Southpoint discloses 8% Fennec Pharmaceuticals (FENC) share stake

Rhea-AI Filing Summary

Fennec Pharmaceuticals Inc. received an updated ownership filing showing that investment entities affiliated with Southpoint report beneficial ownership of 2,744,741 Common Shares, representing 8.0% of the company. These shares are held by Southpoint Master Fund, LP, with related management and general partner entities, and by John S. Clark II in his capacities with those entities.

The reported ownership percentage is based on 34,153,496 outstanding Common Shares, as disclosed in a Prospectus Supplement filed on November 18, 2025. The reporting parties state that each of them disclaims beneficial ownership of the shares except to the extent of its or his pecuniary interest.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

Fennec Pharmaceuticals Inc.

(Name of Issuer)

Common Shares, no par value

(Title of Class of Securities)

31447P100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Southpoint Master Fund, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Southpoint Capital Advisors LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Southpoint Capital Advisors LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Southpoint GP, LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Southpoint GP, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

OO

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

John S. Clark II

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,744,741.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,744,741.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,744,741.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.0 %

12

Type of Reporting Person (See Instructions)

IN

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Fennec Pharmaceuticals Inc.
(b)	Address of issuer's principal executive offices: PO Box 13628, 68 TW Alexander Drive, Research Triangle Park, NC 27709
Item 2.
(a)	Name of person filing: The name of the persons filing this report (the "Reporting Persons") with respect to shares of Common Shares, no par value (the "Common Shares") of Fennec Pharmaceuticals Inc. (the "Issuer") are: (i) Southpoint Master Fund, LP (ii) Southpoint Capital Advisors LP (iii) Southpoint Capital Advisors LLC (iv) Southpoint GP, LP (v) Southpoint GP, LLC (vi) John S. Clark II
(b)	Address or principal business office or, if none, residence: The address of the principal business office of each of the Reporting Persons is: 1114 Avenue of the Americas, 22nd Floor New York, NY 10036
(c)	Citizenship: Southpoint Master Fund, LP: Cayman Islands Southpoint Capital Advisors LP: Delaware Southpoint Capital Advisors LLC: Delaware Southpoint GP, LP: Delaware Southpoint GP, LLC: Delaware John S. Clark II: United States of America
(d)	Title of class of securities: Common Shares, no par value
(e)	CUSIP No.: 31447P100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G. Shares reported herein are 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.
(b)	Percent of class: The information required by this item with respect to each Reporting Person is set forth in Row 11 of the cover pages to this Schedule 13G. The ownership percentages are based on 34,153,496 outstanding Common Shares, as reported in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) with the Securities and Exchange Commission on November 18, 2025.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: The information required by this item with respect to each Reporting Person is set forth in Row 5 of the cover pages to this Schedule 13G.
	(ii) Shared power to vote or to direct the vote: The information required by this item with respect to each Reporting Person is set forth in Row 6 of the cover pages to this Schedule 13G.
	(iii) Sole power to dispose or to direct the disposition of: The information required by this item with respect to each Reporting Person is set forth in Row 7 of the cover pages to this Schedule 13G.
	(iv) Shared power to dispose or to direct the disposition of: The information required by this item with respect to each Reporting Person is set forth in Row 8 of the cover pages to this Schedule 13G.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.	Certifications:
	Not Applicable

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Southpoint Master Fund, LP

Signature:	/s/ John S. Clark II
Name/Title:	By Southpoint GP, LP, its General Partner, by Southpoint GP LLC, its General Partner, by John S. Clark II, Managing Member
Date:	01/14/2026

Southpoint Capital Advisors LP

Signature:	/s/ John S. Clark II
Name/Title:	By Southpoint Capital Advisors LLC, its General Partner, by John S. Clark II, Managing Member
Date:	01/14/2026

Southpoint Capital Advisors LLC

Signature:	/s/ John S. Clark II
Name/Title:	John S. Clark II, Managing Member
Date:	01/14/2026

Southpoint GP, LP

Signature:	/s/ John S. Clark II
Name/Title:	John S. Clark II, Managing Member
Date:	01/14/2026

Southpoint GP, LLC

Signature:	/s/ John S. Clark II
Name/Title:	John S. Clark II, Managing Member
Date:	01/14/2026

John S. Clark II

Signature:	/s/ John S. Clark II
Name/Title:	John S. Clark II, individually
Date:	01/14/2026

FAQ

What percentage of Fennec Pharmaceuticals (FENC) does Southpoint report owning?

The Southpoint reporting group reports beneficial ownership of 8.0% of Fennec Pharmaceuticals Inc.'s Common Shares.

How many Fennec (FENC) shares are reported as beneficially owned by Southpoint?

The reporting persons disclose beneficial ownership of 2,744,741 Fennec Pharmaceuticals Inc. Common Shares.

Which entities filed this Schedule 13G/A for Fennec Pharmaceuticals (FENC)?

The filing is by Southpoint Master Fund, LP, Southpoint Capital Advisors LP, Southpoint Capital Advisors LLC, Southpoint GP, LP, Southpoint GP, LLC, and John S. Clark II.

How was the 8.0% ownership in Fennec (FENC) calculated?

The 8.0% ownership is based on 34,153,496 outstanding Common Shares, as reported in Fennec’s Prospectus Supplement filed on November 18, 2025.

Do the Southpoint entities and John S. Clark II claim full beneficial ownership of their Fennec (FENC) shares?

They state that each reporting person disclaims beneficial ownership of the shares except to the extent of its or his pecuniary interest.

Who ultimately signs the Fennec (FENC) Schedule 13G/A for the Southpoint group?

The filing is signed multiple times by John S. Clark II, in various capacities for the Southpoint entities and individually, dated January 14, 2026.