Fennec Pharmaceuticals (FENC)
Market Price (7/11/2026): $10.48 | Market Cap: $359.8 MilSector: Health Care | Industry: Biotechnology
Fennec Pharmaceuticals (FENC)
Market Price (7/11/2026): $10.48Market Cap: $359.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, and Biopharmaceutical R&D. | Trading close to highsDist 52W High is -4.9% Weak multi-year price returns3Y Excs Rtn is -48% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% Key risksFENC key risks include [1] significant financial distress and potential bankruptcy risk, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -11% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 65% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease, and Precision Medicine. Themes include Oncology Treatments, and Biopharmaceutical R&D. |
| Trading close to highsDist 52W High is -4.9% |
| Weak multi-year price returns3Y Excs Rtn is -48% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -5.6 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -11% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -11%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -11% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -6.6% |
| Key risksFENC key risks include [1] significant financial distress and potential bankruptcy risk, Show more. |
Qualitative Assessment
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Updated on 7/8/2026
Fennec Pharmaceuticals (FENC) stock has gained about 70% since 3/31/2026 because of the following key factors:
1. Robust Q1 2026 Financial Performance Exceeded Expectations.
Fennec Pharmaceuticals reported strong financial results for fiscal Q1 2026, which ended on March 31, 2026. The company's net product sales reached $15.1 million, marking a 73% increase year-over-year compared to fiscal Q1 2025's $8.8 million. This revenue figure surpassed analyst estimates of $14.23 million by $0.87 million. Furthermore, Fennec Pharmaceuticals reported earnings of $0.01 per share, beating analyst estimates of a -$0.01 loss per share by $0.02. This positive performance indicated a significant improvement in the company's profitability, with a Q1 2026 profit margin of 1.3% compared to a net loss in Q1 2025.
2. Expanding Clinical Interest and Broader Adoption of PEDMARK®.
The company saw growing clinical interest and expanded potential for its flagship product, PEDMARK®. In April 2026, Fennec announced the initiation of a third institution-led clinical study by the University of Arizona Cancer Center to evaluate PEDMARK® in adolescent and young adult (AYA) and adult patients with head and neck and testicular cancers receiving cisplatin. This development is significant as it explores use beyond its current FDA approval for pediatric patients. Additionally, four abstracts evaluating PEDMARK® were accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29 - June 2, 2026), further highlighting new research and the potential for broader applications in multiple tumor types and patient populations.
Show more
Fennec Pharmaceuticals (FENC) stock has gained about 70% since 3/31/2026 because of the following key factors:
1. Robust Q1 2026 Financial Performance Exceeded Expectations.
Fennec Pharmaceuticals reported strong financial results for fiscal Q1 2026, which ended on March 31, 2026. The company's net product sales reached $15.1 million, marking a 73% increase year-over-year compared to fiscal Q1 2025's $8.8 million. This revenue figure surpassed analyst estimates of $14.23 million by $0.87 million. Furthermore, Fennec Pharmaceuticals reported earnings of $0.01 per share, beating analyst estimates of a -$0.01 loss per share by $0.02. This positive performance indicated a significant improvement in the company's profitability, with a Q1 2026 profit margin of 1.3% compared to a net loss in Q1 2025.
2. Expanding Clinical Interest and Broader Adoption of PEDMARK®.
The company saw growing clinical interest and expanded potential for its flagship product, PEDMARK®. In April 2026, Fennec announced the initiation of a third institution-led clinical study by the University of Arizona Cancer Center to evaluate PEDMARK® in adolescent and young adult (AYA) and adult patients with head and neck and testicular cancers receiving cisplatin. This development is significant as it explores use beyond its current FDA approval for pediatric patients. Additionally, four abstracts evaluating PEDMARK® were accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29 - June 2, 2026), further highlighting new research and the potential for broader applications in multiple tumor types and patient populations.
Show more
Updated on 7/8/2026
Fennec Pharmaceuticals (FENC) stock has gained about 70% since 3/31/2026 because of the following key factors:
1. Robust Q1 2026 Financial Performance Exceeded Expectations.
Fennec Pharmaceuticals reported strong financial results for fiscal Q1 2026, which ended on March 31, 2026. The company's net product sales reached $15.1 million, marking a 73% increase year-over-year compared to fiscal Q1 2025's $8.8 million. This revenue figure surpassed analyst estimates of $14.23 million by $0.87 million. Furthermore, Fennec Pharmaceuticals reported earnings of $0.01 per share, beating analyst estimates of a -$0.01 loss per share by $0.02. This positive performance indicated a significant improvement in the company's profitability, with a Q1 2026 profit margin of 1.3% compared to a net loss in Q1 2025.
