[Form 4] Fennec Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Robert Andrade, Chief Financial Officer of Fennec Pharmaceuticals, reported a Form 4 disclosing a transaction dated 08/31/2025 in which 2,431 common shares were acquired at a reported price of $0. The filing explains these shares were released from restriction and are from awards originally granted on 3/31/2023 and 5/16/2024. After this transaction Andrade beneficially owns 168,244 common shares. The Form 4 was signed by Andrade on 09/02/2025. The disclosure is a routine insider vesting event rather than a cash market purchase or sale.

Insights

Financial Analyst

TL;DR: Insider vesting added 2,431 shares to the CFO's holdings, increasing beneficial ownership to 168,244 shares.

This Form 4 documents a non-cash acquisition: shares were released from restriction and reported as acquired at a price of $0 on 08/31/2025. Such entries typically reflect scheduled vesting of equity awards rather than active open-market trading. The increase is specific and quantified, and the filing provides award grant dates of 03/31/2023 and 05/16/2024 for context. From a financial-analysis perspective this is a routine compensation-related ownership change with no cash flow or debt impact disclosed.

Corporate Governance Expert

TL;DR: This is a standard restricted-share release for an officer, disclosed per Section 16 reporting rules.

The filing meets Section 16 transparency by reporting the release of restricted shares into beneficial ownership. It specifies the origin of the shares as awards dated 03/31/2023 and 05/16/2024 and shows the post-transaction beneficial ownership at 168,244 shares. The signature and reporting details are present, indicating procedural compliance. There are no indications in the filing of any related-party transactions, sales, or transfers beyond the vesting event.

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

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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^*

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)
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		2,431	A	$0	168,244	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	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 transaction did FENC insider Robert Andrade report on Form 4?

He reported acquiring 2,431 common shares on 08/31/2025 that were released from restriction.

How many FENC shares does Robert Andrade beneficially own after the transaction?

168,244 common shares beneficially owned following the reported transaction.

Were the acquired FENC shares purchased with cash?

No cash price was reported; the transaction shows a price of $0, indicating a release of restricted shares.

When were the restricted shares originally awarded to Robert Andrade?

The filing states awards dated 03/31/2023 and 05/16/2024 as the source of the released shares.

When was the Form 4 for this FENC transaction signed?

The filing bears the signature dated 09/02/2025 from Robert Andrade.