FENNEC PHARMACEUTICALS INC. filing amends a Schedule 13G/A to report beneficial ownership stakes by Rosalind Advisors, Rosalind Master Fund L.P., Steven Salamon and Gilad Aharon. The filing states ownership percentages of 8.8% (Rosalind Advisors), 8.4% (Rosalind Master Fund), and 8.6% each for Steven Salamon and Gilad Aharon, based on 34,712,756 shares outstanding as of April 13, 2026.
The statement breaks down voting and dispositive powers: the Advisor and the Master Fund hold shared voting and disposition authority over 2,908,201 shares (reported in Item 4), while Mr. Salamon and Mr. Aharon individually report 66,666 shares of sole voting and dispositive power. The filing includes disclaimers from the Advisor and Mr. Salamon regarding beneficial ownership.
Positive
None.
Negative
None.
Insights
Rosalind group discloses mid‑single‑digit stakes in Fennec.
The filing records beneficial ownership percentages tied to 34,712,756 shares outstanding as of April 13, 2026. It specifies shared voting and dispositive power of 2,908,201 shares for the Advisor/Master Fund and sole voting/dispositive power of 66,666 for each named portfolio manager.
These holdings are presented as disclosed ownership positions; the Advisor and Mr. Salamon include a disclaimer of beneficial ownership. Subsequent filings may clarify any changes to voting arrangements or transfers.
Schedule 13G/A emphasizes shared power and advisor-client structure.
The filing notes the Advisor advises RMF and lists portfolio managers with overlapping authority. The table rows and Item 4 detail shared voting/dispositive powers rather than exclusive control, which is relevant for governance influence assessments.
Watch for any future Form 13D or amendments that would indicate active change in intent or control; this filing presents a passive reporting posture with formal disclaimers in place.
Key Figures
Shares outstanding:34,712,756 sharesRosalind Advisors shared power:2,908,201 sharesRosalind Master Fund shared power:2,908,201 shares+5 more
8 metrics
Shares outstanding34,712,756 sharesas of April 13, 2026
Rosalind Advisors shared power2,908,201 sharesshared voting/dispositive power (Item 4)
Rosalind Master Fund shared power2,908,201 sharesshared voting/dispositive power (Item 4)
Steven Salamon sole power66,666 sharessole voting and sole dispositive power
Gilad Aharon sole power66,666 sharessole voting and sole dispositive power
Rosalind Advisors percentage8.8%percent of class reported in Item 4(b)
Rosalind Master Fund percentage8.4%percent of class reported in Item 4(b)
Salamon / Aharon percentage8.6% eachpercent of class reported in Item 4(b)
A Schedule 13G/A is an amended public filing with the U.S. securities regulator that updates a previous Schedule 13G, disclosing when an individual or group holds a substantial (typically over 5%) stake in a company and is claiming a passive, non‑controlling intent. Investors monitor these updates because rising or falling holdings can signal changing confidence, potential future moves, or shifts in voting power — like watching a public ledger where large shareholders quietly adjust their positions.
beneficially ownedregulatory
"Amount beneficially owned: The information as of the date of the event"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
shared dispositive powerregulatory
"Shared Dispositive Power 2,908,201.00"
disclaimer of beneficial ownershipregulatory
"the Advisor and Mr. Salamon disclaim beneficial ownership of the shares"
Rosalind Advisors reports an ownership percentage of 8.8%. The filing ties that percentage to the issuer's 34,712,756 shares outstanding as of April 13, 2026 and shows shared voting/dispositive authority in Item 4.
How many shares does Rosalind Master Fund L.P. hold in Fennec (FENC)?
Rosalind Master Fund L.P. is reported at 8.4% of the class. Item 4 lists shared voting and dispositive power of 2,908,201 shares associated with the Advisor/Master Fund in the filing.
What voting and dispositive powers do Steven Salamon and Gilad Aharon report?
Each reports 66,666 shares of sole voting and dispositive power and 2,908,201 shares of shared voting/dispositive power. Their combined reported beneficial percentages are each listed as 8.6%.
What baseline share count is used to calculate percentages in the filing?
The filing bases percentages on 34,712,756 ordinary shares outstanding as of April 13, 2026, citing the issuer's DEF14A filing of April 28, 2026 as the source for that outstanding share count.
Does the Advisor claim beneficial ownership of the shares reported?
