[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Fennec Pharmaceuticals (FENC) reported an insider share sale by a major holder. On 11/18/2025, an affiliated fund of Southpoint, for which John S. Clark II and related Southpoint entities serve as general partners and managers, sold 19,341 shares of Fennec common stock in open-market transactions. The weighted average sale price was $8.7921 per share across trades executed between $8.75 and $8.845 per share. After this sale, the reporting persons collectively report 3,744,741 shares of Fennec common stock beneficially owned indirectly, while each disclaims beneficial ownership beyond their pecuniary interest.

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

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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^*

Southpoint Capital Advisors LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(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	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
11/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	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 Stock	11/18/2025		S		19,341	D	$8.7921(2)	3,744,741	I	See Footnote(1)

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

1. Name and Address of Reporting Person^*

Southpoint Capital Advisors LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint Capital Advisors LLC

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint GP, LP

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Southpoint GP, LLC

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

Clark John Smith II

(Last) (First) (Middle)

1114 AVENUE OF THE AMERICAS, 22ND FLOOR

(Street)

NEW YORK NY 10036

(City) (State) (Zip)

Relationship of Reporting Person(s) to Issuer

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

Explanation of Responses:

1. The securities are directly held by Southpoint Master Fund, LP for which Southpoint Capital Advisors LP serves as the investment manager and Southpoint GP, LP serves as the general partner. Southpoint Capital Advisors LLC serves as the general partner of Southpoint Capital Advisors LP and Southpoint GP, LLC serves as the general partner of Southpoint GP, LP. John S. Clark II serves as managing member of both Southpoint Capital Advisors LLC and Southpoint GP, LLC. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest therein.

2. The transaction was executed in multiple trades at prices ranging from $8.75 to $8.845. The price above reflects the weighted average sales price. Detailed information regarding the number of shares sold at each separate price will be provided upon request by the Commission staff, the Issuer or a security holder of the Issuer.

	s/ John S. Clark II, Southpoint Capital Advisors LP, by Southpoint Capital Advisors LLC, its General Partner, by John S. Clark II, Managing Member	11/20/2025
	/s/ John S. Clark II, Southpoint Capital Advisors LLC, by John S. Clark II, Managing Member	11/20/2025
	/s/ John S. Clark II, Southpoint GP, LP, by Southpoint GP, LLC, its General Partner, by John S. Clark II, Managing Member	11/20/2025
	/s/ John S. Clark II, Southpoint GP, LLC, by John S. Clark II, Managing Member	11/20/2025
	/s/ John S. Clark II	11/20/2025
	** 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).
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FAQ

What insider transaction did FENNEC (FENC) report in this Form 4?

The filing discloses that an affiliated Southpoint fund, linked to John S. Clark II and related Southpoint entities, sold 19,341 shares of Fennec Pharmaceuticals common stock on 11/18/2025.

At what price were the FENNEC (FENC) shares sold in the reported transaction?

The 19,341 shares of FENNEC common stock were sold at a weighted average price of $8.7921 per share, with individual trades executed between $8.75 and $8.845 per share.

How many FENNEC (FENC) shares do the reporting persons report owning after the sale?

Following the reported sale, the reporting persons state they beneficially own 3,744,741 shares of FENNEC common stock indirectly through Southpoint Master Fund, LP, while each disclaims beneficial ownership beyond their pecuniary interest.

Who are the reporting persons in this FENNEC (FENC) Form 4 filing?

The securities are directly held by Southpoint Master Fund, LP. The filing identifies Southpoint Capital Advisors LP as investment manager, Southpoint GP, LP as general partner, their respective general partners Southpoint Capital Advisors LLC and Southpoint GP, LLC, and John S. Clark II as managing member of both LLCs.

What is the relationship of the reporting persons to FENNEC (FENC)?

The reporting person is marked as a Director of Fennec Pharmaceuticals. The filing also indicates status as a significant holder, with the position reported as indirectly owned through Southpoint entities.

Did the reporting persons mention any limitations on their ownership of FENNEC (FENC) shares?

Yes. Each of the reporting persons disclaims beneficial ownership of the reported FENNEC shares except to the extent of its or his pecuniary interest in those shares.

Was the FENNEC (FENC) insider transaction executed in multiple trades?

Yes. The filing states the sale was executed in multiple trades at prices ranging from $8.75 to $8.845 per share, with the disclosed price representing the weighted average. Detailed per-trade data is available on request to the issuer, the SEC staff, or a security holder.