Fennec Pharmaceuticals (FENC) holder reports 8.2% Sonic Fund stake

Rhea-AI Filing Summary

Sonic Fund II, L.P. and related parties report an 8.2% stake in Fennec Pharmaceuticals Inc. As of December 31, 2025, they may be deemed to beneficially own 2,799,959 common shares.

The shares are held directly by Sonic Fund II, L.P., with Sonic GP LLC as its general partner and Lawrence Kam as managing member. Mr. Kam also directly holds shares over which he has sole voting and dispositive power. The filers certify the holdings are not for the purpose of changing or influencing control of Fennec Pharmaceuticals.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 3)

Fennec Pharmaceuticals Inc.

(Name of Issuer)

Common stock, no par value (the "Shares")

(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

Sonic Fund II, 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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 2,607,357.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,607,357.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,607,357.00

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)

7.6 %

12

Type of Reporting Person (See Instructions)

PN

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Sonic 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 2,607,357.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 2,607,357.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,607,357.00

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)

7.6 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

CUSIP No. 31447P100

1

Names of Reporting Persons

Kam Lawrence

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

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 190,202.00
6	Shared Voting Power 2,607,357.00
7	Sole Dispositive Power 190,202.00
8	Shared Dispositive Power 2,607,357.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

2,799,959.00

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)

8.2 %

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 names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are: * The Sonic Fund II, L.P. (the "Fund"). * Sonic GP LLC (the "General Partner"). * Lawrence Kam.
(b)	Address or principal business office or, if none, residence: The address of the principal offices of each of the Reporting Persons is 400 Hobron Lane, Suite 3709, Honolulu, HI 96815.
(c)	Citizenship: The Fund and the General Partner are organized under the laws of the State of Delaware. Mr. Kam is a citizen of the United States of America.
(d)	Title of class of securities: Common stock, no par value (the "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: As of December 31, 2025, the Reporting Persons may be deemed to have beneficially owned 2,799,959 Shares. The Fund holds the Shares directly. The General Partner is the General Partner of the Fund, and by virtue of that relationship, the General Partner may be deemed to beneficially own the Shares owned directly by the Fund. Mr. Kam is the managing member of the General Partner, and by virtue of this relationship, Mr. Kam may be deemed to beneficially own the Shares beneficially owned by the General Partner. Mr. Kam directly holds the shares over which he has sole voting and dispositive power. Each of the Reporting Persons is party to that certain Joint Filing Agreement attached hereto as Exhibit A.
(b)	Percent of class: 8.2% (based upon 34,153,496 Shares outstanding, which is the total number of Shares outstanding as of November 17, 2025 as reported in the Issuer's Prospectus Supplement dated December 15, 2023, filed 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: See Cover Pages Items 5-9.
	(ii) Shared power to vote or to direct the vote: See Cover Pages Items 5-9.
	(iii) Sole power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
	(iv) Shared power to dispose or to direct the disposition of: See Cover Pages Items 5-9.
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.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. See Exhibit A.
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 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.

Sonic Fund II, L.P.

Signature:	/s/ Lawrence Kam
Name/Title:	Lawrence Kam, Managing Member of Sonic GP LLC, its General Partner
Date:	02/17/2026

Sonic GP LLC

Signature:	/s/ Lawrence Kam
Name/Title:	Lawrence Kam, Managing Member
Date:	02/17/2026

Kam Lawrence

Signature:	/s/ Lawrence Kam
Name/Title:	Lawrence Kam, a natural person
Date:	02/17/2026

FAQ

What ownership stake in Fennec Pharmaceuticals Inc. does Sonic Fund II report?

Sonic Fund II and related reporting persons report beneficial ownership of 2,799,959 Fennec Pharmaceuticals common shares, representing 8.2% of the outstanding class based on 34,153,496 shares outstanding as of November 17, 2025.

Who are the reporting persons in the Fennec Pharmaceuticals (FENC) Schedule 13G/A?

The reporting persons are Sonic Fund II, L.P., Sonic GP LLC (its general partner), and Lawrence Kam. Sonic Fund II holds the shares directly, Sonic GP LLC may be deemed to beneficially own them through its role, and Mr. Kam is managing member.

How many Fennec Pharmaceuticals (FENC) shares does Lawrence Kam control?

Lawrence Kam may be deemed to beneficially own 2,799,959 shares in total. This includes 190,202 shares he holds directly with sole voting and dispositive power, plus shares beneficially owned through his role as managing member of Sonic GP LLC.

What percentage of Fennec Pharmaceuticals’ outstanding shares is held by the reporting group?

The reporting group states beneficial ownership of 8.2% of Fennec Pharmaceuticals’ common stock. This percentage is calculated using 34,153,496 shares outstanding as of November 17, 2025, as reported in a company prospectus supplement.

Are Sonic Fund II’s Fennec Pharmaceuticals (FENC) holdings intended to influence control of the company?

The reporting persons certify the securities were not acquired and are not held for the purpose or effect of changing or influencing control of Fennec Pharmaceuticals, other than activities solely in connection with a possible nomination under Rule 240.14a-11.

Where are the reporting persons for the Fennec Pharmaceuticals Schedule 13G/A based?

The principal offices of the reporting persons are located at 400 Hobron Lane, Suite 3709, Honolulu, HI 96815. Sonic Fund II, L.P. and Sonic GP LLC are organized in Delaware, and Lawrence Kam is a citizen of the United States.