Fennec Pharmaceuticals Inc (NASDAQ: FENC) is a specialty pharmaceutical company focused on the commercialization of PEDMARK, a drug approved to reduce cisplatin-induced hearing loss in pediatric cancer patients. Revenue is generated through product sales of PEDMARK in the United States, with the company pursuing marketing approvals in the European Union, United Kingdom, and other international markets as of the 10-K filed March 27, 2026. Fennec held cash and cash equivalents of $36.8 million as of December 31, 2025, which it believes sufficient to fund operations for at least the next 12 months. The company relies on third-party distributors for product distribution and has senior secured convertible note financing from Petrichor Opportunities Fund I LP. Fennec has continued to incur operating losses and expects losses to continue as it pursues international approvals for PEDMARK. Haskell & White LLP has served as the company's auditor since 2017.

Revenue model

Product sales of PEDMARK in the United States, with distributor services agreements in place; the company records contract liabilities and accounts receivable related to these commercial arrangements, as disclosed in the FY2025 10-K.

Products and services

PEDMARK (sodium thiosulfate), a drug approved in the United States, European Union, and United Kingdom for the reduction of cisplatin-induced hearing loss (ototoxicity) in pediatric patients.

Customers and end markets

Pediatric oncology patients receiving cisplatin-based chemotherapy; customers include hospital systems and specialty distributors serving pediatric cancer treatment centers. The company disaggregates accounts receivable by class of customer for credit loss analysis, per FY2025 10-K disclosures.

Value-chain role

Pharmaceutical developer and commercial-stage manufacturer relying on third-party distributors for product distribution and third-party service providers for clinical, cloud, and operational infrastructure.

Geographic exposure

Primary commercial market is the United States. Marketing approvals for PEDMARK are being pursued in the European Union, United Kingdom, and other international markets as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-27

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