0001558370-25-011552 | 10-Q | XBRL Viewer | Fennec Pharmaceuticals INC

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

Schedule of Warrants to Purchase Common Stock


	Common Shares
	Issuable Upon Exercise
	of Outstanding		Weighted-Average
Investor Warrants	Warrants		Exercise Price
Outstanding December 31, 2024	150	$	7.71
Issued	—		—
Outstanding March 31, 2025	150	$	7.71
Issued	—		—
Outstanding June 30, 2025	150	$	7.71

Schedule of Recognized Expense Related to Employee Option Exercises


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Stock-based expense recognized	$	1,494	$	925	$	2,292	$	2,116
Total option expense recognized	$	1,494	$	925	$	2,292	$	2,116

Schedule of Share-Based Compensation, Stock Option Activity


	Number of	Weighted-Average
Options	Options	Exercise Price
Outstanding at December 31, 2024	5,855	$	6.22
Granted	180		6.50
Exercised	(55)		5.00
Forfeited	(123)		6.94
Outstanding at March 31, 2025	5,857		6.22
Granted	318		7.41
Exercised	(52)		5.08
Forfeited	(45)		4.23
Outstanding at June 30, 2025	6,078	$	6.31

Schedule of Share-Based Compensation, Stock Option Volatility Measurements


	Valuation
	Assumptions
Black-Scholes Model Assumptions	June 30, 2025
Expected dividend	-	%
Risk free rate	3.93 - 4.19	%
Expected volatility	71.04- 161.67	%
Expected life	1.5 - 6.0	years

Schedule of Performance-Based Unit Activity


			Weighted-Average
	Number of		Grant Date Fair Value
	Stock Units		Per Share
Unvested balance at January 1, 2025	—	$	—
Granted	100		6.62
Vested	—		—
Forfeited	—		—
Unvested balance at June 30, 2025	100	$	6.62

Schedule of Restricted Share Unit Activity


		Number of
		Restricted Share
RSUs Current Periods		Units
Outstanding at December 31, 2024		324
Awarded		283
Released		(13)
Forfeited		(5)
Outstanding at March 31, 2025		589
Awarded		—
Released		(102)
Forfeited		(2)
Outstanding at June 30, 2025		485

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with US GAAP and are the responsibility of the Company’s management. These unaudited interim condensed consolidated financial statements do not include all of the information and notes required by US GAAP for annual financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited condensed consolidated financial statements and notes filed with the Securities and Exchange Commission (“SEC”) in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. The Company’s accounting policies are consistent with those presented in the audited consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2024. These unaudited interim condensed consolidated financial statements have been prepared in U.S. dollars. All amounts presented are in thousands except for per share amounts.

Use of Estimates

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.

Credit Losses

Credit Losses

The Company estimates and records a provision for its expected credit losses related to its trade receivables. The Company considers historical collection rates, the current financial status of its customers, macroeconomic factors, and other industry-specific factors when evaluating for current expected credit losses. Forward-looking information is also considered in the evaluation of current expected credit losses.

To determine the provision for credit losses for accounts receivable, the Company has disaggregated its accounts receivable by class of customer, as the Company determined that risk profile of its customers may vary based on certain characteristics such as credit history, past payment history and geography. Each class of customer component is analyzed for estimated credit losses individually. In doing so, the Company establishes a customer profile, based on the previous collections of accounts receivable by the age of such receivables, and evaluates the current and forecasted financial position of its customers, as available. Further, the Company considers macroeconomic factors and the status of the life sciences industry to estimate if there are current expected credit losses within its trade receivables based on the trends and the Company’s expectation of the future status of such economic and industry-specific factors. Also, specific allowance amounts are established based on review of outstanding invoices to record the appropriate provision for customers that have a higher probability of default.

Segment and Geographic Information

Segment and Geographic Information

Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment and employees support only one operating segment which is the production and commercialization of PEDMARK^®.

Stock-Based Compensation

Stock-Based Compensation

Under the Company’s stock-based compensation programs, the Company periodically grants stock options and restricted stock to employees, directors and consultants. The Company also issues shares under an employee stock purchase plan. The fair value of each award is recognized in the Company’s statements of operations over the requisite service period for such award.

The Company uses the Black-Scholes option pricing model to value stock option awards without market conditions, which requires the Company to make certain assumptions regarding the expected volatility of its common stock price, the expected term of the option grants, the risk-free interest rate and the dividend yield with respect to its common stock. The Company calculates volatility using its historical stock price data. Due to the lack of the Company’s own historical data, the Company elected to use the “simplified” method for “plain vanilla” options to estimate the expected term of the Company’s stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. The risk-free interest rate used for each grant is based on the United States Treasury yield curve in effect at the time of grant for instruments with a similar expected life. The Company utilizes a dividend yield of zero based on the fact that the Company has never paid cash dividends and, at present, has no intention to pay cash dividends.

Inventory

Inventory

Inventories are valued under a standard costing methodology on a first-in, first-out basis and are stated at the lower of cost or net realizable value. The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Capitalized costs of inventories mainly include third party manufacturing, logistics and distribution costs. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories.

Revenue Recognition

Under Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers, the Company recognizes revenue when its customers obtain control of promised goods or services, in an amount that reflects the consideration which the Company determines it expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligation(s) in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligation(s) in the contract; and (v) recognize revenue when (or as) the Company satisfies its performance obligation(s). As part of the accounting for these arrangements, the Company must make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation.

License Agreements

License Agreements

The Company generates revenue from license or similar agreements with pharmaceutical companies for the commercialization of its product. Such agreements may include the transfer of intellectual property rights in the form of licenses. Payments made by the customers may include non-refundable upfront fees, payments based upon the achievement of defined milestones, and royalties on sales of product.

If a license to the Company's intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes the transaction price allocated to the license as revenue upon transfer of control of the license. All other promised goods or services in the agreement are evaluated to determine if they are distinct. If they are not distinct, they are combined with other promised goods or services to create a bundle of promised goods or services that is distinct. Optional future services where any additional consideration paid to the Company reflects their standalone selling prices do not provide the customer with a material right and, therefore, are not considered performance obligations. If optional future services are priced in a manner which provides the customer with a significant or incremental discount, they are material rights, and are accounted for as separate performance obligations.

