Fennec Pharmaceuticals Inc.
FENCHealthcare|Biotechnology|US
$9.81
+0.42 (+4.47%)
Tangible Book / Share
$1.23
Cash / Share
$1.19
Financials
Financial Snapshot
Market Cap
$344.0M
Enterprise Value
$302.8M
Revenue (TTM)
$59.2M
Net Income (TTM)
-$3.3M
Cash & Investments
$41.2M
Net Cash
$41.2M
Free Cash Flow (TTM)
-$2.0M
Operating CF (TTM)
-$2.0M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$41.2M
Quarterly Burn
$510.0K
Monthly Burn
$170.0K
Est. Runway
~80.9 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $3.9M | $28.3M | $22.8M | $13.7M | $30.3M | $21.1M | $23.8M | $13.3M | $26.6M | $36.7M | $41.2M | |
| Operating Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M | -$2.0M | |
| Free Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M | -$2.0M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $5.1M | $28.0M | $2.3M | -$71.0K | $32.3M | $5.0M | $20.7M | $6.6M | -$13.6M | $22.6M | $24.6M |
R&D Spending
R&D (TTM)
$216.0K
R&D Intensity
0.4%
R&D Growth vs Prior
-13.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $170.0K | $0.00 | $1.5M | $21.3M | $47.5M | $44.6M | $59.2M | |
| R&D Expense | $472.0K | $1.9M | $5.0M | $5.7M | $5.1M | $5.0M | $3.5M | $56.0K | $307.0K | $250.0K | $216.0K | |
| R&D % of Revenue | — | — | — | — | 3002.9% | — | 230.0% | 0.3% | 0.6% | 0.6% | 0.4% | |
| SG&A | $2.4M | $5.0M | $5.4M | $7.6M | $12.9M | $12.2M | $20.5M | $32.7M | $41.5M | $46.9M | $56.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $170.0K | $0.00 | $1.5M | $21.3M | $47.5M | $44.6M | $59.2M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $86.0K | $1.3M | $3.2M | $3.8M | $3.7M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $170.0K | $0.00 | $1.4M | $20.0M | $44.4M | $40.9M | $55.5M | |
| R&D | $472.0K | $1.9M | $5.0M | $5.7M | $5.1M | $5.0M | $3.5M | $56.0K | $307.0K | $250.0K | $216.0K | |
| SG&A | $2.4M | $5.0M | $5.4M | $7.6M | $12.9M | $12.2M | $20.5M | $32.7M | $41.5M | $46.9M | $56.4M | |
| Operating Income | -$2.9M | -$7.0M | -$10.4M | -$13.3M | -$17.9M | -$17.2M | -$22.7M | -$13.1M | $2.5M | -$6.3M | -$1.2M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $126.0K | $978.0K | $3.4M | $4.1M | $2.1M | $904.0K | |
| Pretax Income | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$71.0K | -$9.6M | -$3.1M | |
| Net Income | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$436.0K | -$9.7M | -$3.3M | |
| EPS (Diluted) | -0.22 | -0.47 | -0.52 | -0.63 | -0.76 | -0.67 | -0.95 | -0.60 | -0.02 | -0.36 | -0.14 | |
| EBITDA | $115.5K | -$348.4K | $1.0M | -$13.1M | -$17.7M | -$17.2M | -$22.6M | -$12.4M | $4.8M | -$7.5M | -$2.4M | |
| Shares Out. (M) | 12.76 | 15.01 | 19.02 | 19.90 | 23.70 | 26.01 | 26.27 | 26.57 | 27.29 | 28.58 | 36.43 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $3.9M | $28.3M | $22.8M | $13.7M | $30.3M | $21.1M | $23.8M | $13.3M | $26.6M | $36.7M | $41.2M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $4.0M | $28.4M | $22.9M | $13.9M | $31.4M | $22.4M | $26.7M | $26.9M | $44.1M | $66.6M | $72.5M | |
