FENNEC PHARMACEUTICALS INC.
FENC · Biological Products, (No Diagnostic Substances) · 34.7M shares · +4%/yr ↑ shares · EDGAR filings ↗
Reference price $9.62 · est. market cap ~$334M — last insider sale, 2026-06-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D48Clinical/early-stage biotech — small commercial (Pedmark) but loss-making, funded.
Strengths
- Liquidity — current ratio 6.4 (63rd)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Net lossNet loss (net margin -21.8%)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Notable holderHeld by 4 notable fund(s): STATE STREET CORP, CITADEL ADVISORS LLC, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
- Insider sellingInsider selling — 7 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$534,284, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-14.1%
Net margin
-21.8%
Return on equity
-27.5%
Return on assets
-13.8%
Revenue growth (QoQ)
9.7%
Current ratio
6.4×
Tangible book value
$35M
Cash & investments
$37M
Stock comp / revenue
15.8%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-06-01 | Raykov Rosty | Sell | 9.7K | $9.62 |
| 2026-05-31 | Raykov Rosty | Grant | 2.8K | — |
| 2026-05-31 | Cioffi Christiana Marie | Grant | 156 | — |
| 2026-05-31 | Sayad Pierre Sargis | Grant | 168 | — |
| 2026-05-31 | Evans Terry L | Grant | 168 | — |
| 2026-05-31 | Hackman Jeffrey S. | Grant | 1.2K | — |
| 2026-05-31 | Andrade Robert | Grant | 1.7K | — |
| 2026-05-11 | RALLIS CHRIS A | Sell | 8.3K | $7.04 |
| 2026-05-11 | RALLIS CHRIS A | Option exercise | 14K | $2.44 |
| 2026-05-01 | Raykov Rosty | Sell | 11K | $6.47 |
| 2026-05-01 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-04-30 | Evans Terry L | Option exercise | 168 | — |
| 2026-04-30 | Hackman Jeffrey S. | Option exercise | 1.2K | — |
| 2026-04-30 | Raykov Rosty | Option exercise | 2.8K | — |
| 2026-04-30 | Cioffi Christiana Marie | Option exercise | 155 | — |
| 2026-04-30 | Andrade Robert | Option exercise | 1.7K | — |
| 2026-04-30 | Sayad Pierre Sargis | Option exercise | 168 | — |
| 2026-04-01 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-04-01 | Raykov Rosty | Sell | 11K | $6.31 |
| 2026-03-31 | Cioffi Christiana Marie | Option exercise | 158 | — |
| 2026-03-31 | Sayad Pierre Sargis | Option exercise | 18K | — |
| 2026-03-31 | Sayad Pierre Sargis | Option exercise | 171 | — |
| 2026-03-31 | Cioffi Christiana Marie | Option exercise | 17K | — |
| 2026-03-31 | Evans Terry L | Option exercise | 18K | — |
| 2026-03-31 | Evans Terry L | Option exercise | 171 | — |
| 2026-03-31 | Andrade Robert | Option exercise | 2.2K | — |
| 2026-03-31 | Hackman Jeffrey S. | Option exercise | 17K | — |
| 2026-03-31 | Hackman Jeffrey S. | Option exercise | 1.2K | — |
| 2026-03-31 | Andrade Robert | Option exercise | 15K | — |
| 2026-03-31 | Raykov Rosty | Grant | 5.2K | — |
| 2026-03-28 | Hackman Jeffrey S. | Option exercise | 14K | — |
