M+13.2%	$6.1M+46.4%	$4.2M-38.9%	$6.9M+16.9%	$5.9M-15.7%	$7.0M+83.1%	$3.8M
Operating Income	-$189K+93.1%	-$2.7M-238.1%	-$808K+13.5%	-$934K+81.5%	-$5.0M-136.7%	$13.7M+855.9%	-$1.8M-78.8%	-$1.0M
Interest Expense	$586K-1.3%	$594K+0.3%	$592K-38.7%	$966K-7.5%	$1.0M+1.0%	$1.0M-55.3%	$2.3M+170.3%	$856K
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$638K+79.8%	-$3.2M-170.6%	-$1.2M+41.3%	-$2.0M+64.3%	-$5.6M-143.3%	$12.8M+578.6%	-$2.7M-43.7%	-$1.9M
EPS (Diluted)	$-0.02+81.8%	$-0.11-175.0%	$-0.04-100.0%	$-0.02+90.0%	$-0.20-148.8%	$0.41+555.6%	$-0.09-28.6%	$-0.07

FENC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$44.9M+67.3%	$26.9M-0.3%	$26.9M+20.2%	$22.4M-28.7%	$31.4M+122.1%	$14.1M
Current Assets	$44.1M+64.3%	$26.9M+0.5%	$26.7M+19.4%	$22.4M-28.7%	$31.4M+126.3%	$13.9M
Cash & Equivalents	$26.6M+100.7%	$13.3M-44.2%	$23.8M+12.7%	$21.1M-30.5%	$30.3M+122.3%	$13.7M
Inventory	$1.1M-50.8%	$2.2M+274.3%	$576K	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$50.8M+32.0%	$38.5M+30.4%	$29.5M+344.3%	$6.6M+183.0%	$2.3M+3.3%	$2.3M
Current Liabilities	$6.9M-8.4%	$7.6M+63.9%	$4.6M+178.7%	$1.7M-29.5%	$2.3M+3.3%	$2.3M
Long-Term Debt	$19.3M-37.5%	$30.9M+24.2%	$24.9M+398.0%	$5.0M	N/A	N/A
Total Equity	-$5.9M+49.5%	-$11.6M-352.4%	-$2.6M-116.3%	$15.8M-45.7%	$29.1M+144.8%	$11.9M
Retained Earnings	-$219.7M-0.2%	-$219.2M-7.9%	-$203.2M-13.2%	-$179.5M-10.7%	-$162.1M-12.6%	-$144.0M

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Total Assets	$49.3M+9.8%	$44.9M-3.3%	$46.4M+3.2%	$44.9M-28.8%	$63.2M-8.7%	$69.2M+157.6%	$26.9M+34.5%	$20.0M
Current Assets	$46.1M+12.9%	$40.8M-5.1%	$43.0M-2.6%	$44.1M-29.0%	$62.2M-8.8%	$68.2M+153.8%	$26.9M+35.0%	$19.9M
Cash & Equivalents	$21.9M+17.3%	$18.7M-17.5%	$22.7M-14.9%	$26.6M-38.1%	$43.1M-15.9%	$51.2M+285.7%	$13.3M+7.0%	$12.4M
Inventory	$2.5M+12.5%	$2.2M+56.8%	$1.4M+32.5%	$1.1M-50.6%	$2.1M+3.9%	$2.1M-4.3%	$2.2M+22.8%	$1.8M
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$53.8M+2.7%	$52.3M+0.1%	$52.3M+2.9%	$50.8M-21.2%	$64.5M-2.5%	$66.2M+72.0%	$38.5M+30.2%	$29.6M
Current Liabilities	$9.8M+16.7%	$8.4M+0.5%	$8.4M+21.0%	$6.9M-10.7%	$7.7M-21.2%	$9.8M+30.2%	$7.6M+93.0%	$3.9M
Long-Term Debt	$19.4M+0.1%	$19.4M+0.1%	$19.4M+0.1%	$19.3M-39.1%	$31.8M+1.4%	$31.3M+1.4%	$30.9M+20.6%	$25.6M
Total Equity	-$4.5M+39.8%	-$7.5M-26.9%	-$5.9M-0.1%	-$5.9M-332.7%	-$1.4M-145.0%	$3.0M+125.9%	-$11.6M-10.4%	-$10.5M
Retained Earnings	-$224.6M-0.3%	-$224.0M-1.4%	-$220.8M-0.5%	-$219.7M-3.6%	-$212.0M-2.7%	-$206.4M+5.9%	-$219.2M-201.7%	$215.6M

FENC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$27.0M+257.4%	-$17.1M+5.1%	-$18.1M-27.0%	-$14.2M+8.8%	-$15.6M-72.1%	-$9.1M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	-$13.6M-305.1%	$6.6M-68.0%	$20.7M+316.5%	$5.0M-84.6%	$32.3M+45577.5%	-$71K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Operating Cash Flow	$1.5M+140.5%	-$3.7M+14.6%	-$4.3M-192.9%	-$1.5M+82.4%	-$8.4M-121.5%	$39.0M+903.4%	-$4.9M-76.1%	-$2.8M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financing Cash Flow	$1.7M+715.8%	-$284K-179.1%	$359K+102.9%	-$12.2M-4851.8%	$257K+122.7%	-$1.1M-119.8%	$5.7M+2750.7%	$201K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

