[Form 4] Fennec Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. (FENC) director Rosty Raykov reported a Form 4 disclosing a change in beneficial ownership on 08/31/2025. Mr. Raykov acquired 5,208 common shares at a reported price of $0, increasing his total beneficial ownership to 61,086 shares. The filing explains these shares were released from restriction and originate from equity awards granted on 03/31/2023 and 05/16/2024. The Form 4 was filed by one reporting person and is signed on 09/02/2025. No derivative transactions or cash purchases are reported; the activity reflects restricted share vesting or release rather than an open-market purchase.

Positive

• Director's ownership increased by 5,208 shares to 61,086 total shares, showing continued equity alignment with shareholders
• Transaction disclosed as restricted shares released from awards dated 03/31/2023 and 05/16/2024, indicating vesting rather than undisclosed transfers
• Form 4 filed by one reporting person and signed promptly (09/02/2025), reflecting compliance with Section 16 reporting rules

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider received 5,208 restricted shares, raising ownership to 61,086; this reflects vesting/release, not an open-market buy or sale.

The reported transaction is a non-cash release of previously awarded restricted shares, shown with a $0 price, which increases the director's direct ownership stake. For investors, this is a routine equity-based compensation/vesting event rather than a liquidity-driven insider purchase or sale. Because no cash was paid and no derivatives were involved, there is no immediate change to the company's capital structure or cash position disclosed in this Form 4.

Corporate Governance Expert

TL;DR: This Form 4 documents standard restricted-share releases tied to prior grants dated 03/31/2023 and 05/16/2024.

The filing clearly states the shares were released from restriction and cites the original award dates, which is consistent with typical executive/director compensation vesting. The disclosure and prompt filing (signed 09/02/2025) meet Section 16 reporting obligations. There is no indication of any 10b5-1 plan or amendment; the event appears administrative and governance-compliant.

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).

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)
08/31/2025

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)	08/31/2025		A		5,208	A	$0	61,086	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/ Rosty Raykov	09/02/2025
	** 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 change did the Form 4 for FENC report?

The Form 4 reports that director Rosty Raykov acquired 5,208 common shares on 08/31/2025, increasing his ownership to 61,086 shares.

Were the shares in the FENC Form 4 purchased with cash?

No. The shares are reported at a $0 price and are described as released from restriction, indicating they vested rather than were bought on the open market.

What is the origin of the shares released to the insider?

The filing explains the shares were released from restrictions tied to awards granted on 03/31/2023 and 05/16/2024.

Did the Form 4 disclose any derivative transactions for FENC?

No. Table II for derivative securities lists no transactions or holdings; only non-derivative common shares were reported.

Who filed the Form 4 and when was it signed?

The Form 4 was filed by a single reporting person, Rosty Raykov, and signed on 09/02/2025.