[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Rosty Raykov, a director of Fennec Pharmaceuticals Inc. (FENC), reported a non‑derivative acquisition of 5,208 common shares on 09/30/2025 at a reported price of $0. The filing states these shares were released from restrictions tied to awards granted on 03/31/2023 and 05/16/2024. After the release, Mr. Raykov beneficially owns 92,501 shares of common stock. The Form 4 was filed by one reporting person and lists Mr. Raykov’s relationship to the issuer as a director. The transaction appears to be the routine vesting or release of previously awarded restricted stock rather than an open‑market purchase or sale.

Insights

Financial Analyst

TL;DR Director received restricted shares that vested, modestly increasing insider ownership; no cash consideration reported.

The reported acquisition of 5,208 shares at a $0 price indicates a release of previously granted restricted stock rather than a market purchase. This raises no immediate liquidity or dilution concerns for investors because these shares were part of prior compensation grants and the total post‑transaction holding is 92,501 shares. The transaction is routine and informational for modeling insider ownership and potential alignment with shareholder interests.

Corporate Governance Expert

TL;DR Routine vesting of restricted stock for a director; signals continued compensation alignment without governance red flags.

The disclosure that shares were "released from restriction" on two prior award dates suggests standard compensation vesting. As a director, Mr. Raykov increasing his beneficial stake can align interests with shareholders. There is no indication of unusual timing, related‑party transactions, or deviation from typical award schedules in the provided content.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Raykov Rosty

(Last) (First) (Middle)

C/O FENNEC PHARMACEUTICALS, INC.

PO BOX 13628, 68 TW ALEXANDER DRIVE

(Street)

RESEARCH TRIANGLE PARK NC 27709

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FENNEC PHARMACEUTICALS INC. [ FENC ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common shares(1)	09/30/2025		A		5,208	A	$0	92,501	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares released from restriction from shares awarded 3/31/2023 and 5/16/2024.

	/s/ Rosty Raykov	10/01/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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