[144] FENNEC PHARMACEUTICALS INC. SEC Filing

Rhea-AI Filing Summary

Fennec Pharmaceuticals, Inc. (FENC) reported a proposed insider sale under Rule 144: 10,000 common shares planned for 10/06/2025 through Morgan Stanley Smith Barney LLC on NASDAQ with an aggregate market value of $97,868. The issuer shows 27,831,698 shares outstanding, so the proposed sale equals approximately 0.036 of outstanding shares.

The filer acquired the 10,000 shares as restricted stock in three tranches on 05/16/2025 (5,485 shares), 05/31/2025 (2,085), and 09/30/2025 (2,430), all issued by the company. The notice also discloses two prior sales by the same person in the past three months: 10,000 shares sold on 09/04/2025 for $89,220 and 10,000 shares sold on 08/05/2025 for $80,933. The filer attests not to possess undisclosed material adverse information.

Positive

• Full disclosure filed under Rule 144 with broker and transaction details
• Shares sold were acquired as restricted stock on 05/16/2025, 05/31/2025, and 09/30/2025, indicating compensation-related origin
• Prior sales documented for 08/05/2025 and 09/04/2025, enhancing transparency

Negative

• None.

Insights

Insider Transactions Analyst

TL;DR: An insider plans to sell 10,000 shares acquired as restricted stock, matching recent monthly sales activity.

The planned 10,000-share sale on 10/06/2025 follows two earlier sales of 10,000 shares each on 09/04/2025 and 08/05/2025. The shares to be sold were recorded as restricted stock grants totaling 10,000 shares across 05/16/2025, 05/31/2025, and 09/30/2025, indicating these disposals stem from recently acquired compensation stock rather than long-held holdings.

Key dependencies include vesting and transfer restrictions tied to the restricted stock and proper compliance with Rule 144 timing and aggregation rules. Monitor settlement on 10/06/2025 and subsequent Form 4 or 144 filings for changes; any recurring monthly sales could affect short-term share supply, though the single proposed sale equals about 0.036 of outstanding shares and appears small in absolute terms.

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

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

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

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	97868.00	27831698	10/06/2025	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	05/16/2025	Restricted Stock	ISSUER			5485	05/16/2025	Not Applicable
Common	09/30/2025	Restricted Stock	ISSUER			2430	09/30/2025	Not Applicable
Common	05/31/2025	Restricted Stock	ISSUER			2085	05/31/2025	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	09/04/2025	10000	89220.00
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	08/05/2025	10000	80933.00

144: Remarks and Signature

Remarks

Date of Notice

Date of Plan Adoption or Giving of Instruction, If Relying on Rule 10b5-1

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

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)

FAQ

What insider sale did Fennec Pharmaceuticals (FENC) report?

A proposed sale of 10,000 common shares scheduled for 10/06/2025 through Morgan Stanley Smith Barney LLC with an aggregate market value of $97,868.

How many shares of FENC are outstanding and what percent is being sold?

The filing lists 27,831,698 shares outstanding; the proposed 10,000-share sale equals about 0.036 of outstanding shares.

Were the shares being sold recently acquired?

Yes. The 10,000 shares to be sold were recorded as restricted stock grants on 05/16/2025 (5,485), 05/31/2025 (2,085), and 09/30/2025 (2,430), all issued by the company.

Has this insider sold FENC shares recently?

Yes. The filing discloses sales of 10,000 shares on 09/04/2025 for $89,220 and 10,000 shares on 08/05/2025 for $80,933.

Which exchange and broker are handling the proposed sale?

The sale is planned on NASDAQ through Morgan Stanley Smith Barney LLC.