$FENC
FENNEC PHARMACEUTICALS INC.

2021 Q4 Form 10-Q Financial Statement

#000155837021015417 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2021 Q2
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.684M $2.931M $3.120M
YoY Change 60.87% -34.72% -16.13%
% of Gross Profit
Research & Development $523.0K $1.242M $800.0K
YoY Change -57.13% -9.21% -28.64%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.207M $1.242M $800.0K
YoY Change 19.52% -9.21% -28.64%
Operating Profit -$4.173M -$3.920M
YoY Change -28.78% -19.09%
Interest Expense -$229.0K -$11.00K $9.000K
YoY Change -308.18% -96.67% -190.0%
% of Operating Profit
Other Income/Expense, Net $9.000K -$12.00K -$81.00K
YoY Change -190.0% -96.48% -723.08%
Pretax Income -$4.427M -$4.185M -$4.001M
YoY Change 36.64% -32.5% -17.51%
Income Tax
% Of Pretax Income
Net Earnings -$4.427M -$4.185M -$4.001M
YoY Change 36.64% -32.5% -17.42%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.15
Diluted Earnings Per Share -$170.2K -$0.16 -$0.15
COMMON SHARES
Basic Shares Outstanding 26.01M 26.01M 26.00M
Diluted Shares Outstanding 26.01M 26.00M

Balance Sheet

Concept 2021 Q4 2021 Q3 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.10M $24.34M $27.29M
YoY Change -30.45% -26.64% -29.53%
Cash & Equivalents $21.10M $24.34M $27.29M
Short-Term Investments
Other Short-Term Assets $253.0K $412.0K $372.0K
YoY Change -8.33% -54.22% 118.82%
Inventory
Prepaid Expenses $1.034M $1.232M $409.0K
Receivables
Other Receivables
Total Short-Term Assets $22.39M $25.98M $28.07M
YoY Change -28.74% -23.75% -27.83%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $27.00K $35.00K $41.00K
YoY Change -90.24%
Total Long-Term Assets $27.00K $35.00K $41.00K
YoY Change -90.24%
TOTAL ASSETS
Total Short-Term Assets $22.39M $25.98M $28.07M
Total Long-Term Assets $27.00K $35.00K $41.00K
Total Assets $22.41M $26.01M $28.12M
YoY Change -28.66% -23.65% -28.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $777.0K $1.154M $677.0K
YoY Change -50.54% -56.94% -75.47%
Accrued Expenses $877.0K $860.0K $171.0K
YoY Change 13.02% 330.0% -61.14%
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 $1.654M $2.014M $848.0K
YoY Change -29.53% -30.31% -73.42%
LONG-TERM LIABILITIES
Long-Term Debt $5.000M $5.000M $5.000M
YoY Change
Other Long-Term Liabilities -$12.00K -$13.00K -$14.00K
YoY Change
Total Long-Term Liabilities $4.988M $4.987M $4.986M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.654M $2.014M $848.0K
Total Long-Term Liabilities $4.988M $4.987M $4.986M
Total Liabilities $6.642M $7.001M $5.834M
YoY Change 183.0% 142.25% 82.88%
SHAREHOLDERS EQUITY
Retained Earnings -$179.5M -$175.1M -$170.9M
YoY Change 10.7%
Common Stock $194.0M $192.8M $191.9M
YoY Change 2.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.77M $19.01M $22.28M
YoY Change
Total Liabilities & Shareholders Equity $22.41M $26.01M $28.12M
YoY Change -28.66% -23.65% -28.5%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2021 Q2
OPERATING ACTIVITIES
Net Income -$4.427M -$4.185M -$4.001M
YoY Change 36.64% -32.5% -17.42%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.245M -$2.958M -$4.426M
YoY Change -1.37% -45.68% 42.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 0.000 4.968M
YoY Change -97.83% -100.0% -84.45%
NET CHANGE
Cash From Operating Activities -3.245M -2.958M -4.426M
Cash From Investing Activities
Cash From Financing Activities 10.00K 0.000 4.968M
Net Change In Cash -3.235M -2.958M 542.0K
YoY Change 14.31% -46.83% -98.12%
FREE CASH FLOW
Cash From Operating Activities -$3.245M -$2.958M -$4.426M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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-2958000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10977000
CY2020Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4800000
CY2020Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.25
CY2020Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
34100000
CY2020Q2 fenc Gross Proceeds From Issuance Initial Public Offering
GrossProceedsFromIssuanceInitialPublicOffering
31967000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. 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.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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 September 30, 2021 and to state fairly the results for the periods presented. The most significant estimates utilized during the three and nine months ended September 30, 2021 include estimates necessary to value grants of stock options to employees and various contractors, as disclosed in Note 4.</p>
us-gaap Net Income Loss
NetIncomeLoss
-14871000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26007000
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25598000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26004000
CY2021Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
24335000
CY2020Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
30344000
CY2021Q3 us-gaap Cash
Cash
428000
CY2021Q3 us-gaap Cash
Cash
37000
CY2020Q4 us-gaap Cash
Cash
45000
CY2021Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2020Q3 fenc Royalties Percentage
RoyaltiesPercentage
0.05
fenc Royalties Percentage
RoyaltiesPercentage
0.05
CY2020 us-gaap Revenues
Revenues
200000000
fenc Collaborative Arrangement Liquidity Discount Percentage
CollaborativeArrangementLiquidityDiscountPercentage
0.20
CY2021Q3 us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
39000
us-gaap Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
137000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4185000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-6200000
us-gaap Net Income Loss
NetIncomeLoss
-12919000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
22969000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26007000
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25598000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26004000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
22969000
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.16
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2021Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2020Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2020Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2020Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2021Q1 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q1 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2021Q2 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q2 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2021Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2021Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q3 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2019Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2020Q1 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2020Q1 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2020Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2020Q2 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2020Q2 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2020Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2020Q3 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
0
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2021Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
917000
CY2020Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1259000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2839000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2214000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.22
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P10Y
CY2021Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
24335000
CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
30344000
CY2021Q3 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
402000
CY2020Q4 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
265000
CY2020Q4 us-gaap Share Price
SharePrice
4.11
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
400
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000
CY2020Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
2000

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