FENC Form 144 Discloses Insider Sale of 10,000 Shares on 09/04/2025

Rhea-AI Filing Summary

Fennec Pharmaceuticals (FENC) Form 144 reports a proposed sale of 10,000 common shares through Morgan Stanley Smith Barney on 09/04/2025 with an aggregate market value of $89,220.00. The filing lists total outstanding shares of 27,831,698, showing the proposed block is a small fraction of the float.

The shares to be sold were acquired as restricted stock from the issuer: 7,570 shares on 05/16/2025 and 2,430 shares on 08/31/2025, totaling 10,000. The filer also disclosed three prior sales in the past three months of 10,000 shares each on 06/05/2025, 07/03/2025, and 08/05/2025 with gross proceeds of $77,781, $86,102, and $80,933 respectively.

Positive

• Clear compliance with Rule 144 disclosure requirements, including acquisition dates and broker details
• Complete transaction history for the past three months is provided, enhancing transparency

Negative

• Insider sales of three 10,000-share blocks in the past three months (June–August 2025) may warrant investor attention despite being small

Insights

Financial Analyst

TL;DR: Insider filed to sell 10,000 shares; recent monthly sales total 30,000—transaction size is immaterial versus outstanding shares.

The Form 144 documents a planned sale of 10,000 common shares acquired as restricted stock in May and August 2025. Prior sales of three 10,000-share blocks in June, July and August generated modest gross proceeds. Relative to the issuer's reported 27,831,698 outstanding shares, the proposed sale represents roughly 0.036% of outstanding stock, indicating limited direct market impact. The filing meets disclosure requirements but does not provide any operational or financial metrics about the company.

Corporate Governance Expert

TL;DR: Required insider disclosure submitted; frequent small sales noted but no indication of undisclosed material information.

The notice includes acquisition details, broker information, and a signed representation about material information. The filer identifies securities as restricted stock issued by the company and confirms dates and amounts for both acquisition and proposed sale. While multiple recent sales are disclosed, the filing contains no statements of material adverse information and complies with procedural requirements for Rule 144 notices.

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	89220.00	27831698	09/04/2025	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	08/31/2025	Restricted Stock	ISSUER			2430	08/31/2025	Not Applicable
Common	05/16/2025	Restricted Stock	ISSUER			7570	05/16/2025	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	08/05/2025	10000	80933.00
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	07/03/2025	10000	86102.00
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	06/05/2025	10000	77781.00

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 does the Form 144 for FENC report?

The filing reports a proposed sale of 10,000 common shares through Morgan Stanley Smith Barney on 09/04/2025 with aggregate market value $89,220.00.

How many shares were acquired and when?

The shares to be sold were acquired as restricted stock: 7,570 on 05/16/2025 and 2,430 on 08/31/2025, totaling 10,000.

What prior sales by the filer are disclosed?

Three prior sales of 10,000 shares each occurred on 06/05/2025, 07/03/2025, and 08/05/2025 with gross proceeds of $77,781, $86,102, and $80,933 respectively.

How large is the proposed sale relative to outstanding shares?

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

Who is the broker handling the proposed sale?

The broker named is Morgan Stanley Smith Barney LLC Executive Financial Services located at 1 New York Plaza, 8th Floor, New York, NY.

Does the filing state any undisclosed material information?

By signing, the person represents they do not know any material adverse information about the issuer that has not been publicly disclosed; the filing contains no additional statements of material adverse information.