| Total Assets | $4.0M | $28.4M | $22.9M | $14.1M | $31.4M | $22.4M | $26.9M | $26.9M | $44.9M | $70.1M | $75.8M | |
| Total Current Liabilities | $402.0K | $1.6M | $1.6M | $2.3M | $2.3M | $1.7M | $4.6M | $7.6M | $6.9M | $10.5M | $12.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.0M | $24.9M | $30.9M | $19.3M | $0.00 | $0.00 | |
| Total Liabilities | $402.0K | $1.6M | $1.6M | $2.3M | $2.3M | $6.6M | $29.5M | $38.5M | $50.8M | $35.0M | $33.3M | |
| Stockholders' Equity | $3.6M | $26.8M | $21.3M | $11.9M | $29.1M | $15.8M | -$2.6M | -$11.6M | -$5.9M | $35.1M | $42.4M | |
| Retained Earnings | -$114.3M | -$121.4M | -$131.3M | -$144.0M | -$162.1M | -$179.5M | -$203.2M | -$219.2M | -$219.7M | -$229.4M | -$227.2M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M | -$2.0M | |
| Capital Expenditure | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Free Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M | -$2.0M | |
| Investing Cash Flow | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Financing Cash Flow | $5.1M | $28.0M | $2.3M | -$71.0K | $32.3M | $5.0M | $20.7M | $6.6M | -$13.6M | $22.6M | $24.6M | |
| Issuance of Stock | $5.0M | $27.4M | $2.2M | $0.00 | $32.0M | $33.0K | $0.00 | $0.00 | $0.00 | $45.0M | $46.1M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$194.0K | -$78.0K | -$176.0K | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $5.0M | $20.2M | $5.0M | -$13.0M | -$19.8M | -$19.8M | |
| Stock Based Comp. | $615.0K | $1.5M | $1.8M | $2.7M | $2.8M | $4.0M | $4.2M | $5.4M | $5.1M | $7.0M | $6.5M | |
| Net Change in Cash | $3.0M | $24.3M | -$5.5M | -$9.1M | $16.7M | -$9.2M | $2.7M | -$10.5M | $13.4M | $10.2M | $22.5M |
Dilution Tracker
Shares outstanding grew 20.6% over 5 years — significant dilution
Shares Outstanding
35M
5-Year Share Growth
+20.6%
Stock Issuance (TTM)
$46.1M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 12.76 | 15.01 | 19.02 | 19.90 | 23.70 | 26.01 | 26.27 | 26.57 | 27.29 | 28.58 | 36.43 | |
| Change vs Prior % | — | 17.6% | 26.7% | 4.6% | 19.1% | 9.7% | 1.0% | 1.1% | 2.7% | 4.7% | 27.5% | |
| Stock Issuance | $5.0M | $27.4M | $2.2M | $0.00 | $32.0M | $33.0K | $0.00 | $0.00 | $0.00 | $45.0M | $46.1M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | -$194.0K | -$78.0K | -$176.0K | $0.00 | $0.00 | |
| Stock Based Comp. | $615.0K | $1.5M | $1.8M | $2.7M | $2.8M | $4.0M | $4.2M | $5.4M | $5.1M | $7.0M | $6.5M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | 100.0% | — | 94.4% | 94.1% | 93.3% | 91.6% | 93.7% | |
| Operating Margin % | — | — | — | — | -10520.6% | — | -1481.3% | -61.4% | 5.2% | -14.2% | -2.0% | |
| Net Margin % | — | — | — | — | -10652.4% | — | -1544.9% | -75.5% | -0.9% | -21.8% | -5.5% | |
| EBITDA Margin % | — | — | — | — | -10410.6% | — | -1471.5% | -58.2% | 10.1% | -16.7% | -4.0% | |
| FCF Margin % | — | — | — | — | -9173.5% | — | -1176.4% | -80.7% | 56.8% | -27.9% | -3.4% | |
