Fennec Pharmaceuticals (FENC) director exercises options, sells shares

Rhea-AI Filing Summary

Fennec Pharmaceuticals director Rosty Raykov reported insider transactions involving stock options and common shares. On February 2, 2026, he exercised 15,598 stock options at an exercise price of $2.45 per option under a Rule 10b5-1 trading plan adopted on September 19, 2025, receiving the same number of common shares.

On the same date, he sold 10,349 common shares at $7.76 per share to satisfy tax obligations related to the option exercise. After these transactions, he directly owned 98,477 common shares and 1,602,988 stock options in Fennec Pharmaceuticals.

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).

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)
02/02/2026

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)	02/02/2026		M		15,598	A	$2.45	108,826	D
Common shares(2)	02/02/2026		S		10,349	D	$7.76	98,477	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(3)	$2.45	02/02/2026		M			15,598	07/05/2016	07/05/2026	options	15,598	$2.45	1,602,988	D

Explanation of Responses:

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

2. Shares sold to satisfy tax obligation on option exercise.

3. Represents options exercised pursuant to a 10b5-1 plan adopted on September 19, 2025.

	/s/ Rosty Raykov	02/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

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

Rosty Raykov reported exercising 15,598 stock options at $2.45 per option and acquiring the same number of Fennec common shares. He also sold 10,349 common shares at $7.76 per share on February 2, 2026, in a related transaction.

How many Fennec (FENC) shares does Rosty Raykov own after the reported Form 4?

After the reported transactions, Rosty Raykov directly owns 98,477 Fennec common shares. In addition, he holds 1,602,988 stock options, giving him significant option-based exposure to the company alongside his direct share ownership.

Was the Fennec (FENC) option exercise by Rosty Raykov under a 10b5-1 plan?

Yes. The Form 4 states that the 15,598 shares were acquired through the exercise of options pursuant to a Rule 10b5-1 trading plan adopted on September 19, 2025, providing a pre-arranged framework for the transaction.

Why did Fennec (FENC) director Rosty Raykov sell 10,349 shares on February 2, 2026?

The filing explains that the 10,349 common shares were sold to satisfy tax obligations arising from the option exercise. This means the sale was linked to covering taxes rather than described as a standalone discretionary disposition.

What were the prices involved in Rosty Raykov’s Fennec (FENC) Form 4 transactions?

Raykov exercised stock options at an exercise price of $2.45 per option and sold 10,349 common shares at a sale price of $7.76 per share. These per-share prices are explicitly disclosed in the Form 4 transaction tables.

What role does Rosty Raykov hold at Fennec Pharmaceuticals (FENC)?

According to the Form 4, Rosty Raykov is reported as a director of Fennec Pharmaceuticals. The form indicates he is not listed as an officer or a 10% owner, with the director box checked as his relationship to the issuer.