Detailed financial statements for Fennec Pharmaceuticals Inc. (FENC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fennec Pharmaceuticals Inc. operates as a biopharmaceutical firm. Its leading investigational drug in clinical development is PEDMARK, a specialized formulation of sodium thiosulfate. This treatment is designed to shield young cancer patients from hearing damage (ototoxicity) that can be induced by platinum-based chemotherapy. The company, which was founded in 1996, previously operated under the name Adherex Technologies Inc.
Analysis Summary
Fennec Pharmaceuticals Inc. reported revenue of $44.6M in the most recent fiscal year, growing at a 5-year CAGR of 204.7%.
Balance sheet quality for FENC: current ratio of 6.3. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $170000 | 0 | $1.5M | $21.3M | $47.5M | $44.6M |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | $86000 | $1.3M | $3.2M | $3.8M |
| Gross Profit | 0 | 0 | 0 | 0 | $170000 | 0 | $1.4M | $20.0M | $44.4M | $40.9M |
| Research & Development | $472000 | $1.9M | $5.0M | $5.7M | $5.1M | $5.0M | $3.5M | $56000 | $307000 | $250000 |
| Selling, General & Admin | $2.4M | $5.0M | $5.4M | $7.6M | $12.9M | $12.2M | $20.5M | $32.7M | $41.5M | $46.9M |
| Operating Expenses | $2.9M | $7.0M | $10.4M | $13.3M | $18.1M | $17.2M | $24.2M | $33.1M | $41.9M | $47.2M |
| Operating Income | -$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 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | $126000 | $978000 | $3.4M | $4.1M | $2.1M |
| Pre-tax Income | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$71000 | -$9.6M |
| Income Tax | -$8000 | -$47000 | -$348000 | 0 | 0 | 0 | 0 | 0 | $365000 | $106000 |
| Net Income | -$2.8M | -$7.0M | -$9.9M | -$13.1M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$436000 | -$9.7M |
| EPS | $-0.22 | $-0.47 | $-0.52 | $-0.63 | $-0.76 | $-0.67 | $-0.95 | $-0.60 | $-0.02 | $-0.36 |
| EPS (Diluted) | $-0.22 | $-0.47 | $-0.52 | $-0.63 | $-0.76 | $-0.67 | $-0.95 | $-0.60 | $-0.02 | $-0.36 |
| Shares Outstanding (Diluted) | $12.8M | $15.0M | $19.0M | $19.9M | $23.7M | $26.0M | $26.3M | $26.6M | $27.3M | $28.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $12.5M | $13.8M | $15.1M | $17.9M |
| Gross Profit | $11.8M | $12.0M | $14.5M | $17.2M |
| Operating Income | -$201000 | -$2.6M | -$119000 | $1.7M |
| EBITDA | -$26000 | -$4.3M | $234000 | $1.8M |
| Net Income | -$638000 | -$4.8M | $201000 | $2.0M |
| EPS | $-0.02 | $-0.17 | $0.01 | $0.06 |
| EPS (Diluted) | $-0.02 | $-0.17 | $0.01 | $0.05 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $3.9M | $28.3M | $22.8M | $13.7M | $30.3M | $21.1M | $23.8M | $13.3M | $26.6M | $36.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | $1.5M | $8.8M | $12.9M | $23.2M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | $576000 | $2.2M | $1.1M | $1.6M |
| Total Current Assets | $4.0M | $28.4M | $22.9M | $13.9M | $31.4M | $22.4M | $26.7M | $26.9M | $44.1M | $66.6M |
| Property, Plant & Equipment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $4.0M | $28.4M | $22.9M | $14.1M | $31.4M | $22.4M | $26.9M | $26.9M | $44.9M | $70.1M |
| Accounts Payable | $244000 | $855000 | $1.0M | $1.6M | $1.6M | $777000 | $2.4M | $3.8M | $3.2M | $4.6M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $402000 | $1.6M | $1.6M | $2.3M | $2.3M | $1.7M | $4.6M | $7.6M | $6.9M | $10.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $5.0M | $24.9M | $30.9M | $19.3M | 0 |
| Total Liabilities | $402000 | $1.6M | $1.6M | $2.3M | $2.3M | $6.6M | $29.5M | $38.5M | $50.8M | $35.0M |
| Retained Earnings | -$114.3M | -$121.4M | -$131.3M | -$144.0M | -$162.1M | -$179.5M | -$203.2M | -$219.2M | -$219.7M | -$229.4M |