| ROE % | -78.1% | -26.3% | -46.4% | -110.1% | -62.3% | -110.0% | 923.1% | 138.1% | 7.4% | -27.8% | -11.7% | |
| ROA % | -70.2% | -24.8% | -43.1% | -92.4% | -57.6% | -77.4% | -88.0% | -59.7% | -1.0% | -13.9% | -4.3% | |
| ROIC % | -80.2% | -25.8% | -47.1% | -112.1% | -61.5% | -83.0% | -101.8% | -67.5% | 6.5% | -10.7% | -1.8% | |
| R&D / Revenue % | — | — | — | — | 3002.9% | — | 230.0% | 0.3% | 0.6% | 0.6% | 0.4% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 1284.5% | 123.7% | -6.1% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -100.0% | 0.0% | 1279.8% | 121.8% | -7.8% | |
| Operating Income | -51.9% | -142.1% | -49.7% | -27.9% | -34.4% | 3.7% | -32.0% | 42.6% | 119.0% | -356.0% | |
| Net Income | -323.2% | -152.6% | -40.3% | -32.2% | -38.5% | 4.2% | -36.7% | 32.3% | 97.3% | -2134.2% | |
| EPS (Diluted) | -261.2% | -113.6% | -10.6% | -21.2% | -20.6% | 11.8% | -41.8% | 36.8% | 97.3% | -2150.0% | |
| Operating Cash Flow | -14.1% | -71.4% | -114.9% | -15.8% | -72.1% | 8.8% | -27.0% | 5.1% | 257.4% | -146.2% | |
| Free Cash Flow | -14.1% | -71.4% | -114.9% | -15.8% | -72.1% | 8.8% | -27.0% | 5.1% | 257.4% | -146.2% | |
| R&D Expense | 84.4% | 310.2% | 158.7% | 14.6% | -11.0% | -2.4% | -29.1% | -98.4% | 448.2% | -18.6% | |
| SG&A Expense | 46.8% | 109.0% | 7.7% | 40.2% | 71.0% | -5.5% | 67.5% | 59.5% | 26.8% | 13.1% | |
| Total Assets | 289.8% | 615.0% | -19.2% | -38.4% | 122.1% | -28.7% | 20.2% | -0.3% | 67.3% | 55.9% | |
| Book Value / Share | 456.4% | 533.8% | -37.0% | -47.0% | 105.5% | -50.5% | -116.1% | -347.3% | 50.8% | 670.1% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 399.2% | 24.3% | -37.5% | -100.0% | |
| Diluted Shares | 17.9% | 17.6% | 26.7% | 4.6% | 19.1% | 9.7% | 1.0% | 1.1% | 2.7% | 4.7% |
Valuation
P/E (TTM)At Loss
P/S5.81
10Y Low / Med / High3.63 / 14.03 / 1038.79
P/B7.98
10Y Low / Med / High5.61 / 6.28 / 42.61
EV/EBITDAAt Loss
10Y Low / Med / High34.43 / 95.65 / 1282.64
EV/Revenue5.11
10Y Low / Med / High3.48 / 14.86 / 860.30
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.23
Net Current Assets / Share
$1.12
Graham Net-Net
$0.77
Cash / Share
$1.19
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -54.55 | -21.32 | -12.27 | -10.30 | -9.80 | -6.57 | -10.11 | -18.70 | -395.00 | -21.39 | -75.46 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 1038.79 | 0.00 | 164.33 | 14.03 | 3.63 | 4.93 | 5.81 | |
| P/B Ratio | 42.61 | 5.61 | 5.67 | 10.87 | 6.07 | 7.26 | -98.19 | -25.65 | -29.38 | 6.28 | 7.98 | |
| EV/EBITDA | 1282.64 | -350.05 | 95.65 | -8.83 | -8.26 | -5.71 | -11.22 | -25.55 | 34.43 | -24.60 | -127.37 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 860.30 | 0.00 | 165.06 | 14.86 | 3.48 | 4.11 | 5.11 |
Analyst Estimates & Quality
Altman Z-Score
3.62
Safe
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $72.5M | $102.2M | $135.4M |
| Net Income | $9.8M | $30.5M | $54.9M |
| EPS | $0.28 | $0.90 | $1.47 |
| # Analysts (EPS) | 4 | 4 | 2 |
Revenue Segments
By Product
| Segment | 2020 |
|---|---|
| Royalty | $170.0K |