A Business at a Glance
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FENNEC PHARMACEUTICALS INC.
FENC
$286M
Mkt Cap
$9.99
-1.58%
FENNEC PHARMACEUTICALS INC. (FENC) has a 5-year average return on invested capital (ROIC) of -58.4%. This is below average and may indicate limited pricing power.
FENNEC PHARMACEUTICALS INC. (FENC) has a market capitalization of $286M. It is classified as a small-cap stock.
FENNEC PHARMACEUTICALS INC. (FENC) does not currently pay a regular dividend.
FENNEC PHARMACEUTICALS INC. (FENC) operates in the Biological Products, (No Diagnostic Substances) industry, within the Healthcare sector.
FENNEC PHARMACEUTICALS INC. (FENC) reported annual revenue of $45 million in its most recent fiscal year, based on SEC EDGAR filings.
FENNEC PHARMACEUTICALS INC. (FENC) has a net profit margin of -21.8%. The company is currently unprofitable.
FENNEC PHARMACEUTICALS INC. (FENC) generated $-12 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
Item 1. BusinessOverviewFennec Pharmaceuticals Inc., a corporation existing under the laws of British Columbia, was originally formed under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. 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. The Company has four wholly owned subsidiaries: Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian corporation, and Fennec Pharmaceuticals (EU) Limited, an Ireland company (“Fennec Limited”). With the exception of Fennec Pharmaceuticals, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 45M | 45M | 48M | 21M | - | - |
| Net Income | -9.7M | -9.7M | -436K | -16M | -24M | -17M |
| EPS | $-0.34 | $-0.34 | $-0.02 | $-0.60 | $-0.90 | $-0.67 |
| Free Cash Flow | -12M | -12M | 27M | -17M | -18M | -14M |
| ROIC | -27.3% | -28.5% | 7.2% | -77.1% | -110.0% | -83.5% |
| Gross Margin | - | - | - | 37.6% | - | - |
| Debt/Equity | 0.55 | 0.55 | -3.29 | -2.66 | -9.69 | 0.32 |
| Dividends/Share | $0.00 | $0.00 | - | - | - | - |
| Operating Income | -6.3M | -6.3M | 2.6M | -13M | -23M | -17M |
| Operating Margin | -14.1% | -14.1% | 5.4% | -60.1% | - | - |
| ROE | -27.5% | -65.8% | 5.0% | 226.1% | -359.2% | -110.0% |
| Shares Outstanding | 29M | 29M | 22M | 27M | 26M | 26M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | N/A | N/A | N/A | 21M | 48M | 45M | 45M |
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 37.6% | N/A | N/A | N/A |
| R&D | 357K | 256K | 472K | 1.9M | 5.0M | 5.6M | 5.1M | 5.0M | 3.5M | 56K | 307K | 250K | 250K |
| SG&A | 2.5M | 1.6M | 2.4M | 5.0M | 5.4M | 7.4M | 13M | 12M | 18M | 21M | 23M | 28M | 28M |
| EBIT | -2.9M | -1.9M | -2.9M | -7.0M | -10M | -13M | -18M | -17M | -23M | -13M | 2.6M | -6.3M | -6.3M |
| Op. Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -60.1% | 5.4% | -14.1% | -14.1% |
| Net Income | -2.2M | -659K | -2.8M | -7.0M | -9.9M | -13M | -18M | -17M | -24M | -16M | -436K | -9.7M | -9.7M |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -75.5% | -0.9% | -21.8% | -21.8% |
| Non-Recurring | 0 | 0 | 40K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 517K | 773K | 773K |
| Returns on Capital | |||||||||||||
| ROIC | N/M | N/M | -63.5% | -46.5% | -41.1% | -77.0% | -88.5% | -83.5% | -110.0% | -77.1% | 7.2% | -28.5% | -27.3% |
| ROE | -355.0% | -113.5% | -135.5% | -46.5% | -41.1% | -77.0% | -88.5% | -110.0% | -359.2% | 226.1% | 5.0% | -65.8% | -27.5% |
| ROA | -105.5% | -38.9% | -111.8% | -43.5% | -38.5% | -68.9% | -79.5% | -77.4% | -96.1% | -59.6% | -1.2% | -16.9% | -13.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | -1.7M | -1.9M | -2.1M | -3.6M | -7.8M | -9.1M | -16M | -14M | -18M | -17M | 27M | -12M | -12M |
| Free Cash Flow | -1.7M | -1.9M | -2.1M | -3.6M | -7.8M | -9.1M | -16M | -14M | -18M | -17M | 27M | -12M | -12M |
| Owner Earnings | -2.3M | -2.0M | -2.7M | -5.2M | -9.7M | -12M | -18M | -18M | -22M | -22M | 22M | -20M | -20M |
| CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 175K | 0 | 0 | 0 | 0 |
| Maint. CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Growth CapEx | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% | N/A | N/A | N/A | 0.0% | 0.0% |
