2017 Q1 Form 10-Q Financial Statement
#000114420417026912 Filed on May 12, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q3 | 2016 Q1 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $550.0K | $450.0K | $410.0K |
| YoY Change | 34.15% | 80.0% | 0.0% |
| % of Gross Profit | |||
| Research & Development | $230.0K | $112.0K | $47.00K |
| YoY Change | 389.36% | 27.27% | 9.3% |
| % of Gross Profit | |||
| Depreciation & Amortization | |||
| YoY Change | |||
| % of Gross Profit | |||
| Operating Expenses | $770.0K | $112.0K | $47.00K |
| YoY Change | 1538.3% | 27.27% | 9.3% |
| Operating Profit | -$564.0K | -$454.0K | |
| YoY Change | 66.86% | 0.44% | |
| Interest Expense | -$30.00K | $20.00K | $30.00K |
| YoY Change | -200.0% | -90.91% | -95.24% |
| % of Operating Profit | |||
| Other Income/Expense, Net | -$1.000K | $62.00K | $34.00K |
| YoY Change | -102.94% | -71.16% | -94.59% |
| Pretax Income | -$810.0K | -$500.0K | -$420.0K |
| YoY Change | 92.86% | 316.67% | -333.33% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$806.0K | -$502.0K | -$420.0K |
| YoY Change | 91.9% | 308.13% | -337.29% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.06 | -$0.04 | -$0.04 |
| Diluted Earnings Per Share | -$0.06 | -$0.04 | -$0.04 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 13.64M shares | 13.64M shares | 10.94M shares |
| Diluted Shares Outstanding | 13.64M shares | 10.94M shares |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q3 | 2016 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $3.250M | $4.540M | $550.0K |
| YoY Change | 490.91% | 231.39% | -71.35% |
| Cash & Equivalents | $3.251M | $4.537M | $545.0K |
| Short-Term Investments | |||
| Other Short-Term Assets | $40.00K | $40.00K | $40.00K |
| YoY Change | 0.0% | -50.0% | 1900.0% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $3.290M | $4.580M | $590.0K |
| YoY Change | 457.63% | 215.86% | -69.74% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | |||
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $3.290M | $4.580M | $590.0K |
| Total Long-Term Assets | $0.00 | $0.00 | $0.00 |
| Total Assets | $3.290M | $4.580M | $590.0K |
| YoY Change | 457.63% | 215.86% | -69.73% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $220.0K | $240.0K | $230.0K |
| YoY Change | -4.35% | -4.0% | -40.1% |
| Accrued Expenses | $130.0K | $90.00K | $80.00K |
| YoY Change | 62.5% | 0.0% | 77.78% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $430.0K | $360.0K | $350.0K |
| YoY Change | 22.86% | -16.28% | -68.83% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $430.0K | $360.0K | $350.0K |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $430.0K | $360.0K | $350.0K |
| YoY Change | 22.86% | -16.28% | -68.83% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$113.2M | -$112.0M | |
| YoY Change | 1.13% | ||
| Common Stock | $116.2M | $111.0M | |
| YoY Change | 0.61% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $2.861M | $4.220M | $243.0K |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $3.290M | $4.580M | $588.0K |
| YoY Change | 459.52% | 215.86% | -69.83% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q3 | 2016 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$806.0K | -$502.0K | -$420.0K |
| YoY Change | 91.9% | 308.13% | -337.29% |
| Depreciation, Depletion And Amortization | |||
| YoY Change | |||
| Cash From Operating Activities | -$675.0K | -$544.0K | -$500.0K |
| YoY Change | 35.0% | 6.88% | 19.05% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | |||
| YoY Change | |||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cash From Investing Activities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $102.0K | ||
| YoY Change | 277.78% | ||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | $0.00 | $0.00 | 100.0K |
| YoY Change | -100.0% | -100.0% | 270.37% |
| NET CHANGE | |||
| Cash From Operating Activities | -$675.0K | -$544.0K | -500.0K |
| Cash From Investing Activities | 0.000 | 0.000 | 0.000 |
| Cash From Financing Activities | $0.00 | $0.00 | 100.0K |
| Net Change In Cash | -$675.0K | -$544.0K | -400.0K |
| YoY Change | 68.75% | 11.48% | -1581.48% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$675.0K | -$544.0K | -$500.0K |
| Capital Expenditures | |||
| Free Cash Flow | |||
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
13643000 | shares |
| CY2017Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1000 | USD |
| CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-9000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
102000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
0 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
|
102000 | USD |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
10942000 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
10942000 | shares |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.04 | |
| CY2016Q1 | us-gaap |
Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
|
0 | shares |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
|
3251000 | USD |
| CY2017Q1 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
71000 | USD |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-11000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-36000 | USD |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
