Fennec Pharmaceuticals (FENC) Q4 2025 earnings summary

Executive summary

• Achieved record net product sales of $44.6 million in 2025, up 50% year-over-year, with Q4 sales of $13.8 million, a 75% increase over Q4 2024, driven by growth in both new and existing accounts and strong adoption in the AYA segment.

• Expanded commercial and medical teams, increased field force, and launched targeted marketing initiatives, including partnerships with advocacy groups and presence at major oncology events.

• Expanded clinical validation and adoption of PEDMARKⓇ across new tumor types and patient populations, including positive topline results from a Japanese Phase 2/3 trial.

• Strengthened financial position by raising over $42 million in net proceeds from equity offerings, fully redeeming debt, and ending 2025 with $36.8 million in cash and no debt.

• Settled patent litigation, securing U.S. market exclusivity for PEDMARK until at least September 2033.

Financial highlights

• Net product sales for FY 2025 were $44.6 million, up from $29.6 million in 2024; Q4 2025 sales were $13.8 million, up from $7.9 million in Q4 2024.

• Selling and marketing expenses for 2025 were $18.6 million, flat year-over-year, with Q4 2025 expenses at $6.1 million.

• G&A expenses rose to $28.8 million in 2025, with Q4 2025 at $8.9 million, reflecting higher legal, payroll, and non-cash stock-based compensation.

• Cash and cash equivalents stood at $36.8 million at year-end, up $10.2 million year-over-year, with positive cash flow expected in Q1 2026.

• Net loss for FY 2025 was $10.1 million, compared to $0.4 million in 2024; Q4 2025 net loss was $5.1 million.

Outlook and guidance

• Anticipates cash operating expenses to rise from $35 million in 2025 to $50 million in 2026, driven by commercial and medical expansion.

• Expects material financial impact from expanded field force and new launches, with significant contributions starting in the second half of 2026.

• PEDMARK's European launches via Norgine expected to accelerate in 2026, with 8-10 new country launches planned.

• Every additional 100 patients on PEDMARK could add $30 million in net revenues and $0.70 per share in free cash flow.

• Pursuing registration and potential partnerships for PEDMARKⓇ in Japan following positive clinical results.