Ex-Fennec director plans $121K stock sale

FENNEC PHARMACEUTICALS INC.

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. (FENC) has a notice from former director Rostislav Raykov to sell common shares under Rule 144. The planned sale covers 10,000 common shares through Morgan Stanley Smith Barney LLC, with an estimated aggregate market value of $121,177.00, at a time when 35,067,159 common shares were outstanding and the stock traded on NASDAQ.

The shares to be sold were acquired as restricted stock from the issuer during the period from 11/30/2025 through 02/28/2026, with an acquisition date listed as 11/30/2025 for 10,000 shares. In the prior three months, Raykov sold 10,000 common shares on 08/03/2026 for $95,835.00 and 9,599 common shares on 07/01/2026 for $99,987.02.

Key Figures

Planned shares to be sold: 10,000 shares of Common Stock Aggregate market value of planned sale: $121,177.00 Shares outstanding: 35,067,159 shares +3 more

6 metrics

Planned shares to be sold 10,000 shares of Common Stock Shares covered by the Form 144 notice

Aggregate market value of planned sale $121,177.00 Estimated aggregate market value for 10,000 shares in the Form 144

Shares outstanding 35,067,159 shares Common shares outstanding for FENNEC PHARMACEUTICALS INC. at reference time

Sale on 08/03/2026 10,000 shares for $95,835.00 Common shares sold by Rostislav Raykov during past 3 months

Sale on 07/01/2026 9,599 shares for $99,987.02 Common shares sold by Rostislav Raykov during past 3 months

Acquisition date for restricted stock 11/30/2025 Date listed for acquisition of 10,000 restricted shares to be sold

Key Terms

Rule 144, Restricted Stock, aggregate market value, Securities To Be Sold

4 terms

Rule 144 regulatory

"See the definition of "person" in paragraph (a) of Rule 144."

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

Restricted Stock financial

"Common | 11/30/2025 | Restricted Stock | ISSUER"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

aggregate market value financial

"Common | Morgan Stanley Smith Barney LLC ... | 10000 | 121177.00"

Aggregate market value is the combined price you would pay to buy all outstanding shares of a company or all companies in a group at current market prices — essentially the sum of each stock’s market capitalization. It matters to investors because it shows the overall size and weight of an investment or sector (like the total cost to buy every piece of a puzzle), helps compare scale across companies or markets, and influences index composition and risk exposure.

Securities To Be Sold regulatory

"144: Securities To Be Sold"

FAQ

What does this Form 144 filing disclose for FENC?

It discloses that former director Rostislav Raykov has filed a notice under Rule 144 to sell 10,000 shares of FENNEC PHARMACEUTICALS INC. common stock, with an estimated aggregate market value of $121,177.00, through Morgan Stanley Smith Barney LLC on NASDAQ.

How many FENC shares does the insider plan to sell and at what value?

The notice covers a planned sale of 10,000 FENC common shares with an indicated aggregate market value of $121,177.00. This reflects the market value used in the Form 144 securities information table.

How many FENC shares were outstanding when this Form 144 was prepared?

The filing shows that 35,067,159 FENNEC PHARMACEUTICALS INC. common shares were outstanding at the time referenced in the Form 144 securities information table.

What prior FENC share sales has Rostislav Raykov reported in the last three months?

In the past three months, Raykov reported selling 10,000 common shares on 08/03/2026 for $95,835.00 and 9,599 common shares on 07/01/2026 for $99,987.02, as listed in the "Securities Sold During The Past 3 Months" section.

How were the FENC shares to be sold acquired by the insider?

The shares to be sold were acquired as restricted stock from the issuer. The Form 144 states that the securities were acquired upon the vesting of restricted stock during the period from 11/30/2025 through 02/28/2026, with an acquisition date of 11/30/2025 listed for 10,000 shares.

On which market are the FENC shares in this Form 144 listed?

The securities information table identifies the class as Common and lists the trading market as NASDAQ for the FENNEC PHARMACEUTICALS INC. shares covered by this Form 144 notice.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/01/2026 - 04:14 PM Accepted by SEC EDGAR 09/01/2026 - 04:13 PM Learn about SEC filing dates

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK	0001468316
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	FENNEC PHARMACEUTICALS INC.
SEC File Number	001-32295
Address of Issuer	PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NORTH CAROLINA 27709
Phone	(919) 636-4530
Name of Person for Whose Account the Securities are To Be Sold	ROSTISLAV RAYKOV
See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.
Relationship to Issuer	Former Director

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
Common	Morgan Stanley Smith Barney LLC Executive Financial Services 1 New York Plaza 8th Floor New York NY 10004	10000	121177.00	35067159	09/01/2026	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
Common	11/30/2025	Restricted Stock	ISSUER			10000	11/30/2025	Not Applicable

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Name and Address of Seller	Title of Securities Sold	Date of Sale	Amount of Securities Sold	Gross Proceeds
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	08/03/2026	10000	95835.00
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	07/01/2026	9599	99987.02

144: Remarks and Signature

Remarks	The securities to be sold were acquired upon the vesting of restricted stock during the period of 11/30/2025 through 02/28/2026
Date of Notice	09/01/2026
Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1	09/19/2025
ATTENTION:
The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.
Signature	/s/ Rostislav Raykov
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)