Fennec (FENC) Director Converts 36,207 Options into Shares

Rhea-AI Filing Summary

Rosty Raykov, a director of Fennec Pharmaceuticals Inc. (FENC), exercised stock options on 09/05/2025. He exercised 36,207 options with a $2.45 strike, resulting in 36,207 common shares acquired and increasing his total beneficial ownership to 87,293 shares. The options exercised had an exercise price of $2.45 and an expiration date of July 5, 2026; the filing lists a date exercisable of July 5, 2016. The Form 4 was signed on 09/08/2025 and reports the transaction as a direct ownership change by one reporting person.

Positive

• Director converted options into 36,207 common shares, increasing direct beneficial ownership to 87,293 shares.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director option exercise reported; no new governance action disclosed.

The filing documents a standard Section 16 reporting event: a director exercised vested options and converted them into shares. The transaction increases direct share count to 87,293 and removes 36,207 options from outstanding derivative holdings associated with this reporting person. There is no disclosure in the form of any related party transactions, grants, restrictions, or changes to board status. From a governance perspective, this is an ordinary insider reporting item without additional corporate governance implications stated in the form.

Securities Analyst

TL;DR: Materiality to investors is limited; this is an insider exercise, not a sale.

The report shows exercise of options with a $2.45 strike for 36,207 shares on 09/05/2025, raising the reporting person’s direct holdings to 87,293 shares. The derivative table lists the options exercised and an expiration date of 07/05/2026. This disclosure notifies the market of a change in insider holdings but does not show any disposition or sale proceeds that would directly affect float or immediate supply. Based solely on the form, the event is informational and routine.

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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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)
09/05/2025

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)	09/05/2025		M		36,207	A	$2.45	87,293	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)	$2.45	09/05/2025		M			36,207	07/05/2016	07/05/2026	options	36,207	$2.45	1,638,793	D

Explanation of Responses:

1. Shares acquired through the exercise of an option contract with strike price of $2.45 and an expiration date of July 5, 2026.

	/s/ Rosty Raykov	09/08/2025
	** 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 exercising 36,207 stock options on 09/05/2025 at a $2.45 strike, resulting in 36,207 shares acquired and 87,293 shares beneficially owned after the transaction.

When were the options exercised and when do they expire?

Options were exercised on 09/05/2025 and the filing shows an expiration date of 07/05/2026 with a date exercisable listed as 07/05/2016.

Was this Form 4 filed by multiple reporting persons?

No. The form indicates it was filed by one reporting person (individual filing).

Did the director sell any shares in this transaction?

No sale was reported. The transaction codes indicate an exercise (acquisition) and the form shows shares acquired, not disposed of.

When was the Form 4 signed?

The reporting person signed the form on 09/08/2025.