Contingent milestones at contract inception are estimated at the amount which is not probable of a material reversal and included in the transaction price using the most likely amount method. Milestone payments that are not within the Company's control, such as regulatory approvals, are not considered probable of being achieved until those approvals are received and therefore the variable consideration is constrained. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each reporting period, the Company re-evaluates the probability of achieving development or sales-based milestone payments that may not be subject to a material reversal and, if necessary, adjust the estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license and other revenue, as well as earnings, in the period of adjustment.

For arrangements that include sales-based royalties, including sales-based milestone payments, and a license of intellectual property that is deemed to be the predominant item to which the royalties relate, revenue is recognized at the later of when the related sales occur or when the performance obligation to which some or all of the royalties have been allocated has been satisfied (or partially satisfied).

Net Product Revenue

Net Product Revenue

On September 20, 2022, the FDA approved PEDMARK^® in the United States to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. PEDMARK^® became commercially available on October 17, 2022. PEDMARK^® is the Company’s first commercial product. Amongst the Company’s customers are distributors which subsequently resell the Company’s products to health care providers and patients. In addition to distribution agreements, the Company enters into arrangements with health care providers and payors that provide for government-mandated and/or privately- negotiated rebates, chargebacks and discounts with respect to the purchase of the Company’s products. Revenues from product sales are recognized when the customer obtains control of the Company’s product, which occurs at a point in time, typically upon delivery to the customer.

Cost to Obtain Contract

Costs to Obtain Contract

As the majority of the Company's contracts are short-term in nature, sales commissions are generally expensed when incurred as the amortization period would have been less than one year. These costs are recorded within selling and marketing expenses in the condensed consolidated statements of operations. For contracts that extend beyond one year, the incremental expense recognition matches the recognition of related revenue.

Product Sales Discounts and Allowances

Product Sales Discounts and Allowances

The Company records revenues from product sales at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established primarily from discounts, chargebacks, rebates, co-pay assistance, returns and other allowances that are offered within contracts between the Company and its customers, health care providers, payors and other indirect customers relating to the sales of its products. These reserves are based on the amounts to be claimed on the related sales and are classified as a contra-asset or current liability. Where appropriate, these estimates take into consideration a range of possible outcomes that are probability-weighted for relevant factors such as current contractual and statutory requirements, specific known market events and trends, industry data, forecasted customer buying and payment patterns, and the Company’s historical experience that will develop over time as PEDMARK and PEDMARQSI^® (European branded product name) is the Company’s first and only commercial product. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of its contracts. The amount of variable consideration that is included in the transaction price may be constrained and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company will adjust these estimates, which would affect net product revenues and earnings in the period such variances become known.

Chargebacks: Chargebacks are discounts that occur when contracted customers purchase directly from a specialty distributor. Contracted customers, which currently consist of Public Health Service institutions and Federal government entities purchasing via the Federal Supply Schedule, generally purchase the product at a discounted price. The specialty distributor, in turn, charges back to the Company the difference between the price initially paid by the specialty distributor and the discounted price paid to the specialty distributor by its contracted customer. The allowance for chargebacks is based on actual chargebacks received and an estimate of sales by the specialty distributor to its contracted customers.

Discounts for Prompt Payment: The Customers receive a discount of for prompt payment which may range from 0.5% to 2.0%. The Company expects its customers will earn 100% of their prompt payment discounts and, therefore, the Company deducts the full amount of these discounts from total product sales when revenues are recognized.

Rebates: Allowances for rebates include mandated discounts under the Medicaid Drug Rebate Program and other government programs. Rebate amounts owed after the final dispensing of the product to a benefit plan participant are based upon contractual agreements or legal requirements with public sector benefit providers, such as Medicaid. The allowance for rebates is based on statutory or contractual discount rates and expected utilization. The Company’s estimates for the expected utilization of rebates are based on customer and payor data received from the specialty distributors and historical utilization rates that will develop over time, as PEDMARK is the Company’s first and only commercial product. Rebates are generally invoiced by the payor and paid in arrears, such that the accrual balance consists of an estimate of the amount expected to be incurred for the current quarter’s shipments to the customers, plus an accrual balance for known prior quarters’ unpaid rebates. If actual future rebates vary from estimates, the Company may need to adjust its accruals, which would affect net product revenues in the period of adjustment.

Co-payment Assistance: Patients who have commercial insurance and meet certain eligibility requirements may receive co-payment assistance. The Company accrues a liability for co-payment assistance based on actual program participation and estimates of program redemption using customer data provided by the third party that administers the copay program.

Other Customer Credits: The Company pays fees to its customers for account management, data management and other administrative services. To the extent the services received are distinct from the sale of products to its customers, the Company classifies these payments in selling and marketing expenses in its condensed consolidated statements of operations.

Distribution and Other Fees: The Company pays distribution and other fees to certain customers in connection with the sales of PEDMARK. The Company records distribution and other fees paid to its customers as a reduction of revenue, unless the payment is for a distinct good or service from the customer and the Company can reasonably estimate the fair value of the goods or services received. If both conditions are met, the Company records the consideration paid to the customer as an operating expense. These costs are typically known at the time of sale, resulting in minimal adjustments subsequent to the period of sale.

The following table summarizes net product revenues for PEDMARK earned during the three and six months ended June 30, 2025, and 2024, respectively:


	Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
In thousands		2025		2024		2025		2024
Product revenues:
Gross product revenues	$	10,941	$	9,466	$	21,753	$	19,022
Discounts and allowances		(1,289)		(2,204)		(3,350)		(4,341)
Net product revenues	$	9,652	$	7,262	$	18,403	$	14,681

For the three and six months ended June 30, 2025, the Company had five and four distributors that each represented more than 10% of net sales, respectively.

