Southpoint holdings in Fennec Pharmaceuticals Inc. (TSX: FENC)

Rhea-AI Summary

Southpoint Capital Advisors LP announced that on Dec 24, 2025 it disposed of beneficial ownership of 1,000,000 common shares of Fennec Pharmaceuticals (TSX: FENC), representing approximately 2.93% of outstanding common shares on a fully diluted basis. The Common Shares were sold at USD $7.50 per share. After the disposition, Southpoint reports it now controls or directs 2.7 million common shares, representing about 8% of outstanding shares on a fully diluted basis. Southpoint said the shares were disposed for investment purposes and that it may change its ownership or control through market transactions, private agreements, treasury issuances, or exercise of warrants.

Positive

• Disposed of 1,000,000 shares at USD $7.50 per share
• Retains control of 2.7 million shares (~8% fully diluted)

Negative

• Beneficial ownership reduced by approximately 2.93% on Dec 24, 2025

News Market Reaction

-4.94%

7 alerts

-4.94% News Effect

-$14M Valuation Impact

$277M Market Cap

0.7x Rel. Volume

On the day this news was published, FENC declined 4.94%, reflecting a moderate negative market reaction. Our momentum scanner triggered 7 alerts that day, indicating moderate trading interest and price volatility. This price movement removed approximately $14M from the company's valuation, bringing the market cap to $277M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Shares sold: 1,000,000 shares Stake sold: 2.93% Sale price: USD$7.50 per share +2 more

5 metrics

Shares sold 1,000,000 shares Common shares disposed by Southpoint on Dec 24, 2025

Stake sold 2.93% Portion of outstanding common shares on a fully diluted basis

Sale price USD$7.50 per share Price for Southpoint’s common share disposal

Remaining holding 2.7 million shares Common shares over which Southpoint retains control or direction

Post-sale ownership 8% Approximate fully diluted ownership of outstanding common shares

Market Reality Check

Price: $7.59 Vol: Volume 156,776 is below t...

normal vol

$7.59 Last Close

Volume Volume 156,776 is below the 20-day average of 184,433 (0.85x average volume). normal

Technical Shares trade above the 200-day MA, with price at $8.09 vs MA $7.82.

Peers on Argus

Peers show mixed moves: IMMP up 2.29%, VNDA and CADL down, AVIR flat, NMRA down ...

Peers show mixed moves: IMMP up 2.29%, VNDA and CADL down, AVIR flat, NMRA down 3.78%, suggesting FENC’s 5.48% gain is stock-specific rather than a sector-wide trend.

Historical Context

5 past events · Latest: Dec 09 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Dec 09	New trial announcement	Positive	+1.3%	Investigator-sponsored Phase I trial of PEDMARK in metastatic testicular tumors.
Dec 02	Clinical topline data	Positive	-1.6%	Positive Phase 2/3 PEDMARK study in Japan meeting primary endpoints.
Nov 26	Conference participation	Neutral	-0.8%	Planned fireside chat at Piper Sandler healthcare conference.
Nov 19	Debt redemption	Positive	-6.5%	Completion of full redemption of Petrichor convertible notes, leaving no debt.
Nov 18	Equity financing	Negative	+0.0%	Closing of Canadian private offering of common shares at $7.50 per share.

Pattern Detected

Recent news shows mixed alignment: positive clinical and balance-sheet events have sometimes been followed by flat or negative one-day price reactions.

Recent Company History

This announcement reports Southpoint selling 1,000,000 Fennec shares but still holding about 8% of the company on a fully diluted basis. Over the past months, Fennec completed equity offerings at $7.50 per share and fully redeemed its Petrichor convertible notes, leaving no outstanding debt. Concurrently, the company reported positive investigator-initiated clinical data for PEDMARK® in Japan and new trial activity in metastatic testicular germ cell tumors. Historically, share-price reactions to these financings and clinical updates have been mixed, underscoring variable short-term trading responses to fundamentally significant events.

