FENCHIGH SIGNALFINANCIAL10-K

FENC experienced a dramatic deterioration in operational performance with operating cash flow swinging from positive $27M to negative $12.5M despite substantial revenue growth.

The company appears to be in a critical transition phase where strong revenue growth (gross profit up 1,280%) is being completely offset by massive operational losses and cash burn. The 25% increase in outstanding shares and debt reduction of $11.6M suggests significant equity dilution was used to fund operations and deleverage the balance sheet.

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

FENC shows a mixed but concerning financial picture with gross profit exploding 1,280% to $20M indicating strong product adoption, yet operating income collapsed from $2.6M profit to -$6.3M loss due to operational scaling costs. The company strengthened its balance sheet significantly with stockholders' equity improving from -$5.9M to +$35.5M and cash increasing to $36.8M, but the swing from $27M positive to -$12.5M negative operating cash flow represents a fundamental deterioration in cash generation that investors should monitor closely despite the revenue success.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-2134.2%
-$436K→-$9.7M

Net income declined 2134.2% — review whether driven by operations, interest costs, or non-recurring items.

Gross Profit
P&L
+1279.8%
$1.4M→$20.0M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+704.1%
-$5.9M→$35.5M

Equity base grew 704.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
-344.6%
$2.6M→-$6.3M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-146.2%
$27.0M→-$12.5M

Operating cash flow fell 146.2% — earnings quality concerns; investigate working capital changes and non-cash items.

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.

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.
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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.
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