2. Expanding Clinical Interest and Broader Adoption of PEDMARK®.
The company saw growing clinical interest and expanded potential for its flagship product, PEDMARK®. In April 2026, Fennec announced the initiation of a third institution-led clinical study by the University of Arizona Cancer Center to evaluate PEDMARK® in adolescent and young adult (AYA) and adult patients with head and neck and testicular cancers receiving cisplatin. This development is significant as it explores use beyond its current FDA approval for pediatric patients. Additionally, four abstracts evaluating PEDMARK® were accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29 - June 2, 2026), further highlighting new research and the potential for broader applications in multiple tumor types and patient populations.
3. Positive Analyst Sentiment and Raised Price Targets.
Fennec Pharmaceuticals maintained a "Strong Buy" consensus rating from analysts during the period. The average analyst price target was $15.67 as of May 22, 2026, implying an upside of 49.24% from the stock's price at that time. Several analysts also raised their price targets, such as H.C. Wainwright & Co., which increased its target from $13 to $16 on May 22, 2026. These upward revisions were attributed to increasing adoption of PEDMARK® across various tumor types.
4. Resolution of PEDMARK® Patent Litigation.
On March 16, 2026, Fennec Pharmaceuticals announced a settlement agreement with Cipla Limited and Cipla USA, Inc. concerning Cipla's application to the FDA for approval to market a generic version of Fennec's PEDMARK® product. This resolution eliminated uncertainty and the potential threat of competition from a generic drug, securing the market position of PEDMARK® for Fennec Pharmaceuticals.
Show less
Fennec Pharmaceuticals (FENC) stock has gained about 70% since 3/31/2026 because of the following key factors:
1. Robust Q1 2026 Financial Performance Exceeded Expectations.
Fennec Pharmaceuticals reported strong financial results for fiscal Q1 2026, which ended on March 31, 2026. The company's net product sales reached $15.1 million, marking a 73% increase year-over-year compared to fiscal Q1 2025's $8.8 million. This revenue figure surpassed analyst estimates of $14.23 million by $0.87 million. Furthermore, Fennec Pharmaceuticals reported earnings of $0.01 per share, beating analyst estimates of a -$0.01 loss per share by $0.02. This positive performance indicated a significant improvement in the company's profitability, with a Q1 2026 profit margin of 1.3% compared to a net loss in Q1 2025.
2. Expanding Clinical Interest and Broader Adoption of PEDMARK®.
The company saw growing clinical interest and expanded potential for its flagship product, PEDMARK®. In April 2026, Fennec announced the initiation of a third institution-led clinical study by the University of Arizona Cancer Center to evaluate PEDMARK® in adolescent and young adult (AYA) and adult patients with head and neck and testicular cancers receiving cisplatin. This development is significant as it explores use beyond its current FDA approval for pediatric patients. Additionally, four abstracts evaluating PEDMARK® were accepted for presentation at the 2026 American Society of Clinical Oncology (ASCO) Annual Meeting (May 29 - June 2, 2026), further highlighting new research and the potential for broader applications in multiple tumor types and patient populations.
3. Positive Analyst Sentiment and Raised Price Targets.
Fennec Pharmaceuticals maintained a "Strong Buy" consensus rating from analysts during the period. The average analyst price target was $15.67 as of May 22, 2026, implying an upside of 49.24% from the stock's price at that time. Several analysts also raised their price targets, such as H.C. Wainwright & Co., which increased its target from $13 to $16 on May 22, 2026. These upward revisions were attributed to increasing adoption of PEDMARK® across various tumor types.