FENNEC PHARMACEUTICALS INC. | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001211583 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Smaller Reporting Company | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
FENCF | |
| CY2017Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
13707306 | shares |
| CY2017Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2016Q4 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
| CY2017Q1 | us-gaap |
Common Stock No Par Value
CommonStockNoParValue
|
0 | |
| CY2017Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
13643000 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
13643000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
13643000 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
13643000 | shares |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.06 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.04 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.06 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.04 | |
| CY2015Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
548000 | USD |
| CY2016Q1 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
13000 | USD |
| CY2016Q1 | fencf |
Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
|
102000 | USD |
| CY2016Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
4220000 | USD |
| CY2016Q2 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
17000 | USD |
| CY2016Q3 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
19000 | USD |
| CY2016Q4 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
23000 | USD |
| CY2016Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
6000 | USD |
| CY2016Q2 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
5000000 | USD |
| CY2017Q1 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
1383000 | shares |
| CY2017Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Capitalized Cost
ShareBasedGoodsAndNonemployeeServicesTransactionCapitalizedCost
|
56000 | USD |
| CY2016Q1 | us-gaap |
Share Based Goods And Nonemployee Services Transaction Capitalized Cost
ShareBasedGoodsAndNonemployeeServicesTransactionCapitalizedCost
|
0 | USD |
| CY2017Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
97000 | USD |
| CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify"><b>Use of estimates</b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the interim condensed consolidated financial statements and the reported amounts of expense during the reporting period. Actual results could differ from those estimates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt" align="justify">In the opinion of management, these unaudited interim condensed consolidated financial statements include all adjustments, which are normal and recurring in nature, necessary for the fair presentation of the Company’s financial position at March 31, 2017 and to state fairly the results for the periods presented. The most significant estimates utilized during the quarter ended March 31, 2017 included estimates necessary to value derivative instruments, disclosed in Note 4.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
3251000 | USD |
| CY2016Q4 | us-gaap |
Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
|
3926000 | USD |
| CY2017Q1 | us-gaap |
Cash
Cash
|
83000 | CAD |
| CY2017Q1 | us-gaap |
Cash
Cash
|
3000 | USD |
| CY2016Q4 | us-gaap |
Cash
Cash
|
51000 | USD |
| CY2016Q1 | us-gaap |
Stock Option Plan Expense
StockOptionPlanExpense
|
0 | USD |
| CY2017Q1 | fencf |
Percentage Of Common Shares Outstanding
PercentageOfCommonSharesOutstanding
|
0.25 | pure |
| CY2017Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
2000 | USD |
| CY2016Q1 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
39000 | USD |
| CY2017Q1 | us-gaap |
Derivative Liabilities
DerivativeLiabilities
|
71000 | USD |
| CY2016Q4 | fencf |
Stock Options Issuance
StockOptionsIssuance
|
65000 | shares |
| CY2017Q1 | fencf |
Stock Options Issuance Exercised
StockOptionsIssuanceExercised
|
-14000 | shares |
| CY2017Q1 | fencf |
Stock Options Issuance Forfeited
StockOptionsIssuanceForfeited
|
-11000 | shares |
| CY2017Q1 | fencf |
Stock Options Issuance Expired
StockOptionsIssuanceExpired
|
0 | shares |
| CY2017Q1 | fencf |
Stock Options Issuance
StockOptionsIssuance
|
40000 | shares |
| CY2016Q4 | fencf |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableWeightedAverageExercisePrice
|
1.82 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
1.94 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
1.74 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
0 | |
| CY2017Q1 | fencf |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding And Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingAndExercisableWeightedAverageExercisePrice
|
1.81 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Rights
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights
|
The conditions of these grants state that 1/3 of the options granted shall vest on July 5, 2017 (the “Vesting Commencement Date”). The remainder of the options granted, shall vest evenly over 24 months beginning from the Vesting Commencement Date, such that all options have vested 36 months after issue. Expense for grants to employees shall be calculated as of the grant date and recognized straight line over the vesting period. |
