$FENC
FENNEC PHARMACEUTICALS INC.

2022 Q3 Form 10-Q Financial Statement

#000155837022013471 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 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 $7.053M $3.878M $2.109M
YoY Change 140.63% 24.29% -15.98%
% of Gross Profit
Research & Development $846.0K $1.131M $1.437M
YoY Change -31.88% 41.38% -40.52%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $846.0K $1.131M $1.437M
YoY Change -31.88% 41.38% -40.52%
Operating Profit -$7.899M -$5.009M -$3.546M
YoY Change 89.29% 27.78% -27.97%
Interest Expense -$190.0K -$63.00K -$150.0K
YoY Change 1627.27% -800.0% -175.0%
% of Operating Profit
Other Income/Expense, Net -$190.0K -$63.00K -$150.0K
YoY Change 1483.33% -22.22% -178.95%
Pretax Income -$8.089M -$5.072M -$3.696M
YoY Change 93.29% 26.77% -21.86%
Income Tax
% Of Pretax Income
Net Earnings -$8.089M -$5.072M -$3.696M
YoY Change 93.29% 26.77% -21.91%
Net Earnings / Revenue
Basic Earnings Per Share -$0.31 -$0.19 -$0.14
Diluted Earnings Per Share -$0.31 -$0.19 -$0.14
COMMON SHARES
Basic Shares Outstanding 26.07M 26.05M 26.02M
Diluted Shares Outstanding 26.11M 26.05M 26.02M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.75M $14.92M $18.26M
YoY Change 22.26% -45.35% -31.74%
Cash & Equivalents $29.75M $14.92M $18.26M
Short-Term Investments
Other Short-Term Assets $123.0K $149.0K $154.0K
YoY Change -70.15% -59.95% -85.74%
Inventory
Prepaid Expenses $278.0K $490.0K $715.0K
Receivables
Other Receivables
Total Short-Term Assets $30.15M $15.55M $19.13M
YoY Change 16.07% -44.6% -31.27%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $264.0K $14.00K $21.00K
YoY Change 654.29% -65.85%
Total Long-Term Assets $264.0K $14.00K $21.00K
YoY Change 654.29% -65.85%
TOTAL ASSETS
Total Short-Term Assets $30.15M $15.55M $19.13M
Total Long-Term Assets $264.0K $14.00K $21.00K
Total Assets $30.42M $15.57M $19.15M
YoY Change 16.93% -44.63% -31.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.533M $1.743M $1.224M
YoY Change 119.5% 157.46% -51.24%
Accrued Expenses $394.0K $294.0K $412.0K
YoY Change -54.19% 71.93% 8.42%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.000M $500.0K
YoY Change
Total Short-Term Liabilities $2.927M $3.037M $2.136M
YoY Change 45.33% 258.14% -26.09%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $4.000M $4.500M
YoY Change 400.0% -20.0%
Other Long-Term Liabilities -$312.0K -$10.00K -$11.00K
YoY Change 2300.0% -28.57%
Total Long-Term Liabilities $24.69M $3.990M $4.489M
YoY Change 395.05% -19.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.927M $3.037M $2.136M
Total Long-Term Liabilities $24.69M $3.990M $4.489M
Total Liabilities $27.62M $7.027M $6.625M
YoY Change 294.44% 20.45% 129.24%
SHAREHOLDERS EQUITY
Retained Earnings -$196.3M -$188.3M -$183.2M
YoY Change 12.16% 10.15%
Common Stock $197.9M $195.6M $194.5M
YoY Change 2.63% 1.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.802M $8.541M $12.52M
YoY Change
Total Liabilities & Shareholders Equity $30.42M $15.57M $19.15M
YoY Change 16.93% -44.63% -31.19%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.089M -$5.072M -$3.696M
YoY Change 93.29% 26.77% -21.91%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.010M -$3.390M -$2.856M
YoY Change 69.37% -23.41% -20.51%
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 19.85M 46.00K 15.00K
YoY Change -99.07%
NET CHANGE
Cash From Operating Activities -5.010M -3.390M -2.856M
Cash From Investing Activities
Cash From Financing Activities 19.85M 46.00K 15.00K
Net Change In Cash 14.84M -3.390M -2.841M
YoY Change -601.59% -725.46% -20.93%
FREE CASH FLOW
Cash From Operating Activities -$5.010M -$3.390M -$2.856M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<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 June 30, 2022 and to state fairly the results for the periods presented. The most significant estimates utilized during the three and six months ended June 30, 2022 include estimates necessary to value grants of various equity instruments to employees and contractors, as disclosed in Note 4.</p>
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fenc Royalties Percentage
RoyaltiesPercentage
0.05
CY2020 us-gaap Revenues
Revenues
200000
fenc Collaborative Arrangement Liquidity Discount Percentage
CollaborativeArrangementLiquidityDiscountPercentage
0.20
CY2022Q2 us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax
8000
us-gaap Other Comprehensive Income Loss Financial Liability Fair Value Option Unrealized Gain Loss Arising During Period After Tax
OtherComprehensiveIncomeLossFinancialLiabilityFairValueOptionUnrealizedGainLossArisingDuringPeriodAfterTax
25000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-5072000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-4001000
us-gaap Net Income Loss
NetIncomeLoss
-8768000
us-gaap Net Income Loss
NetIncomeLoss
-8734000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26003000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26067000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26003000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26052000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26003000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26067000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26003000
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.19
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.15
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1476000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1922000
CY2022Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q2 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2022Q2 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
39000
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.80
CY2022Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1043000
CY2021Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1326000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4259000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
200000
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
26000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
382000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4051000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
305000
CY2022Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
19000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4337000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
14915000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21100000
CY2022Q2 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
148000
CY2021Q4 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
240000
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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