[144] Fennec Pharmaceuticals Inc. SEC Filing

Rhea-AI Filing Summary

Fennec Pharmaceuticals Inc. (FENC) – Form 144 filing discloses that insider Rostislav Raykov has notified the SEC of his intent to sell up to 10,000 common shares through Morgan Stanley Smith Barney on or after 03 July 2025. At the 30 June 2025 closing price used in the filing, the aggregate market value of the proposed sale is $86,102, equivalent to roughly 0.036 % of the 27.6 million shares outstanding.

The shares stem from recently vested restricted-stock grants acquired on 16 May 2025 (7,570 sh) and 30 June 2025 (2,430 sh). The filing also details that Raykov has already disposed of 46,667 shares between 4 April and 5 June 2025 for total gross proceeds of approximately $295,398.

Rule 144 notices do not guarantee execution, but repeated insider sales within a short window can influence market sentiment. Nevertheless, the cumulative volume over the past quarter plus the planned sale (≈56,667 shares) remains below 0.21 % of outstanding shares, suggesting limited dilution or supply pressure.

Positive

• None.

Negative

• Continued insider selling by the same executive within a three-month span may raise minor sentiment concerns despite small relative volume.

Insights

Securities Analyst

TL;DR – Small insider sale; signal slightly negative but immaterial to float.

The proposed 10 k-share sale represents a de-minimis 0.04 % of shares outstanding. While continued selling by the same insider may be read as waning confidence, the notional value is modest ($86k) and follows recent option/RSU vesting. From a liquidity standpoint, the NASDAQ daily volume averages far above this level, so price impact should be minimal. I view the disclosure as neutral-to-slightly negative for sentiment, with no change to fundamentals.

Corporate Governance Expert

TL;DR – Patterned insider disposals warrant monitoring for governance optics.

Raykov has filed multiple Form 144s and executed sales over three consecutive months, signalling a structured liquidation program. Although Rule 144 compliance and 10b5-1 safeguards are noted, investors often scrutinise repeat sales by senior officers for alignment concerns. Yet, aggregate disposals remain far below thresholds that typically trigger governance red flags. I deem the filing not materially impactful but recommend tracking future filings to confirm whether the pattern escalates.

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	86102.00	27618743	07/03/2025	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	06/30/2025	Restricted Stock	Issuer			2430	06/30/2025	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	06/05/2025	5139	39971.66
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	06/05/2025	2431	18908.56
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	06/05/2025	2430	18900.78
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	05/16/2025	16667	113002.26
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	05/05/2025	2983	18816.17
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	05/05/2025	7017	44261.83
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	04/04/2025	2431	12764.94
ROSTISLAV RAYKOV PO BOX 13628, 68 TW ALEXANDER DRIVE Research Triangle Park NC 27709	Common	04/04/2025	7569	39772.07

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

How many FENC shares is the insider planning to sell under this Form 144?

Up to 10,000 common shares are slated for sale.

What is the aggregate market value of the proposed FENC share sale?

The filing lists an aggregate value of approximately $86,102.

When is the anticipated sale date for the FENC shares?

The approximate sale date disclosed is 03 July 2025.

How many FENC shares has the insider already sold in the past three months?

The insider reported selling 46,667 shares between 4 April and 5 June 2025.

What percentage of Fennec Pharmaceuticals’ shares outstanding does the planned sale represent?

Roughly 0.036 % of the 27.6 million shares outstanding.

Which brokerage firm is handling the planned sale of FENC shares?

Morgan Stanley Smith Barney LLC is listed as the executing broker.