Fennec (NASDAQ: FENC) CFO adds shares via option exercise and PSU vesting

Rhea-AI Filing Summary

FENNEC PHARMACEUTICALS INC. chief financial officer Robert Andrade reported equity award activity involving both stock options and performance share units. On February 18, 2026, he exercised stock options for 2,450 shares at $4.08 per share, resulting in 215,108 common shares held directly after that transaction. He also acquired 27,285 additional common shares at no exercise price through the settlement of PSUs that vested on the same date, bringing his directly held common shares to 242,393. Following these transactions, his directly held stock options totaled 814,117.

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

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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^*

Andrade Robert

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CHIEF FINANCIAL OFFICER

3. Date of Earliest Transaction (Month/Day/Year)
02/18/2026

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)	02/18/2026		M		2,450	A	$4.08	215,108	D
Common shares(2)	02/18/2026		M		27,285	A	$0	242,393	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(1)	$4.08	02/18/2026		M			2,450	12/20/2021	12/20/2031	Options	2,450	$4.08	814,117	D

Explanation of Responses:

1. Shares acquired through the exercise of an option contract with strike price of $4.08 and an expiration date of December 20, 2031.

2. Represents settlement of PSUs that vested on February 18, 2026.

	/s/ Robert Andrade	02/19/2026
	** 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).
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FAQ

What insider transactions did FENC CFO Robert Andrade report?

Robert Andrade reported exercising stock options and settling PSUs, increasing his direct equity in Fennec Pharmaceuticals. He exercised options for 2,450 shares at $4.08 and received 27,285 common shares from PSUs that vested on February 18, 2026, all held directly.

How many FENC shares did the CFO acquire through option exercises?

The CFO acquired 2,450 common shares through the exercise of stock options with a strike price of $4.08. This option exercise occurred on February 18, 2026, and contributed to his directly held common share balance reported after the transaction.

What performance share units (PSUs) vested for FENC CFO on February 18, 2026?

On February 18, 2026, 27,285 PSUs vested for the Fennec Pharmaceuticals CFO and were settled in common shares at a price of $0.00. This settlement increased his directly held common share ownership to 242,393 shares after the transaction.

What is Robert Andrade’s direct common share ownership in FENC after these transactions?

After the reported transactions, Robert Andrade directly held 242,393 common shares of Fennec Pharmaceuticals. This reflects the combination of his 2,450-share option exercise at $4.08 and the 27,285-share PSU settlement that vested on February 18, 2026.

How many stock options does the FENC CFO hold following the Form 4 filing?

Following the reported activity, the Fennec Pharmaceuticals CFO held 814,117 stock options directly. This total reflects his remaining options after exercising 2,450 options at a strike price of $4.08, as disclosed in the insider filing data.

Were the FENC insider transactions open-market purchases or award settlements?

The reported FENC insider transactions were award-related, not open-market buys. They involved exercising stock options at a $4.08 strike price and settling performance share units that vested into 27,285 common shares on February 18, 2026, both held directly.