Fennec Pharmaceuticals Inc. reported a net loss of approximately $9.7 million for the fiscal year ending December 31, 2025, a significant increase from a loss of $436,000 in the previous year. The company's total revenue decreased to $44.6 million from $47.5 million, primarily due to the absence of licensing revenue from a previous agreement with Norgine, which contributed $17.9 million in 2024. However, product sales increased to $44.6 million, up from $29.6 million in 2024, reflecting improved market penetration and expanded access for its sole product, PEDMARK®, which is designed to prevent cisplatin-induced ototoxicity in pediatric patients.
The company has made strategic advancements, including the launch of PEDMARK® in the United States in October 2022 and the subsequent European Commission approval of PEDMARQSI® in June 2023. In March 2024, Fennec entered into an exclusive licensing agreement with Norgine for the commercialization of PEDMARQSI® in Europe, Australia, and New Zealand, receiving $43 million upfront and potential milestone payments totaling up to $230 million. The company has also expanded its commercial infrastructure, including the establishment of the Fennec HEARS® program, which provides financial and product access support to patients.
Operationally, Fennec reported a significant increase in cash and cash equivalents, rising to $36.8 million as of December 31, 2025, compared to $26.6 million the previous year. The increase was driven by net product sales and proceeds from equity offerings. The company’s employee count stood at approximately 35, with 19 in the commercial organization, reflecting its focus on expanding its market presence. Fennec estimates that there are about 11,400 pediatric patients with localized, non-metastatic solid tumors annually in the U.S. and Europe, with approximately 2,157 of these patients treated with cisplatin.
Looking ahead, Fennec anticipates continued investment in the commercialization of PEDMARK® and the pursuit of regulatory approvals in additional markets, including Japan, where positive results from an investigator-initiated trial have been reported. The company has received Orphan Drug Exclusivity for PEDMARK®, providing seven years of market exclusivity in the U.S. until September 2029. However, Fennec acknowledges the challenges of maintaining market share in a competitive landscape, particularly as it is a single-product company with limited commercial experience. The company’s future performance will depend on its ability to effectively market PEDMARK®, secure reimbursement from payers, and navigate the complexities of regulatory environments in various jurisdictions.
About FENNEC PHARMACEUTICALS INC.
Fennec Pharmaceuticals Inc. is a specialty pharmaceutical company focused on developing and commercializing treatments for reducing chemotherapy-induced ototoxicity in pediatric and adult cancer patients. Its flagship product, PEDMARK, is FDA and European approved to prevent hearing loss caused by cisplatin. The company relies on licensing, patent protection, third-party manufacturing, and targeted reimbursement strategies to serve global markets, emphasizing innovation in rare disease therapeutics.
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