Fennec Pharmaceuticals Reports Q2 2025 Financial Results with $3.15M Net Loss

Fennec Pharmaceuticals Inc. reported its financial results for the second quarter and first half of 2025, revealing a net loss of $3.15 million for the three months ending June 30, 2025, compared to a loss of $5.55 million in the same period of 2024. For the first half of 2025, the company recorded a net loss of $4.32 million, a significant decline from a net income of $7.28 million in the first half of 2024, which included substantial licensing revenue of $17.96 million from a previous agreement. Total revenue for the second quarter of 2025 was $9.65 million, up from $7.26 million in the prior year, driven primarily by increased sales of its product, PEDMARK, which netted $18.40 million in the first half of 2025, compared to $14.68 million in the same period of 2024.

The company’s operating expenses for the second quarter of 2025 were $12.38 million, slightly higher than the $12.30 million reported in the same quarter of 2024. Notably, selling and marketing expenses decreased to $4.35 million from $4.67 million year-over-year, reflecting a reduction in European pre-commercial activities following the licensing agreement with Norgine. General and administrative expenses increased to $6.96 million, up from $6.86 million, attributed to higher salaries and consulting costs. The company’s accumulated deficit grew to $223.99 million as of June 30, 2025, compared to $219.68 million at the end of 2024.

Fennec Pharmaceuticals has made strategic advancements, including the exclusive licensing agreement with Norgine Pharma UK Limited, which allows Norgine to commercialize PEDMARQSI (the European brand name for PEDMARK) in Europe, Australia, and New Zealand. This agreement provided an upfront payment of approximately $43.2 million and potential future milestone payments of up to $230 million. The company is also focused on expanding its market presence, particularly among adolescent and young adult patients, and has received European Commission Marketing Authorization for PEDMARQSI in June 2023.

Operationally, Fennec reported a decrease in cash and cash equivalents to $18.71 million as of June 30, 2025, down from $26.63 million at the end of 2024. The company experienced negative cash flows from operating activities of $8.00 million in the first half of 2025, compared to positive cash flows of $30.66 million in the same period of 2024, primarily due to increased operating expenses and the absence of significant licensing revenue. The company’s total liabilities increased to $52.34 million, up from $50.82 million at the end of 2024, reflecting ongoing operational costs and debt obligations.

Looking ahead, Fennec Pharmaceuticals anticipates that its current cash reserves, bolstered by the upfront payment from Norgine, will support its operations and commercialization efforts for at least the next twelve months. The company remains focused on increasing awareness of PEDMARK and expanding its market share while navigating the challenges of ongoing litigation related to patent protections for its products.