[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Fennec Pharmaceuticals (FENC) reported an insider transaction by a director on 10/10/2025. The director exercised 4,062 options at a $1.23 exercise price under a 10b5-1 plan adopted on May 19, 2025, acquiring the same number of common shares. To cover taxes from the exercise, the insider sold 1,775 shares at $9.24. Following these transactions, the insider beneficially owned 57,079 common shares directly and held 174,344 derivative securities (options) after the reported activity.

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^*

RALLIS CHRIS A

(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)
10/10/2025

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)	10/10/2025		M		4,062	A	$1.23	58,854	D
Common Shares(2)	10/10/2025		S		1,775	D	$9.24	57,079	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
Common Shares(3)	$1.23	10/10/2025		M			4,062	11/10/2015	11/10/2025	Options	4,062	$1.23	174,344	D

Explanation of Responses:

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

2. Shares sold to satisfy tax obligation on option exercise.

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

	/s/ Chris Rallis	10/14/2025
	** 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).
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FAQ

What did FENC's director report on Form 4?

On 10/10/2025, the director exercised 4,062 options at $1.23 and sold 1,775 shares at $9.24.

How many FENC shares does the insider own after the transactions?

The insider beneficially owned 57,079 common shares directly after the reported transactions.

How many options does the FENC insider hold after the transactions?

The insider held 174,344 derivative securities (options) following the reported activity.

Why were some FENC shares sold?

The 1,775 shares were sold to satisfy tax obligation on the option exercise.

Was the FENC transaction under a 10b5-1 plan?

Yes. The option exercise and related activity were pursuant to a 10b5-1 plan adopted on May 19, 2025.

What were the exact prices for the transactions reported by FENC's director?

The option exercise price was $1.23 per share, and the sale price was $9.24 per share.