| Total Equity | $3.6M | $26.8M | $21.3M | $11.9M | $29.1M | $15.8M | -$2.6M | -$11.6M | -$5.9M | $35.1M |
| Total Debt | 0 | 0 | 0 | 0 | 0 | $5.0M | $24.9M | $31.0M | $19.3M | 0 |
| Net Debt | -$3.9M | -$28.3M | -$22.8M | -$13.7M | -$30.3M | -$16.1M | $1.1M | $17.7M | -$7.3M | -$36.7M |
| Working Capital | $3.6M | $26.8M | $21.3M | $11.6M | $29.1M | $20.7M | $22.1M | $19.3M | $37.2M | $56.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $21.9M | $36.8M | $40.2M | $41.2M |
| Total Assets | $49.3M | $70.6M | $71.8M | $75.8M |
| Total Liabilities | $53.8M | $35.1M | $34.1M | $33.3M |
| Total Equity | -$4.5M | $35.5M | $37.7M | $42.4M |
| Total Debt | $19.4M | 0 | 0 | 0 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$2.8M | -$7.0M | -$9.9M | -$12.8M | -$18.1M | -$17.3M | -$23.7M | -$16.0M | -$436000 | -$10.3M |
| Depreciation & Amortization | 0 | 0 | 0 | 0 | 0 | $16000 | $149000 | $287000 | $959000 | $103000 |
| Stock-based Compensation | $615000 | $1.5M | $1.8M | $2.7M | $2.8M | $4.0M | $4.2M | $5.4M | $5.1M | $7.0M |
| Change in Working Capital | $10000 | $1.0M | $132000 | $569000 | -$663000 | -$138000 | -$509000 | -$8.2M | -$7.3M | -$15.1M |
| Operating Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M |
| Capital Expenditure | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | -$194000 | -$78000 | -$176000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$2.1M | -$3.6M | -$7.8M | -$9.1M | -$15.6M | -$14.2M | -$18.1M | -$17.1M | $27.0M | -$12.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $1.5M | -$6.0M | $2.4M | $50000 |
| Capital Expenditure | 0 | 0 | 0 | 0 |
| Free Cash Flow | $1.5M | -$6.0M | $2.4M | $50000 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $2.2M | $2.5M | 0 | $1.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | -100.0% | | +1284.5% | +123.7% | -6.1% |
| Net Income Growth (YoY) | | -152.6% | -40.3% | -32.2% | -38.5% | +4.2% | -36.7% | +32.3% | +97.3% | -2134.2% |
| EPS Growth (YoY) | | -113.6% | -10.6% | -21.2% | -20.6% | +11.8% | -41.8% | +36.8% | +97.3% | -2150.0% |
| Shares Change (YoY) | | +17.6% | +26.7% | +4.6% | +19.1% | +9.7% | +1.0% | +1.1% | +2.7% | +4.7% |
| FCF Growth (YoY) | | -71.4% | -114.9% | -15.8% | -72.1% | +8.8% | -27.0% | +5.1% | +257.4% | -146.2% |
| Gross Margin | | | | | 100.0% | | 94.4% | 94.1% | 93.3% | 91.6% |
| Operating Margin | | | | | -10520.6% | | -1481.3% | -61.4% | 5.2% | -14.2% |
| EBITDA Margin | | | | | -10647.1% | | -1471.5% | -58.2% | 10.1% | -16.7% |
| Net Margin | | | | | -10652.4% | | -1544.9% | -75.5% | -0.9% | -21.8% |
| FCF Margin | | | | | -9173.5% | | -1176.4% | -80.7% | 56.8% | -27.9% |
| Effective Tax Rate | 0.3% | 0.7% | 3.5% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -514.1% | -1.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.17 | $-0.24 | $-0.41 | $-0.46 | $-0.66 | $-0.55 | $-0.69 | $-0.65 | $0.99 | $-0.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $12.7M | $15.0M | $18.9M | $19.9M | $23.7M | $26.0M | $26.3M | $26.6M | $27.3M | $28.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Financial Health
| Piotroski F-Score | 1 |
| Altman Z-Score | 0.49 |
Key Ratios (10y)
| Year | 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/B | 42.61 | 5.61 | 5.67 | 10.87 | 6.07 | 7.26 | -98.19 | -25.65 | -29.38 | 6.28 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 1038.79 | 0.00 | 164.33 | 14.03 | 3.63 | 4.93 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | 0.0% | 94.4% | 94.1% | 93.3% | 91.6% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -10520.6% | 0.0% | -1481.3% | -61.4% | 5.2% | -14.2% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -10652.4% | 0.0% | -1544.9% | -75.5% | -0.9% | -21.8% |