[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Fennec Pharmaceuticals Inc. (FENC) received a Form 4 reporting sales of its common stock by a director and more than 10% owner group affiliated with Southpoint. On 11/14/2025, the reporting persons sold 160,100 shares of common stock at a weighted average price of $7.9977 per share. On 11/17/2025, they sold an additional 85,918 shares at a weighted average price of $8.7897 per share. Following these transactions, the group reports indirect beneficial ownership of 3,764,082 Fennec common shares through Southpoint Master Fund, LP and its related investment entities. The filing notes that each reporting person disclaims beneficial ownership beyond its or his pecuniary interest.

Insights

Equity Ownership Analyst

Large indirect shareholder and director reduced position through open-market sales while retaining a substantial remaining stake.

The filing reports that entities affiliated with Southpoint Master Fund, LP, which are reporting as a director-related group, sold common stock of Fennec Pharmaceuticals Inc. on two dates. On 11/14/2025, they sold 160,100 shares at a weighted average price of about $7.9977, and on 11/17/2025, they sold 85,918 shares at a weighted average price of about $8.7897. These were open-market sales, coded "S" in the Form 4, and the securities are held indirectly through the Southpoint investment entities described in the footnote.

After these transactions, the reporting persons show indirect beneficial ownership of 3,764,082 shares of common stock. The filing explains that Southpoint Capital Advisors LP acts as investment manager and Southpoint GP, LP as general partner of the master fund, with control cascading through related LLCs and ultimately to John S. Clark II, who signs on behalf of each entity and disclaims beneficial ownership beyond his pecuniary interest. The key dependency is that this is a significant holder and director group trimming its position, while still remaining a large indirect holder.

Items to watch are any continued sales by these affiliated entities in future Forms 4 and any changes to their reported role as director or large holder. Multiple-price execution ranges are disclosed (from $7.86 to $8.15 and from $8.75 to $8.97), with an offer to provide detailed trade breakdowns upon request, which confirms these as routine market transactions around mid-November 2025.

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
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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^*

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)
11/14/2025

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	11/14/2025		S		160,100	D	$7.9977(2)	3,850,000	I	See Footnote(1)
Common Stock	11/17/2025		S		85,918	D	$8.7897(3)	3,764,082	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 $7.86 to $8.15. 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.

3. The transaction was executed in multiple trades at prices ranging from $8.75 to $8.97. 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	11/17/2025
	/s/ John S. Clark II, Southpoint Capital Advisors LLC, by John S. Clark II, Managing Member	11/17/2025
	/s/ John S. Clark II, Southpoint GP, LP, by Southpoint GP, LLC, its General Partner, by John S. Clark II, Managing Member	11/17/2025
	/s/ John S. Clark II, Southpoint GP, LLC, by John S. Clark II, Managing Member	11/17/2025
	/s/ John S. Clark II	11/17/2025
	** 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

What did Fennec Pharmaceuticals (FENC) disclose in this Form 4 filing?

The filing reports that a director and more than 10% owner group affiliated with Southpoint sold shares of Fennec Pharmaceuticals Inc. common stock and updated their indirect beneficial ownership position.

How many Fennec (FENC) shares were sold on 11/14/2025 and at what price?

On 11/14/2025, the reporting persons sold 160,100 shares of Fennec common stock at a weighted average price of $7.9977 per share, executed in multiple trades between $7.86 and $8.15.

How many Fennec (FENC) shares were sold on 11/17/2025 and at what price?

On 11/17/2025, the reporting persons sold 85,918 Fennec common shares at a weighted average price of $8.7897 per share, in multiple trades between $8.75 and $8.97.

How many Fennec Pharmaceuticals (FENC) shares are beneficially owned after these transactions?

After the reported sales, the reporting persons indicate indirect beneficial ownership of 3,764,082 Fennec common shares held through Southpoint Master Fund, LP and related entities.

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

The securities are held by Southpoint Master Fund, LP, with Southpoint Capital Advisors LP as investment manager, Southpoint GP, LP as general partner, and associated general partner entities. John S. Clark II serves as managing member of the relevant general partners.

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

The reporting person group is identified as a director of Fennec Pharmaceuticals Inc. and a more than 10% owner of the company’s common stock.

Do the Southpoint reporting persons claim full beneficial ownership of all FENC shares reported?

No. The filing states that each reporting person disclaims beneficial ownership of the shares reported except to the extent of its or his pecuniary interest.