$FENC
FENNEC PHARMACEUTICALS INC.

2022 Q4 Form 10-Q Financial Statement

#000155837022017857 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $1.535M $0.00 $0.00
YoY Change
Cost Of Revenue $86.00K
YoY Change
Gross Profit $1.449M
YoY Change
Gross Profit Margin 94.4%
Selling, General & Admin $7.467M $7.053M $2.931M
YoY Change 102.69% 140.63% -34.72%
% of Gross Profit 515.32%
Research & Development $117.0K $846.0K $1.242M
YoY Change -77.63% -31.88% -9.21%
% of Gross Profit 8.07%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.584M $846.0K $1.242M
YoY Change 80.27% -31.88% -9.21%
Operating Profit -$6.135M -$7.899M -$4.173M
YoY Change 89.29% -28.78%
Interest Expense -$722.0K -$190.0K -$11.00K
YoY Change 215.28% 1627.27% -96.67%
% of Operating Profit
Other Income/Expense, Net -$190.0K -$12.00K
YoY Change 1483.33% -96.48%
Pretax Income -$6.857M -$8.089M -$4.185M
YoY Change 54.89% 93.29% -32.5%
Income Tax
% Of Pretax Income
Net Earnings -$6.857M -$8.089M -$4.185M
YoY Change 54.89% 93.29% -32.5%
Net Earnings / Revenue -446.71%
Basic Earnings Per Share -$0.31 -$0.16
Diluted Earnings Per Share -$0.26 -$0.31 -$0.16
COMMON SHARES
Basic Shares Outstanding 26.24M 26.07M 26.01M
Diluted Shares Outstanding 26.11M 26.01M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.77M $29.75M $24.34M
YoY Change 12.67% 22.26% -26.64%
Cash & Equivalents $23.77M $29.75M $24.34M
Short-Term Investments
Other Short-Term Assets $63.00K $123.0K $412.0K
YoY Change -75.1% -70.15% -54.22%
Inventory $576.0K
Prepaid Expenses $770.0K $278.0K $1.232M
Receivables $1.545M
Other Receivables $0.00
Total Short-Term Assets $26.73M $30.15M $25.98M
YoY Change 19.39% 16.07% -23.75%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $211.0K $264.0K $35.00K
YoY Change 681.48% 654.29%
Total Long-Term Assets $211.0K $264.0K $35.00K
YoY Change 681.48% 654.29%
TOTAL ASSETS
Total Short-Term Assets $26.73M $30.15M $25.98M
Total Long-Term Assets $211.0K $264.0K $35.00K
Total Assets $26.94M $30.42M $26.01M
YoY Change 20.19% 16.93% -23.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.390M $2.533M $1.154M
YoY Change 207.59% 119.5% -56.94%
Accrued Expenses $2.219M $394.0K $860.0K
YoY Change 153.02% -54.19% 330.0%
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 $4.609M $2.927M $2.014M
YoY Change 178.66% 45.33% -30.31%
LONG-TERM LIABILITIES
Long-Term Debt $25.00M $25.00M $5.000M
YoY Change 400.0% 400.0%
Other Long-Term Liabilities -$101.0K -$312.0K -$13.00K
YoY Change 741.67% 2300.0%
Total Long-Term Liabilities $24.90M $24.69M $4.987M
YoY Change 399.18% 395.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.609M $2.927M $2.014M
Total Long-Term Liabilities $24.90M $24.69M $4.987M
Total Liabilities $29.51M $27.62M $7.001M
YoY Change 344.26% 294.44% 142.25%
SHAREHOLDERS EQUITY
Retained Earnings -$203.2M -$196.3M -$175.1M
YoY Change 13.21% 12.16%
Common Stock $199.4M $197.9M $192.8M
YoY Change 2.77% 2.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.569M $2.802M $19.01M
YoY Change
Total Liabilities & Shareholders Equity $26.94M $30.42M $26.01M
YoY Change 20.19% 16.93% -23.65%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$6.857M -$8.089M -$4.185M
YoY Change 54.89% 93.29% -32.5%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$6.802M -$5.010M -$2.958M
YoY Change 109.61% 69.37% -45.68%
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 824.0K 19.85M 0.000
YoY Change 8140.0% -100.0%
NET CHANGE
Cash From Operating Activities -6.802M -5.010M -2.958M
Cash From Investing Activities
Cash From Financing Activities 824.0K 19.85M 0.000
Net Change In Cash -5.978M 14.84M -2.958M
YoY Change 84.79% -601.59% -46.83%
FREE CASH FLOW
Cash From Operating Activities -$6.802M -$5.010M -$2.958M
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;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1.    Nature of Business and Going Concern</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Fennec Pharmaceuticals Inc., a British Columbia corporation (“Fennec,” ”the “Company,” “we,” “us,” or “our”), is a commercial stage specialty biopharmaceutical company focused on PEDMARK<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (sodium thiosulfate injection) for the prevention of platinum-induced ototoxicity in pediatric cancer patients. We have four wholly-owned subsidiaries: Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian company, and Fennec Pharmaceuticals (EU) Limited (“Fennec Limited”), an Ireland company. With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) that are applicable to a going concern, which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three and nine months ended September 30, 2022, the Company incurred a loss from operations of $7,899 and $16,454, respectively. At September 30, 2022, the Company had an accumulated deficit of $196,343 and had experienced negative cash flows from operating activities during the nine months ended September 30, 2022 in the amount of $11,256.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On August 1, 2022, the Company entered into a Securities Purchase Agreement (the “SPA”) with Petrichor Opportunities Fund I LP (the “Creditor”) in connection with the issuance of up to $45,000 of senior secured floating rate convertible notes (the “Notes”), issuable in multiple tranches (the “Note Financing”).  On August 19, 2022, the Company closed on the initial tranche of $5,000 (the “First Closing Note”) which has an Initial Conversion Price equal to $8.11 per share, which was calculated based on a 20% premium of the 5-day volume weighted average price of the Company’s common shares as traded on the Nasdaq Capital Market (the “VWAP”) immediately prior to the announcement of the Securities Purchase Agreement (“SPA”) dated August 1, 2022. In connection with the first closing, the Company repaid in full its secured indebtedness with Bridge Bank in the amount of $5,000.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.33;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.32;text-align:justify;margin:0pt 10.95pt 0pt 0pt;">On September 23, 2022, the Company closed on the second tranche of the Note Financing in the amount of $20,000 (the “Second Closing Note”), which has an Initial Conversion Price equal to $7.89 per share, which was calculated based on a 20% premium of the 5-day VWAP immediately prior to September 20, 2022, which was the date the Company obtained FDA approval of PEDMARK (the “Second Closing Trigger”).