Market Pulse Summary

This announcement highlights that Southpoint sold 1,000,000 Fennec shares at $7.50, reducing its sta...

Analysis

This announcement highlights that Southpoint sold 1,000,000 Fennec shares at $7.50, reducing its stake to about 2.7 million shares, or roughly 8% on a fully diluted basis. The transaction follows recent equity raises and full redemption of convertible notes. Investors may track future regulatory filings and ownership reports to see whether Southpoint continues adjusting its position, while also watching upcoming clinical and corporate milestones for PEDMARK® to contextualize any further block trades.

Key Terms

beneficial ownership, fully diluted basis, warrants, securities laws

4 terms

beneficial ownership financial

"it disposed of beneficial ownership of 1,000,000 common shares"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

fully diluted basis financial

"representing approximately 2.93% of the outstanding Common Shares (calculated on a fully diluted basis)"

A fully diluted basis counts every share that could exist if all outstanding options, warrants, convertible securities and other rights were exercised or converted into common stock, showing the maximum number of shares outstanding. For investors this matters because it spreads ownership and earnings across that larger share count, like slicing a pie into every possible piece before deciding how big each investor’s slice will be, which affects per-share value and ownership percentage.

warrants financial

"exercise of the Warrants or otherwise"

Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.

securities laws regulatory

"on December 24, 2025, pursuant to securities laws, it disposed of"

Securities laws are the rules and enforcement systems that govern the buying, selling and disclosure of stocks, bonds and other investment products; think of them as the traffic laws for financial markets that set what must be disclosed, forbid fraud and require fair dealing. They matter to investors because they help ensure companies provide accurate information, reduce the risk of deception or insider advantage, and make it easier to compare investments and seek remedies if something goes wrong.

AI-generated analysis. Not financial advice.

NEW YORK, Dec. 26, 2025 (GLOBE NEWSWIRE) -- Southpoint Capital Advisors LP (“Southpoint”), acting on behalf of certain Southpoint funds for which it serves as investment manager, announces that on December 24, 2025, pursuant to securities laws, it disposed of beneficial ownership of 1,000,000 common shares (a “Common Share”) of Fennec Pharmaceuticals Inc. (“Fennec”), representing approximately 2.93% of the outstanding Common Shares (calculated on a fully diluted basis).

The Common Shares were sold at a price of USD$7.50 per Common Share.

Southpoint now exercises control or direction over an aggregate of 2.7 million Common Shares, and representing approximately 8% of the outstanding Common Shares (calculated on a fully diluted basis).

Southpoint has disposed of the Common Shares for investment purposes. Depending on market and other conditions, Southpoint may change its beneficial ownership of, or control or direction over, Common Shares through market transactions, private agreements, treasury issuances, exercise of the Warrants or otherwise.

This press release has been issued in order to comply with applicable securities legislation.

For further information: 
Anthony J. Buffalano III
Southpoint Capital Advisors LP
1114 Avenue of the Americas, 22nd Floor
New York, NY 10036
Phone: (212) 692-6356

FAQ

What did Southpoint announce about its Fennec (TSX: FENC) stake on Dec 24, 2025?

Southpoint disposed of 1,000,000 Fennec common shares (about 2.93%) at USD $7.50 per share.

How many Fennec shares does Southpoint control after the Dec 24, 2025 sale?

Southpoint controls or directs 2.7 million common shares, representing about 8% on a fully diluted basis.

Why did Southpoint sell 1,000,000 Fennec shares at USD $7.50 per share?

The press release states the Common Shares were disposed for investment purposes.

Could Southpoint change its ownership in Fennec after Dec 24, 2025?

Yes. Southpoint said it may change beneficial ownership or control via market transactions, private agreements, treasury issuances, or exercise of warrants.

Does the Southpoint disclosure affect Fennec (TSX: FENC) outstanding share count?

The disclosure reports Southpoint's ownership percentages on a fully diluted basis; it does not state any change to Fennec's outstanding share count.