[Form 4] FENNEC PHARMACEUTICALS INC. Insider Trading Activity

Rhea-AI Filing Summary

Insider sale by director: A director, Rosty Raykov, reported the sale of 10,000 common shares of FENNEC PHARMACEUTICALS INC. (FENC) on 10/06/2025 at a price of $9.78 per share. The filing states the shares were sold under a 10b5-1 plan dated 08/23/2024, indicating the transactions were pre-planned. After the sale, the reporting person beneficially owns 82,501 shares, held directly. The form is a standard Section 16 disclosure by a company director and does not include other derivative transactions.

Positive

• Transaction executed under a 10b5-1 plan, suggesting trades were pre-scheduled
• Reporting person remains a significant holder with 82,501 shares after the sale

Negative

• Insider sold 10,000 shares, which may be viewed unfavorably by some investors depending on context

Insights

Corporate Insider Trading Specialist

Director executed a planned sale of 10,000 shares under a 10b5-1 plan.

The transaction shows a 10,000 share sale at $9.78 on 10/06/2025 and was executed under a written 10b5-1 trading arrangement dated 08/23/2024. That structure is commonly used to provide an affirmative defense against insider trading claims when trades follow preset instructions.

This is a routine disclosure by a director who continues to hold 82,501 shares directly. Investors monitoring insider activity may note timing and size, but the filing alone does not indicate changes in company operations or governance.

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 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)
10/06/2025

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)	10/06/2025		S		10,000	D	$9.78	82,501	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 sold pursuant to a 10b5-1 plan dated August 23, 2024.

	/s/ Rosty Raykov	10/06/2025
	** 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.
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 did FENC director Rosty Raykov report on Form 4?

He reported the sale of 10,000 common shares on 10/06/2025 at $9.78 per share, executed under a 10b5-1 plan.

How many FENC shares does the reporting person own after the sale?

The filing shows 82,501 common shares beneficially owned following the reported transaction.

Was the sale voluntary or pre-planned for FENC insider trades?

The filing states the shares were sold pursuant to a 10b5-1 plan dated 08/23/2024, indicating a pre-planned trade.

Does this Form 4 report any derivative transactions for FENC by the reporting person?

No. Table II for derivative securities contains no reported transactions; only the common share sale in Table I is reported.

What is the reporting person's relationship to FENC?

The Form 4 lists the reporting person as a Director of FENNEC PHARMACEUTICALS INC.