FENC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	94.1%-0.3pp	94.4%	N/A	N/A	N/A
Operating Margin	5.4%+65.5pp	-60.1%+1411.5pp	-1471.6%	N/A	-8942.5%	N/A
Net Margin	-0.9%+74.6pp	-75.5%+1469.4pp	-1544.9%	N/A	-9054.5%	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-1.0%+58.8pp	-59.7%+28.3pp	-88.0%-10.6pp	-77.4%-19.8pp	-57.6%+32.7pp	-90.3%
Current Ratio	6.38+2.8	3.56-2.2	5.80-7.7	13.54+0.1	13.39+7.3	6.11
Debt-to-Equity	-3.29-0.6	-2.66+7.0	-9.69-10.0	0.32+0.2	0.08-0.1	0.19
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	93.0%-2.0pp	94.9%
Operating Margin	-1.5%+26.8pp	-28.3%-19.1pp	-9.2%+2.6pp	-11.8%+57.6pp	-69.4%-123.6pp	54.2%+72.8pp	-18.7%-3.1pp	-15.6%
Net Margin	-5.1%+27.5pp	-32.7%-19.4pp	-13.3%+11.7pp	-25.1%+51.4pp	-76.5%-127.1pp	50.6%+78.1pp	-27.6%+1.1pp	-28.7%
Return on Equity	N/A	N/A	N/A	N/A	N/A	425.9%	N/A	N/A
Return on Assets	-1.3%+5.7pp	-7.0%-4.5pp	-2.5%+1.9pp	-4.4%+4.4pp	-8.8%-27.3pp	18.6%+28.5pp	-10.0%-0.6pp	-9.3%
Current Ratio	4.69-0.2	4.85-0.3	5.13-1.2	6.38-1.6	8.02+1.1	6.93+3.4	3.56-1.5	5.08
Debt-to-Equity	-4.31-1.7	-2.59+0.7	-3.290.0	-3.29+20.1	-23.42-33.8	10.40+13.1	-2.66-0.2	-2.43
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Note: Shareholder equity is negative (-$5.9M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.

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Frequently Asked Questions

What is Fennec Pharmaceuticals Inc's annual revenue?

Fennec Pharmaceuticals Inc (FENC) reported $47.5M in total revenue for fiscal year 2024. This represents a 123.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Fennec Pharmaceuticals Inc's revenue growing?

Fennec Pharmaceuticals Inc (FENC) revenue grew by 123.7% year-over-year, from $21.3M to $47.5M in fiscal year 2024.

Is Fennec Pharmaceuticals Inc profitable?

No, Fennec Pharmaceuticals Inc (FENC) reported a net income of -$436K in fiscal year 2024, with a net profit margin of -0.9%.

What is Fennec Pharmaceuticals Inc's earnings per share (EPS)?

Fennec Pharmaceuticals Inc (FENC) reported diluted earnings per share of $-0.02 for fiscal year 2024. This represents a 96.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

How much debt does Fennec Pharmaceuticals Inc have?

As of fiscal year 2024, Fennec Pharmaceuticals Inc (FENC) had $26.6M in cash and equivalents against $19.3M in long-term debt.

What is Fennec Pharmaceuticals Inc's operating margin?

Fennec Pharmaceuticals Inc (FENC) had an operating margin of 5.4% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Fennec Pharmaceuticals Inc's net profit margin?

Fennec Pharmaceuticals Inc (FENC) had a net profit margin of -0.9% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Fennec Pharmaceuticals Inc's operating cash flow?

Fennec Pharmaceuticals Inc (FENC) generated $27.0M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Fennec Pharmaceuticals Inc's total assets?

Fennec Pharmaceuticals Inc (FENC) had $44.9M in total assets as of fiscal year 2024, including both current and long-term assets.

How much does Fennec Pharmaceuticals Inc spend on research and development?

Fennec Pharmaceuticals Inc (FENC) invested $307K in research and development during fiscal year 2024.

How many shares does Fennec Pharmaceuticals Inc have outstanding?

Fennec Pharmaceuticals Inc (FENC) had 28M shares outstanding as of fiscal year 2024.

What is Fennec Pharmaceuticals Inc's current ratio?

Fennec Pharmaceuticals Inc (FENC) had a current ratio of 6.38 as of fiscal year 2024, which is generally considered healthy.

What is Fennec Pharmaceuticals Inc's debt-to-equity ratio?

Fennec Pharmaceuticals Inc (FENC) had a debt-to-equity ratio of -3.29 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Fennec Pharmaceuticals Inc's return on assets (ROA)?

Fennec Pharmaceuticals Inc (FENC) had a return on assets of -1.0% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

Why is Fennec Pharmaceuticals Inc's debt-to-equity ratio negative or unusual?

Fennec Pharmaceuticals Inc (FENC) has negative shareholder equity of -$5.9M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.

What is Fennec Pharmaceuticals Inc's Altman Z-Score?

Fennec Pharmaceuticals Inc (FENC) has an Altman Z-Score of -1.21, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Fennec Pharmaceuticals Inc's Piotroski F-Score?

Fennec Pharmaceuticals Inc (FENC) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Fennec Pharmaceuticals Inc's earnings high quality?

Fennec Pharmaceuticals Inc (FENC) has an earnings quality ratio of -61.88x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Fennec Pharmaceuticals Inc cover its interest payments?

Fennec Pharmaceuticals Inc (FENC) has an interest coverage ratio of 0.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.