Fennec Pharmaceuticals Inc Financials
This page shows Fennec Pharmaceuticals Inc (FENC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
FY2025 was financed by the capital markets, while the underlying business shifted from cash-rich commercialization back to cash burn.
In FY2025, cash rose to$36.8M even as operating cash flow fell to-$12.5M . Paired with a$22.6M financing inflow and shares outstanding rising to 34.2M, that means liquidity improved through external capital rather than through operating self-funding, even though the balance sheet looked cleaner at year-end.
The cost base is now mostly commercial rather than developmental: R&D was only
FY2024’s cash conversion spike was not durable, with operating cash flow moving from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fennec Pharmaceuticals Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fennec Pharmaceuticals Inc has an operating margin of -14.1%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 19/100, suggesting thin profitability after operating expenses. This is down from 5.4% the prior year.
Fennec Pharmaceuticals Inc's revenue declined 6.1% year-over-year, from $47.5M to $44.6M. This contraction results in a growth score of 93/100.
Fennec Pharmaceuticals Inc has a moderate D/E ratio of 0.99. This balance of debt and equity financing earns a leverage score of 47/100.
With a current ratio of 6.37, Fennec Pharmaceuticals Inc holds $6.37 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 93/100.
Fennec Pharmaceuticals Inc scores 2.78, placing it in the grey zone between 1.81 and 2.99. The score is driven primarily by a large market capitalization ($352.6M) relative to total liabilities ($35.1M). This signals moderate financial risk that warrants monitoring.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fennec Pharmaceuticals Inc earns $-3.0 in operating income for every $1 of interest expense (-$6.3M vs $2.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Fennec Pharmaceuticals Inc generated $44.6M in revenue in fiscal year 2025. This represents a decrease of 6.1% from the prior year.
Fennec Pharmaceuticals Inc earned $-0.34 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1600.0% from the prior year.
Cash & Balance Sheet
Fennec Pharmaceuticals Inc held $36.8M in cash against $0 in long-term debt as of fiscal year 2025.
Fennec Pharmaceuticals Inc had 34M shares outstanding in fiscal year 2025. This represents an increase of 24.1% from the prior year.
Margins & Returns
Fennec Pharmaceuticals Inc's operating margin was -14.1% in fiscal year 2025, reflecting core business profitability. This is down 19.5 percentage points from the prior year.
Capital Allocation
Fennec Pharmaceuticals Inc invested $250K in research and development in fiscal year 2025. This represents a decrease of 18.6% from the prior year.
FENC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.1M+9.7% | $13.8M+10.6% | $12.5M+29.1% | $9.7M+10.3% | $8.8M+10.4% | $7.9M+13.6% | $7.0M-4.0% | $7.3M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $49K+145.0% | $20K-31.0% | $29K-72.9% | $107K+13.8% | $94K+88.0% | $50K-48.5% | $97K-38.2% | $157K |
| SG&A Expenses | $3.2M-63.5% | $8.7M+29.2% | $6.8M-2.9% | $7.0M+18.6% | $5.9M+39.8% | $4.2M-31.4% | $6.1M-10.8% | $6.9M |
| Operating Income | -$119K+95.3% | -$2.6M-1250.8% | -$189K+93.1% | -$2.7M-238.1% | -$808K+13.5% | -$934K+82.0% | -$5.2M-3.2% | -$5.0M |
| Interest Expense | $7K-97.7% | $308K-47.4% | $586K-1.3% | $594K+0.3% | $592K-38.7% | $966K-5.8% | $1.0M-1.8% | $1.0M |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | $201K | N/A | -$638K+79.8% | -$3.2M-170.6% | -$1.2M | N/A | -$5.7M-3.3% | -$5.6M |
| EPS (Diluted) | $0.01 | N/A | $-0.02+81.8% | $-0.11-175.0% | $-0.04 | N/A | $-0.21-5.0% | $-0.20 |
FENC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $71.8M+1.8% | $70.6M+43.2% | $49.3M+9.8% | $44.9M-3.3% | $46.4M+3.2% | $44.9M-23.7% | $58.9M-6.7% | $63.2M |
| Current Assets | $66.9M-0.2% | $67.0M+45.5% | $46.1M+12.9% | $40.8M-5.1% | $43.0M-2.6% | $44.1M-23.9% | $58.0M-6.8% | $62.2M |
