[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Insider exercised options to buy 4,609 common shares at $2.45, increasing direct beneficial ownership to 87,110 shares. The transaction was executed on 10/08/2025 via exercise of stock options that carry a $2.45 strike and expire on 07/05/2026. After the exercise the reporting person holds 4,609 underlying options shown as exercised and 1,634,184 remaining outstanding options in the same class per the filing table. The form is a Section 16 filing by a director, showing a routine option exercise rather than a market sale or open-market purchase.

Positive

• Director exercised vested options to acquire 4,609 shares at $2.45
• Direct beneficial ownership increased to 87,110 common shares after the exercise
• Transaction is a conversion of options (code M), not a sale, indicating retention of underlying shares

Negative

• None.

Insights

Corporate Governance Analyst

Director exercised vested options, modestly raising direct ownership.

The reporting person, a director, exercised 4,609 options at a $2.45 strike on 10/08/2025, resulting in direct ownership of 87,110 shares. This is a standard equity-compensation action that converts derivative holdings into common stock.

The main dependencies are the remaining option pool and the approaching option expiration on 07/05/2026. Investors may note insider exercise behavior for timing signals, but the filing shows no sale of shares following the exercise.

Equity Compensation Specialist

Exercise used vested options; strike equals reported exercise price.

The exercise converted options with a $2.45 exercise price into 4,609 shares and lists 1,634,184 options in the instrument table, indicating substantial outstanding option volume. The transaction code is M (exercise of a derivative), consistent with exercising previously granted awards.

Key items to watch are the 07/05/2026 expiration and any future filings showing sales or additional exercises, which would change insider liquidity and share count.

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 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)
10/08/2025

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)	10/08/2025		M		4,609	A	$2.45	87,110	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(1)	$2.45	10/08/2025		M			4,609	07/05/2016	07/05/2026	options	4,609	$2.45	1,634,184	D

Explanation of Responses:

1. Shares acquired through the exercise of an option contract with strike price of $2.45 and an expiration date of July 5, 2026.

	/s/ Rosty Raykov	10/08/2025
	** 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).
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.

FAQ

What did the FENC filing report on 10/08/2025?

A director exercised 4,609 stock options at a $2.45 strike price, resulting in direct ownership of 87,110 shares.

How many shares does the reporting person own after the Form 4 transaction for FENC?

The reporting person beneficially owns 87,110 common shares following the exercise reported on 10/08/2025.

What was the exercise price and expiration of the options exercised in the FENC Form 4?

The exercised options had a $2.45 strike price and an expiration date of 07/05/2026.

Did the Form 4 report a sale of shares for FENC?

No. The filing shows an exercise (conversion) of options (transaction code M) and does not report any sale of shares.

What is the quantity of outstanding options shown in the filing?

The derivative table lists 1,634,184 options in the same instrument class as shown in the filing table.