The activities and ending allowance balances for each significant category of discounts and allowances for PEDMARK (which constitute variable consideration) for the six months ended June 30, 2025, were as follows:



	Chargebacks,		Rebates, Returns, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2024	$	276	$	707	$	983
Provision related to sales made in:
Current period		418		224		642
Prior periods		—		—		—
Payments and customer credits issued		(328)		(61)		(389)
Balance at March 31, 2025	$	366	$	870	$	1,236
Provision related to sales made in:
Current period		553		196		749
Prior periods		—		—		—
Payments and customer credits issued		(637)		(185)		(822)
Balance at June 30, 2025	$	282	$	881	$	1,163

The allowances for chargebacks, fees due to customers, rebates and discounts for prompt payment are recorded as a contra-asset to accounts receivable, while Medicaid rebates and return allowances are in accrued liabilities in the accompanying condensed consolidated balance sheets.

Trade Receivables

Trade Receivables

The Company records gross trade receivables at the time of product sale to its customers. Trade accounts receivable are recorded at the invoiced amount and are typically non-interest bearing. Amounts estimated for the associated chargebacks, cash discounts for prompt payment and any allowances for credit losses are booked as a reserve against accounts receivable and reduction of revenue. The Company determines its allowance methodology by pooling receivable balances at the customer level. The Company considers various factors, including loss history, individual credit risk associated with each customer, and the current and future condition of the general economy. These credit risk factors are monitored on a quarterly basis and updated as necessary. To the extent that any individual debtor is identified whose credit quality has deteriorated, the Company establishes allowances based on the individual risk characteristics of such a customer. For Customers that are large specialty distributors, the Company considered the risk of potential credit losses to be low. Sales to other select global distributors have the potential for losses. The Company evaluates the risk of credit losses on sales on an individual basis using the above-mentioned criteria. Accounts receivable that are expected to be received past 12 months are recorded as non-current accounts receivable. The Company has determined any financing component of non-current receivables to be immaterial. The Company had a balance in allowance for credit losses of $4,306 as of June 30, 2025.

Cost of Products Sold

Cost of Products Sold

Cost of products sold is related to the Company's product revenues for PEDMARK^® and consists primarily of product production costs associated with finished goods inventory. Cost of products sold also consists of shipping and other third-party logistics and distribution costs for the Company’s product. As of June 30, 2025, the Company capitalized approximately $2,201 of costs as inventory on the condensed consolidated balance sheet. Of the items capitalized, $943 was capitalized as raw materials, $593 was capitalized as work in process, $665 was capitalized into finished goods.

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities at the date of purchase of three months or less.

The Company places its cash and cash equivalents in investments held by highly rated financial institutions in accordance with its investment policy designed to protect the principal investment. At June 30, 2025, the Company had $18,705 in cash, savings and money market accounts ($26,634 at December 31, 2024). While the Company has not experienced any loss or write-down of its money market investments, the amounts it holds in money market accounts are substantially above the $250 amount insured by the FDIC and may lose value.

Financial Instruments

Financial Instruments

Financial instruments recognized on the balance sheets at June 30, 2025 and December 31, 2024 consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and term loans, the carrying values of which approximate fair value due to their relatively short time to maturity or interest rates that approximate market interest rates. The Company does not hold or issue financial instruments for trading.

The Company’s investment policy is to manage investments to achieve, in the order of importance, the financial objectives of preservation of principal, liquidity and return on investment. Investments, when made, are made in U.S. or Canadian bank securities, commercial paper of U.S. or Canadian industrial companies, utilities, financial institutions and consumer loan companies, and securities of foreign banks provided the obligations are guaranteed or carry ratings appropriate to the policy. Securities must have a minimum Dun & Bradstreet rating of A for bonds or R1 low for commercial paper.

The policy risks are primarily the opportunity cost of the conservative nature of the allowable investments. The Company has chosen to avoid investments of a trading or speculative nature to preserve cash.

Common Shares and Warrants

Common Shares and Warrants

As of June 30, 2025, the Company has 150 warrants with a weighted average strike price of $7.71 outstanding to purchase common shares that have a weighted average life of 2.55 years.

Research and Development Costs and Investment Tax Credits

Research and Development Costs and Investment Tax Credits

Research costs, including employee compensation, laboratory fees, lab supplies, and research and testing performed under contract by third parties, are expensed as incurred. Development costs, including drug substance costs, clinical study expenses and regulatory expenses are expensed as incurred.

Investment tax credits, which are earned as a result of qualifying research and development expenditures, are recognized when the expenditures are made and their realization is reasonably assured. They are applied to reduce related capital costs and research and development expenses in the year recognized.

Concentrations of Credit Risk

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.

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.

Income Taxes

The Company accounts for income taxes using the asset and liability method to compute the differences between the tax basis of assets and liabilities and the related financial amounts, using currently enacted tax rates. The Company has deferred tax assets, which are subject to periodic recoverability assessments. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount that more likely than not will be realized. As of June 30, 2025, we maintained a full valuation allowance against our deferred tax assets.

The provisions of the Financial Accounting Standards Board (“FASB”) ASC 740-10, Uncertainty in Income Taxes, address the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the financial statements. Under ASC 740-10, the Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position.

Foreign Currency Translation

Foreign Currency Transactions

The U.S. dollar is the functional currency for the Company’s consolidated operations. All gains and losses from currency transactions are included in the results of operations.

Loss Per Share

Loss Per Share

Basic net income/(loss) per share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net income/(loss) per share is computed using the same method, except the weighted average number of common shares outstanding includes convertible debentures, stock options and warrants, if dilutive, as determined using the if-converted method and treasury methods.

Recent Accounting Pronouncements

In December 2023, the FASB issued Accounting Standards Update (ASU) No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures,” which improves the transparency of income tax disclosures by requiring consistent categories and greater disaggregation of information in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. This guidance will be effective for annual periods beginning the year ended December 31, 2025. The Company is currently evaluating the effect the adoption of this ASU will have on its consolidated financial statements.

In November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires disclosure of additional disaggregated information about significant expenses within relevant income statement captions, such as purchases of inventory, employee compensation, depreciation, amortization and depletion. The new guidance is effective for annual periods beginning after December 15, 2026, and interim periods within annual periods beginning after December 15, 2027. We are currently evaluating the impact of this standard on our consolidated financial statements.

