# FENNEC PHARMACEUTICALS INC. (FENC) · Edgar & Edgarette company card

> Fennec Pharmaceuticals (FENC) saw revenue fall 6.1% in FY2025 to $45 million, operating margin -14.1% against a -15.8% median for biological products, (no diagnostic substances), equity 50.3% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1211583 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/FENC) · [JSON](https://www.pops4.com/boards/company/FENC.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $45M |
| Revenue growth, 1 year | -6.1% |
| Revenue growth per year | 204.7% |
| Operating margin | -14.1% (prior year 5.4%) |
| Net margin | -21.8% |
| Operating cash flow | −$12M |
| Capital spending | — |
| Free cash flow | — |
| Cash | $37M |
| Long-term debt | — |
| Total assets | $71M |
| Total equity | $35M |
| Equity ÷ assets | 50.3% |
| Return on equity | -27.5% |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Altman Z: -4.88 (distress zone)
- Piotroski F: 0 of 9 (weak)
- Health Harbor boat: Old boat · three warning signs · operating cash flow was negative; operating loss: a margin of -14.1% in FY2025; revenue is hard to predict: its 80% range is ±62%
- Cash Compass: Fast, cash not yet · growing fast, but little cash arriving so far

## Edgarette's reading

Exposure: revenue $44.6M (FY2025). Experience: revenue down 6.1% on the year, up 204.7% a year over 5 years; operating margin -14.1%, down from 5.4%. Soundness: equity 50.3% of assets, return on equity -27.5%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $41.1M and $176.1M next year (method v4.1: its own 2-year record of growth weighed at 25% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $37.2M to $195.2M. A statistical range, not company guidance. Against peers (31 filers, $50M+ revenue, biological products, (no diagnostic substances)): operating margin -14.1% against a -15.8% median; growth -6.1% against 21.4%.

Range logged 2026-09-29, receipt 32c74db1d5cb2c41, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 2, latest 2026-05-18 ([filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926063271/0001104659-26-063271-index.htm))

## Recent filings

- 8-K · filed 2026-09-17 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926108565/0001104659-26-108565-index.htm)
- 10-Q · filed 2026-08-13 · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926095884/0001104659-26-095884-index.htm)
- 8-K · filed 2026-06-10 · 5.07 Submission of Matters to a Vote of Security Holders · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926072425/0001104659-26-072425-index.htm)
- 8-K · filed 2026-05-22 · 8.01 Other Events; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926065696/0001104659-26-065696-index.htm)
- 8-K · filed 2026-05-18 · 5.02 Departure or Election of Directors; Appointment of Officers; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926063271/0001104659-26-063271-index.htm)
- 10-Q · filed 2026-05-14 · [filing](https://www.sec.gov/Archives/edgar/data/1211583/000110465926061213/0001104659-26-061213-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001211583.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1211583

## Cite

POPS4, Edgar & Edgarette: FENNEC PHARMACEUTICALS INC. (FENC) company card, from the company's own SEC filings, accessed 2026-11-04, https://www.pops4.com/boards/company/FENC. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.