[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Robert Andrade, Chief Financial Officer of Fennec Pharmaceuticals (FENC), reported the release of 2,430 common shares from restrictions on 09/30/2025 at a reported price of $0, reflecting shares awarded previously on 03/31/2023 and 05/16/2024. After this transaction Andrade beneficially owns 170,674 common shares. The Form 4 was signed on 10/01/2025. The filing shows a routine internal release of restricted awards rather than an open-market purchase or sale and documents current insider ownership levels for compliance with Section 16 reporting.

Positive

• Timely disclosure of insider share release, meeting Section 16 transparency requirements
• Clarifies vesting of awards from 03/31/2023 and 05/16/2024, showing compensation realization

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine release of restricted shares by the CFO; modest change to insider free float and no cash proceeds reported.

This Form 4 reports a release of 2,430 restricted shares to CFO Robert Andrade with a recorded price of $0, indicating restricted awards vested or otherwise became unrestricted on 09/30/2025. The transaction increases the number of shares Andrade can freely trade but does not show an open-market sale or purchase that would signal liquidity actions. The post-transaction beneficial ownership of 170,674 shares provides a snapshot of insider alignment with equity ownership but is not, by itself, a material corporate event.

Corporate Governance Expert

TL;DR: Disclosure is timely and standard for Section 16 reporting; indicates vesting or lapse of restrictions on previously awarded equity.

The filing clearly identifies the nature of the transaction as shares released from restriction tied to awards dated 03/31/2023 and 05/16/2024. This is consistent with standard executive compensation vesting and the Form 4 fulfills insider reporting obligations. There are no indications of related-party transactions, derivative exercises, or changes in control disclosed in this form.

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
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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^*

Andrade Robert

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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)	09/30/2025		A		2,430	A	$0	170,674	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

Explanation of Responses:

1. Represents shares released from restriction from shares awarded 3/31/2023 and 5/16/2024.

	/s/ Robert Andrade	10/01/2025
	** 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 CFO Robert Andrade report on the Form 4?

He reported the release of 2,430 common shares from restriction on 09/30/2025, increasing his beneficial ownership to 170,674 shares.

Was cash exchanged in the reported transaction for FENC shares?

No cash amount was reported; the transaction shows a price of $0, indicating shares were released from restriction rather than purchased.

Which award dates relate to the released shares in the FENC Form 4?

The filing states the shares were released from awards dated 03/31/2023 and 05/16/2024.

When was the Form 4 for FENC signed by the reporting person?

The Form 4 bears the reporting person’s signature dated 10/01/2025.

Does this Form 4 show any option exercises or derivative transactions for FENC?

No. Table II (derivative securities) contains no entries; only non-derivative common shares were reported in Table I.