Term Loans

6 Months Ended

Jun. 30, 2025

Term Loans

Term Loans

7. Term Loans

On August 1, 2022, the Company entered into the SPA with the Petrichor in connection with the issuance of up to $45,000 of Notes, issuable in multiple tranches. On August 19, 2022, the Company closed on the initial tranche of $5,000, which has an Initial Conversion Price equal to $8.11 per share, which was calculated based on a 20% premium of the 5-day VWAP immediately prior to the announcement of the SPA. In connection with the first closing, the Company repaid in full its secured indebtedness with Bridge Bank in the amount of $5,000. The Notes become due on the maturity date, which is August 19, 2027.

On September 23, 2022, the Company closed on the second tranche of the Note Financing in the amount of $20,000, 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^®.

A commitment fee of 2.0% of the Notes was payable under the SPA. Half of such fee was paid by the issuance on the first closing of warrants to purchase 55,498 Fennec common shares and half was payable in cash or warrants of 55,498 Fennec common shares, at our election, on 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. The Company elected to have all the commitment fee of the Notes payable in warrants.

On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000, 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^®.

Also on December 4, 2023, the Company entered into the SPA Amendment with the Petrichor, which, among other things, extended the period that the Company could draw the remaining $15,000 under the SPA from December 31, 2023, to December 31, 2024. The ability for subsequent draws expired on December 31, 2024.

On December 18, 2024, the Company entered into the Redemption Agreement with Petrichor, pursuant to which the Company repurchased and redeemed Notes in an aggregate principal amount of $13,000 (consisting of approximately $11,800 of original principal balance and approximately $1,271 in PIK interest).

As a result of the Note Redemptions, the First and Third Closing Notes were repurchased and redeemed in full, and, as of June 30, 2025, there remains outstanding Second Closing Notes in the aggregate principal amount (inclusive of PIK interest) of approximately $19,477.

Cash interest on outstanding principal shall accrue at a rate of prime, plus 4.5% per annum, from the date of funding (12% at June 30, 2025, and December 31, 2024, respectively). Cash interest is due on the first business day of each calendar quarter (“Interest Date”). PIK interest will commence on funding date and accrue at a rate of 3.5% per annum. PIK interest stopped accruing on August 24, 2024. All accrued PIK interest remained outstanding and was payable on each Interest Date and added to the outstanding principal amount. The Company has accrued $1,271 in PIK interest and has classified the PIK interest in long-term liabilities.

The SPA notes are convertible into fully paid, non-assessable share of common shares at any point after their issuance dates and before the maturity date. Any amount of the SPA notes may be converted into common shares so long as it does not create partial shares. The conversion rate is determined by dividing the conversion amount by the conversion price. Provisions of the PSA create legal, valid and enforceable liens on, and security interests in, all of the Company’s and each of its subsidiaries’ assets.

Aggregate annual payments due on the SPA as of June 30, 2025, are as follows (in thousands):


Years Ending December 31,		Amount
2025	$	—
2026		—
2027		18,206
Payment in kind interest		1,271
Total future payments		19,477
Less: unamortized debt discount		(113)
Total term loan, net of debt discount	$	19,364

In the event of default or change of control, all unpaid principal and all accrued and unpaid interest amounts (if any) under the SPA notes become immediately due and payable. Events of default include, but are not limited to, a payment default, a material adverse change, and insolvency. The SPA facility is secured by all of the Company’s assets, including all capital stock held by the Company.

Debt issuance costs of $175 were paid in cash for legal fees and to the Investor in 2022 and warrants valued at $441 were granted the Investor to secure access to the SPA. These amounts were capitalized and are being amortized over the access period of the SPA. Upon drawing tranche 1 and tranche 2, the Company recorded a debt discount of $314, which was based on a pro-rata allocation of the issue costs to secure the SPA, reducing the capitalized amount by the same amount. The debt discount is being amortized over the life of the SPA.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Significant Accounting Policies - Cost of Products Sold (Details) - PEDMARK $ in Thousands	Jun. 30, 2025 USD ($)
Manufacturing costs capitalized to inventory	$ 2,201
Manufacturing costs capitalized to inventory, raw materials	943
Manufacturing costs capitalized to inventory, work-in-process	593
Manufacturing costs capitalized to inventory, finished goods	$ 665

Stockholders' Equity - Recognized Contractor and Employee Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Recognized Employee Expense [Line Items]
Total option expense recognized	$ 1,494	$ 925	$ 2,292	$ 2,116
Employee Options
Recognized Employee Expense [Line Items]
Total option expense recognized	$ 1,494	$ 925	$ 2,292	$ 2,116

Significant Accounting Policies - Product Sales Discounts and Allowances Continued (Details) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
Provision for discounts and allowances, beginning balance	$ 1,236	$ 983
Current period	749	642
Payments and customer credits issued	(822)	(389)
Provision for discounts and allowances, ending balance	1,163	1,236
Chargebacks, Discounts for Prompt pay and Other allowances
Provision for discounts and allowances, beginning balance	366	276
Current period	553	418
Payments and customer credits issued	(637)	(328)
Provision for discounts and allowances, ending balance	282	366
Rebates, Customer Fees/Credits and Co-pay Assistance
Provision for discounts and allowances, beginning balance	870	707
Current period	196	224
Payments and customer credits issued	(185)	(61)
Provision for discounts and allowances, ending balance	$ 881	$ 870

