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Fennec Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Provides Business Update

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Fennec Pharmaceuticals (NASDAQ: FENC) reported FY2025 net product sales of $44.6M (up 50% YoY) and Q4 2025 net product sales of $13.8M (up 75% YoY). Cash was $36.8M at year-end after oversubscribed $42M equity offerings and a $21.5M debt paydown, leaving $0 debt outstanding. The company reported a FY2025 net loss of $10.1M and continues to expand PEDMARK adoption, investigator-led studies, and real-world data generation.

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Positive

  • Net product sales +50% YoY to $44.6M in FY2025
  • Q4 2025 net product sales +75% to $13.8M
  • Raised approximately $42.0M in oversubscribed equity offerings
  • Year-end cash balance of $36.8M (up $10.2M year-over-year)
  • Fully redeemed debt; $0 long-term debt outstanding at year-end

Negative

  • Net loss of $10.1M for FY2025
  • General and administrative expenses increased to $28.8M
  • Operating loss of $6.7M for FY2025
  • Shares issued increased to 34,163, diluting prior holders

News Market Reaction – FENC

-19.19% 3.6x vol
18 alerts
-19.19% News Effect
-15.7% Trough in 7 hr 31 min
-$60M Valuation Impact
$254.44M Market Cap
3.6x Rel. Volume

On the day this news was published, FENC declined 19.19%, reflecting a significant negative market reaction. Argus tracked a trough of -15.7% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $60M from the company's valuation, bringing the market cap to $254.44M at that time. Trading volume was very high at 3.6x the daily average, suggesting heavy selling pressure.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net product sales: $13.8M FY 2025 net product sales: $44.6M Cash and cash equivalents: $36.8M +5 more
8 metrics
Q4 2025 net product sales $13.8M Three months ended December 31, 2025; ≈75% growth vs Q4 2024
FY 2025 net product sales $44.6M Full-year PEDMARK® net product sales; ≈50% YoY growth vs 2024
Cash and cash equivalents $36.8M Cash position as of December 31, 2025
Cash increase in 2025 $10.2M Increase in cash and equivalents between Dec 31, 2024 and Dec 31, 2025
Equity offering proceeds $42.0M Net proceeds from oversubscribed equity offerings in 2025
Debt paydown $21.5M Debt repaid in November 2025
Debt outstanding $0 Debt balance as of December 31, 2025 after full redemption
FY 2025 net loss $10.098M Net loss for the year ended December 31, 2025

Market Reality Check

Price: $6.51 Vol: Volume 197,693 vs 20-day ...
normal vol
$6.51 Last Close
Volume Volume 197,693 vs 20-day average 167,750 (1.18x typical activity). normal
Technical Price 7.45 is trading below the 200-day MA of 8.26, despite record 2025 sales.

Peers on Argus

FENC is up 1.78%, while key biotech peers like VNDA, AVIR, CADL and NMRA are dow...
1 Down

FENC is up 1.78%, while key biotech peers like VNDA, AVIR, CADL and NMRA are down between -1.58% and -3.89%, indicating a stock-specific reaction to earnings rather than a sector-wide move.

Previous Earnings Reports

5 past events · Latest: Nov 13 (Positive)
Same Type Pattern 5 events
Date Event Sentiment Move Catalyst
Nov 13 Q3 2025 earnings Positive +2.2% Strong Q3 sales, first positive operating cash flow, higher cash balance.
Aug 14 Q2 2025 earnings Positive -6.4% Revenue up 33% with PEDMARK growth but ongoing net loss and higher opex.
May 13 Q1 2025 earnings Positive +3.4% Q1 sales growth and European expansion with partnership-driven PEDMARK rollout.
Mar 10 FY 2024 earnings Positive -11.2% Strong 2024 sales and Norgine upfront payment but higher operating expenses.
Nov 07 Q3 2024 earnings Negative -11.9% Modest sales growth alongside wider net loss and higher operating costs.
Pattern Detected

Earnings releases often highlight strong PEDMARK growth, but share reactions have skewed negative on average, with several positive reports followed by sell-offs.