4. Resolution of PEDMARK® Patent Litigation.
On March 16, 2026, Fennec Pharmaceuticals announced a settlement agreement with Cipla Limited and Cipla USA, Inc. concerning Cipla's application to the FDA for approval to market a generic version of Fennec's PEDMARK® product. This resolution eliminated uncertainty and the potential threat of competition from a generic drug, securing the market position of PEDMARK® for Fennec Pharmaceuticals.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 70.6% change in FENC stock from 3/31/2026 to 7/10/2026 was primarily driven by a 64.4% change in the company's P/S Multiple.| (LTM values as of) | 3312026 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.15 | 10.49 | 70.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45 | 51 | 14.2% |
| P/S Multiple | 4.3 | 7.1 | 64.4% |
| Shares Outstanding (Mil) | 31 | 34 | -9.2% |
| Cumulative Contribution | 70.6% |
Market Drivers
3/31/2026 to 7/10/2026| Return | Correlation | |
|---|---|---|
| FENC | 70.6% | |
| Market (SPY) | 16.1% | 23.8% |
| Sector (XLV) | 9.7% | 14.2% |
Fundamental Drivers
The 36.2% change in FENC stock from 12/31/2025 to 7/10/2026 was primarily driven by a 31.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 12312025 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.70 | 10.49 | 36.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 39 | 51 | 31.5% |
| P/S Multiple | 5.5 | 7.1 | 27.6% |
| Shares Outstanding (Mil) | 28 | 34 | -18.8% |
| Cumulative Contribution | 36.2% |
Market Drivers
12/31/2025 to 7/10/2026| Return | Correlation | |
|---|---|---|
| FENC | 36.2% | |
| Market (SPY) | 11.0% | 29.8% |
| Sector (XLV) | 4.3% | 23.2% |
Fundamental Drivers
The 26.4% change in FENC stock from 6/30/2025 to 7/10/2026 was primarily driven by a 65.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.30 | 10.49 | 26.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 31 | 51 | 65.0% |
| P/S Multiple | 7.4 | 7.1 | -4.6% |
| Shares Outstanding (Mil) | 28 | 34 | -19.7% |
| Cumulative Contribution | 26.4% |
Market Drivers
6/30/2025 to 7/10/2026| Return | Correlation | |
|---|---|---|
| FENC | 26.4% | |
| Market (SPY) | 23.2% | 30.6% |
| Sector (XLV) | 20.9% | 25.7% |
Fundamental Drivers
The 18.8% change in FENC stock from 6/30/2023 to 7/10/2026 was primarily driven by a 1487.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302023 | 7102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.83 | 10.49 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3 | 51 | 1487.8% |
| P/S Multiple | 73.0 | 7.1 | -90.3% |
| Shares Outstanding (Mil) | 27 | 34 | -22.6% |
| Cumulative Contribution | 18.8% |
Market Drivers
6/30/2023 to 7/10/2026| Return | Correlation | |
|---|---|---|
| FENC | 18.8% | |
| Market (SPY) | 76.3% | 25.1% |
| Sector (XLV) | 26.9% | 23.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| FENC Return | -41% | 118% | 17% | -44% | 22% | 34% | 38% |
| Peers Return | -18% | -56% | -39% | -24% | -8% | -8% | -86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| FENC Win Rate | 50% | 75% | 42% | 33% | 50% | 57% | |
| Peers Win Rate | 40% | 37% | 37% | 43% | 53% | 46% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| FENC Max Drawdown | -61% | -18% | -37% | -64% | -29% | -36% | |
| Peers Max Drawdown | -72% | -79% | -75% | -74% | -69% | -48% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BYSI, GTBP, AGEN, VSTM, KPTI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/10/2026 (YTD)
How Low Can It Go
| Event | FENC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.5% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 104 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.7% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.0% | -33.7% |
| % Gain to Breakeven | 63.9% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.0% | -19.2% |
| % Gain to Breakeven | 56.2% | 23.8% |
| Time to Breakeven | 541 days | 105 days |
In The Past
Fennec Pharmaceuticals's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.5% gain to breakeven.
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| Event | FENC | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.5% | 23.1% |
| Time to Breakeven | 38 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -20.4% | -9.5% |
| % Gain to Breakeven | 25.6% | 10.5% |
| Time to Breakeven | 33 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -25.2% | -6.7% |
| % Gain to Breakeven | 33.7% | 7.1% |
| Time to Breakeven | 26 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -39.0% | -33.7% |
| % Gain to Breakeven | 63.9% | 50.9% |
| Time to Breakeven | 79 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.0% | -19.2% |
| % Gain to Breakeven | 56.2% | 23.8% |
| Time to Breakeven | 541 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -66.6% | -0.2% |
| % Gain to Breakeven | 199.6% | 0.2% |
| Time to Breakeven | 190 days | 1 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -41.2% | -15.4% |
| % Gain to Breakeven | 70.2% | 18.2% |
| Time to Breakeven | 151 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -96.0% | -53.4% |
| % Gain to Breakeven | 2422.4% | 114.4% |
| Time to Breakeven | 926 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -50.0% | -8.6% |
| % Gain to Breakeven | 100.0% | 9.5% |
| Time to Breakeven | 1493 days | 47 days |
In The Past
Fennec Pharmaceuticals's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.5% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Fennec Pharmaceuticals (FENC)
Fennec Pharmaceuticals Inc. (FENC) is a biopharmaceutical company dedicated to developing innovative product candidates for the treatment of cancer-related issues in the United States. The company's primary focus is on addressing severe side effects associated with existing cancer therapies, aiming to improve the overall treatment experience and long-term health outcomes for patients.
