[Form 4] Fennec Pharmaceuticals Inc. Insider Trading Activity

Rhea-AI Filing Summary

Fennec Pharmaceuticals Inc. (FENC) filed a Form 4 disclosing that Director Rosty Raykov acquired 5,208 common shares on 06/30/2025. The shares were received at $0 cost as they were released from restriction on previously granted awards dated 03/31/2023 and 05/16/2024. Following the vesting event, Raykov’s total direct beneficial ownership increased to 70,670 shares. No derivative securities were exercised or disposed of, and there were no open-market sales associated with this filing.

The transaction is relatively small in absolute terms and represents an internal vesting rather than a cash purchase; however, the absence of sales and the continued accumulation of equity may be read as a signal of ongoing alignment between the director and shareholders.

Positive

• No insider selling: the director only acquired shares, which avoids negative sentiment often linked to disposals.
• Alignment of interests: increased personal stake (70,670 shares) signals continued commitment to the company.

Negative

• Immaterial size: 5,208 shares is a negligible addition relative to total shares outstanding and unlikely to influence valuation.
• Non-cash acquisition: the shares were granted at $0, offering limited insight into the director’s willingness to deploy personal capital.

Insights

Financial Analyst

TL;DR: Minor insider share vesting; neutral-to-slightly positive signal, no market-moving impact expected.

The Form 4 shows a routine RSU/stock award vesting, adding 5,208 shares to Director Raykov’s holdings and lifting his stake to 70,670 shares. Because the shares were acquired at no cost and there were no corresponding sales, the filing avoids the negative optics often attached to insider selling. Still, the quantity is modest relative to Fennec’s 27 million outstanding shares, so dilution and valuation effects are immaterial. From a governance perspective, continued share ownership maintains insider alignment, offering a small positive sentiment. Overall, this is a housekeeping event with minimal fundamental impact on FENC’s investment thesis.

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^*

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)
06/30/2025

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)	06/30/2025		A		5,208	A	$0	70,670	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	07/01/2025
	** 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.
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FAQ

How many FENC shares did Director Rosty Raykov acquire?

He received 5,208 common shares through the release of restricted stock.

What is the director's total ownership after this Form 4 filing?

Rosty Raykov now directly owns 70,670 FENC shares.

Was this an open-market purchase?

No. The acquisition was a vesting event with a reported price of $0.

Did the filing include any insider sales?

No insider sales were reported; only an acquisition was disclosed.

Does this transaction materially affect Fennec Pharmaceuticals' share count?

No. The number of shares vested is insignificant relative to the company’s total shares outstanding.