Term Loans (Details) - USD ($) $ / shares in Units, $ in Thousands						6 Months Ended	18 Months Ended
	Dec. 18, 2024	Dec. 04, 2023	Sep. 23, 2022	Aug. 19, 2022	Aug. 01, 2022	Jun. 30, 2025	Jun. 30, 2025	Dec. 31, 2024	Aug. 24, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Debt discount						$ 113	$ 113	$ 139
Petrichor Financing
Debt Instrument [Line Items]
Debt issuance costs											$ 175
Fair value warrants											441
Debt discount											$ 314
Petrichor Financing \| Securities Purchase Agreements \| Secured Convertible Debt
Debt Instrument [Line Items]
Maximum borrowing capacity					$ 45,000
Commitment fee percentage			2.00%
Exercise price of warrants issued			$ 8.11
Exercise term of warrants			5 years
Cash interest accrual rate over Prime					4.50%
Effective interest rate during period							12.00%
Annual payment-in-kind (PIK) interest rate									3.50%
Accrued PIK interest						1,271
Petrichor Financing \| Securities Purchase Agreements \| First Closing Note
Debt Instrument [Line Items]
Borrowings, face amount				$ 5,000
Initial conversion price				$ 8.11
Premium over 5-day VWAP				20.00%
VWAP term				5 days
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Note
Debt Instrument [Line Items]
Borrowings, face amount			$ 20,000
Initial conversion price			$ 7.89
Premium over 5-day VWAP			20.00%
VWAP term			5 days
Petrichor Financing \| Securities Purchase Agreements \| Third Closing Note
Debt Instrument [Line Items]
Borrowings, face amount		$ 5,000
Initial conversion price		$ 7.89
Premium over 5-day VWAP		20.00%
VWAP term		5 days
Petrichor Financing \| Securities Purchase Agreements \| Subsequent Closing Notes
Debt Instrument [Line Items]
Commitment fee percentage			2.00%
Exercise price of warrants issued			$ 8.11
Exercise term of warrants			5 years
Petrichor Financing \| Securities Purchase Agreements \| First Closing Warrant
Debt Instrument [Line Items]
Commitment fees payable in warrants			50.00%
Common shares available through issuance of warrants			55,498
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Warrant
Debt Instrument [Line Items]
Commitment fees payable in warrants			50.00%
Common shares available through issuance of warrants			55,498
Petrichor Financing \| SPA First Amendment \| Subsequent Closing Notes
Debt Instrument [Line Items]
Remaining borrowing capacity								$ 15,000		$ 15,000
Petrichor Financing \| Redemption Agreement \| Note Redemptions
Debt Instrument [Line Items]
Notes payable						$ 19,477	$ 19,477
Repayment of debt	$ 13,000
Principal repayments on debt	11,800
PIK interest repayments on debt	$ 1,271
Bridge Bank \| Bridge Bank Term Loan
Debt Instrument [Line Items]
Repayment of debt				$ 5,000

Significant Accounting Policies - Narrative (Details) $ / shares in Units, shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($) $ / shares shares	Mar. 31, 2025 $ / shares shares	Dec. 31, 2024 USD ($) $ / shares shares
Summary Of Significant Accounting Policies [Line Items]
Number of Operating Segments	1
Allowance for doubtful accounts	$ 4,306
Percentage of prompt payment discounts expected to pay out	100.00%
Money market investments	$ 18,705		$ 26,634
FDIC insured amount	$ 250,000
Minimum
Summary Of Significant Accounting Policies [Line Items]
Discounts for prompt payment	0.50%
Maximum
Summary Of Significant Accounting Policies [Line Items]
Discounts for prompt payment	2.00%
Warrants to Purchase Common Shares
Summary Of Significant Accounting Policies [Line Items]
Warrants outstanding \| shares	150	150	150
Warrants exercise price \| $ / shares	$ 7.71	$ 7.71	$ 7.71
Exercise term of warrants	2 years 6 months 18 days

Loss per Share (Tables)

6 Months Ended

Jun. 30, 2025

Loss per Share

Schedule of Antidilutive Securities Excluded from Net Loss Per Share


	Diluted Earnings Per Share		Diluted Earnings Per Share
	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Options to purchase common shares	221	3,466	6,078	5,228
Convertible debt to purchase common shares	24	—	3,785	—
Restricted share units to purchase common shares	—	445	485	445
Performance share units to purchase common shares	100	—	100	—
Warrants to purchase common shares	—	34	150	150

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net (loss) / income	$	(3,152)	$	(5,553)	$	(4,317)	$	7,284

Denominator:
Weighted-average common shares, basic		27,664		27,297		27,621		27,250
Dilutive effect of stock options		—		—		—		843
Dilutive effect of restricted share units		—		—		—		445
Dilutive effect of warrants		—		—		—		11
Dilutive effect of convertible debt		—		—		—		253
Incremental dilutive shares		—		—		—		1,552
Weighted-average common shares, diluted		27,664		27,297		27,621		30,354
Net (loss) / income per share diluted	$	(0.11)	$	(0.20)	$	(0.16)	$	0.24

Loss per Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Numerator:
Net (loss)/income	$ (3,152)	$ (1,165)	$ (5,553)	$ 12,837	$ (4,317)	$ 7,284
Denominator:
Weighted-average common shares, basic	27,664		27,297		27,621	27,250
Dilutive effect of stock options						843
Dilutive effect of restricted share units						445
Dilutive effect of warrants						11
Dilutive effect of convertible debt						253
Incremental dilutive shares						1,552
Weighted-average common shares, dilutive	27,664		27,297		27,621	30,354
Basic net (loss)/income per common share	$ (0.11)		$ (0.2)		$ (0.16)	$ 0.24
Diluted net (loss)/income per common share	$ (0.11)		$ (0.2)		$ (0.16)	$ 0.24

Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Fair Value Measurements

5. Fair Value Measurements

The Company has adopted ASC 820, the Fair Value Measurements and Disclosure Topic of the FASB. This Topic applies to certain assets and liabilities that are being measured and reported on a fair value basis. The Fair Value Measurements Topic defines fair value, establishes a framework for measuring fair value in accordance with US GAAP, and expands disclosure about fair value measurements. This Topic enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information

used to determine fair values. The Topic requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.


