Fennec director exercises options, sells shares for tax

FENNEC PHARMACEUTICALS INC. director Chris A. Rallis reported an option exercise combined with a related share sale.

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. director Chris A. Rallis reported an option exercise combined with a related share sale. He exercised stock options covering 14,344 Common Shares at $2.44 per share under a Rule 10b5-1 trading plan adopted on May 19, 2025. To cover tax obligations from this exercise, 8,346 Common Shares were sold at an average price of $7.04 per share. After these transactions, Rallis directly holds 63,077 Common Shares, reflecting a net increase in his equity position from the option exercise.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 3 txns

Insider RALLIS CHRIS A

Role Director

Sold 8,346 shs ($59K)

Approx. gross sale proceeds $59K

Approx. exercise cost $35K

Type	Security	Shares	Price	Value
Exercise	Stock Option	14,344	$2.44	$35K
Exercise	Common Shares	14,344	$2.44	$35K
Sale	Common Shares	8,346	$7.04	$59K

Holdings After Transaction: Stock Option — 186,189 contracts (Direct); Common Shares — 63,077 shares (Direct)

Footnotes (3)

1. F1. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on May 19, 2025.
2. F2. Shares sold to satisfy tax obligation on option exercise.
3. F3. Represents options exercised pursuant to a 10b5-1 plan adopted on May 19, 2025.

Key Figures

Shares sold: 8,346 shares Sale price: $7.04/share Options exercised: 14,344 shares +2 more

5 metrics

Shares sold 8,346 shares Common Shares sold at $7.04 on May 11, 2026

Sale price $7.04/share Average price for 8,346 Common Shares sold

Options exercised 14,344 shares Common Shares from stock option exercise

Exercise price $2.44/share Strike price of exercised stock options

Shares held after 63,077 Common Shares Direct holdings following the transactions

Key Terms

Rule 10b5-1, open-market sale, Stock Option, tax obligation

4 terms

Rule 10b5-1 regulatory

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

open-market sale financial

"transaction_action: open-market sale"

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.

Stock Option financial

"security_title: Stock Option"

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.

tax obligation financial

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

FAQ

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

What insider transactions did FENNEC PHARMACEUTICALS (FENC) director Chris Rallis report?

Director Chris A. Rallis exercised stock options for 14,344 Common Shares at $2.44 and sold 8,346 shares at $7.04. The exercise increased his holdings, while the sale related to tax obligations from the option exercise.

How many FENC shares does Chris Rallis hold after the reported Form 4 transactions?

After the reported transactions, Chris A. Rallis directly holds 63,077 Common Shares of FENNEC PHARMACEUTICALS. This reflects the net effect of exercising 14,344 options and selling 8,346 shares to address tax obligations on the exercise.

Were the FENC insider transactions tied to a Rule 10b5-1 trading plan?

Yes. The option exercise for 14,344 shares and the related options are described as executed pursuant to a Rule 10b5-1 trading plan adopted on May 19, 2025, indicating the transactions were pre-arranged rather than opportunistic.

Why did FENNEC PHARMACEUTICALS director Chris Rallis sell 8,346 shares?

The Form 4 states that 8,346 Common Shares were sold to satisfy tax obligations arising from the stock option exercise. This type of sale is typically a mechanical step to cover taxes rather than a discretionary reduction in ownership.

What prices were involved in Chris Rallis’s FENC option exercise and share sale?

Chris Rallis exercised stock options at a price of $2.44 per share for 14,344 Common Shares. To satisfy tax obligations from this exercise, 8,346 shares were sold at an average price of $7.04 per share, according to the Form 4.

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

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Accepted by SEC EDGAR 05/12/2026 - 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^*

RALLIS CHRIS A

(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)
05/11/2026

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)	05/11/2026		M		14,344	A	$2.44	71,423	D
Common Shares(2)	05/11/2026		S		8,346	D	$7.04	63,077	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)	$2.44	05/11/2026		M			14,344	06/09/2016	06/09/2026	Common shares	14,344	$2.44	186,189	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	05/12/2026
	** 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)