Fennec Pharmaceuticals Inc.

What they do

Fennec sells PEDMARK in the United States and, through an exclusive licensing agreement with Norgine, PEDMARQSI in Europe, Australia and New Zealand. The product is indicated to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month and older with localized, non-metastatic solid tumors. U.S. commercialization is run through a field force including Territory Managers and medical science liaisons, supported by the Fennec HEARS patient access program.

Revenue drivers

• U.S. PEDMARK net product sales — The primary revenue source; the company reported full-year 2025 net product sales of $44.6 million and Q4 2025 net product sales of $13.8 million.
• Norgine licensing agreement (PEDMARQSI ex-U.S.) — Fennec received approximately $43 million in upfront consideration and may receive up to approximately $230 million in additional commercial and regulatory milestones plus double-digit tiered royalties up to the mid-twenties on net sales; no milestone payments have been received to date.
• Q4 2025 net product sales — Q4 2025 net product sales were $13.8 million, which the company said represented 75% growth over Q4 2024.

Recent performance

Full-year 2025 net product sales were $44.6 million, which the company described as 50% year-over-year growth. Q4 2025 net product sales were $13.8 million, up 75% over Q4 2024. Quarterly revenue in the XBRL data rose from $12.5 million (2025-09-30) to $13.8 million (2025-12-31), $15.1 million (2026-03-31) and $17.9 million (2026-06-30). Annual revenue was $47.5 million in 2024 and $44.6 million in 2025, and operating cash flow was $27.0 million in 2024 versus negative $12.5 million in 2025. At 2026-06-30 the company reported $41.2 million of cash and equivalents, $33.3 million of total liabilities and $42.4 million of shareholder equity.

Strategy

Management is pursuing PEDMARK adoption across new accounts and patient segments, including adolescent and young adult (AYA) patients, and expanded its customer-facing team in Q4 2025 to increase reach and frequency. The company is funding independent, institution-led research, including a City of Hope study in adult men with stage II-III metastatic testicular germ cell tumors and a Tampa General Hospital study in AYA and adult patients, plus a multi-institutional retrospective review in 15 adults with head and neck cancer. It also announced positive topline results from the investigator-initiated Phase 2/3 STS-J01 trial in Japan. Fennec completed oversubscribed $42 million equity offerings and full debt redemption. Norgine, which launched PEDMARQSI in the U.K. and Germany during 2025, expects additional launches in 2026 and beyond.

Risks

• Single-product concentration — PEDMARK is currently the company's only product, so any commercial, regulatory or manufacturing setback affects all revenue.
• History of losses — The company reported a net loss of approximately $9,741 (thousands) for 2025 and an accumulated deficit of approximately $229,422 (thousands) at December 31, 2025, and says it may never sustain profitability.
• Unreceived Norgine milestones — Fennec has received no milestone payments under the Norgine agreement, and the up-to-$230 million in milestones and tiered royalties depend on Norgine's commercialization in Europe, Australia and New Zealand.
• Dependence on regulatory exclusivity and patents — U.S. Orphan Drug Exclusivity for PEDMARK runs from FDA approval on September 20, 2022 until September 20, 2029, and the company lists six Orange Book patents, leaving future revenue exposed to loss of exclusivity.

Outlook

Management said 2025 results validate its strategy and position the company for its next chapter of growth, citing record net product sales, growth in the Fennec HEARS program and quarter-over-quarter growth in every 2025 quarter. It expects Norgine to continue PEDMARQSI launches in 2026 and beyond, and continues to review additional investigator-initiated studies submitted for tumor types and populations including AYA cancer.