Fennec Pharmaceuticals Reports Third Quarter 2025 Financial Results and Provides Business Update

Executive Summary

• Fennec Pharmaceuticals reported record Q3 2025 net product sales of $12.5 M (79% YoY growth) and its first profitable quarter from operations, generating positive cash flow.
• Cash and cash equivalents increased to $21.9 M, while the balance sheet remains supported by a term loan of $18.2 M and long‑term contract liabilities.
• The company highlighted accelerated adoption of PEDMARK® in key oncology networks, ongoing investigator‑initiated studies, and anticipated preliminary results from the STS‑J01 trial in Japan in Q4 2025.

Key Details

• Net Product Sales: $12.462 M in Q3 2025 vs. $6.974 M in Q3 2024 (≈79% YoY increase).
• Operating Performance:
• Loss from operations narrowed to $(0.189) M versus a loss of $(5.202) M in Q3 2024.
• Net loss for the quarter was $(0.638) M, an improvement from $(5.735) M YoY.
• Expenses:
• Selling & marketing: $5.210 M (up from $4.601 M Q3 2024).
• General & administrative: $6.752 M (slightly higher than $6.121 M Q3 2024).
• Cost of product sales declined to $0.660 M from $1.357 M YoY.
• Cash Position: $21.947 M as of Sept 30 2025, up from $18.7 M three months earlier and down modestly from $26.634 M year‑end 2024.
• Balance Sheet Highlights (Sept 30 2025):
• Total assets: $49.261 M; total liabilities: $53.753 M; stockholders’ deficit: $(4.492) M.
• Term loan outstanding: $18.206 M; PIK interest accrued: $1.271 M.
• Commercial Milestones:
• Major oncology provider network added PEDMARK® to its formulary, driving broader adoption across AYA patients.
• Multiple investigator‑initiated studies submitted and under review, expanding clinical validation.
• Clinical Development:
• STS‑J01 Japan trial (investigator‑initiated) expected to release preliminary data in Q4 2025; positive results would trigger Japanese registration efforts and potential licensing/partnering.
• Upcoming Investor Event: One‑on‑one meetings at the 16th Annual Craig‑Hallum Alpha Select Conference on Nov 18, 2025 (Sheraton New York Times Square).

Notable Quotes

“Today marks an inflection point for Fennec as we delivered the strongest quarter in our history…our first profitable quarter from operations, clearly demonstrate that our strategy is working,” – Jeff Hackman, CEO.