Fennec Pharmaceuticals Reports 79% Increase in Product Sales, Continues to Face Net Loss in Q3 2025

Fennec Pharmaceuticals Inc. reported its financial results for the third quarter and the first nine months of 2025, highlighting a significant increase in product sales but a continued net loss. For the three months ended September 30, 2025, the company generated $12.5 million in net product sales from its FDA-approved product, PEDMARK®, compared to $7.0 million in the same period last year, marking an increase of 79%. For the nine-month period, net product sales reached $30.9 million, up from $21.7 million in 2024. However, the company reported a net loss of $638,000 for the third quarter, an improvement from a loss of $5.7 million in the prior year, while the nine-month net loss was $4.95 million, a decline from a profit of $1.55 million in 2024.

The financial performance reflects strategic developments, including the expansion of market penetration and access for PEDMARK®, particularly among the adolescent and young adult (AYA) population. The company also recorded $70,000 in product sales related to royalties from its licensing agreement with Norgine Pharma UK Limited, which was finalized in March 2024. This agreement allows Norgine to commercialize PEDMARQSI® (the European brand name for PEDMARK®) in Europe, Australia, and New Zealand, providing Fennec with an upfront payment of approximately $43.2 million and potential future milestone payments of up to $230 million.

Operationally, Fennec's total operating expenses for the third quarter were $12.7 million, slightly higher than the $12.2 million reported in the same quarter of 2024. The increase in expenses was primarily driven by higher selling and marketing costs, which rose to $5.2 million from $4.6 million, reflecting intensified commercial efforts in the U.S. General and administrative expenses also increased to $6.8 million from $6.1 million, attributed to higher salaries and consulting costs. The company’s cash and cash equivalents decreased to $21.9 million as of September 30, 2025, down from $26.6 million at the end of 2024, largely due to cash operating expenses and the timing of working capital collections.

Fennec's accumulated deficit increased to $224.6 million as of September 30, 2025, compared to $219.7 million at the end of the previous year. The company continues to focus on its commercialization efforts for PEDMARK® and anticipates that current funds, including those from the Norgine agreement, will be sufficient to support its operations for at least the next twelve months. Looking ahead, Fennec aims to solidify PEDMARK® as the standard of care for preventing cisplatin-induced ototoxicity in pediatric patients, while also expanding its market presence in Europe and other regions through its partnership with Norgine.