[Form 4] Fennec Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

On 08/05/2025, Fennec Pharmaceuticals (FENC) director Rosty Raykov filed a Form 4 reporting the sale of 10,000 common shares at $8.09 each. The transaction was executed under a pre-arranged Rule 10b5-1 plan dated 08/23/2024. After the sale, Raykov’s direct beneficial ownership stands at 55,878 shares; no derivative securities were involved and no other trades were disclosed.

The divestiture trims roughly 15 % of the director’s directly held position. While a 10b5-1 plan reduces the likelihood of informational timing, insider selling can still weigh on sentiment because it lowers management’s economic exposure. The filing contains no operational updates, guidance changes or earnings information.

Positive

• Sale executed under a Rule 10b5-1 plan, indicating pre-scheduled diversification rather than opportunistic trading.
• Director retains 55,878 shares, maintaining significant skin in the game and alignment with shareholders.

Negative

• Director sold 10,000 shares at $8.09, cutting direct stake by roughly 15 %, a potential bearish sentiment signal.
• No offsetting insider purchases were reported, leaving insider activity skewed toward selling.

Insights

Equity Analyst

TL;DR: Routine 10b5-1 sale; modestly negative optics but not fundamentally impactful.

The 10,000-share sale equates to about 15 % of Raykov’s direct holdings, a moderate reduction that slightly weakens the alignment signal yet leaves him with a meaningful stake. Because it was pre-scheduled, I view the impact on valuation as minimal. No derivatives were exercised, and the sale represents less than one day of FENC’s average trading volume, so liquidity effects should be limited. Overall, a neutral-to-slightly-negative sentiment marker rather than a catalyst.

Corporate Governance Specialist

TL;DR: Compliance appears clean; sale size small, governance risk unchanged.

The filing confirms adherence to Section 16 reporting timelines and the use of a 10b5-1 plan, both positive governance practices. The trade does not trigger ownership-level thresholds that might alter control dynamics. With 55,878 shares remaining, the director still has exposure to performance. I therefore classify the governance impact as neutral.

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)
08/05/2025

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)	08/05/2025		S		10,000	D	$8.09	55,878	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 sold pursuant to a 10b5-1 plan dated August 23, 2024.

	/s/ Rosty Raykov	08/05/2025
	** 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 insider activity did FENC disclose on the latest Form 4?

Director Rosty Raykov sold 10,000 common shares at $8.09 each on 08/05/2025.

Was the Fennec Pharmaceuticals insider sale made under a 10b5-1 plan?

Yes. The filing states the transaction was executed pursuant to a Rule 10b5-1 plan dated 08/23/2024.

How many FENC shares does Rosty Raykov still own after the sale?

He directly holds 55,878 common shares following the reported transaction.

Were any derivative securities exercised or disposed of in this filing?

No derivative securities were listed in Table II of the Form 4.

Does this Form 4 filing include any other insider transactions?

No. The document covers only the single 10,000-share sale disclosed in Table I.

Why is insider selling at FENC important to investors?

Insider sales can influence market sentiment by signaling potential valuation concerns or personal diversification motives.