Fennec Pharmaceuticals (FENC) director has 5,208 restricted shares released

Rhea-AI Filing Summary

Fennec Pharmaceuticals director Rosty Raykov reported a routine equity change as 5,208 common shares were acquired on January 31, 2026 at a price of $0 per share. These shares were released from restrictions tied to awards originally granted on March 31, 2023 and May 16, 2024.

Following this release of previously awarded stock, Raykov directly beneficially owns 93,228 common shares of Fennec Pharmaceuticals. The filing reflects a non-cash change in ownership from restricted to freely releasable shares rather than an open-market purchase or sale.

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^*

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)
01/31/2026

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)	01/31/2026		A		5,208	A	$0	93,228	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. 1. Represents shares released from restriction from shares awarded 3/31/2023 and 5/16/2024.

	/s/ Rosty Raykov	02/02/2026
	** 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.
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 transaction did Fennec Pharmaceuticals (FENC) report for Rosty Raykov?

Fennec Pharmaceuticals director Rosty Raykov reported acquiring 5,208 common shares on January 31, 2026. The shares were released from restrictions tied to prior equity awards granted on March 31, 2023 and May 16, 2024, and were recorded at a price of $0 per share.

How many Fennec Pharmaceuticals (FENC) shares does Rosty Raykov own after this Form 4?

After the reported transaction, director Rosty Raykov beneficially owns 93,228 Fennec Pharmaceuticals common shares directly. This total reflects the addition of 5,208 shares that were released from restrictions, which originated from earlier stock awards granted in 2023 and 2024.

Was cash paid for the 5,208 Fennec Pharmaceuticals (FENC) shares reported in this Form 4?

No cash changed hands for these 5,208 shares; they were recorded at a price of $0 per share. The filing states the shares were released from restrictions on existing awards granted on March 31, 2023 and May 16, 2024, making this a non-cash equity event.

What is the transaction code used in the Fennec Pharmaceuticals (FENC) Form 4 for Rosty Raykov?

The Form 4 uses transaction code “A” for the 5,208 Fennec Pharmaceuticals common shares reported for director Rosty Raykov. Code “A” indicates an acquisition, in this case reflecting the release of restricted stock awards rather than an open-market purchase of new shares.

Is Rosty Raykov a director or officer of Fennec Pharmaceuticals (FENC) in this filing?

In this Form 4, Rosty Raykov is identified as a director of Fennec Pharmaceuticals and not as an officer or 10% owner. The reported 93,228 common shares are held with direct ownership, reflecting his personal beneficial stake as disclosed in the filing.