$FENC
FENNEC PHARMACEUTICALS INC.

2024 Q3 Form 10-Q Financial Statement

#000155837024012074 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $6.974M $7.262M
YoY Change 7.05% 118.41%
Cost Of Revenue $1.357M $608.0K
YoY Change 309.97% 310.81%
Gross Profit $5.617M $6.654M
YoY Change -9.17% 109.44%
Gross Profit Margin 80.54% 91.63%
Selling, General & Admin $10.72M $11.54M
YoY Change 49.14% 47.24%
% of Gross Profit 190.88% 173.37%
Research & Development $97.00K $157.0K
YoY Change 708.33% 1862.5%
% of Gross Profit 1.73% 2.36%
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $12.18M $12.30M
YoY Change 69.09% 56.84%
Operating Profit -$5.202M -$5.039M
YoY Change 411.5% 7.99%
Interest Expense -$533.0K -$514.0K
YoY Change -37.29% -33.93%
% of Operating Profit
Other Income/Expense, Net -$533.0K -$514.0K
YoY Change -37.29% -33.93%
Pretax Income -$5.735M -$5.553M
YoY Change 206.68% 2.0%
Income Tax
% Of Pretax Income
Net Earnings -$5.735M -$5.553M
YoY Change 207.18% 2.0%
Net Earnings / Revenue -82.23% -76.47%
Basic Earnings Per Share -$0.21 -$0.20
Diluted Earnings Per Share -$0.21 -$0.20
COMMON SHARES
Basic Shares Outstanding 27.36M 27.32M
Diluted Shares Outstanding 27.37M 27.30M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.32M $43.05M
YoY Change 225.16% 187.83%
Cash & Equivalents $40.32M $43.05M
Short-Term Investments
Other Short-Term Assets $546.0K $283.0K
YoY Change 2630.0% -42.13%
Inventory $1.125M $2.144M
Prepaid Expenses $3.066M $4.379M
Receivables $12.91M $12.31M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.97M $62.17M
YoY Change 205.95% 221.62%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $956.0K $989.0K
YoY Change 1812.0% 833.02%
Total Long-Term Assets $956.0K $989.0K
YoY Change 1065.85% 833.02%
TOTAL ASSETS
Total Short-Term Assets $57.97M $62.17M
Total Long-Term Assets $956.0K $989.0K
Total Assets $58.92M $63.16M
YoY Change 209.65% 224.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.867M $4.447M
YoY Change 31.49% 47.99%
Accrued Expenses $3.313M $3.038M
YoY Change 248.37% 293.01%
Deferred Revenue $248.0K $252.0K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.435M $7.749M
YoY Change 90.01% 105.11%
LONG-TERM LIABILITIES
Long-Term Debt $30.00M $30.00M
YoY Change 20.0% 20.0%
Other Long-Term Liabilities $26.66M $26.77M
YoY Change 4001.08% 6834.97%
Total Long-Term Liabilities $56.66M $56.77M
YoY Change 120.92% 123.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.435M $7.749M
Total Long-Term Liabilities $56.66M $56.77M
Total Liabilities $64.09M $64.52M
YoY Change 116.83% 121.22%
SHAREHOLDERS EQUITY
Retained Earnings -$217.7M -$212.0M
YoY Change 0.52% -1.27%
Common Stock $211.3M $209.4M
YoY Change 3.17% 2.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$5.171M -$1.357M
YoY Change
Total Liabilities & Shareholders Equity $58.92M $63.16M
YoY Change 209.65% 224.95%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$5.735M -$5.553M
YoY Change 207.18% 2.0%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.206M -$8.387M
YoY Change -20.07% 112.54%
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 -528.0K 257.0K
YoY Change -364.0% -50.0%
NET CHANGE
Cash From Operating Activities -2.206M -8.387M
Cash From Investing Activities
Cash From Financing Activities -528.0K 257.0K
Net Change In Cash -2.734M -8.130M
YoY Change 6.8% 136.89%
FREE CASH FLOW
Cash From Operating Activities -$2.206M -$8.387M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14958000
us-gaap Nature Of Operations
NatureOfOperations
<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">Nature of Business and Going Concern</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;"><span style="margin-bottom:12pt;margin-left:0pt;visibility:hidden;">​</span></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 corporation existing under the laws of British Columbia (“Fennec,” the “Company,” “we,” “us,” or “our”), was originally formed under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. Fennec is a commercial stage specialty pharmaceutical company with one U.S. Food and Drug Administration (“FDA”) approved and European Commission approved product , PEDMARK<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup>, developed to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. The Company has four wholly owned subsidiaries: Oxiquant, Inc. (“Oxiquant”) and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc. (“CBI”), a Canadian corporation, and Fennec Pharmaceuticals (EU) Limited (“Fennec Limited”), an Ireland company, collectively referred to herein as the “Company.” With the exception of Fennec Pharmaceuticals, Inc. and Fennec Pharmaceuticals (EU) 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 (“US 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 six-month period ended June 30, 2024, the Company earned a (loss)/income from operations of $(5,039) and $8,704, respectively. At June 30, 2024, it had an accumulated deficit of $211,961 and had experienced positive cash flows from operating activities during the six months ended June 30, 2024, in the amount of $30,660.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 1, 2022, the Company entered into a Securities Purchase Agreement (the “SPA”) with Petrichor Opportunities Fund I LP (the “Investor”) 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 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;text-align:justify;margin:0pt 0pt 12pt 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®. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The SPA provided that subsequent to the funding of the Second Closing Note, and before December 31, 2023, the Company could 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 Investor (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;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;"> </span>A commitment fee of 2.0% of the Notes was payable under the SPA, which was paid by the Company issuing the Investor warrants to purchase 110,996 of the Company’s common shares (one <span style="-sec-ix-hidden:Hidden_cdMXzRMikkShgeFmPKGE3Q;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">half</span></span> issued at the first closing and the other <span style="-sec-ix-hidden:Hidden_GBDkjsmxYkGKsaR98NtvbQ;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">half</span></span>  issued at the second closing).The warrants are exercisable at a price per share of $8.11 and have a term of five years from the date of the grant.