Recent Company History

Over the past five earnings cycles, Fennec has consistently reported growing PEDMARK® revenues and strengthening cash levels. Events on Nov 13, 2025 and Mar 10, 2025 emphasized rising product sales and improving cash flow, while earlier quarters in 2024 showed higher losses despite revenue gains. Japan STS‑J01 progress and European launches featured prominently. Today’s full‑year 2025 results extend that trajectory with record net product sales and a debt‑free balance sheet, continuing the focus on commercialization and real‑world PEDMARK validation.

Historical Comparison

-4.8% avg move · Past earnings headlines saw an average move of -4.78%. Today’s +1.78% reaction to record 2025 result...
earnings
-4.8%
Average Historical Move earnings

Past earnings headlines saw an average move of -4.78%. Today’s +1.78% reaction to record 2025 results is milder and contrasts with the usual post‑earnings weakness.

Earnings updates show a progression from early PEDMARK ramp in 2024 to stronger 2025 net product sales, improved cash flow, and advancing Japan STS‑J01 and real‑world data initiatives.

Market Pulse Summary

The stock dropped -19.2% in the session following this news. A negative reaction despite record sale...
Analysis

The stock dropped -19.2% in the session following this news. A negative reaction despite record sales would fit prior patterns where earnings averaged a -4.78% move, even on positive headlines. FY 2025 net product sales of $44.6M and Q4 sales of $13.8M showed strong growth, and the company ended the year with $36.8M in cash and $0 debt. However, a full‑year net loss of $10.098M and recent $42.0M equity financings could have reinforced concerns about profitability and dilution.

Key Terms

cisplatin-induced ototoxicity, ototoxicity, hypernatremia, hypokalemia, +4 more
8 terms
cisplatin-induced ototoxicity medical
"evaluating PEDMARK® for the prevention of cisplatin-induced ototoxicity (CIO)"
Cisplatin-induced ototoxicity is hearing loss or ringing in the ears caused by the chemotherapy drug cisplatin damaging the inner ear. Investors should care because this side effect can limit how the drug is used, increase costs for monitoring, treatment or legal claims, and create demand for protective therapies or devices—similar to how a car model with a known safety issue can change sales, recalls, and aftermarket repair markets.
ototoxicity medical
"permanent, irreversible hearing loss, also known as ototoxicity."
Ototoxicity is damage to the inner ear caused by certain drugs or chemicals that can impair hearing and balance, ranging from temporary ringing to permanent hearing loss. Investors should care because ototoxic effects can limit a medical product’s marketability, trigger stricter safety testing, slow approvals, increase legal and treatment costs, and hurt sales—similar to a car defect that makes a model unsafe and forces recalls or redesigns.
hypernatremia medical
"PEDMARK is not indicated for use... due to the increased risk of hypernatremia"
An abnormally high level of sodium in the bloodstream, usually caused by loss of water relative to salt or excessive salt intake. It can impair brain and organ function, often requiring medical treatment to restore fluid balance. For investors, hypernatremia matters because it is a safety signal in clinical care and drug trials, can drive demand for treatments or hospital services, and may influence regulatory review and liability risk for healthcare companies.
hypokalemia medical
"Hypokalemia occurred in 15% to 27% of patients in clinical trials"
Low potassium in the blood, which weakens how muscles and nerves work—think of potassium as the body’s battery electrolyte that helps the heart keep a steady rhythm. Investors should care because it is a common and sometimes serious side effect of medications or medical conditions that can lead to hospital stays, changes in clinical trial outcomes, additional monitoring requirements, or regulatory warnings that affect a product’s safety profile and commercial prospects.
glomerular filtration rate medical
"if the glomerular filtration rate (GFR) falls below 60 mL/min/1.73m2."
Glomerular filtration rate (GFR) measures how well the kidneys filter waste from blood, expressed as the volume of blood cleared per minute; think of it like the flow rate through a coffee filter that tells you how quickly liquid is being cleaned. Investors care because GFR is a key clinical metric used to gauge patient health, determine drug dosing, qualify participants for trials, and influence regulatory decisions and market size for treatments related to kidney function.
phase 3 clinical studies medical
"across two open-label, randomized Phase 3 clinical studies, the Children’s Oncology Group"
Large, late-stage medical studies that test whether a new drug or medical treatment is safe and effective in a broad group of patients; they are typically the final trials regulators review before deciding on approval. Think of them as a final dress rehearsal with many participants that determines if a product can be sold widely — positive results greatly increase the chance of regulatory approval, commercial sales, and value for investors, while negative results can sharply reduce expected returns.
national comprehensive cancer network medical
"recommended for the adolescent and young adult (AYA) population by the National Comprehensive Cancer Network"
A coalition of major cancer centers and experts that develops widely used, evidence-based treatment guidelines for oncology care. Its recommendations act like a trusted rulebook or roadmap for doctors, insurers and hospitals, so updates can change which therapies get prescribed, reimbursed or adopted—making it an important influence on drug uptake, clinical trial value and healthcare company prospects.
sodium thiosulfate injection medical
"PEDMARK® (sodium thiosulfate injection) PEDMARK® is the first and only U.S. Food and Drug"
A sterile injectable form of sodium thiosulfate is a hospital-administered medicine that helps neutralize certain harmful substances and can dissolve or loosen unwanted mineral deposits in the body; it acts like a targeted cleaning agent delivered by IV to protect tissues or remove toxic compounds. For investors, its importance lies in regulatory approvals, clinical trial outcomes, manufacturing scale and reimbursement—factors that determine whether it can become a meaningful revenue-generating treatment.

