Estados financieros detallados de Fennec Pharmaceuticals Inc. (FENC): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Fennec Pharmaceuticals Inc. registró ingresos de $44.6M en el último ejercicio fiscal, con un CAGR de 5 años del 204.7%.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | $170000 | 0 | $1.5M | $21.3M | $47.5M | $44.6M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | $86000 | $1.3M | $3.2M | $3.8M |
| Beneficio Bruto | 0 | 0 | 0 | 0 | $170000 | 0 | $1.4M | $20.0M | $44.4M | $40.9M |
| I+D | $472000 | $1.9M | $5.0M | $5.7M | $5.1M | $5.0M | $3.5M | $56000 | $307000 | $250000 |
| Generales y Administrativos | $2.4M | $5.0M | $5.4M | $7.6M | $12.9M | $12.2M | $20.5M | $32.7M | $41.5M | $46.9M |
| Gastos Operativos | $2.9M | $7.0M | $10.4M | $13.3M | $18.1M | $17.2M | $24.2M | $33.1M | $41.9M | $47.2M |
| Beneficio Operativo | -$2.9M | -$7.0M | -$10.4M | -$13.3M | -$17.9M | -$17.2M | -$22.7M | -$13.1M | $2.5M | -$6.3M |
| EBITDA | $82000 | -$95000 | $521000 | -$13.1M | -$18.1M | -$17.2M | -$22.6M | -$12.4M | $4.8M | -$7.5M |
| Gastos por Intereses | 0 | 0 | 0 | 0 | 0 | $126000 | $978000 | $3.4M | $4.1M | $2.1M |
| Beneficio Antes de Impuestos | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$71000 | -$9.6M |
| Impuestos | -$8000 | -$47000 | -$348000 | 0 | 0 | 0 | 0 | 0 | $365000 | $106000 |
| Beneficio Neto | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$436000 | -$9.7M |
| BPA | $-0.22 | $-0.47 | $-0.52 | $-0.63 | $-0.76 | $-0.67 | $-0.95 | $-0.60 | $-0.02 | $-0.36 |
| BPA Diluido | $-0.22 | $-0.47 | $-0.52 | $-0.63 | $-0.76 | $-0.67 | $-0.95 | $-0.60 | $-0.02 | $-0.36 |
| Acciones en Circulación (Diluidas) | $12.8M | $15.0M | $19.0M | $19.9M | $23.7M | $26.0M | $26.3M | $26.6M | $27.3M | $28.6M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $12.5M | $13.8M | $15.1M | $17.9M |
| Beneficio Bruto | $11.8M | $12.0M | $14.5M | $17.2M |
| Beneficio Operativo | -$201000 | -$2.6M | -$119000 | $1.7M |
| EBITDA | -$26000 | -$4.3M | $234000 | $1.8M |
| Beneficio Neto | -$638000 | -$4.8M | $201000 | $2.0M |
| BPA | $-0.02 | $-0.17 | $0.01 | $0.06 |
| BPA Diluido | $-0.02 | $-0.17 | $0.01 | $0.05 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $3.9M | $28.3M | $22.8M | $13.7M | $30.3M | $21.1M | $23.8M | $13.3M | $26.6M | $36.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M | $8.8M | $12.9M | $23.2M |
| Inventario | 0 | 0 | 0 | 0 | 0 | 0 | $576000 | $2.2M | $1.1M | $1.6M |
| Activos Corrientes | $4.0M | $28.4M | $22.9M | $13.9M | $31.4M | $22.4M | $26.7M | $26.9M | $44.1M | $66.6M |
| Inmovilizado Material | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $4.0M | $28.4M | $22.9M | $14.1M | $31.4M | $22.4M | $26.9M | $26.9M | $44.9M | $70.1M |
| Cuentas por Pagar | $244000 | $855000 | $1.0M | $1.6M | $1.6M | $777000 | $2.4M | $3.8M | $3.2M | $4.6M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $402000 | $1.6M | $1.6M | $2.3M | $2.3M | $1.7M | $4.6M | $7.6M | $6.9M | $10.5M |
| Deuda a Largo | 0 | 0 | 0 | 0 | 0 | $5.0M | $24.9M | $30.9M | $19.3M | 0 |
| Pasivos Totales | $402000 | $1.6M | $1.6M | $2.3M | $2.3M | $6.6M | $29.5M | $38.5M | $50.8M | $35.0M |
| Reservas | -$114.3M | -$121.4M | -$131.3M | -$144.0M | -$162.1M | -$179.5M | -$203.2M | -$219.2M | -$219.7M | -$229.4M |
| Patrimonio Neto | $3.6M | $26.8M | $21.3M | $11.9M | $29.1M | $15.8M | -$2.6M | -$11.6M | -$5.9M | $35.1M |
| Deuda Total | 0 | 0 | 0 | 0 | 0 | $5.0M | $24.9M | $31.0M | $19.3M | 0 |