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000,000 and issued the Investor a Note in the same amount (the “Third Closing Note”) and the Third Closing Note is convertible at a price equal to $7.89 per share, calculated as a 20% premium of the 5-day volume weighted average price of the Company’s common shares as traded on the Nasdaq Capital Market immediately prior to September 20, 2022, which was the date the Company obtained FDA approval of PEDMARK®.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Also on December 4, 2023, the Company entered into a First Amendment to the Securities Purchase Agreement (the “SPA Amendment”) with the Investor, which, among other things, extends the period that the Company may draw the remaining $15,000,000 under the SPA from December 31, 2023, to December 31, 2024. Subsequent draws are subject to mutual agreement of the Company and the Investor and will be represented by Notes that will also be convertible at a price equal to $7.89 per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On March 17, 2024, the Company announced it had entered into an exclusive licensing agreement with Norgine Pharma UK Limited (“Norgine”) to commercialize PEDMARQSI® (EU brand name for PEDMARK®) in Europe, New Zealand and Australia. The licensing agreement provided Fennec with approximately $43.2 million up front and may provide Fennec with up to approximately $230 million in milestone and royalty payments in the future. On July 26, 2024, Norgine and Fennec amended the exclusive licensing agreement. The amended agreement maintains all principal payment terms with the primary addition of Norgine assuming responsibility for packaging and labeling of PEDMARQSI.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company believes current funds provide sufficient funding for the Company to carry out its planned activities, including the continuation of commercialization efforts of PEDMARK®, for at least the next twelve months.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin: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 were not appropriate.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:1pt;margin-bottom:12pt;visibility:hidden;">​</span></p>
CY2024Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5039000
us-gaap Operating Income Loss
OperatingIncomeLoss
8704000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-211961000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
30660000
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 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 consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include revenue recognition, allowance against trade receivables, measurement of stock-based compensation and estimates of the Company’s capital requirements over the next twelve months from the date of issuance of the consolidated financial statements. Actual results could differ from those estimates..</p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
fenc Percentage Of Prompt Payment Discounts Expected To Pay Out
PercentageOfPromptPaymentDiscountsExpectedToPayOut
1
CY2023Q4 fenc Provision For Discounts And Allowances
ProvisionForDiscountsAndAllowances
795000
CY2024Q1 fenc Discounts And Allowances Provision For Current Period Sales
DiscountsAndAllowancesProvisionForCurrentPeriodSales
1992000
CY2024Q1 fenc Discounts And Allowances Payments And Customer Credits Issued
DiscountsAndAllowancesPaymentsAndCustomerCreditsIssued
601000
CY2024Q1 fenc Provision For Discounts And Allowances
ProvisionForDiscountsAndAllowances
2186000
CY2024Q2 fenc Discounts And Allowances Provision For Current Period Sales
DiscountsAndAllowancesProvisionForCurrentPeriodSales
2819000
CY2024Q2 fenc Discounts And Allowances Payments And Customer Credits Issued
DiscountsAndAllowancesPaymentsAndCustomerCreditsIssued
2680000
CY2024Q2 fenc Provision For Discounts And Allowances
ProvisionForDiscountsAndAllowances
2325000
CY2024Q2 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
2991000
CY2024Q2 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, and accounts receivable. The Company maintains deposits in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company’s trade receivables includes amounts billed to customers for product sales of PEDMARK®. In the U.S., the customers are a limited group of specialty distributors, and accordingly, the Company considers the risk of potential credit losses to be low. The Company also sells to a select group of global distributors. These global distributors are established companies and although the Company regards credit losses with these distributors to be remote, it does recognize the potential for credit losses with this group.</span></p>
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-5553000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-5444000
us-gaap Net Income Loss
NetIncomeLoss
7284000
us-gaap Net Income Loss
NetIncomeLoss
-11496000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27297000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26458000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27250000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26471000
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
843000
fenc Dilutive Effect Of Restricted Share Units
DilutiveEffectOfRestrictedShareUnits
445000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
11000
us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
253000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1552000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27297000
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26458000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30354000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26471000
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2024Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
925000
CY2023Q2 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2543000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2116000
us-gaap Stock Option Plan Expense
StockOptionPlanExpense
3632000
CY2024Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
43054000
CY2023Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
13269000
CY2024Q2 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
6000
CY2023Q4 us-gaap Common Stock Value Outstanding
CommonStockValueOutstanding
25000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
30000000
CY2024Q2 fenc Payment Of In Kind Interest
PaymentOfInKindInterest
2022000
CY2024Q2 fenc Debt Instrument Total Future Payments Due
DebtInstrumentTotalFuturePaymentsDue
32022000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
247000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
31775000

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