The filing states the Advisor may be deemed the beneficial owner of shares held by the Master Fund but also records that the Advisor and Mr. Salamon disclaim beneficial ownership. The disclaimer is included verbatim in Item 4(a).
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
(Title of Class of Securities)
31447P100
(CUSIP Number)
03/31/2026
(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)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
Rosalind Advisors, Inc.
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
3,041,533.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
3,041,533.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
3,041,533.00
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)
8.8 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
SALAMON STEVEN A J
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
66,666.00
6
Shared Voting Power
2,908,201.00
7
Sole Dispositive Power
66,666.00
8
Shared Dispositive Power
2,908,201.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,974,867.00
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)
8.6 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
Aharon Gil
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
ONTARIO, CANADA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
66,666.00
6
Shared Voting Power
2,908,201.00
7
Sole Dispositive Power
66,666.00
8
Shared Dispositive Power
2,908,201.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,974,867.00
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)
8.6 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
CUSIP Number(s):
31447P100
1
Names of Reporting Persons
Rosalind Master Fund L.P.
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
2,908,201.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
2,908,201.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,908,201.00
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)
8.4 %
12
Type of Reporting Person (See Instructions)
PN
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, NORTH CAROLINA, 27709.
Item 2.
(a)
Name of person filing:
Rosalind Advisors Inc. Advisor to RMF
Rosalind Master Fund L.P. RMF
Steven Salamon President
Steven Salamon is the portfolio manager of the Advisor which advises RMF.
Gilad Aharon is the portfolio manager and member of the Advisor which advises RMF.
(b)
Address or principal business office or, if none, residence:
Rosalind Advisors, Inc.
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
Rosalind Master Fund L.P.
P.O. Box 309
Ugland House, Grand Cayman
KY1-1104, Cayman Islands
Steven Salamon
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
Gilad Aharon
15 Wellesley Street West
Suite 326
Toronto, Ontario
M4Y 0G7 Canada
(c)
Citizenship:
Mr. Salamon and Mr. Aharon are citizens of Canada, resident in Ontario
(d)
Title of class of securities:
Common Shares
(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 as of the date of the event which requires filing of this statement required by Items 4a to c is set forth in Rows 7 to 13 of the cover page for each Reporting Person hereto and is incorporated herein by reference for each such Reporting Person. The percentage set forth in Row 11 of the cover page for each Reporting Person is based upon 34,712,756 ordinary shares of the Issuers common stock outstanding as of April 13, 2026, based on the DEF14A Filing of April 28, 2026.
Rosalind Advisors Inc. is the investment advisor to RMF and may be deemed to be the beneficial owner of shares held by RMF. Steven Salamon is the portfolio manager of the Advisor and may be deemed to be the beneficial owner of shares held by RMF. Notwithstanding the foregoing, the Advisor and Mr. Salamon disclaim beneficial ownership of the shares.
(b)
Percent of class:
Rosalind Advisors Inc. 8.8%
Rosalind Master Fund L.P. 8.4%
Steven Salamon 8.6%
Gilad Aharon 8.6%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Steven Salamon - 66,666
Gilad Aharon - 66,666
(ii) Shared power to vote or to direct the vote:
Rosalind Advisors Inc. - 2,908,201
Rosalind Master Fund L.P. - 2,908,201
Steven Salamon - 2,908,201
Gilad Aharon - 2,908,201
(iii) Sole power to dispose or to direct the disposition of:
Steven Salamon - 66,666
Gilad Aharon - 66,666
(iv) Shared power to dispose or to direct the disposition of:
Rosalind Advisors Inc. - 2,908,201
Rosalind Master Fund L.P. - 2,908,201
Steven Salamon - 2,908,201
Gilad Aharon - 2,908,201
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:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ? 240.14a-11.
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.
Rosalind Advisors, Inc.
Signature:
Steven Salamon
Name/Title:
President
Date:
05/14/2026
SALAMON STEVEN A J
Signature:
Steven Salamon
Name/Title:
Steven Salamon
Date:
05/14/2026
Aharon Gil
Signature:
Gil Aharon
Name/Title:
GIl Aharon
Date:
05/14/2026
Rosalind Master Fund L.P.
Signature:
Mike McDonald
Name/Title:
Director, Rosalind (Cayman) Ltd. (as General Partner to Rosalind Master Fund)