The flagship product for Fennec Pharmaceuticals is PEDMARK, a proprietary formulation of Sodium Thiosulfate. PEDMARK has successfully completed Phase III clinical trials and is specifically designed for the prevention of cisplatin-induced hearing loss, or ototoxicity, in children. Its main customers are pediatric oncology centers and patients undergoing cisplatin chemotherapy, targeting a crucial unmet need in the care of young cancer patients by mitigating a common and debilitating side effect of their life-saving treatments.
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Here are a few analogies to describe Fennec Pharmaceuticals (FENC):
- A specialized biotech company, much like a smaller BioMarin Pharmaceutical, but focused on preventing hearing loss in children undergoing cancer treatment.
- Think of them as the Vertex Pharmaceuticals for preventing a specific, devastating side effect (hearing loss) in children undergoing chemotherapy.
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- PEDMARK: A formulation of Sodium Thiosulfate developed for the prevention of cisplatin-induced hearing loss (ototoxicity) in children.
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Fennec Pharmaceuticals Inc. (FENC) is a biopharmaceutical company that develops and commercializes prescription drugs. As such, it does not sell directly to individual consumers. Its major customers are typically other companies involved in the pharmaceutical supply chain, which then distribute the drug to healthcare providers and patients.
Based on the standard distribution model for biopharmaceutical companies, Fennec Pharmaceuticals' major customers would likely include:
- Pharmaceutical Wholesalers/Distributors: These companies purchase drugs in bulk from manufacturers and then distribute them to hospitals, clinics, and pharmacies. Key players in this sector that could be Fennec's customers include:
- Large Hospital Systems and Specialty Pharmacies: While often supplied through wholesalers, very large health systems (especially those with significant pediatric oncology departments) or specialized pediatric hospitals, and specialty pharmacies, might have direct purchasing agreements or be significant customers through the distribution channels due to the specific nature of PEDMARK's use.
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- Hovione Sociedade Gestora, S.A.
- IDT Biologika GmbH
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Jeffrey S. Hackman, Chief Executive Officer
Jeffrey S. Hackman was appointed Chief Executive Officer in August 2024. He previously served as a director of Fennec Pharmaceuticals. His background includes significant leadership experience in the biopharmaceutical industry.
Robert J. Andrade, Chief Financial Officer
Robert J. Andrade has served as Chief Financial Officer since November 2015. He previously held the CFO and Director role at Fennec from September 2009 to August 2013. In 2015, Mr. Andrade worked as a private investor, and from 2013 to 2014, he was a senior analyst at Magnetar Capital. He earned a Master of Arts degree and a Bachelor of Arts degree in economics from the University of Southern California.
Pierre S. Sayad, PhD, M.S., Chief Medical Officer
Dr. Pierre Sayad was appointed Chief Medical Officer on October 28, 2024. He is an accomplished biopharmaceutical executive with over 22 years of experience, having successfully launched nine novel drugs across 14 therapeutic areas, including oncology and neuroscience. Prior to joining Fennec, he served as chief operating officer and interim chief medical officer at Zephyr Labz. He is a graduate of the School of Medicine, Loma Linda University, and Harvard Business School.
Terry Evans, Chief Commercial Officer
Terry Evans was appointed Chief Commercial Officer on October 28, 2024. He is a seasoned commercial and operations leader known for driving significant revenue growth and leading high-performing teams, with extensive experience across all aspects of commercial operations. Before his appointment at Fennec, Mr. Evans was the chief executive officer of UNITE Pharma Trade Advisors.
Christiana Cioffi, MBA, Chief Strategy Officer
Christiana Cioffi was appointed Chief Strategy Officer on October 28, 2024. She is a seasoned biopharmaceutical industry executive with proven clinical, commercial, operational, and oncology market expertise.