	Fair Value Measurement at June 30, 2025 and December 31, 2024
	Quoted Price in Active
	Market for Identical						Significant Other				Significant
	Instruments						Observable Inputs				Unobservable Inputs
	Level 1						Level 2				Level 3					Total
	2025				2024			2025		2024		2025		2024		2025		2024
Assets
Cash and cash equivalents	$	1,984	⁽¹⁾	$	2,020	⁽¹⁾	$	16,721	$	24,614	$	—	$	—	$	18,705	$	26,634
Processa common shares	$	1	⁽²⁾	$	2	⁽²⁾	$	—	$	—	$	—	$	—	$	1	$	2

(1)

The Company held approximately $1,984 in cash accounts as of June 30, 2025, of which approximately $442 was held in foreign currencies (translated into U.S. dollars). As of December 31, 2024, the Company held approximately $1,314 in cash of which approximately $363 was in foreign currencies (translated into U.S. dollars).

(2)	The Company holds 51 unrestricted common shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA), which it received as part of a royalty arrangement in 2020.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets
Cash and cash equivalents	$ 18,705	$ 26,634
Accounts receivable, net	17,502	12,884
Prepaid expenses	1,421	3,080
Inventory	2,201	1,060
Other current assets	965	466
Total current assets	40,794	44,124
Non-current assets
Non-current accounts receivable, net	3,314
Other non-current assets, net of amortization	768	822
Total non-current assets	4,082	822
Total assets	44,876	44,946
Current liabilities:
Accounts payable	5,941	3,241
Accrued liabilities	2,225	3,428
Contract liability - current	248	248
Operating lease liability - current		2
Total current liabilities	8,414	6,919
Liabilities, Noncurrent [Abstract]
Term loan	18,206	18,206
PIK interest	1,271	1,271
Debt discount	(113)	(139)
Contract liability - long-term	24,561	24,561
Total long-term liabilities	43,925	43,899
Total liabilities	52,339	50,818
Stockholders' deficit:
Common stock, no par value; unlimited shares authorized; 27,328 shares issued and outstanding (2024 27,527)	146,165	145,608
Additional paid-in capital	69,127	66,958
Accumulated deficit	(223,998)	(219,681)
Accumulated other comprehensive income	1,243	1,243
Total stockholders' deficit	(7,463)	(5,872)
Total liabilities and stockholders' deficit	$ 44,876	$ 44,946

Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	1 Months Ended	5 Months Ended	6 Months Ended
	Jun. 30, 2025	Jun. 02, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Stockholders Equity Note [Line Items]
Common stock, no par value	$ 0		$ 0		$ 0
Proceeds from issuance of stock options			$ 186	$ 974
Equity Incentive Plan
Stockholders Equity Note [Line Items]
Shares issuable under Stock Option Plan, as percent of shares outstanding	30.80%	25.00%
Shares issuable under Stock Option Plan	8,500	6,825	8,500
Vesting period			3 years
Expiration term			10 years
Restricted Stock Units (RSUs) [Member] \| Equity Incentive Plan
Stockholders Equity Note [Line Items]
Vesting period			3 years

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2025

Significant Accounting Policies

Schedule of PEDMARK Revenues, Net


	Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
In thousands		2025		2024		2025		2024
Product revenues:
Gross product revenues	$	10,941	$	9,466	$	21,753	$	19,022
Discounts and allowances		(1,289)		(2,204)		(3,350)		(4,341)
Net product revenues	$	9,652	$	7,262	$	18,403	$	14,681

Schedule of PEDMARK Revenues, Discounts and Allowances



	Chargebacks,		Rebates, Returns, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2024	$	276	$	707	$	983
Provision related to sales made in:
Current period		418		224		642
Prior periods		—		—		—
Payments and customer credits issued		(328)		(61)		(389)
Balance at March 31, 2025	$	366	$	870	$	1,236
Provision related to sales made in:
Current period		553		196		749
Prior periods		—		—		—
Payments and customer credits issued		(637)		(185)		(822)
Balance at June 30, 2025	$	282	$	881	$	1,163

License Agreement

6 Months Ended

Jun. 30, 2025

License Agreement

License Agreement

8. License Agreement

License Agreement with Norgine Pharma UK Limited

On March 17, 2024, the Company announced that, through its wholly-owned subsidiary, Fennec Pharmaceuticals, Inc. entered into a License and Supply Agreement (the “Agreement”) with Norgine, pursuant to which Norgine is granted an exclusive license to commercialize the Company’s product PEDMARQSI® (known as PEDMARK® in the United States) for all human indications in the European Economic Area, Switzerland, the United Kingdom, Australia and New Zealand (collectively, the “Territory”). On July 26, 2024, Norgine and Fennec amended the Agreement. The amended Agreement maintains all principal payment terms with the primary addition of Norgine assuming responsibility for packaging and labeling of PEDMARQSI^®.

Pursuant to the terms of the Agreement, Fennec shall receive the following payments from Norgine: (i) an upfront payment in the amount of €40 million or approximately $43.2 million, which was paid to Fennec on March 15, 2024, (ii) up to €210 million (or approximately $230 million) upon the achievement of certain regulatory and commercial milestones, and

(iii) tiered royalty payments based on net sales of PEDMARQSI® in the Territory, which royalty payment range from mid-teen percent to mid-twenty percent based on the aggregate net sales of PEDMARQSI® in the Territory. The tiered royalty payments are subject to material reduction if an alternative or generic version of PEDMARQSI® becomes available in any respective country or jurisdiction within the Territory.

Subject to customary rights of each party to earlier terminate the Agreement, the term of the Agreement continues for the longer of: (i) March 15, 2034, or (ii) with respect to any particular country in the Territory, (a) the expiration of regulatory market exclusivity for PEDMARQSI® in such country, or (b) the last-to-expire of all patents for PEDMARQSI® in such country. The term of the Agreement shall be automatically renewed for additional three-year periods unless either party provides the other party written notice of its intent not to renew the Agreement at least one year prior to the applicable termination date of the Agreement.

