[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Fennec Pharmaceuticals (FENC) insiders filed a Form 4 reporting multiple open-market sales of common stock across 10/07/2025 to 10/09/2025

Reporting entities tied to Southpoint (Southpoint Capital Advisors LP/LLC, Southpoint GP entities and John S. Clark II) sold a total of 67,114 shares in three tranches at weighted-average prices of approximately $9.5871, $9.4732, and $9.3461. Reported beneficial ownership after each trade was 4,050,314, 4,030,709, and 4,010,100 shares respectively. The filing explains that the shares are held directly by Southpoint Master Fund, LP and that the reporting persons disclaim beneficial ownership except for pecuniary interest.

Positive

• Timely disclosure of insider sales filed on 10/09/2025
• Detailed execution notes provide weighted-average prices and offer to supply trade-level detail on request

Negative

• Substantial insider selling: total of 67,114 shares sold across three days
• Decline in reported beneficial ownership to 4,010,100 shares by 10/09/2025

Insights

Corporate Governance Analyst

Large, disclosed insider sales by a 10% beneficial group; filing shows standard disclaimers.

The filings show the Southpoint group executed multiple open-market sales totaling 67,114 shares over three days ending on 10/09/2025

These sales were reported under the investment-manager/general-partner structure and include the customary disclaimer of beneficial ownership except for pecuniary interest. Monitor subsequent Form 4s for further reductions or any director-level sales that change board alignment within the next 30–90 days.

Market Impact Analyst

Sales occurred at prices near $9.35–$9.59, likely modest market impact given multi-day execution.

Transaction notes state each tranche was executed in multiple trades with reported weighted-average prices of $9.5871, $9.4732, and $9.3461

If these represent liquidation of fund holdings, watch volume and share-price movements in the days around 10/07/2025–10/09/2025 and any further disclosures of sales or transfers within the next quarter.

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^*

Southpoint Capital Advisors LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
10/07/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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 Stock	10/07/2025		S		26,900	D	$9.5871(2)	4,050,314	I	See Footnote(1)
Common Stock	10/08/2025		S		19,605	D	$9.4732(3)	4,030,709	I	See Footnote(1)
Common Stock	10/09/2025		S		20,609	D	$9.3461(4)	4,010,100	I	See Footnote(1)

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

1. Name and Address of Reporting Person^*

Southpoint Capital Advisors LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint Capital Advisors LLC

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint GP, LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint GP, LLC

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Clark John Smith II

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The securities are directly held by Southpoint Master Fund, LP for which Southpoint Capital Advisors LP serves as the investment manager and Southpoint GP, LP serves as the general partner. Southpoint Capital Advisors LLC serves as the general partner of Southpoint Capital Advisors LP and Southpoint GP, LLC serves as the general partner of Southpoint GP, LP. John S. Clark II serves as managing member of both Southpoint Capital Advisors LLC and Southpoint GP, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

2. The transaction was executed in multiple trades at prices ranging from $9.47 to $9.70. The price above reflects the weighted average sales price. Detailed information regarding the number of shares sold at each separate price will be provided upon request by the Commission staff, the Issuer or a security holder of the Issuer.

3. The transaction was executed in multiple trades at prices ranging from $9.31 to $9.61. The price above reflects the weighted average sales price. Detailed information regarding the number of shares sold at each separate price will be provided upon request by the Commission staff, the Issuer or a security holder of the Issuer.

4. The transaction was executed in multiple trades at prices ranging from $9.30 to $9.42. The price above reflects the weighted average sales price. Detailed information regarding the number of shares sold at each separate price will be provided upon request by the Commission staff, the Issuer or a security holder of the Issuer.

	s/ John S. Clark II, Southpoint Capital Advisors LP, by Southpoint Capital Advisors LLC, its General Partner, by John S. Clark II, Managing Member	10/09/2025
	/s/ John S. Clark II, Southpoint Capital Advisors LLC, by John S. Clark II, Managing Member	10/09/2025
	/s/ John S. Clark II, Southpoint GP, LP, by Southpoint GP, LLC, its General Partner, by John S. Clark II, Managing Member	10/09/2025
	/s/ John S. Clark II, Southpoint GP, LLC, by John S. Clark II, Managing Member	10/09/2025
	/s/ John S. Clark II	10/09/2025
	** 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 FENC insiders sell on 10/07/2025–10/09/2025?

Reporting persons tied to Southpoint sold a total of 67,114 shares in three tranches on 10/07/2025, 10/08/2025, and 10/09/2025 at weighted-average prices near $9.35–$9.59.

Who filed the Form 4 for FENC?

The Form 4 was filed by entities in the Southpoint group: Southpoint Capital Advisors LP/LLC, Southpoint GP, LP/LLC, and John S. Clark II as managing member.

How many FENC shares did the reporting group own after these transactions?

The filing reports beneficial ownership of 4,050,314 after the first sale, 4,030,709 after the second, and 4,010,100 after the third.

At what prices were the FENC shares sold?

Reported weighted-average prices were $9.5871 (10/07/2025), $9.4732 (10/08/2025), and $9.3461 (10/09/2025).

Do the reporting persons claim beneficial ownership of the sold shares?

The filing states the shares are directly held by Southpoint Master Fund, LP and that the reporting persons disclaim beneficial ownership except to the extent of any pecuniary interest.