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The key risks to Fennec Pharmaceuticals (FENC) primarily revolve around its strong reliance on its sole commercial product, PEDMARK, and the associated challenges in its market adoption and defense.
Here are the key risks:
1.
Single Product Dependence
Fennec Pharmaceuticals' business is almost entirely centered on the success of PEDMARK (sodium thiosulfate injection), which is indicated to reduce the risk of ototoxicity associated with cisplatin treatment in pediatric cancer patients. The company's value proposition is "inextricably linked" to the successful commercialization and market defense of this single asset. Any significant setback related to PEDMARK, such as slower-than-expected market adoption, manufacturing issues, or unexpected post-market safety concerns, could have a devastating impact on the company's valuation and financial health. 2.Commercialization and Market Penetration Challenges
Despite PEDMARK being the first and only FDA-approved therapy for its specific indication, Fennec faces substantial risks in executing its commercialization strategy and achieving widespread market penetration. The company must successfully convince oncologists to adopt PEDMARK as a standard of care and navigate complex reimbursement landscapes with payers. Analysts acknowledge an "implicit execution risk" as the investment case heavily leans on the commercial success of this single product, with any slowdown in uptake potentially weighing on the valuation. 3.Competitive and Patent Landscape Risk
While PEDMARK currently holds a temporary monopoly due to its Orphan Drug Exclusivity in the U.S. (providing market protection) and its unique approval status, the competitive landscape presents an ongoing risk. Although Fennec recently settled patent litigation with Cipla, delaying generic entry until September 1, 2033, or earlier under specific circumstances, the potential for future generic competition or challenges to its patent protection remains a concern. The risk of patents being challenged, invalidated, or circumvented by competitors is explicitly listed in the company's forward-looking statements.AI Analysis | Feedback
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The addressable markets for Fennec Pharmaceuticals' main product, PEDMARK (known as PEDMARQSI in some regions outside the U.S.), are as follows:
- United States: The addressable market in the U.S. includes approximately 2,157 estimated cisplatin-treated pediatric patients annually who are eligible for PEDMARK. An analyst estimated the peak U.S. sales potential for PEDMARK to be over $300 million.
- Europe: The addressable market in Europe includes approximately 1,250 estimated cisplatin-treated pediatric patients annually who are eligible for PEDMARQSI.
- Global Drug-Induced Ototoxicity Treatment Market: A broader global market for drug-induced ototoxicity treatment, which includes PEDMARK, was estimated at approximately $1.2 billion in 2023 and is projected to reach about $2.5 billion by 2032. North America holds the largest share of this market, estimated at around $450 million in 2023, and is expected to reach approximately $900 million by 2032.
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Fennec Pharmaceuticals (FENC) is poised for future revenue growth over the next 2-3 years, primarily driven by the continued commercialization and market expansion of its lead product, PEDMARK (sodium thiosulfate).
Here are the key drivers of future revenue growth:
* **Increased Adoption and Market Penetration of PEDMARK in Pediatric Patients (U.S.).** Fennec Pharmaceuticals is focused on expanding the use of PEDMARK, the first and only FDA-approved therapy to reduce cisplatin-induced ototoxicity in pediatric cancer patients, within key accounts across academic and community providers in the United States. The company's refined, targeted sales strategy and enhanced patient support services, including the Fennec HEARS™ program, are designed to facilitate broader institutional adoption and sustained growth. The company reported a 33% increase in net product sales year-over-year and 10% sequential growth in the second quarter of 2025, signaling strong commercial momentum.
* **Expansion into Adolescent and Young Adult (AYA) and Adult Patient Populations (U.S.).** Beyond its current pediatric indication, Fennec is actively pursuing the expansion of PEDMARK's use into adolescent and young adult (AYA) and adult cancer patient populations. The National Comprehensive Cancer Network (NCCN) already recommends PEDMARK for AYA patients, and the company is generating clinical evidence, including investigator-initiated studies and real-world data, to support its utility in a broader range of patient demographics, such as those receiving metastatic tumor treatments and adults with head and neck cancers.
* **International Commercialization of PEDMARQSI in Europe, Australia, and New Zealand.** Fennec Pharmaceuticals has established an exclusive licensing agreement with Norgine Pharmaceuticals Ltd. for the commercialization of PEDMARQSI (the European brand name for sodium thiosulfate injection) in Europe, Australia, and New Zealand. This partnership includes an upfront payment, potential commercial and regulatory milestone payments of up to approximately $230 million, and double-digit tiered royalties on net sales. PEDMARQSI has already launched commercially in Germany and the United Kingdom, indicating the initiation of international revenue streams.