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.2pt;margin:0pt;"><span style="font-size:9.2pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.33;text-align:justify;margin:0pt 10.95pt 0pt 0pt;">Subsequent to the funding of the Second Closing Note, and before December 31, 2023, the Company may draw up to $20,000 of additional financing under the SPA, in one or more tranches of $10,000 upon mutual agreement of the Company and the Creditor (the “Subsequent Closing Notes”). The Subsequent Closing Notes will be convertible at a price per share equal to $7.89 per share, which price is calculated on the same basis as for the Second Closing Note. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:8.95pt;margin:0pt;"><span style="font-size:8.95pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;text-align:justify;margin:0pt 10.95pt 0pt 0pt;">A commitment fee of 2.0% of the Notes is payable under the SPA. <span style="-sec-ix-hidden:Hidden_8nznpMN4OUqxmh9fz3ww2A;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">Half</span></span> of such fee was paid by the issuance on the first closing of warrants to purchase 55,498 of the Company's common shares (“First Closing Warrant”) and <span style="-sec-ix-hidden:Hidden_LP_jjPdelEeBbrsruoNvjw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">half</span></span> is payable in cash or warrants of 55,498 of the Company’s common shares (“Second Closing Warrant”), at our election, on the second closing. The warrants are exercisable at a price per share of $8.11 and will have a term of five years from the date of the grant. Subsequently, the Company elected to have the all the commitment fee of the Notes paid in warrants.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.25;text-align:justify;margin:0pt 10.95pt 0pt 0pt;"><span style="margin-right:0pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 6pt 0pt;">The Company believes current funds, along with the funds from the Note Financing issued as part of the Creditor financing provide sufficient funding for the Company to carry out its planned activities, including the commencement of commercialization efforts for at least the next twelve months of PEDMARK. The Company also has the ability to obtain additional funds under the Subsequent Closing Notes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">These financial statements do not reflect the potentially material adjustments in the carrying values of assets and liabilities, the reported expenses, and the balance sheet classifications used, that would be necessary if the going concern assumption was not appropriate or if there was a materially adverse event which affected the Company’s solvency.</p>
CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7899000
us-gaap Operating Income Loss
OperatingIncomeLoss
-16454000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-196343000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11256000
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, 2022 and to state fairly the results for the periods presented. The most significant estimates utilized during the three and nine months ended September 30, 2022 include estimates necessary to value grants of various equity instruments to employees and contractors and the warrants issued to the Creditor, as disclosed in Note 4.</p>
CY2022Q3 us-gaap Cash
Cash
29752000
CY2021Q4 us-gaap Cash
Cash
21100000
CY2022Q3 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
29314000
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-8089000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-4185000
us-gaap Net Income Loss
NetIncomeLoss
-16857000
us-gaap Net Income Loss
NetIncomeLoss
-12919000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26108000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26007000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26105000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26004000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26108000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26007000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26105000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26004000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.50
CY2022Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
111000
CY2022Q3 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
8.11
fenc Non Cash Expense Capitalized Warrant Issues
NonCashExpenseCapitalizedWarrantIssues
441000
fenc Cash Expense Capitalized Warrant Issues
CashExpenseCapitalizedWarrantIssues
175000
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
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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
CY2022Q3 fenc Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
111000
CY2022Q3 fenc Exercise Price Of Warrants Issued
ExercisePriceOfWarrantsIssued
8.11
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
150000
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.30
CY2022Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
1887000
CY2021Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
917000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3363000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2839000
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
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
310000
CY2022Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
151000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
30000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4466000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
CY2022Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
29752000
CY2021Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
21100000
CY2022Q3 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
114000
CY2021Q4 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
240000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
400
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000
CY2020Q1 us-gaap Security Deposit Liability
SecurityDepositLiability
2000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
25000000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
312000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
24688000

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