AI-generated analysis. Not financial advice.

~ Delivered Record Annual Revenue with Full-Year Net PEDMARK® Product Sales of $44.6 Million, Representing 50% Year-Over-Year Growth, and Q4 2025 Net Product Sales of $13.8 Million, Representing 75% Growth Over Q4 2024 Net Product Sales ~

~ Executed on 2025 Clinical Data Strategy to Expand Real-World Validation of PEDMARK® Across New Tumor Types and Patient Populations Through Independent, Institution-Led Research ~

~ Achieved Record Performance with All-Time High Patient Enrollments and Conversion Rates in Q4 2025, Reflecting Strong Field Execution ~

~ Completed Oversubscribed $42 Million Equity Offerings with Participation from New and Existing Investors ~

~ Announced Positive Topline Results from Investigator-Initiated Clinical Study of PEDMARK® in Japan to Reduce Cisplatin-Induced Hearing Loss ~

~ Management to Host Conference Call Today at 8:30 a.m. ET ~

RESEARCH TRIANGLE PARK, N.C., March 24, 2026 (GLOBE NEWSWIRE) -- Fennec Pharmaceuticals Inc. (NASDAQ:FENC; TSX: FRX), a specialty pharmaceutical company, today reported its financial results for the fiscal year ended December 31, 2025 and provided a business update.

“Our 2025 results validate that our strategy is clear and the foundation we built over the past year is now propelling Fennec into its next chapter of growth. We delivered record net product sales, achieved significant growth within our Fennec HEARS® program, and advanced independent clinical evidence generation for PEDMARK® – all while driving quarter-over-quarter growth in every quarter in 2025. These results demonstrate increasing PEDMARK® adoption across key accounts and patient segments, effective field execution, and sustained progress across the organization,” said Jeff Hackman, chief executive officer of Fennec Pharmaceuticals. “Concurrently, we strengthened our financial position through prudent operating decisions and strategic financial initiatives, including the closing of public and private offerings and the completion of full debt redemption.”

Business Highlights:

  • Continued Growth Within Key PEDMARK® Accounts: Adoption continues to accelerate across new and existing accounts, including multiple Adolescent and Young Adult (AYA) patients across several tumor types receiving PEDMARK®. Strong adoption trends reflect growing confidence in PEDMARK®’s clinical value and reinforce its potential to help reshape the standard of care for patients receiving cisplatin-based treatment, demonstrating that the Company’s growth strategies are well aligned with market opportunities.
  • Expanded Field Team to Accelerate Growth: In the fourth quarter, given the positive momentum Fennec observed over 2025, the Company made the strategic decision to further enhance its execution by increasing its customer facing team to achieve greater reach and frequency with its customers so the organization can ultimately help more cancer patients protect their hearing.
  • New Real-World Data in Adults with Head and Neck Cancer (HNC): In February 2026, Fennec announced it presented the first new data since the pivotal clinical program at the 2026 Multidisciplinary Head and Neck Cancers Symposium (MHNCS). Findings supporting the potential use of PEDMARK® in adults with head and neck cancers (HNC) were observed in a multi-institutional retrospective review of 15 adults with HNC. The data showed that PEDMARK® could be safely given ≥ six hours after cisplatin dosing and was easy to incorporate into the real-world care plan for adults with HNC. This strict post-cisplatin timing is a validated approach intended to preserve cisplatin antitumor activity and no disruption to curative-intent cisplatin-based treatment delivery was observed as part of the study review.
  • Initiation of Two Institution-Led Clinical Studies: In December 2025, Fennec announced that City of Hope, a U.S. cancer research and treatment organization, is evaluating PEDMARK® for the prevention of cisplatin-induced ototoxicity (CIO) in adult men with stage II-III metastatic testicular germ cell tumors. In March 2026, Fennec announced that Tampa General Hospital (TGH) Cancer Institute is initiating a study evaluating the real-world clinical utility of PEDMARK® in reducing the risk of ototoxicity in AYA and adult cancer patients receiving cisplatin-based treatment. Additional investigator-initiated studies supporting the use of PEDMARK® in additional tumor types and patient populations, including AYA cancer, have been submitted to Fennec and are currently under review.
  • STS-J01 in Japan: In December, Fennec announced positive topline results from the investigator-initiated Phase 2/3 STS-J01 clinical trial evaluating PEDMARK® for the reduction of cisplatin-induced ototoxicity in pediatric and adolescent and young adult (AYA) patients with non-metastatic solid tumors in Japan. The results were from the first large-scale pediatric and adolescent and young adults (AYA) trial in Japan and demonstrated that PEDMARK® can protect hearing without compromising cisplatin’s efficacy or introducing any concerning side effects. The Company is pursuing registration in Japan and is also exploring partnering or licensing opportunities for PEDMARK®.

Upcoming Events:

  • Piper Sandler Spring Biopharma Symposium: The management team will host one-on-one investor meetings at the annual Piper Sandler Spring Biopharma Symposium being held April 15–April 16, 2026 at the Convene One Boston Place.

Financial Results for the Fourth Quarter and Full Fiscal Year Ended December 31, 2025

  • Net Product Sales – For the fourth quarter of 2025, the Company recorded net product sales of $13.8 million compared to $7.9 million in the fourth quarter of 2024, representing an increase of approximately 75%. For the full fiscal year (FY) 2025, the Company recorded net product sales of approximately $44.6 million compared to $29.6 million in 2024, representing an increase of approximately 50%. The increase in net product sales is attributable to growth across both new and existing accounts with notable success in conversion and adherence of PEDMARK® patients.
  • Selling and Marketing Expenses – The Company recorded $6.1 million in selling and marketing expenses in the fourth quarter of 2025 compared to $3.9 million in the fourth quarter of 2024. The increase in selling and marketing expenses is largely related to increased payroll and additional marketing expenses as we focused on expanding our commercial team and preparing for additional outreach to community oncology centers and the adolescent and young adult (AYA) population. For the FY 2025, the Company recorded $18.6 million in selling and marketing compared to $18.4 million in fiscal year 2024. The year-over-year slight increase is largely related to increased payroll and marketing expenses in the comparable period offset by the elimination of European expenses after the announcement of the Norgine transaction in March 2024.
  • General and Administrative (G&A) Expenses – The Company recorded $8.9 million in G&A expenses fourth quarter of 2025 compared to $4.2 million in the fourth quarter of 2024. For the FY 2025, the Company recorded $28.8 million in G&A expenses compared to $23.1 million in fiscal year 2024. G&A expenses increased in both the comparable quarterly and fiscal years due to increased intellectual property-related legal expenses, increased payroll expenses as headcount increased and increased non-cash expenses associated with equity-based remuneration.
  • Cash Position – Cash and cash equivalents were $36.8 million as of December 31, 2025. For the FY 2025, there was a $10.2 million increase in cash and cash equivalents between December 31, 2024 and December 31, 2025. The net increase in cash was primarily due to the approximately $42.0 million in net proceeds from equity offerings and net cash collected from net product sales offset by operating expenses and the $21.5 million debt paydown in November of 2025. As of December 31, 2025 the company had $0 in debt outstanding.