* **Protection of Market Exclusivity for PEDMARK.** Fennec Pharmaceuticals has successfully settled a patent litigation case with Cipla Limited, which sought to market a generic version of PEDMARK. Under the settlement terms, Cipla is restricted from entering the market with its generic product until September 1, 2033, or potentially earlier under specific circumstances. This agreement, combined with Fennec's existing patents providing protection for PEDMARK until 2039 in the U.S. and internationally, ensures crucial market exclusivity and provides a stable revenue generation period without direct generic competition.
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Share Repurchases
- Fennec Pharmaceuticals utilized proceeds from a November 2025 public offering and concurrent private placement to repurchase and redeem all outstanding convertible notes held by Petrichor Opportunities Fund I LP and Petrichor Opportunities Fund I Intermediate LP.
- The aggregate repurchase and redemption price for these notes was approximately $21.73 million, which covered outstanding principal, accrued interest, and a redemption fee.
- This transaction, completed in November 2025, resulted in Fennec Pharmaceuticals having no outstanding debt on its balance sheet.
Share Issuance
- In November 2025, Fennec Pharmaceuticals completed an underwritten registered public offering in the United States, selling 5,366,667 common shares (including the full exercise of the underwriters' option) at a price of $7.50 per share, generating approximately $40.25 million in total gross proceeds.
- Concurrently, in November 2025, the company engaged in a non-brokered private offering of its common shares in Canada to existing institutional shareholders, with aggregate gross proceeds of up to US$5.025 million.
Inbound Investments
- In March 2024, Fennec Pharmaceuticals entered into an exclusive licensing agreement with Norgine Pharmaceuticals Ltd. for the commercialization of PEDMARQSI® in Europe, the U.K., Australia, and New Zealand.
- Licensing revenue from the Norgine deal contributed $17,958 to Fennec Pharmaceuticals' total net revenue of $39,613 in the third quarter of 2024.
Capital Expenditures
- Fennec Pharmaceuticals reported a Capital Expenditure Compound Annual Growth Rate (CAGR) of null over the last 5 years, indicating minimal to no significant capital expenditures during this period.
- The company's latest trailing twelve months (TTM) CapEx CAGR 5YRS stands at 0%.
- Development costs, including drug substance costs, clinical study expenses, and regulatory expenses, are expensed as incurred rather than capitalized.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Fennec Pharmaceuticals Earnings Notes | 12/16/2025 | |
| With Fennec Pharmaceuticals Stock Down 7.4% In A Week, How Confident Are You? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 4.44 |
| Mkt Cap | 0.2 |
| Rev LTM | 50 |
| Op Inc LTM | -11 |
| FCF LTM | -39 |
| FCF 3Y Avg | -62 |
| CFO LTM | -39 |
| CFO 3Y Avg | -61 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 44.7% |
| Rev Chg 3Y Avg | 18.7% |
| Rev Chg Q | 40.2% |
| QoQ Delta Rev Chg LTM | 11.4% |
| Op Inc Chg LTM | 18.6% |
| Op Inc Chg 3Y Avg | 12.4% |
| Op Mgn LTM | -33.4% |
| Op Mgn 3Y Avg | -61.6% |
| QoQ Delta Op Mgn LTM | 15.3% |
| CFO/Rev LTM | -54.9% |
| CFO/Rev 3Y Avg | -69.7% |
| FCF/Rev LTM | -54.9% |
| FCF/Rev 3Y Avg | -69.8% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212937 | PEDMARK | sodium thiosulfate | solution | 9202022 | 28.3% | 4.7% | -0.1% | -30.7% | 37.5% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212937 | PEDMARK | sodium thiosulfate | solution | 9202022 | 28.3% | 4.7% | -0.1% | -30.7% | 37.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2020 |
