FENCMEDIUM SIGNALFINANCIAL10-K

FENC strengthened its balance sheet significantly through apparent debt reduction and asset growth, while expanding share count by roughly 25%.

The company appears to have completed equity financing that funded debt paydown and built cash reserves, creating a stronger financial foundation for its commercial-stage operations. The substantial increase in outstanding shares (from 27.6M to 34.5M) suggests dilutive equity raises, but investors gained meaningfully improved balance sheet stability and reduced leverage risk.

Comparing 2026-03-27 vs 2025-03-26View on EDGAR →
FINANCIAL ANALYSIS

FENC's financial position improved markedly, with total assets growing to $70.6M from $44.9M while total debt declined 37.5% to $19.3M, indicating successful deleveraging. Cash and equivalents increased 38% to $36.8M, providing enhanced liquidity for operations. The combination of asset growth, debt reduction, and lower total liabilities signals a deliberate capital structure optimization, though the 25% increase in share count reflects the dilutive cost of this financial strengthening.

FINANCIAL STATEMENT CHANGES
Total Assets
Balance Sheet
+57%
$44.9M→$70.6M

Asset base grew 57% — expansion through organic growth, acquisitions, or capital deployment.

Current Liabilities
Balance Sheet
+52%
$6.9M→$10.5M

Current liabilities surged 52% — significant near-term obligations; verify ability to meet short-term debt.

Current Assets
Balance Sheet
+51.9%
$44.1M→$67.0M

Current assets grew 51.9% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
+38.1%
$26.6M→$36.8M

Cash position surged 38.1% — strong cash generation or capital raise providing significant financial cushion.

Total Debt
Balance Sheet
-37.5%
$30.9M→$19.3M

Debt reduced 37.5% — deleveraging strengthens balance sheet and reduces financial risk.

Total Liabilities
Balance Sheet
-31%
$50.8M→$35.1M

Liabilities reduced 31% — deleveraging improves balance sheet strength and financial flexibility.

R&D Expense
P&L
-18.6%
$307K→$250K

R&D spending cut 18.6% — could signal cost discipline or concerning reduction in innovation investment.

LANGUAGE CHANGES
NEW — 2026-03-27
PRIOR — 2025-03-26
ADDED
As of March 20, 2026, there were 34,475,178 shares of the registrant s Common Shares outstanding.
Business You are urged to read this Annual Report on Form 10-K ( Annual Report ) in its entirety.
Our strategy depends in part on the efforts of third party development partners to obtain regulatory approvals and commercialize PEDMARK outside the United States, including Norgine Pharma UK Limited ( Norgine ) in Europe and Inpharmus (formerly TRPharm la Sanayi Ticaret A.
and TRPharm FZ-LLC) ( Inpharmus ) in Turkey and Gulf Cooperation Council ( GCC ) countries.
If our partners do not successfully obtain approvals, secure adequate reimbursement, or effectively commercialize PEDMARK in their territories, or if our relationships with them are disrupted, our business, results of operations and prospects could be adversely affected.
We may face significant delays in our clinical studies and trials due to an inability to recruit patients for our clinical studies and trials or to retain patients in the clinical studies and trials we may perform.
Risks Related to Our Industry Drug development involves a lengthy and expensive process with an uncertain outcome, and results of earlier studies and trials may not be predictive of future trial results.
Fennec is a commercial stage specialty pharmaceutical company dedicated to preventing cisplatin-induced ototoxicity ( CIO ) , a serious and often irreversible side effect of cancer treatment, with one FDA approved and European Commission approved product, PEDMARK in the U.S.
and PEDMARQSI , which is the branded name for PEDMARK in Europe, the U.K., Australia and New Zealand (collectively, PEDMARK ), developed to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors.
In clinical studies in this population, treatment with PEDMARK resulted in an approximate 50% relative reduction in the incidence of cisplatin-induced hearing loss compared to cisplatin alone, without evidence of materially compromised antitumor efficacy.
REMOVED
As of March 24, 2025, there were 27,594,008 shares of the registrant s Common Shares outstanding.
We are currently and may in the future be the target of patent litigation, which may be costly and time-consuming to defend.
Fennec is a commercial stage specialty pharmaceutical company with one FDA approved and European Commission approved product, PEDMARK in the U.S.
and PEDMARQSI , which is the branded name for PEDMARK outside of the U.S.
(collectively, PEDMARK ), developed to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors.
In March 2024, we announced that we entered into an agreement with Norgine Pharma UK Limited ( Norgine ), a leading European specialist pharmaceutical company.
In the United States, we sell our product through an experienced field force including Regional Pediatric Oncology Specialists and medical science liaisons who are helping to educate the medical communities and patients about cisplatin induced ototoxicity and our programs supporting patient access to PEDMARK .
We are also pursuing additional patent applications in both the U.S.
There can be no assurance that we do not or will not infringe on patents held by third parties or that third parties in the future will not claim that we have infringed on their patents.
Given the complexities and uncertainties of patent laws, there can be no assurance as to the impact that future patent claims against us may have on our business, financial condition, results of operations, or prospects.
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