| 2026-03-28 | Cioffi Christiana Marie | Option exercise | 1.9K | — |
| 2026-03-28 | Sayad Pierre Sargis | Option exercise | 2.1K | — |
| 2026-03-28 | Evans Terry L | Option exercise | 2.1K | — |
| 2026-03-28 | Andrade Robert | Option exercise | 12K | — |
| 2026-03-26 | Cioffi Christiana Marie | Option exercise | 4.7K | $4.23 |
| 2026-03-26 | Andrade Robert | Option exercise | 13K | $5.10 |
| 2026-03-02 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-03-02 | Raykov Rosty | Sell | 10K | $8.36 |
| 2026-02-28 | Raykov Rosty | Grant | 5.2K | — |
| 2026-02-28 | Andrade Robert | Grant | 1.2K | — |
| 2026-02-18 | Hackman Jeffrey S. | Option exercise | 14K | — |
| 2026-02-18 | Andrade Robert | Option exercise | 2.5K | $4.08 |
| 2026-02-18 | Andrade Robert | Option exercise | 27K | — |
| 2026-02-02 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-02-02 | Raykov Rosty | Sell | 10K | $7.76 |
| 2026-01-31 | Raykov Rosty | Grant | 5.2K | — |
| 2026-01-31 | Andrade Robert | Grant | 1.6K | — |
| 2026-01-23 | Andrade Robert | Option exercise | 10K | $2.45 |
| 2026-01-15 | Andrade Robert | Option exercise | 10K | $2.45 |
| 2026-01-07 | Andrade Robert | Option exercise | 14K | $2.45 |
| 2026-01-02 | Raykov Rosty | Option exercise | 16K | $2.45 |
| 2026-01-02 | Raykov Rosty | Sell | 10K | $7.60 |
| 2025-12-31 | Andrade Robert | Grant | 1.4K | — |
| 2025-12-31 | Raykov Rosty | Grant | 5.2K | — |
| 2025-12-24 | Southpoint Capital Advisors LP | Sell | 1.0M | $7.50 |
| 2025-12-05 | Raykov Rosty | Sell | 10K | $7.54 |
| 2025-12-01 | Raykov Rosty | Grant | 5.2K | — |
| 2025-12-01 | Andrade Robert | Grant | 2.4K | — |
| 2025-11-18 | Southpoint Capital Advisors LP | Sell | 19K | $8.79 |
| 2025-11-17 | Southpoint Capital Advisors LP | Sell | 86K | $8.79 |
| 2025-11-14 | Southpoint Capital Advisors LP | Sell | 160K | $8.00 |
| 2025-11-05 | Raykov Rosty | Sell | 10K | $8.10 |
| 2025-10-31 | Raykov Rosty | Grant | 5.2K | — |
| 2025-10-31 | Andrade Robert | Grant | 2.4K | — |
| 2025-10-10 | RALLIS CHRIS A | Option exercise | 4.1K | $1.23 |
| 2025-10-10 | RALLIS CHRIS A | Sell | 1.8K | $9.24 |
| 2025-10-09 | Southpoint Capital Advisors LP | Sell | 21K | $9.35 |
| 2025-10-08 | Southpoint Capital Advisors LP | Sell | 20K | $9.47 |
| 2025-10-08 | Raykov Rosty | Option exercise | 4.6K | $2.45 |
| 2025-10-07 | Southpoint Capital Advisors LP | Sell | 27K | $9.59 |
| 2025-10-06 | Raykov Rosty | Sell | 10K | $9.78 |
| 2025-09-30 | Andrade Robert | Grant | 2.4K | — |
| 2025-09-30 | Raykov Rosty | Grant | 5.2K | — |
| 2025-09-05 | Raykov Rosty | Option exercise | 36K | $2.45 |
| 2025-09-04 | Raykov Rosty | Sell | 10K | $8.92 |
| 2025-08-31 | Andrade Robert | Grant | 2.4K | — |
| 2025-08-31 | Raykov Rosty | Grant | 5.2K | — |
| 2025-08-05 | Raykov Rosty | Sell | 10K | $8.09 |
| 2025-07-31 | Raykov Rosty | Grant | 5.2K | — |