| Stock-Based Comp | 627K | 97K | 615K | 1.5M | 1.8M | 2.7M | 2.8M | 3.7M | 4.1M | 5.4M | 5.1M | 7.0M | 7.0M |
| Debt Repayment | 349K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.0M | 0 | 13M | 19M | 19M |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -37M | 1.1M | 18M | -7.3M | -17M | -17M |
| Cash & Equiv. | 2.3M | 942K | 3.9M | 28M | 23M | 14M | 30M | 21M | 24M | 13M | 27M | 37M | 37M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.0M | 25M | 31M | 19M | 19M | 19M |
| Debt/Equity | 2.87 | 0.86 | 0.11 | 0.06 | 0.08 | 0.19 | 0.08 | 0.32 | -9.69 | -2.66 | -3.29 | 0.55 | 0.55 |
| Interest Coverage | N/A | N/A | N/A | N/A | N/A | -203.3 | -1987.2 | -136.7 | -23.1 | -3.8 | 0.6 | -3.0 | -3.0 |
| Equity | 613K | 548K | 3.6M | 27M | 21M | 12M | 29M | 16M | -2.6M | -12M | -5.9M | 35M | 35M |
| Total Assets | 2.4M | 1.0M | 4.0M | 28M | 23M | 14M | 31M | 22M | 27M | 27M | 45M | 71M | 71M |
| Total Liabilities | 1.8M | 471K | 402K | 1.6M | 1.6M | 2.3M | 2.3M | 6.6M | 30M | 38M | 51M | 35M | 35M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 |
| Retained Earnings | -111M | -112M | -114M | -121M | -131M | -144M | -162M | -179M | -203M | -219M | -220M | -229M | -229M |
| Working Capital | N/A | N/A | N/A | N/A | 21M | 12M | 29M | 21M | 22M | 19M | 37M | 57M | 57M |
| Current Assets | N/A | N/A | N/A | N/A | 23M | 14M | 31M | 22M | 27M | 27M | 44M | 67M | 67M |
| Current Liabilities | 1.8M | 471K | 402K | 1.6M | 1.6M | 2.3M | 2.3M | 1.7M | 4.6M | 7.6M | 6.9M | 11M | 11M |
| Per Share Data | |||||||||||||
| EPS | -0.22 | -0.06 | -0.22 | -0.47 | -0.52 | -0.64 | -0.76 | -0.67 | -0.90 | -0.60 | -0.02 | -0.34 | -0.34 |
| Owner EPS | -0.24 | -0.18 | -0.22 | -0.34 | -0.51 | -0.59 | -0.77 | -0.69 | -0.84 | -0.84 | 1.01 | -0.68 | -0.68 |
| Book Value | 0.06 | 0.05 | 0.28 | 1.78 | 1.12 | 0.59 | 1.22 | 0.61 | -0.10 | -0.43 | -0.27 | 1.24 | 1.24 |
| Cash Flow/Share | -0.17 | -0.17 | -0.17 | -0.24 | -0.41 | -0.45 | -0.65 | -0.55 | -0.69 | -0.64 | 1.24 | -0.44 | -0.34 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 | 0.00 |
| Shares Out. | 9.9M | 11.0M | 12.7M | 15.0M | 19.0M | 20.0M | 23.8M | 25.9M | 26.3M | 26.7M | 21.8M | 28.6M | 28.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | -29.4 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5.0 | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 49.5 | N/A | N/A |
| Price/Book | N/A | N/A | N/A | 5.3 | 5.5 | 10.5 | 6.0 | N/A | N/A | N/A | N/A | N/A | 8.1 |
| Price/Sales | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10.7 | 3.3 | N/A | 6.4 |
| FCF Yield | N/A | N/A | N/A | -2.5% | -6.6% | -7.3% | -8.9% | N/A | -7.3% | -5.5% | 19.9% | N/A | -4.4% |
| Market Cap | N/A | N/A | N/A | 143M | 118M | 124M | 176M | 0 | 251M | 310M | 136M | 0 | 286M |
| Avg. Price | N/A | N/A | N/A | 10.21 | 9.42 | 5.13 | 7.15 | 0.00 | 6.59 | 8.50 | 7.30 | 0.00 | 9.99 |
| Year-End Price | N/A | N/A | N/A | 9.54 | 6.20 | 6.22 | 7.38 | 0.00 | 9.53 | 11.61 | 6.22 | 0.00 | 9.99 |
FENNEC PHARMACEUTICALS INC. passes 1 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 8.1x vs a median of 5.0x. The company's 5-year average gross margin is 37.6%. At current prices, the estimated annualized return to fair value is +59.0%.
FENNEC PHARMACEUTICALS INC. (FENC) has a debt-to-equity ratio of 0.55. This indicates moderate leverage.
FENNEC PHARMACEUTICALS INC. (FENC) reported earnings per share (EPS) of $-0.34 in its most recent fiscal year.
FENNEC PHARMACEUTICALS INC. (FENC) has a return on equity (ROE) of -65.8%. A negative ROE may indicate losses or negative equity.
FENNEC PHARMACEUTICALS INC. (FENC) has a 5-year average gross margin of 37.6%. This indicates decent pricing power.
The Ledger Terminal provides 15 years of financial data for FENNEC PHARMACEUTICALS INC. (FENC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
FENNEC PHARMACEUTICALS INC. (FENC) has a book value per share of $1.24, based on its most recent annual SEC filing.