Fourth Quarter and Full-Year 2025 Conference Call Information

Date: Tuesday, March 24, 2026
Time: 8:30 a.m. Eastern Time
Webcast Link: https://edge.media-server.com/mmc/p/3crq898e
Participant Link: https://register-conf.media-server.com/register/BIb7d9f04377fd4b9cb7b005d167555402

Financial Update

The selected financial data presented below, including results for the three months and year ended December 31, 2025, is derived from our preliminary unaudited consolidated financial results, which have been prepared in accordance with U.S. generally accepted accounting principles. The Company expects to file its Annual Report on Form 10-K for the year ended December 31, 2025, including audited consolidated financial statements and management’s discussion and analysis of financial condition and results of operations, shortly with the Securities and Exchange Commission. The Form 10-K will be available at www.sec.gov and www.sedar.com. All values are presented in thousands unless otherwise noted.

  Three Months Ended Twelve Months Ended
  December 31, December 31, December 31, December 31,
  2025
 2024
 2025
 2024
             
Revenue            
Product sales, net $13,777  $7,925  $44,642  $29,580 
Licensing revenue           17,958 
Total revenue  13,777   7,925   44,642   47,538 
             
Operating expenses:            
Cost of product sales  1,764   669   3,764   3,184 
Research and development  20   50   250   307 
Selling and marketing  6,106   3,944   18,616   18,426 
General and administrative  8,903   4,196   28,756   23,053 
             
Total operating expenses  16,793   8,859   51,386   44,970 
(Loss)/income from operations  (3,016)  (934)  (6,744)  2,568 
             
Other (expense)/income            
Realized foreign exchange (loss)/gain  1   (27)  28   (82)
Amortization expense  (27)  (25)  (65)  (89)
Unrealized loss on securities     (66)  (2)  (81)
Loss on debt extinguishment  (2,022)     (2,022)   
Interest income  228   399   787   1,682 
Interest expense  (308)  (966)  (2,080)  (4,069)
Total other expense  (2,128)  (685)  (3,354)  (2,639)
Loss before income tax  (5,144)  (1,619)  (10,098)  (71)
Income tax           (365)
Net loss $(5,144) $(1,619) $(10,098) $(436)
             
Basic net loss per common share $(0.17) $(0.06) $(0.35) $(0.02)
Diluted net loss per common share $(0.17) $(0.06) $(0.35) $(0.02)
Weighted-average number of common shares outstanding basic  31,175   27,460   28,577   27,294 
Weighted-average number of common shares outstanding diluted  31,175   27,460   28,577   27,294 


  December 31, December 31,
  2025
 2024
       
Assets      
       
Current assets      
Cash and cash equivalents $36,788  $26,634 
Accounts receivable, net  23,221   12,884 
Prepaid expenses  3,738   3,080 
Inventory  1,565   1,060 
Other current assets  1,374   466 
Total current assets  66,686   44,124 
       
Non-current assets      
Other non-current assets, net of amortization  3,508   822 
Total non-current assets  3,508   822 
Total assets $70,194  $44,946 
       
Liabilities and shareholders’ equity/(deficit)      
       
Current liabilities:      
Accounts payable $4,635  $3,241 
Accrued liabilities  5,635   3,428 
Operating lease liability – current     2 
Contract liability – current  248   248 
Total current liabilities  10,518   6,919 
       
Long term liabilities      
Term loan     18,206 
PIK interest     1,271 
Debt discount     (139)
Contract liability – long-term  24,561   24,561 
Total long term liabilities  24,561   43,899 
Total liabilities  35,079   50,818 
       
Commitments and Contingencies      
       
Shareholders’ equity/(deficit):      
Common stock, no par value; unlimited shares authorized; 34,163 shares issued and outstanding (2024 – 27,527)  189,906   145,608 
Additional paid-in capital  73,745   66,958 
Accumulated deficit  (229,779)  (219,681)
Accumulated other comprehensive income  1,243   1,243 
Total shareholders’ equity/(deficit)  35,115   (5,872)
Total liabilities and shareholders’ equity/(deficit) $70,194  $44,946 