| 2025-07-31 | Andrade Robert | Grant | 2.4K | — |
| 2025-07-07 | RALLIS CHRIS A | Option exercise | 2.1K | $2.35 |
| 2025-07-07 | RALLIS CHRIS A | Sell | 1.1K | $8.71 |
| 2025-07-03 | Raykov Rosty | Sell | 10K | $8.61 |
| 2025-06-30 | Raykov Rosty | Grant | 5.2K | — |
| 2025-06-30 | Andrade Robert | Grant | 2.4K | — |
| 2025-06-05 | Raykov Rosty | Sell | 10K | $7.78 |
| 2025-05-31 | Raykov Rosty | Grant | 5.2K | — |
| 2025-05-31 | Andrade Robert | Grant | 2.4K | — |
| 2025-05-22 | Andrade Robert | Option exercise | 8.2K | $5.10 |
| 2025-05-19 | Hackman Jeffrey S. | Buy | 14K | $6.99 |
| 2025-05-16 | Hackman Jeffrey S. | Buy | 1.0K | $6.75 |
| 2025-05-16 | Raykov Rosty | Grant | 33K | — |
| 2025-05-16 | Raykov Rosty | Sell | 17K | $6.78 |
| 2025-05-16 | Andrade Robert | Grant | 17K | — |
| 2025-05-05 | Raykov Rosty | Sell | 10K | $6.31 |
| 2025-04-30 | Andrade Robert | Grant | 1.0K | — |
| 2025-04-30 | Raykov Rosty | Grant | 2.4K | — |
| 2025-04-11 | RALLIS CHRIS A | Option exercise | 2.2K | $2.30 |
| 2025-04-11 | RALLIS CHRIS A | Sell | 1.4K | $4.95 |
| 2025-04-04 | Raykov Rosty | Sell | 10K | $5.25 |
| 2025-03-31 | Andrade Robert | Grant | 1.0K | — |
| 2025-03-31 | Raykov Rosty | Grant | 2.4K | — |
| 2025-03-05 | Raykov Rosty | Sell | 10K | $6.79 |
| 2025-02-28 | Andrade Robert | Grant | 1.0K | — |
| 2025-02-28 | Raykov Rosty | Grant | 2.4K | — |
| 2025-02-14 | RALLIS CHRIS A | Option exercise | 2.0K | $2.51 |
| 2025-02-14 | RALLIS CHRIS A | Sell | 1.2K | $6.82 |
| 2025-02-05 | Raykov Rosty | Sell | 10K | $6.66 |
| 2025-01-31 | Raykov Rosty | Grant | 2.4K | — |
| 2025-01-31 | Andrade Robert | Grant | 1.0K | — |
| 2025-01-06 | Raykov Rosty | Sell | 2.4K | $6.08 |
| 2025-01-06 | Raykov Rosty | Sell | 7.6K | $6.08 |
| 2024-12-31 | Andrade Robert | Grant | 1.0K | — |
| 2024-12-31 | Raykov Rosty | Grant | 2.4K | — |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
- Inpharmus (formerly TRPharm İlaç Sanayi Ticaret A.Ş. and TRPharm FZ-LLC)
- Norgine
Suppliers (1)
- OHSU (Oregon Health & Science University)
Named in the 10-K; linked when we track them.
Notable events (8-K)
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-10 | 2026-06-10 | 0001104659-26-072425 ↗ |
| 8-K | 2026-05-22 | 2026-05-21 | 0001104659-26-065696 ↗ |
| 8-K | 2026-05-18 | 2026-05-18 | 0001104659-26-063271 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001104659-26-061213 ↗ |
| 8-K | 2026-04-28 | 2026-04-27 | 0001104659-26-050433 ↗ |
| 8-K | 2026-04-22 | 2026-04-22 | 0001104659-26-046804 ↗ |
| 8-K | 2026-04-07 | 2026-04-07 | 0001104659-26-040414 ↗ |
| 10-K | 2026-03-27 | 2025-12-31 | 0001104659-26-036182 ↗ |
| 8-K | 2026-03-24 | 2026-03-24 | 0001104659-26-033885 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001104659-26-028595 ↗ |
| 8-K | 2026-03-04 | 2026-03-04 | 0001104659-26-023484 ↗ |
| 8-K | 2026-02-20 | 2026-02-20 | 0001104659-26-018128 ↗ |