Fennec director exercises options, sells shares

FENNEC PHARMACEUTICALS INC. director Rosty Raykov reported multiple equity transactions.

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. director Rosty Raykov reported multiple equity transactions. On March 2, 2026, he exercised 15,598 stock options at $2.45 per share, receiving the same number of common shares under a 10b5-1 plan adopted on September 19, 2025. He then sold 10,079 common shares at $8.36 per share to cover tax obligations linked to the option exercise. On February 28, 2026, he also acquired 5,208 common shares at no cost as previously awarded shares were released from restrictions. After these transactions, his direct common share holdings were 103,996 shares.

Insider Trade Summary

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Raykov Rosty

Role Director

Sold 10,079 shs ($84K)

Approx. gross sale proceeds $84K

Approx. exercise cost $38K

Type	Security	Shares	Price	Value
Exercise	Stock Options	15,598	$2.45	$38K
Exercise	Common shares	15,598	$2.45	$38K
Sale	Common shares	10,079	$8.36	$84K
Grant/Award	Common shares	5,208	$0.00	$0.00

Holdings After Transaction: Stock Options — 1,587,390 contracts (Direct); Common shares — 103,996 shares (Direct)

Footnotes (4)

1. F1. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.
2. F2. Shares sold to satisfy tax obligation on option exercise.
3. F3. Represents shares released from restriction from shares awarded 3/31/2023 and 5/16/2024.
4. F4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

FAQ

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

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

Director Rosty Raykov reported exercising 15,598 stock options, selling 10,079 common shares, and receiving 5,208 previously awarded shares. These moves reflect option exercise, tax-related selling, and vesting of restricted stock awards.

How many FENNEC (FENC) stock options did Rosty Raykov exercise and at what price?

Rosty Raykov exercised 15,598 stock options at $2.45 per share. The exercise converted derivative options into common shares as part of a pre-established 10b5-1 trading plan adopted on September 19, 2025.

How many FENNEC (FENC) shares did Rosty Raykov sell and why?

He sold 10,079 common shares at $8.36 per share. According to the disclosure, these shares were sold specifically to satisfy tax obligations arising from the option exercise, rather than as a discretionary liquidation.

What share awards did Rosty Raykov receive in the latest FENC Form 4?

He acquired 5,208 common shares at no cost when previously awarded restricted shares were released from restrictions. These awards were originally granted on March 31, 2023 and May 16, 2024 and became freely transferable.

What is Rosty Raykov’s direct FENNEC PHARMACEUTICALS (FENC) share ownership after these transactions?

After the reported transactions, Rosty Raykov directly owns 103,996 common shares of FENNEC PHARMACEUTICALS. This figure reflects the combined effect of option exercises, tax-related share sales, and releases of restricted stock awards.

Were Rosty Raykov’s FENC option exercises under a 10b5-1 trading plan?

Yes. The stock option exercises were carried out under a Rule 10b5-1 trading plan adopted on September 19, 2025. Such plans pre-schedule trades, helping insiders transact shares independently of later market-sensitive information.

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

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Accepted by SEC EDGAR 03/03/2026 - 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^*

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)
02/28/2026

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)	03/02/2026		M		15,598	A	$2.45	114,075	D
Common shares(2)	03/02/2026		S		10,079	D	$8.36	103,996	D
Common shares(3)	02/28/2026		A		5,208	A	$0	109,204	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(4)	$2.45	03/02/2026		M			15,598	07/05/2016	07/05/2026	options	15,598	$2.45	1,587,390	D

Explanation of Responses:

1. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.

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

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

4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

	/s/ Rosty Raykov	03/03/2026
	** 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.
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