Fennec Pharmaceuticals (FENC) Q2 2025 earnings summary

Executive summary

• Achieved Q2 2025 net revenues of $9.7 million, up 33% year-over-year, marking the third consecutive quarter of sequential growth and matching the highest quarterly sales in company history.

• PEDMARK adoption expanded with double-digit new accounts, including large community oncology groups and academic centers, supported by targeted sales and enhanced patient support programs.

• Initial PEDMARQSI launches in the UK and Germany by Norgine, with further EU launches and Japan clinical trial results expected in H2 2025.

• Strategic focus on increasing awareness, payer access, and multidisciplinary engagement is driving broader recognition and adoption of PEDMARK.

• Major national oncology group added PEDMARK to its formulary for patients under 40, and NCODA issued a Positive Quality Intervention (PQI) for PEDMARK.

Financial highlights

• Q2 2025 net product sales were $9.7 million, up from $7.3 million in Q2 2024, with a net loss of $3.2 million, improved from $5.6 million in Q2 2024.

• Selling and marketing expenses were $4.4 million in Q2 2025, compared to $4.7 million in Q2 2024; G&A expenses were $7.0 million, with $1.5 million in non-cash stock-based compensation.

• Cash and cash equivalents stood at $18.7 million as of June 30, 2025, down from $22.7 million at March 31, 2025.

• Gross margin for Q2 2025 was approximately 90%, with cost of product sales at $967,000.

• Q2 2025 basic and diluted net loss per share was $0.11, compared to $0.20 in Q2 2024.

Outlook and guidance

• Anticipates continued U.S. growth for PEDMARK, further EU launches via Norgine, and significant global opportunity with Japan trial results expected in H2 2025.

• Expects full-year 2025 cash operating expenses to be similar to 2024 (~$33 million), with expenses decreasing in the second half.

• Cash profitability targeted as revenues grow and expenses decline; additional cash levers include milestones/royalties from Norgine and potential Japan partnership.

• Current funds, including Norgine upfront payment, are expected to support planned activities and commercialization for at least the next 12 months.