| Deuda Neta | -$3.9M | -$28.3M | -$22.8M | -$13.7M | -$30.3M | -$16.1M | $1.1M | $17.7M | -$7.3M | -$36.7M |
| Capital Circulante | $3.6M | $26.8M | $21.3M | $11.6M | $29.1M | $20.7M | $22.1M | $19.3M | $37.2M | $56.1M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $21.9M | $36.8M | $40.2M | $41.2M |
| Activos Totales | $49.3M | $70.6M | $71.8M | $75.8M |
| Pasivos Totales | $53.8M | $35.1M | $34.1M | $33.3M |
| Patrimonio Neto | -$4.5M | $35.5M | $37.7M | $42.4M |
| Deuda Total | $19.4M | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$2.8M | -$7.0M | -$9.9M | -$12.8M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$436000 | -$10.3M |
| Amortizaciones | 0 | 0 | 0 | 0 | 0 | $16000 | $149000 | $287000 | $959000 | $103000 |
| Compensación en Acciones | $615000 | $1.5M | $1.8M | $2.7M | $2.8M | $4.0M | $4.2M | $5.4M | $5.1M | $7.0M |
| Cambio en Capital Circulante | $10000 | $1.0M | $132000 | $569000 | -$663000 | -$138000 | -$509000 | -$8.2M | -$7.3M | -$15.1M |
| Flujo de Caja Operativo | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | -$194000 | -$78000 | -$176000 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $1.5M | -$6.0M | $2.4M | $50000 |
| Inversiones (CapEx) | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | $1.5M | -$6.0M | $2.4M | $50000 |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.2M | $2.5M | 0 | $1.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | | | | | -100.0% | | +1284.5% | +123.7% | -6.1% |
| Crecimiento Beneficio Neto (anual) | | -152.6% | -40.3% | -32.2% | -38.5% | +4.2% | -36.7% | +32.3% | +97.3% | -2134.2% |
| Crecimiento BPA (anual) | | -113.6% | -10.6% | -21.2% | -20.6% | +11.8% | -41.8% | +36.8% | +97.3% | -2150.0% |
| Cambio en Acciones (anual) | | +17.6% | +26.7% | +4.6% | +19.1% | +9.7% | +1.0% | +1.1% | +2.7% | +4.7% |
| Crecimiento FCF (anual) | | -71.4% | -114.9% | -15.8% | -72.1% | +8.8% | -27.0% | +5.1% | +257.4% | -146.2% |
| Margen Bruto | | | | | 100.0% | | 94.4% | 94.1% | 93.3% | 91.6% |
| Margen Operativo | | | | | -10520.6% | | -1481.3% | -61.4% | 5.2% | -14.2% |
| Margen EBITDA | | | | | -10647.1% | | -1471.5% | -58.2% | 10.1% | -16.7% |
| Margen Neto | | | | | -10652.4% | | -1544.9% | -75.5% | -0.9% | -21.8% |
| Margen FCF | | | | | -9173.5% | | -1176.4% | -80.7% | 56.8% | -27.9% |
| Tasa Impositiva Efectiva | 0.3% | 0.7% | 3.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -514.1% | -1.1% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-0.17 | $-0.24 | $-0.41 | $-0.46 | $-0.66 | $-0.55 | $-0.69 | $-0.65 | $0.99 | $-0.44 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $12.7M | $15.0M | $18.9M | $19.9M | $23.7M | $26.0M | $26.3M | $26.6M | $27.3M | $28.6M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Salud financiera
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.49 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -54.55 | -21.32 | -12.27 | -10.30 | -9.80 | -6.57 | -10.11 | -18.70 | -395.00 | -21.39 |
| P/VC | 42.61 | 5.61 | 5.67 | 10.87 | 6.07 | 7.26 | -98.19 | -25.65 | -29.38 | 6.28 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 1038.79 | 0.00 | 164.33 | 14.03 | 3.63 | 4.93 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 94.4% | 94.1% | 93.3% | 91.6% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | -10520.6% | 0.0% | -1481.3% | -61.4% | 5.2% | -14.2% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | -10652.4% | 0.0% | -1544.9% | -75.5% | -0.9% | -21.8% |