About Cisplatin-Induced Ototoxicity

Cisplatin and other platinum-based chemotherapies are widely used to treat solid tumors and have been vital in improving survival rates. Unfortunately, these life-saving treatments often result in permanent, irreversible hearing loss, also known as ototoxicity.1

Hearing loss from cisplatin treatment is not rare. Studies show that between 60-90% of patients treated with cisplatin may develop hearing loss, depending upon the dose and duration of chemotherapy.2 Many of those treated with cisplatin will require lifelong hearing aids or cochlear implants, which can be helpful for some, but do not reverse the hearing loss and can be costly over time.3 Treatment-induced hearing loss can reduce quality of survivorship as it impacts many aspects of life, such as speech and language skills, academic performance, social-emotional development, career potential and the ability to live independently.4,5 While audiologic monitoring is recommended to help manage ototoxicity, it is currently underutilized in certain cancer patient populations.

PEDMARK® (sodium thiosulfate injection)

PEDMARK® is the first and only U.S. Food and Drug Administration (FDA) approved therapy indicated to reduce the risk of ototoxicity associated with cisplatin treatment in pediatric patients 1 month of age and older with localized, non-metastatic, solid tumors. It is a unique formulation of sodium thiosulfate in single-dose, ready-to-use vials for intravenous use in pediatric patients. PEDMARK is also the first and only therapeutic agent with proven efficacy and safety data with an established dosing regimen, across two open-label, randomized Phase 3 clinical studies, the Children’s Oncology Group (COG) Protocol ACCL0431 and SIOPEL 6.

Additionally, PEDMARK is recommended for the adolescent and young adult (AYA) population by the National Comprehensive Cancer Network, or NCCN, with a 2A endorsement.

Approximately 500,000 patients in the U.S. are diagnosed annually with cancers that could be treated with a platinum-based chemotherapy.6,7 The incidence of ototoxicity depends upon the dose and duration of chemotherapy, and many of those treated will require lifelong hearing aids. Until the FDA approval of PEDMARK, there were no preventative agents for this hearing loss. Patients with hearing loss resulting from cancer treatment have a statistically significant worse quality of life compared with peers who have no hearing loss.8,9

PEDMARK has been studied by co-operative groups in two Phase 3 clinical studies of survival and reduction of ototoxicity, COG ACCL0431 and SIOPEL 6. Both studies have been completed. The COG ACCL0431 protocol enrolled childhood cancers typically treated with intensive cisplatin therapy for localized and disseminated disease, including newly diagnosed hepatoblastoma, germ cell tumor, osteosarcoma, neuroblastoma, medulloblastoma, and other solid tumors. SIOPEL 6 enrolled only hepatoblastoma patients with localized tumors.

Indications and Usage
PEDMARK® (sodium thiosulfate injection) is indicated to reduce the risk of ototoxicity associated with cisplatin in pediatric patients 1 month of age and older with localized, non-metastatic solid tumors.

Limitations of Use
The safety and efficacy of PEDMARK have not been established when administered following cisplatin infusions longer than 6 hours. PEDMARK may not reduce the risk of ototoxicity when administered following longer cisplatin infusions, because irreversible ototoxicity may have already occurred.

Important Safety Information
PEDMARK is contraindicated in patients with history of a severe hypersensitivity to sodium thiosulfate or any of its components.

Hypersensitivity reactions occurred in 8% to 13% of patients in clinical trials. Monitor patients for hypersensitivity reactions. Immediately discontinue PEDMARK and institute appropriate care if a hypersensitivity reaction occurs. Administer antihistamines or glucocorticoids (if appropriate) before each subsequent administration of PEDMARK. PEDMARK may contain sodium sulfite; patients with sulfite sensitivity may have hypersensitivity reactions, including anaphylactic symptoms and life-threatening or severe asthma episodes. Sulfite sensitivity is seen more frequently in people with asthma.