|---|---|---|---|---|---|
| Gross product revenues | 54 | 39 | |||
| Discounts and allowances | -9 | -9 | |||
| Licensing revenue | 18 | ||||
| Production and commercialization of PEDMARK | 21 | 0 | |||
| Net product revenues | 2 | ||||
| Total | 45 | 48 | 21 | 2 | 0 |
| $ Mil | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|
| Production and commercialization of PEDMARK | 22 | 31 | 14 | 23 | 28 |
| Total | 22 | 31 | 14 | 23 | 28 |
Price Behavior
Price Behavior
| Market Price | $10.49 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 12/29/2006 | |
| Distance from 52W High | -4.9% | |
| 50 Days | 200 Days | |
| DMA Price | $9.07 | $8.12 |
| DMA Trend | up | up |
| Distance from DMA | 15.7% | 29.1% |
| 3M | 1YR | |
| Volatility | 87.9% | 64.1% |
| Downside Capture | 99.50 | 175.77 |
| Upside Capture | 290.30 | 153.23 |
| Correlation (SPY) | 24.6% | 30.4% |
FENC Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.52 | 1.14 | 1.60 | 1.62 | 1.55 | 0.95 |
| Up Beta | 0.20 | 1.47 | 2.02 | 2.15 | 2.15 | 0.62 |
| Down Beta | 1.10 | 0.14 | -1.03 | 0.04 | 0.84 | 0.83 |
| Up Capture | 100% | 348% | 353% | 296% | 212% | 148% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 14 | 26 | 38 | 67 | 122 | 358 |
| Down Capture | 4% | -23% | 138% | 156% | 138% | 106% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 7 | 15 | 24 | 56 | 122 | 373 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FENC | |
|---|---|---|---|---|
| FENC | 18.1% | 64.0% | 0.50 | - |
| Sector ETF (XLV) | 20.3% | 15.7% | 0.98 | 26.0% |
| Equity (SPY) | 22.1% | 12.5% | 1.31 | 30.4% |
| Gold (GLD) | 23.5% | 27.8% | 0.75 | 3.7% |
| Commodities (DBC) | 23.6% | 18.7% | 0.99 | -17.0% |
| Real Estate (VNQ) | 13.4% | 13.9% | 0.67 | 21.8% |
| Bitcoin (BTCUSD) | -43.4% | 42.8% | -1.21 | 18.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FENC | |
|---|---|---|---|---|
| FENC | 7.7% | 59.2% | 0.38 | - |
| Sector ETF (XLV) | 6.5% | 14.9% | 0.25 | 17.5% |
| Equity (SPY) | 13.4% | 17.1% | 0.61 | 19.7% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | 2.1% |
| Commodities (DBC) | 7.3% | 19.5% | 0.27 | 2.9% |
| Real Estate (VNQ) | 2.9% | 18.9% | 0.05 | 15.0% |
| Bitcoin (BTCUSD) | 13.5% | 53.4% | 0.44 | 9.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with FENC | |
|---|---|---|---|---|
| FENC | -1.3% | 59.7% | 0.24 | - |
| Sector ETF (XLV) | 10.3% | 16.6% | 0.51 | 21.1% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 25.0% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 5.9% |
| Commodities (DBC) | 6.0% | 18.0% | 0.26 | 10.4% |
| Real Estate (VNQ) | 5.1% | 20.7% | 0.21 | 19.4% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 12.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/10/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/24/2026 | 2.5% | 2.2% | 10.6% |
| 3/10/2025 | 4.7% | 3.4% | -18.0% |
| 3/25/2024 | -1.0% | -0.1% | -17.5% |
| 11/7/2023 | -6.6% | -0.7% | 14.1% |
| 8/4/2023 | 0.2% | 4.5% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 2.5% | 3.4% | 10.6% |
| Median Negative | -3.8% | -0.4% | -17.8% |
| Max Positive | 4.7% | 4.5% | 14.1% |
| Max Negative | -6.6% | -0.7% | -18.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/24/2026 | 2.5% | 2.2% | 10.6% |
| 3/10/2025 | 4.7% | 3.4% | -18.0% |
| 3/25/2024 | -1.0% | -0.1% | -17.5% |
| 11/7/2023 | -6.6% | -0.7% | 14.1% |
| 8/4/2023 | 0.2% | 4.5% | 4.5% |
| SUMMARY STATS | |||
| # Positive | 3 | 3 | 3 |
| # Negative | 2 | 2 | 2 |
| Median Positive | 2.5% | 3.4% | 10.6% |
| Median Negative | -3.8% | -0.4% | -17.8% |
| Max Positive | 4.7% | 4.5% | 14.1% |
