Fennec director sells 15,545 shares at $10.29

FENNEC PHARMACEUTICALS INC.

Available on EDGAR 09/16/2026 - 04:06 PM EDT Accepted by SEC EDGAR 09/16/2026 - 04:05 PM EDT Learn about SEC filing dates

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. (FENC) director Marco Maria Brughera exercised stock options for 15,545 common shares on September 15, 2026 at an exercise price of $2.11 per share and sold 15,545 common shares at $10.29 per share, all pursuant to a Rule 10b5-1 trading plan adopted on June 16, 2026. Following the option exercise, he held 220,000 stock options directly.

Insider Trade Summary 10b5-1

Exercise and Sale: 15,545 shares ($127K approx. pre-tax spread)

Exercise and Sale 3 txns

Insider Brughera Marco Maria

Role Director

Sold 15,545 shs ($160K)

Approx. gross sale proceeds $160K

Approx. exercise cost $33K

Approx. pre-tax spread $127K

Share of Position Sold 100%

Type	Security	Shares	Price	Value
Exercise	Stock Option F3	15,545	$0.00	$0.00
Exercise	Common Shares F1	15,545	$2.11	$33K
Sale	Common Shares F2	15,545	$10.29	$160K

Holdings After Transaction: Stock Option — 220,000 contracts (Direct); Common Shares — 0 shares (Direct)

Holdings Before and After: Stock Option, 235,545 to 220,000 contracts (Direct); Common Shares, 0 to 0 shares (Direct)

Other Insiders: 3 other insiders reported open-market sales of this stock in the 30 days up to this filing.

Footnotes (3)

1. F1. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on June 16, 2026.
2. F2. Shares sold pursuant to a 10b5-1 plan adopted on June 16, 2026.
3. F3. Represents options exercised pursuant to a 10b5-1 plan adopted on June 16, 2026.

Key Figures

Options exercised: 15,545 options Exercise price: $2.11 per share Shares sold: 15,545 shares +4 more

7 metrics

Options exercised 15,545 options Stock options converted into common shares on September 15, 2026

Exercise price $2.11 per share Exercise price of stock options exercised on September 15, 2026

Shares sold 15,545 shares Common shares sold on September 15, 2026

Sale price $10.29 per share Price for common shares sold on September 15, 2026

Options held after transaction 220,000 options Directly held stock options following the reported exercise

Option expiration date December 30, 2026 Expiration date of the exercised stock options

10b5-1 plan adoption date June 16, 2026 Date the Rule 10b5-1 plan governing these trades was adopted

Key Terms

Rule 10b5-1 plan, Stock Option, Common shares

3 terms

Rule 10b5-1 plan regulatory

"Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted"

A Rule 10b5-1 plan is a prearranged, written schedule that lets corporate insiders buy or sell company stock at set times or amounts, even if they later learn material nonpublic information. Think of it like setting an automatic thermostat for trades: it creates a clear record that trades were planned in advance, reducing the risk of insider-trading accusations and helping investors trust that insider transactions are routine rather than based on secret information.

Stock Option financial

"Represents options exercised pursuant to a 10b5-1 plan adopted on June 16, 2026"

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

Common shares financial

"Shares acquired through the exercise of an option pursuant to a 10b5-1 plan"

Common shares are the basic units of ownership in a company that give holders a claim on profits and a right to vote on key matters, like electing the board. Think of them as membership cards in a club: they let you share in successes and losses, but in a bankruptcy or liquidation they are paid after creditors and preferred shareholders, so their value can swing more and matters for assessing risk and potential return.

FAQ

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

What did the FENC director report in this Form 4 transaction?

The director exercised 15,545 stock options for common shares at $2.11 per share and then sold 15,545 common shares at $10.29 per share on September 15, 2026, all in direct ownership.

Was the FENC Form 4 trade under a Rule 10b5-1 plan?

Yes. The option exercise and share sale were pursuant to a Rule 10b5-1 plan that was adopted on June 16, 2026, as stated in the transaction footnotes and affirmed in the filing.

How many FENC stock options did the director exercise and at what price?

The director exercised 15,545 stock options into common shares at an exercise price of $2.11 per share. These options were originally exercisable beginning December 30, 2016 and expiring December 30, 2026.

At what price were FENC common shares sold in this Form 4?

The Form 4 reports that 15,545 common shares of FENNEC PHARMACEUTICALS were sold at $10.29 per share on September 15, 2026. The transaction is described as a sale in the open market or a private transaction.

How many FENC stock options does the director hold after this transaction?

After the reported option exercise, the director held 220,000 stock options directly, according to the post-transaction holdings line associated with the derivative security entry.

What is the relationship of the reporting person to FENNEC PHARMACEUTICALS (FENC)?

The reporting person, Marco Maria Brughera, is identified as a director of FENNEC PHARMACEUTICALS INC. and filed this Form 4 in that capacity.

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

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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^*

Brughera Marco Maria

(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)
09/15/2026

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)	09/15/2026		M		15,545	A	$2.11	15,545	D
Common Shares(2)	09/15/2026		S		15,545	D	$10.29	0	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 Option(3)	$2.11	09/15/2026		M			15,545	12/30/2016	12/30/2026	Common shares	15,545	$0	220,000	D

Explanation of Responses:

1. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on June 16, 2026.

2. Shares sold pursuant to a 10b5-1 plan adopted on June 16, 2026.

3. Represents options exercised pursuant to a 10b5-1 plan adopted on June 16, 2026.

	/s/ Marco Brughera	09/16/2026
	** 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)