FENNEC director exercises options, sells shares

FENNEC PHARMACEUTICALS director Rosty Raykov exercised stock options and sold shares in a largely pre-planned, tax-related transaction.

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS director Rosty Raykov exercised stock options and sold shares in a largely pre-planned, tax-related transaction. On April 1, 2026, he exercised 15,598 stock options at $2.45 per share, acquiring the same number of common shares under a Rule 10b5-1 trading plan adopted on September 19, 2025. On the same date, he sold 10,946 common shares at $6.31 per share to satisfy tax obligations related to the option exercise, also under that plan. A day earlier, on March 31, 2026, he received 5,208 common shares as a grant released from prior restricted awards. After these trades, he directly owned 113,856 common shares, indicating he retained most of the exercised shares.

Insights

Equity compensation analyst

Routine option exercise, tax-driven sale, and grant under a 10b5-1 plan.

Director Rosty Raykov exercised 15,598 stock options at $2.45 and sold 10,946 shares at $6.31, with footnotes stating the trades were executed under a Rule 10b5-1 plan and that the sale covered tax obligations.

He also received 5,208 released shares from prior restricted awards and ended with 113,856 common shares directly held. Because the sale was primarily tax-related and pre-planned, and he retained a sizable position, this filing looks like routine equity compensation management rather than a strong directional signal.

Insider Trade Summary 10b5-1

Exercise and sale activity reported; no spread calculated

Exercise and Sale 4 txns

Insider Raykov Rosty

Role Director

Sold 10,946 shs ($69K)

Approx. gross sale proceeds $69K

Approx. exercise cost $38K

Type	Security	Shares	Price	Value
Exercise	Stock Options	15,598	$2.45	$38K
Exercise	Common shares	15,598	$2.45	$38K
Sale	Common shares	10,946	$6.31	$69K
Grant/Award	Common shares	5,208	$0.00	$0.00

Holdings After Transaction: Stock Options — 1,587,390 contracts (Direct); Common shares — 113,856 shares (Direct)

Footnotes (4)

1. F1. Represents shares released from restriction from shares awarded 3/31/2023 and 5/16/2024.
2. F2. Shares acquired through the exercise of an option pursuant to a 10b5-1 plan adopted on September 19, 2025.
3. F3. Shares sold to satisfy tax obligation on option exercise pursuant to a 10b5-1 plan adopted on September 19, 2025..
4. F4. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

Key Figures

Options exercised: 15,598 options Option exercise price: $2.45 per share Shares sold: 10,946 shares +4 more

7 metrics

Options exercised 15,598 options Exercised on April 1, 2026 at $2.45 per share

Option exercise price $2.45 per share Exercise price for 15,598 stock options

Shares sold 10,946 shares Common shares sold on April 1, 2026 at $6.31

Sale price $6.31 per share Price for 10,946 common shares sold

Released grant shares 5,208 shares Shares released from restriction on March 31, 2026

Shares held after transactions 113,856 shares Common shares directly owned after April 1, 2026 trades

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

Key Terms

Rule 10b5-1, Stock Options, grant, award, or other acquisition, open-market sale, +1 more

5 terms

Rule 10b5-1 regulatory

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

Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.

Stock Options financial

"security_title: "Stock Options" with 15,598.0000 underlying shares exercised."

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.

grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition" for 5,208 common shares."

open-market sale financial

"transaction_action: "open-market sale" of 10,946 common shares at $6.3100."

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.

restricted shares financial

"Represents shares released from restriction from shares awarded 3/31/2023 and 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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transactions did FENNEC PHARMACEUTICALS (FENC) director Rosty Raykov report?

He reported exercising 15,598 stock options at $2.45, receiving 15,598 common shares, selling 10,946 shares at $6.31, and receiving 5,208 shares from released restricted awards. These actions are part of routine equity compensation activity disclosed in the Form 4.

Were the recent FENC insider trades by Rosty Raykov under a Rule 10b5-1 plan?

Yes. Footnotes state both the option exercise and related share sale occurred pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025. Such plans pre-schedule trades, making their timing more mechanical and less indicative of short-term views.

Why did FENNC director Rosty Raykov sell 10,946 FENC shares on April 1, 2026?

The Form 4 notes that 10,946 common shares were sold at $6.31 to satisfy tax obligations arising from the option exercise. This type of tax-related sale is common when insiders exercise stock options and does not necessarily represent a discretionary reduction in holdings.

How many FENNEC PHARMACEUTICALS (FENC) shares does Rosty Raykov hold after these transactions?

After the reported transactions, he directly holds 113,856 common shares. This figure reflects the net position following the option exercise, tax-related sale, and receipt of 5,208 shares from previously restricted awards disclosed in the Form 4 filing.

What stock option activity did FENC director Rosty Raykov report?

He exercised 15,598 stock options at an exercise price of $2.45 per share, receiving an equal number of common shares. The filing specifies that this exercise was executed under a pre-established Rule 10b5-1 trading plan adopted in September 2025.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/02/2026 - 04:05 PM Learn about SEC filing dates

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).

X

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)
03/31/2026

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)
			Code	V	Amount	(A) or (D)	Price
Common shares(1)	03/31/2026		A		5,208	A	$0	109,204	D
Common shares(2)	04/01/2026		M		15,598	A	$2.45	124,802	D
Common shares(3)	04/01/2026		S		10,946	D	$6.31	113,856	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
Stock Options(4)	$2.45	04/01/2026		M			15,598	07/05/2016	07/05/2026	options	15,598	$2.45	1,587,390	D

Explanation of Responses:

1. Represents shares released from restriction from shares awarded 3/31/2023 and 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	04/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)