The Company evaluated the Norgine License Agreement under ASC 606 and concluded that Norgine represents a customer in the transaction. There were two performance obligations: A license of functional IP and a material right for future supply. The Company will allocate the transaction price, including currently unrecognized variable consideration, to the two performance obligations based on estimated standalone selling price, which was estimated using projected cash flows. The initial transaction price consisted of the non-refundable upfront payment, a portion of which was allocated to and recognized as License Revenue in the first quarter of 2024 as the requirements for revenue recognition under ASC 606 were met. The portion of the transaction price associated with the material right is deferred and reflected as deferred revenue in the condensed consolidated balance sheets. Deferred revenue associated with the material right is recognized as contract liabilities under the supply arrangement are made. The remaining forms of consideration are variable because they are dependent on the achievement of sales-based or other milestones. The Company evaluated the constraint on variable consideration and concluded that the milestone payments are dependent on regulatory approvals and actions of third parties, and thus are highly susceptible to factors outside the Company’s influence. Therefore, at contract inception, the milestones are not included in the transaction price as it is not probable that a significant reversal of revenue would not occur. Sales-based milestones will be recognized as revenue or deferred as part of the material right in the period when the related sales threshold is met. All other milestones will be recognized as revenue or deferred as part of the material right immediately in the period the underlying milestone is achieved. Any consideration related to sales-based royalties will be recognized as revenue or deferred as part of the material right when the related sales occur. For the six months ended June 30, 2025, the Company did not recognize any milestone payments from Norgine sales of PEDMARQSI^® pursuant to the Agreement.

In conjunction with entering into the Agreement, the Company paid approximately $1,700 in incremental costs, which were capitalized and recorded within Other non-current assets. The Company amortizes the asset over the period of expected benefit using a systematic basis that reflects the pattern of transfer to Norgine. A portion that represents the license was recognized immediately and is recorded within selling and marketing expense in the consolidated statements of operations. As of June 30, 2025, $768 in incremental cost was capitalized.

Loss per Share - Outstanding Options and Warrants (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Options to Purchase Common Shares
Antidilutive securities excluded from EPS	221	3,466	6,078	5,228
Convertible Debt to Purchase Common Shares
Antidilutive securities excluded from EPS	24		3,785
Restricted Share Units to Purchase Common Shares
Antidilutive securities excluded from EPS		445	485	445
Performance Share Units to Purchase Common Shares
Antidilutive securities excluded from EPS	100		100
Warrants to Purchase Common Shares
Antidilutive securities excluded from EPS		34	150	150

Stockholders Equity - Restricted Share Units Activity (Details) - Equity Incentive Plan - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
Restricted Stock Units (RSUs)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			3 years
US Denominated RSU's
Unvested shares, beginning of period	589	324	324
RSU's awarded		(283)
Shares released	(102)	(13)
Shares forfeited	(2)	(5)
Unvested shares, end of period	485	589	485
Restricted Stock Units (RSUs) \| Vesting Tranche I
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage			33.00%
Restricted Stock Units (RSUs) \| Vesting Tranche II
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage			4.17%

Stockholders' Equity - Warrants to Purchase Common Stock (Details) - Warrants to Purchase Common Shares - $ / shares	6 Months Ended	18 Months Ended
	Jun. 30, 2025	Jun. 30, 2025
Class of Warrant or Right [Line Items]
Issued warrants during period		0
Exercised warrants during period		0
Weighted Average Remaining Life (years)	2 years 6 months 18 days
Common shares issuable upon exercise of outstanding warrants, beginning balance	150,000
Common shares issuable upon exercise of outstanding warrants, ending balance	150,000	150,000
Weighted-average exercise price, beginning of period	$ 7.71
Weighted-average exercise price, end of period	$ 7.71	$ 7.71

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Schedule of Assets/Liabilities Measured at Fair Value on Recurring Basis


	Fair Value Measurement at June 30, 2025 and December 31, 2024
	Quoted Price in Active
	Market for Identical						Significant Other				Significant
	Instruments						Observable Inputs				Unobservable Inputs
	Level 1						Level 2				Level 3					Total
	2025				2024			2025		2024		2025		2024		2025		2024
Assets
Cash and cash equivalents	$	1,984	⁽¹⁾	$	2,020	⁽¹⁾	$	16,721	$	24,614	$	—	$	—	$	18,705	$	26,634
Processa common shares	$	1	⁽²⁾	$	2	⁽²⁾	$	—	$	—	$	—	$	—	$	1	$	2

(1)

(2)	The Company holds 51 unrestricted common shares of Processa Pharmaceuticals, Inc. (NASDAQ:PCSA), which it received as part of a royalty arrangement in 2020.

Fair Value Measurements - Additional Information (Details) - Money Market Accounts - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 1,984	$ 1,314
Canadian Funds (Translated to USD)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 442	$ 363

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References + Details

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and Contingencies

Litigation

CIPLA Litigation

On December 1, 2022, we received a letter dated November 30, 2022, notifying us that CIPLA Ltd. and CIPLA USA (“CIPLA”) submitted to the FDA an ANDA (ANDA No. 218028) for a generic version of PEDMARK^® (sodium thiosulfate solution) that contained Paragraph IV Certifications on two of our patents covering PEDMARK^®: the OHSU licensed ‘190 Patent, expiration date January 2038; and our US 11,291,728 Patent (the “’728 Patent”), expiration date July 2039. On January 6, 2023, we received a letter dated January 5, 2023, notifying us that CIPLA submitted to the FDA a Paragraph IV Certification on our newly issued US 11,510,984 Patent (the “’984 Patent”). These patents are listed in FDA’s list of Approved Drug Products with Therapeutic Equivalence Evaluations, commonly referred to as the Orange Book, for PEDMARK^®. The certifications allege these patents are invalid or will not be infringed by the manufacture, use, or sale of CIPLA’s sodium thiosulfate solution.

Under the Food, Drug, and Cosmetic Act, as amended by the Drug Price Competition and Patent Term Restoration Act of 1984, as amended, after receipt of a valid Paragraph IV notice, the Company may bring a patent infringement suit in a federal district court against CIPLA within 45 days from the receipt of the Notice Letter and if such a suit is commenced within the 45-day period, the Company is entitled to a 30 month stay on the FDA’s ability to give final approval to any proposed products that reference PEDMARK. In addition to the 30-month stay, because we have received Orphan Drug Exclusivity, the FDA may not approve CIPLA’s ANDA for at least 7 years from PEDMARK’s FDA approval date of September 20, 2022, which is September 20, 2029.

