Fennec (NASDAQ: FENC) ex-director exercises options, sells shares for taxes

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. former director Rosty Raykov reported several equity transactions in common shares. He exercised stock options to acquire 15,597 shares at $2.45 per share and received 2,778 additional shares released from prior restricted awards. On the same date, he sold 9,599 shares at $10.41 per share to satisfy tax obligations, with these actions carried out under a pre-arranged Rule 10b5-1 trading plan adopted on September 19, 2025. After these transactions, he directly holds 138,855 common shares.

Insider Trade Summary 10b5-1

Net Seller: 9,599 shares ($99,926)

Net Sell 4 txns

Insider Raykov Rosty

Role null

Sold 9,599 shs ($100K)

Type	Security	Shares	Price	Value
Exercise	Stock Options	15,597	$2.45	$38K
Grant/Award	Common shares	2,778	$0.00	--
Exercise	Common shares	15,597	$2.45	$38K
Sale	Common shares	9,599	$10.41	$100K

Holdings After Transaction: Stock Options — 1,525,000 shares (Direct, null); Common shares — 132,857 shares (Direct, null)

Footnotes (1)

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

Key Figures

Shares sold: 9,599 shares Sale price: $10.41/share Options exercised: 15,597 shares +4 more

7 metrics

Shares sold 9,599 shares Common shares sold at $10.41 on July 1, 2026

Sale price $10.41/share Price for 9,599 common shares sold

Options exercised 15,597 shares Common shares acquired via option exercise

Exercise price $2.45/share Exercise price of stock options

Released restricted shares 2,778 shares Shares released from restriction from 5/16/2024 award

Post-transaction holdings 138,855 shares Common shares held directly after transactions

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

Key Terms

Rule 10b5-1, Common shares, Stock Options, grant, award, or other acquisition, +1 more

5 terms

Rule 10b5-1 regulatory

"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.

Common shares financial

"security_title: Common shares; transaction_price_per_share: 10.4100"

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.

Stock Options financial

"security_title: Stock Options; conversion_or_exercise_price: 2.4500"

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, or other acquisition financial

"transaction_code_description: Grant, award, or other acquisition"

Exercise or conversion of derivative security financial

"transaction_code_description: Exercise or conversion of derivative security"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 04:06 PM Accepted by SEC EDGAR 07/02/2026 - 04:05 PM

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).

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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common shares⁽¹⁾	07/01/2026		A		2,778	A	$0	132,857	D
Common shares⁽²⁾	07/01/2026		M		15,597	A	$2.45	148,454	D
Common shares⁽³⁾	07/01/2026		S		9,599	D	$10.41	138,855	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options⁽⁴⁾	$2.45	07/01/2026		M			15,597	07/05/2016	07/05/2026	options	15,597	$2.45	1,525,000	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	07/02/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did Rosty Raykov report for FENNEC PHARMACEUTICALS (FENC)?

Rosty Raykov reported exercising options for 15,597 common shares and receiving 2,778 released restricted shares. He also sold 9,599 shares at $10.41 per share on the same date, primarily to cover tax obligations related to the option exercise.

How many FENNEC PHARMACEUTICALS (FENC) shares does Rosty Raykov hold after this Form 4?

Following the reported transactions, Rosty Raykov directly holds 138,855 common shares of FENNEC PHARMACEUTICALS INC. This figure reflects his position after the option exercise, share release, and sale carried out on July 1, 2026.

At what prices did Rosty Raykov transact FENNEC PHARMACEUTICALS (FENC) shares and options?

Rosty Raykov exercised stock options at an exercise price of $2.45 per share and sold 9,599 common shares at a sale price of $10.41 per share. These prices are explicitly listed in the Form 4 transaction details.

Were Rosty Raykov’s FENNEC PHARMACEUTICALS (FENC) trades made under a Rule 10b5-1 plan?

Yes. Footnotes state that the option exercise and related share sale were executed pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025, indicating the transactions were pre-arranged rather than opportunistic.

Why did Rosty Raykov sell 9,599 FENNEC PHARMACEUTICALS (FENC) shares?

The Form 4 footnotes explain that the 9,599 common shares were sold to satisfy tax obligations arising from the option exercise. This characterizes the disposition as tax-related rather than a standalone discretionary sale of his equity position.

What happened to Rosty Raykov’s FENNEC PHARMACEUTICALS (FENC) stock options in this filing?

Raykov exercised stock options covering 15,597 underlying shares at an exercise price of $2.45 per share. The derivative summary shows no remaining derivative positions from this option grant after the exercise reported on July 1, 2026.