| Cash & Equivalents | $40.2M+9.2% | $36.8M+67.6% | $21.9M+17.3% | $18.7M-17.5% | $22.7M-14.9% | $26.6M-33.9% | $40.3M-6.4% | $43.1M |
| Inventory | $1.9M+18.6% | $1.6M-36.8% | $2.5M+12.5% | $2.2M+56.8% | $1.4M+32.5% | $1.1M-5.8% | $1.1M-47.5% | $2.1M |
| 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 | $34.1M-2.7% | $35.1M-34.7% | $53.8M+2.7% | $52.3M+0.1% | $52.3M+2.9% | $50.8M-20.7% | $64.1M-0.7% | $64.5M |
| Current Liabilities | $9.6M-8.9% | $10.5M+7.2% | $9.8M+16.7% | $8.4M+0.5% | $8.4M+21.0% | $6.9M-6.9% | $7.4M-4.1% | $7.7M |
| Long-Term Debt | N/A | N/A | $19.4M+0.1% | $19.4M+0.1% | $19.4M+0.1% | $19.3M-39.7% | $32.1M+1.0% | $31.8M |
| Total Equity | $37.7M+6.2% | $35.5M+889.7% | -$4.5M+39.8% | -$7.5M-26.9% | -$5.9M-0.1% | -$5.9M-13.6% | -$5.2M-281.1% | -$1.4M |
| Retained Earnings | -$229.2M+0.1% | -$229.4M-2.1% | -$224.6M-0.3% | -$224.0M-1.4% | -$220.8M-0.5% | -$219.7M-0.9% | -$217.7M-2.7% | -$212.0M |
FENC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.4M+139.9% | -$6.0M-499.3% | $1.5M+140.5% | -$3.7M+14.6% | -$4.3M-192.9% | -$1.5M+33.2% | -$2.2M+73.7% | -$8.4M |
| 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 | $1.0M-95.1% | $20.8M+1089.4% | $1.7M+715.8% | -$284K-179.1% | $359K+102.9% | -$12.2M-2212.9% | -$528K-305.4% | $257K |
| 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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -0.8%+17.7pp | -18.5%-17.0pp | -1.5%+26.8pp | -28.3%-19.1pp | -9.2%+2.6pp | -11.8%+62.8pp | -74.6%-5.2pp | -69.4% |
| Net Margin | 1.3% | N/A | -5.1%+27.5pp | -32.7%-19.4pp | -13.3% | N/A | -82.2%-5.8pp | -76.5% |
| Return on Equity | 0.5% | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 0.3% | N/A | -1.3%+5.7pp | -7.0%-4.5pp | -2.5% | N/A | -9.7%-0.9pp | -8.8% |
| Current Ratio | 6.98+0.6 | 6.37+1.7 | 4.69-0.2 | 4.85-0.3 | 5.13-1.2 | 6.38-1.4 | 7.80-0.2 | 8.02 |
| Debt-to-Equity | 0.91-0.1 | 0.99+5.3 | -4.31-1.7 | -2.59+0.7 | -3.290.0 | -3.29+2.9 | -6.21+17.2 | -23.42 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
What is Fennec Pharmaceuticals Inc's annual revenue?
Fennec Pharmaceuticals Inc (FENC) reported $44.6M in total revenue for fiscal year 2025. This represents a -6.1% 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 declined by 6.1% year-over-year, from $47.5M to $44.6M in fiscal year 2025.
What is Fennec Pharmaceuticals Inc's operating margin?
Fennec Pharmaceuticals Inc (FENC) had an operating margin of -14.1% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fennec Pharmaceuticals Inc's operating cash flow?
Fennec Pharmaceuticals Inc (FENC) generated -$12.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fennec Pharmaceuticals Inc's total assets?
Fennec Pharmaceuticals Inc (FENC) had $70.6M in total assets as of fiscal year 2025, including both current and long-term assets.
How much does Fennec Pharmaceuticals Inc spend on research and development?
Fennec Pharmaceuticals Inc (FENC) invested $250K in research and development during fiscal year 2025.
What is Fennec Pharmaceuticals Inc's current ratio?
Fennec Pharmaceuticals Inc (FENC) had a current ratio of 6.37 as of fiscal year 2025, 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 0.99 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fennec Pharmaceuticals Inc's cash runway?
Based on fiscal year 2025 data, Fennec Pharmaceuticals Inc (FENC) had $36.8M in cash against an annual operating cash burn of $12.5M. This gives an estimated cash runway of approximately 35 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Fennec Pharmaceuticals Inc's Altman Z-Score?
Fennec Pharmaceuticals Inc (FENC) has an Altman Z-Score of 2.78, placing it in the Grey Zone (moderate 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.
Can Fennec Pharmaceuticals Inc cover its interest payments?
Fennec Pharmaceuticals Inc (FENC) has an interest coverage ratio of -3.0x, 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.
How financially healthy is Fennec Pharmaceuticals Inc?
Fennec Pharmaceuticals Inc (FENC) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.