Fennec director exercises options, sells shares for taxes

FENNEC PHARMACEUTICALS INC. director Rosty Raykov reported a series of routine equity compensation transactions.

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. director Rosty Raykov reported a series of routine equity compensation transactions. He received 2,778 common shares at no cost from the release of previously awarded restricted shares, then exercised 15,597 stock options at $2.45 per share.

To cover tax obligations tied to the option exercise, 9,747 common shares were sold at $9.62 per share pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025. Following these transactions, Raykov directly holds 130,079 common shares and 1,556,195 stock options.

Insights

Equity compensation and insider-trading analyst

Routine option exercise and tax-related sale under a 10b5-1 plan.

Director Rosty Raykov exercised 15,597 stock options at $2.45 and received 2,778 released restricted shares. A portion of the resulting common shares, 9,747, was sold at $9.62 per share specifically to satisfy tax obligations.

Footnotes state both the option exercise and tax-driven sale occurred under a Rule 10b5-1 trading plan adopted on September 19, 2025, indicating pre-planned, mechanical transactions rather than discretionary market timing. Afterward, Raykov still holds 130,079 common shares and 1,556,195 stock options, so the activity is small relative to his overall position.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Raykov Rosty

Role Director

Sold 9,747 shs ($94K)

Approx. gross sale proceeds $94K

Approx. exercise cost $38K

Type	Security	Shares	Price	Value
Exercise	Stock Options	15,597	$2.45	$38K
Exercise	Common shares	15,597	$2.45	$38K
Sale	Common shares	9,747	$9.62	$94K
Grant/Award	Common shares	2,778	$0.00	$0.00

Holdings After Transaction: Stock Options — 1,556,195 contracts (Direct); Common shares — 130,079 shares (Direct)

Footnotes (4)

1. F1. Represents shares released from restriction from shares awarded 5/16/2024.
2. F2. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.
3. F3. Shares sold to satisfy tax obligation on option exercise pursuant to a 10b5-1 plan adopted on September 19, 2025.
4. F4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

Key Figures

Shares sold: 9,747 shares at $9.62 Options exercised: 15,597 shares at $2.45 Restricted shares released: 2,778 shares +3 more

6 metrics

Shares sold 9,747 shares at $9.62 Common shares sold to satisfy tax obligation on option exercise

Options exercised 15,597 shares at $2.45 Stock options exercised on 2026-06-01

Restricted shares released 2,778 shares Release from restriction of shares awarded 2024-05-16

Post-transaction share holdings 130,079 shares Common shares held directly after transactions

Remaining stock options 1,556,195 options Stock options held directly after option exercise

10b5-1 plan adoption date September 19, 2025 Plan governing the option exercise and related sale

Key Terms

Rule 10b5-1, Stock Options, grant/award acquisition, open-market sale, +1 more

5 terms

Rule 10b5-1 regulatory

"Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025."

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

Stock Options financial

"security_title: "Stock Options" with 15,597.0000 shares exercised at $2.45"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

grant/award acquisition financial

"transaction_action: "grant/award acquisition" for 2,778 common shares at $0.0000"

open-market sale financial

"transaction_action: "open-market sale" for 9,747 common shares at $9.6200"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

restricted shares financial

"Represents shares released from restriction from shares awarded 5/16/2024."

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did FENC director Rosty Raykov do in this Form 4 filing?

Rosty Raykov reported exercising 15,597 stock options at $2.45 and receiving 2,778 common shares from a prior award. He then sold 9,747 shares at $9.62 solely to cover tax obligations linked to the option exercise.

How many Fennec Pharmaceuticals (FENC) shares did the director sell and at what price?

The director sold 9,747 common shares at $9.62 per share. Footnotes clarify these sales were executed to satisfy tax obligations arising from the option exercise, not as a discretionary open-market liquidation of his equity position.

Were the FENC insider transactions made under a Rule 10b5-1 trading plan?

Yes. The filing states the option exercise and related share sales occurred under a Rule 10b5-1 trading plan adopted on September 19, 2025. Such pre-arranged plans automate trades and typically reduce the informational value of transaction timing for investors.

How many Fennec Pharmaceuticals (FENC) shares and options does the director hold after these transactions?

After the reported transactions, the director directly holds 130,079 common shares and 1,556,195 stock options. This remaining exposure shows the transactions affected only a small portion of his overall economic interest in Fennec Pharmaceuticals.

What was the nature of the 2,778 FENC shares reported as acquired?

The 2,778 shares represent common shares released from restriction on previously awarded stock granted on May 16, 2024. This is a typical equity compensation event where restricted stock vests and becomes freely owned by the recipient.

Is the FENC insider sale primarily a tax-withholding event or a discretionary sale?

Footnotes explain the 9,747 shares sold were used to satisfy tax obligations from the option exercise, even though coded as a sale. That characterization aligns more closely with a tax-withholding style disposition than with a discretionary open-market sale decision.

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

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Accepted by SEC EDGAR 06/02/2026 - 04:05 PM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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

X

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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 NORTH CAROLINA 27709

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/31/2026

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

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

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

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)	05/31/2026		A		2,778	A	$0	124,229	D
Common shares(2)	06/01/2026		M		15,597	A	$2.45	139,826	D
Common shares(3)	06/01/2026		S		9,747	D	$9.62	130,079	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
Stock Options(4)	$2.45	06/01/2026		M			15,597	07/05/2016	07/05/2026	options	15,597	$2.45	1,556,195	D

Explanation of Responses:

1. Represents shares released from restriction from shares awarded 5/16/2024.

2. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.

3. Shares sold to satisfy tax obligation on option exercise pursuant to a 10b5-1 plan adopted on September 19, 2025.

4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

	/s/ Rosty Raykov	06/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)