PEDMARK is not indicated for use in pediatric patients less than 1 month of age due to the increased risk of hypernatremia or in pediatric patients with metastatic cancers.

Hypernatremia occurred in 12% to 26% of patients in clinical trials, including a single Grade 3 case. Hypokalemia occurred in 15% to 27% of patients in clinical trials, with Grade 3 or 4 occurring in 9% to 27% of patients. Monitor serum sodium and potassium levels at baseline and as clinically indicated. Withhold PEDMARK in patients with baseline serum sodium greater than 145 mmol/L.

Monitor for signs and symptoms of hypernatremia and hypokalemia more closely if the glomerular filtration rate (GFR) falls below 60 mL/min/1.73m2.

Administer antiemetics prior to each PEDMARK administration. Provide additional antiemetics and supportive care as appropriate.

The most common adverse reactions (≥25% with difference between arms of >5% compared to cisplatin alone) in SIOPEL 6 were vomiting, nausea, decreased hemoglobin, and hypernatremia. The most common adverse reaction (≥25% with difference between arms of >5% compared to cisplatin alone) in COG ACCL0431 was hypokalemia.

Please see full Prescribing Information for PEDMARK® at: www.PEDMARK.com.

About Fennec Pharmaceuticals
Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company committed to the fight against ototoxicity in cancer patients who receive cisplatin-based chemotherapy. Fennec is focused on the commercialization of PEDMARK® to reduce the risk of platinum-induced ototoxicity in cancer patients. PEDMARK received FDA approval in September 2022 and European Commission approval in June 2023 and United Kingdom (U.K.) approval in October 2023 under the brand name PEDMARQSI®.

In March 2024, Fennec entered into an exclusive licensing agreement under which Norgine Pharmaceuticals Ltd., a leading European specialist pharmaceutical company, will commercialize PEDMARQSI® in Europe, U.K., Australia and New Zealand. PEDMARQSI is now commercially available in the U.K. and Germany.

PEDMARK has received Orphan Drug Exclusivity in the U.S. and PEDMARQSI has received Pediatric Use Marketing Authorization in Europe which includes eight years plus two years of data and market protection.

For more information, please visit www.fennecpharma.com and follow on LinkedIn.

Forward Looking Statements
Except for historical information described in this press release, all other statements are forward-looking. Words such as “believe,” “anticipate,” “plan,” “expect,” “estimate,” “intend,” “may,” “will,” or the negative of those terms, and similar expressions, are intended to identify forward-looking statements. These forward-looking statements include statements about our business strategy, timeline and other goals, plans and prospects, including our commercialization plans respecting PEDMARK®/PEDMARQSI®, the market opportunity for and market impact of PEDMARK®/ PEDMARQSI®, its potential impact on patients and anticipated benefits associated with its use, future commercial and regulatory milestone and royalty payments from Norgine, and potential access to further funding after the date of this release. Forward-looking statements are subject to certain risks and uncertainties inherent in the Company’s business that could cause actual results to vary, including the risks and uncertainties that regulatory and guideline developments may change, scientific data and/or manufacturing capabilities may not be sufficient to meet regulatory standards or receipt of required regulatory clearances or approvals, clinical results may not be replicated in actual patient settings, unforeseen global instability, including political instability, or instability from an outbreak of pandemic or contagious disease, such as the novel coronavirus (COVID-19), or surrounding the duration and severity of an outbreak, protection offered by the Company’s patents and patent applications may be challenged, invalidated or circumvented by its competitors, the available market for the Company’s products will not be as large as expected, the Company’s products will not be able to penetrate one or more targeted markets, revenues will not be sufficient to fund further development and clinical studies, our ability to obtain necessary capital when needed on acceptable terms or at all, the Company may not meet its future capital requirements in different countries and municipalities, and other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission including its Annual Report on Form 10-K for the year ended December 31, 2025. Fennec disclaims any obligation to update these forward-looking statements except as required by law.

For a more detailed discussion of related risk factors, please refer to our public filings available at www.sec.gov and www.sedar.com.

PEDMARK® PEDMARQSI® and Fennec® are registered trademarks of Fennec Pharmaceuticals Inc.

©2025 Fennec Pharmaceuticals Inc. All rights reserved.

