Director at Fennec (NASDAQ: FENC) sells shares after tax-related option exercise

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. director Rosty Raykov reported an options-related share transaction in FENC. He exercised stock options to acquire 15,598 common shares at $2.45 per share and also received 2,778 previously restricted shares. On the same day, he sold 10,781 common shares in an open-market sale at $6.47 per share to satisfy tax obligations related to the option exercise, all under a pre-arranged Rule 10b5-1 trading plan adopted on September 19, 2025. Following these transactions, Raykov directly holds 121,451 common shares.

Insider Trade Summary 10b5-1

Net Seller: 10,781 shares ($69,753)

Net Sell 4 txns

Insider Raykov Rosty

Role null

Sold 10,781 shs ($70K)

Type	Security	Shares	Price	Value
Exercise	Stock Options	15,598	$2.45	$38K
Exercise	Common shares	15,598	$2.45	$38K
Sale	Common shares	10,781	$6.47	$70K
Exercise	Common shares	2,778	$0.00	--

Holdings After Transaction: Stock Options — 1,571,792 shares (Direct, null); Common shares — 132,232 shares (Direct, null)

Footnotes (1)

Represents shares released from restriction from shares awarded 5/16/2024. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025. Shares sold to satisfy tax obligation on option exercise pursuant to a 10b5-1 plan adopted on September 19, 2025. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

Key Figures

Shares sold: 10,781 shares at $6.47 Options exercised: 15,598 shares at $2.45 Post-transaction holdings: 121,451 shares +3 more

6 metrics

Shares sold 10,781 shares at $6.47 Open-market sale on May 1, 2026

Options exercised 15,598 shares at $2.45 Option exercise on May 1, 2026

Post-transaction holdings 121,451 shares Common shares held directly after transactions

Restricted shares released 2,778 shares Shares released from restriction awarded May 16, 2024

Option expiration July 5, 2026 Expiration date of exercised stock options

10b5-1 plan adoption date September 19, 2025 Plan governing option exercise and related sale

Key Terms

open-market sale, stock options, Rule 10b5-1 trading plan, exercise or conversion of derivative security, +1 more

5 terms

open-market sale financial

"10,781 common shares in an open-market sale at $6.47 per share"

An open-market sale is when a shareholder sells existing shares directly on a public exchange to any willing buyer, rather than through a private deal. Think of it like putting goods on a busy market stall where price is set by supply and demand; for investors it matters because such sales increase available supply, can put short-term downward pressure on the stock price, and signal changes in liquidity or investor confidence.

stock options financial

"He exercised stock options to acquire 15,598 common shares at $2.45"

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

Rule 10b5-1 trading plan regulatory

"conducted pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025"

A Rule 10b5-1 trading plan is a pre-arranged schedule that allows company insiders to buy or sell stock at specific times, even if they have inside information. It helps prevent accusations of unfair trading by making these transactions look planned and transparent, rather than sneaky or illegal.

exercise or conversion of derivative security financial

"transaction code description states exercise or conversion of derivative security"

restricted shares financial

"Represents shares released from restriction from shares awarded 5/16/2024"

Restricted shares are company stock that cannot be sold or transferred immediately because they are subject to legal or contractual limits, such as a required holding period or performance conditions. They matter to investors because these locked-up shares can affect a company’s available stock for trading, future dilution, and insider incentives—imagine a gift that can’t be cashed until certain conditions are met, which changes when and how much supply can suddenly enter the market.

Form 4 Insider Transactions: What Each Field Means →

05/01/2026 - 05:00 PM

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).

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

NORTH CAROLINA

27709

(City)

(State)

(Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common shares⁽¹⁾	04/30/2026		M		2,778	A	$0	116,634	D
Common shares⁽²⁾	05/01/2026		M		15,598	A	$2.45	132,232	D
Common shares⁽³⁾	05/01/2026		S		10,781	D	$6.47	121,451	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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Stock Options⁽⁴⁾	$2.45	05/01/2026		M			15,598	07/05/2016	07/05/2026	options	15,598	$2.45	1,571,792	D

Explanation of Responses:

1. Represents shares released from restriction from shares awarded 5/16/2024.

2. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.

3. Shares sold to satisfy tax obligation on option exercise pursuant to a 10b5-1 plan adopted on September 19, 2025.

4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

	/s/ Rosty Raykov	05/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did FENC director Rosty Raykov report on this Form 4?

Rosty Raykov reported exercising stock options to acquire 15,598 FENNEC PHARMACEUTICALS common shares and receiving 2,778 released restricted shares. He also sold 10,781 common shares in an open-market sale, all recorded on dates in late April and early May 2026.

How many FENC shares did Rosty Raykov sell and at what price?

Raykov sold 10,781 FENNEC PHARMACEUTICALS common shares in an open-market transaction at $6.47 per share. According to the filing, this sale was made to satisfy tax obligations connected to his option exercise and occurred under a pre-arranged Rule 10b5-1 plan.

How many FENC shares did Rosty Raykov acquire through option exercises?

Raykov acquired 15,598 FENNEC PHARMACEUTICALS common shares by exercising stock options at an exercise price of $2.45 per share. The options, originally granted earlier, were exercised before their stated expiration date of July 5, 2026, under a Rule 10b5-1 trading plan.

What are Rosty Raykov’s FENC shareholdings after these transactions?

After the reported transactions, Raykov directly holds 121,451 FENNEC PHARMACEUTICALS common shares. This figure reflects both his option exercises and restricted share release, net of the 10,781 common shares sold in the open-market transaction to cover associated tax obligations.

Were Rosty Raykov’s FENC transactions made under a Rule 10b5-1 plan?

Yes. The filing states that the option exercise and related share acquisition, as well as the sale of 10,781 common shares to satisfy tax obligations, were conducted pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025, indicating they were pre-arranged.

What is the significance of the 2,778 FENC shares mentioned in the Form 4?

The 2,778 FENNEC PHARMACEUTICALS common shares represent previously awarded shares that were released from restriction. The filing notes these shares were originally awarded on May 16, 2024 and became unrestricted, increasing Raykov’s directly held share count before the subsequent transactions.