| Max Negative | -6.6% | -0.7% | -18.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/14/2026 | 10-Q |
| 12/31/2025 | 03/27/2026 | 10-K |
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/26/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/12/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 11/10/2021 | 10-Q |
| 06/30/2021 | 08/10/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/30/2021 | 10-K |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/14/2020 | 10-Q |
| 12/31/2019 | 02/14/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
| 06/30/2019 | 08/09/2019 | 10-Q |
Insider Activity
Updated 7/1/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Raykov, Rosty | Direct | Sell | 6022026 | 9.62 | 9,747 | 93,766 | 1,251,360 | Form | |
| 2 | Rallis, Chris A | Direct | Sell | 5122026 | 7.04 | 8,346 | 58,756 | 444,062 | Form | |
| 3 | Raykov, Rosty | Direct | Sell | 5012026 | 6.47 | 10,781 | 69,753 | 785,788 | Form | |
| 4 | Raykov, Rosty | Direct | Sell | 4022026 | 6.31 | 10,946 | 69,069 | 718,431 | Form | |
| 5 | Raykov, Rosty | Direct | Sell | 3032026 | 8.36 | 10,079 | 84,260 | 869,407 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Raykov, Rosty | Direct | Sell | 6022026 | 9.62 | 9,747 | 93,766 | 1,251,360 | Form | |
| 2 | Rallis, Chris A | Direct | Sell | 5122026 | 7.04 | 8,346 | 58,756 | 444,062 | Form | |
| 3 | Raykov, Rosty | Direct | Sell | 5012026 | 6.47 | 10,781 | 69,753 | 785,788 | Form | |
| 4 | Raykov, Rosty | Direct | Sell | 4022026 | 6.31 | 10,946 | 69,069 | 718,431 | Form | |
| 5 | Raykov, Rosty | Direct | Sell | 3032026 | 8.36 | 10,079 | 84,260 | 869,407 | Form | |
| 6 | Raykov, Rosty | Direct | Sell | 2022026 | 7.76 | 10,349 | 80,308 | 764,182 | Form | |
| 7 | Raykov, Rosty | Direct | Sell | 1052026 | 7.60 | 10,312 | 78,371 | 668,952 | Form | |
| 8 | Southpoint, Capital Advisors LP | See Footnote | Sell | 12292025 | 7.50 | 1,000,000 | 7,500,000 | 20,585,558 | Form | |
| 9 | Raykov, Rosty | Direct | Sell | 12052025 | 7.54 | 10,000 | 75,400 | 584,546 | Form | |
| 10 | Southpoint, Capital Advisors LP | See Footnote | Sell | 11202025 | 8.79 | 19,341 | 170,048 | 32,924,137 | Form | |
| 11 | Southpoint, Capital Advisors LP | See Footnote | Sell | 11172025 | 8.79 | 85,918 | 755,193 | 33,085,152 | Form | |
| 12 | Southpoint, Capital Advisors LP | See Footnote | Sell | 11172025 | 8.00 | 160,100 | 1,280,432 | 30,791,145 | Form | |
| 13 | Raykov, Rosty | Direct | Sell | 11062025 | 8.10 | 10,000 | 81,000 | 666,776 | Form | |
| 14 | Rallis, Chris A | Direct | Sell | 10142025 | 9.24 | 1,775 | 16,401 | 527,410 | Form | |
| 15 | Southpoint, Capital Advisors LP | See Footnote | Sell | 10092025 | 9.35 | 20,609 | 192,614 | 37,478,796 | Form | |
| 16 | Southpoint, Capital Advisors LP | See Footnote | Sell | 10092025 | 9.47 | 19,605 | 185,722 | 38,183,712 | Form | |
| 17 | Southpoint, Capital Advisors LP | See Footnote | Sell | 10092025 | 9.59 | 26,900 | 257,893 | 38,830,765 | Form | |
| 18 | Raykov, Rosty | Direct | Sell | 10062025 | 9.78 | 10,000 | 97,800 | 806,860 | Form | |
| 19 | Raykov, Rosty | Direct | Sell | 9042025 | 8.92 | 10,000 | 89,200 | 455,687 | Form | |
| 20 | Raykov, Rosty | Direct | Sell | 8052025 | 8.09 | 10,000 | 80,900 | 452,053 | Form | |
| 21 | Rallis, Chris A | Direct | Sell | 7072025 | 8.71 | 1,119 | 9,746 | 477,238 | Form | |
| 22 | Raykov, Rosty | Direct | Sell | 7072025 | 8.61 | 10,000 | 86,100 | 522,369 | Form |
Investor Activity (13F)
Updated Jul 11, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.
Industry Resources
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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