For further information, please contact:

Investors:
Robert Andrade
Chief Financial Officer
Fennec Pharmaceuticals Inc.
+1 919-246-5299

Corporate and Media:
Lindsay Rocco
Elixir Health Public Relations
+1 862-596-1304
lrocco@elixirhealthpr.com

_________________________________
1 Sheth S et al. Mechanisms of Cisplatin Ototoxicity and Progress in Otoprotection. Frontiers in Cellular Neuroscience. 2017, Vol. 11.
2 Langer T, am Zehnhoff-Dinnesen A, Radtke S, Meitert J, Zolk O. Understanding platinum-induced ototoxicity. Trends Pharmacol Sci. 2013;34(8):458-469
3 Landier W. Ototoxicity and Cancer Therapy. Cancer. June 2016 Vol. 122, No.11: 1647-1658.
4 Clemens E, van den Heuvel-Eibrink MM, Mulder RL, et al. Recommendations for ototoxicity surveillance for childhood, adolescent, and young adult cancer survivors: a report from the International Late Effects of Childhood Cancer Guideline Harmonization Group in collaboration with the PanCare Consortium. Lancet Oncol. 2019;20(1):e29-e41
5 Bass JK, Knight KR, Yock TI, Chang KW, Cipkala D, Grewal SS. Evaluation and management of hearing loss in survivors of childhood and adolescent cancers: a report from the children’s oncology group. Pediatr Blood Cancer. 2016;63(7):1152-1162.
6 Chattaraj A et al. Cisplatin-Induced Ototoxicity: A Concise Review of the Burden, Prevention, and Interception Strategies. JCO Oncol Pract. 2023;19
7 Freyer DR et al. Effects of sodium thiosulfate versus observation on development of cisplatin-induced hearing loss in children with cancer (ACCL0431): a multicentre, randomised, controlled, open-label, phase 3 trial. Lancet Oncol. 2017;18(1):63-74.
8 Rajput K, Edwards L, Brock P, Abiodun A, Simpkin P, Al-Malky G. Ototoxicity-induced hearing loss and quality of life in survivors of paediatric cancer. Int J Pediatr Otorhinolaryngol. 2020;138:110401. doi:10.1016/j.ijporl.2020.110401
9 Bass JK, Knight KR, Yock TI, Chang KW, Cipkala D, Grewal SS. Evaluation and management of hearing loss in survivors of childhood and adolescent cancers: a report from the children’s oncology group. Pediatr Blood Cancer. 2016;63(7):1152-1162.


FAQ

What were Fennec (FENC) net product sales for FY2025 and Q4 2025?

Fennec reported FY2025 net product sales of $44.6M and Q4 2025 sales of $13.8M. According to the company, these represent approximately 50% year-over-year growth for the full year and roughly 75% growth versus Q4 2024, driven by broader PEDMARK adoption.

How much cash did Fennec (FENC) have at December 31, 2025 and what funded it?

Fennec had $36.8M in cash and cash equivalents at year-end 2025. According to the company, cash increased by about $10.2M year-over-year, driven primarily by approximately $42.0M in net proceeds from equity offerings, product sales and debt repayment activity.

Did Fennec (FENC) pay down debt or change its leverage in 2025?

Yes. Fennec completed a $21.5M debt paydown in November 2025 and reported $0 debt outstanding at year-end. According to the company, the actions followed equity financings and left the balance sheet without term loan debt.

What clinical progress did Fennec (FENC) report for PEDMARK in early 2026?

Fennec reported positive investigator-led and real-world findings, including Japan STS-J01 topline results and new HNC real-world data. According to the company, these studies support PEDMARK safety and practical post-cisplatin timing without disrupting curative-intent treatment.

How did Fennec (FENC) expenses affect profitability in FY2025?

Higher operating costs drove a FY2025 net loss of $10.1M, with G&A at $28.8M and selling and marketing at $18.6M. According to the company, increased payroll, IP legal costs and equity-based compensation raised expenses alongside commercial expansion.
Fennec Pharmaceuticals Inc

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222.40M
28.00M
Biotechnology
Biological Products, (no Diagnostic Substances)
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United States
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