On January 10, 2023, we filed suit against the CIPLA entities in the United States District Court for the District of New Jersey (Case No. 2:23-cv-00123), for infringement of the US ‘190 Patent, the US ‘728 Patent, and the US ‘984 Patent. On April 20, 2023, we filed an Amended Complaint to assert infringement of the US ‘728 Patent and the US ‘984 Patent. On April 4, 2023, we were granted US 11,617,793 Patent (the “US ‘793 Patent”) covering the formulation of the PEDMARK product, which was listed in the Orange Book on or around April 17, 2023, and has an expiration date of July 2039. On May 11, 2023, we received written notice of CIPLA’s Paragraph IV Certification as to the US ‘793 Patent, which was dated May 10, 2023, along with an enclosed statement of alleged factual and legal bases for stating that the US ‘793 Patent is invalid, unenforceable, and/or will not be infringed by CIPLA’s ANDA Product. On July 27, 2023, we filed a Second

Amended Complaint to assert the US ‘793 Patent. CIPLA filed an Answer to the Second Amended Complaint on August 31, 2023.

On April 23, 2024, we were granted US 11,964,018 Patent (the “US ‘018 Patent) covering a method of using our PEDMARK product to reduce ototoxicity in a patient receiving a platinum based chemotherapeutic for the treatment of a cancer, which was listed in the Orange Book on or around May 8, 2024, and has an expiration date of July 2039. On May 28, 2024, we were granted US 11,992,530 Patent (the “US ‘530 Patent”) covering a method of using our PEDMARK product to reduce ototoxicity in a patient receiving a platinum based chemotherapeutic for the treatment of a cancer, which was listed in the Orange Book on or around June 20, 2024, and has an expiration date of July 2039. On June 4, 2024, we were granted US 11,998,604 Patent (the “US ‘604 Patent”) covering a method of using our PEDMARK product to reduce ototoxicity in a patient receiving a platinum based chemotherapeutic for the treatment of a cancer, which was listed in the Orange Book on or around June 24, 2024, and has an expiration date of July 2039.

On June 13, 2024, we filed a Motion for Leave to File a Third Amended Complaint to focus the ANDA litigation against CIPLA on the US ‘018 Patent and the US ‘793 Patent only. The non-asserted patents remain listed in the Orange Book. On July 22, 2024, CIPLA filed a response indicating that they do not oppose our Motion for Leave to File a Third Amended Complaint. On July 30, 2024, the court granted us leave to file the Third Amended Complaint, which we filed on September 16, 2024.

In coordination with the Third Amended Complaint, we entered into a covenant not to sue CIPLA on the US ‘363 Patent, US ‘728 Patent, US ‘984 Patent, US ‘530 Patent, and US ‘604 Patent, subject to the limitation that such shall not apply to the extent CIPLA alters the product or formulation described in its FDA ANDA application.

On May 27, 2025, we were granted US 12,311,026 (the “US ‘026 Patent”) covering a method of using pharmaceutical compositions comprising sodium thiosulfate and specific stabilizers to reduce ototoxicity in a patient receiving a platinum based chemotherapeutic for the treatment of a cancer. The US ‘026 Patent has an expiration date of July 2039.

On May 27, 2025, we filed suit against the CIPLA entities in the United States District Court for the District of New Jersey (Case No. 2:25-cv-05709), for infringement of the US ‘026 Patent based on the Cipla entities’ ANDA filing. Subsequently, we filed a Motion to Consolidate Case No. 2:25-cv-05709 and Case No. 2:23-cv-00123.

On July 14, 2025, the court granted the Motion to Consolidate Case No. 2:25-cv-05709 with Case No. 2:23-cv-00123.

On July 14, 2025, the court issued its Order on Claim Construction on two claim terms in dispute, adopting our proposed constructions for both.

The suit is ongoing.

Executive Severance

In the event of termination of Mr. Hackman's (Chief Executive Officer) employment with the Company other than for cause, the Company will be obligated to pay him a one-time severance payment equal to twelve months of salary (currently $559). In the event of termination of Mr. Andrade’s (Chief Financial Officer) employment with the Company other than for cause, the Company will be obligated to pay him a one-time severance payment equal to nine months of salary which is equivalent to $344. Further, certain other Executive Employment Agreements generally provide that if employment is terminated without “Cause” (as defined in the applicable Executive Employment Agreement) and other conditions are satisfied, then such executive officer shall receive as severance an amount equal to their then current base salary for a period of nine (9) months, less standard withholdings for tax and social security purposes.

Leases

The Company has an operating lease in Research Triangle Park, North Carolina utilizing a small space within a commercial building. The operating lease has payments of $0.4 per month with no scheduled increases. This operating lease is terminable with 30 days’ notice and has no penalties or contingent payments due.

On January 23, 2020, the Company entered into an Office Service Agreement (the “Office Service Agreement”) with Regus to lease office space in Hoboken, New Jersey. Per the terms of the Office Service Agreement, the monthly rent payments are $1. The Company was required to pay a security deposit of $2, which is the equivalent to two months of rent. The Office Service Agreement commenced on January 27, 2020, and terminated on July 31, 2020, thereafter the lease has been continuing on a month-to-month basis with either party being able to terminate the agreement by providing one month’s advance written notice of termination.

On August 1, 2023, the Company entered into a second Office Service Agreement (the “Second Office Service Agreement”) with Regus to lease office space in Dublin, Ireland. Per the terms of the Second Office Service Agreement, the monthly rent payments are $2. The Company was required to pay a security deposit of $5, which is the equivalent of two months rent. The Second Office Service Agreement commenced on August 1, 2023, and terminated on January 31, 2025, thereafter the lease may continue on a month-to-month basis with either party being able to terminate the agreement by providing one month’s advance written notice of termination. This lease was terminated.

Employee Benefit Plan

In May 2021, the Company established the Fennec Pharmaceuticals, Inc. 401(k) Plan (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code of 1986. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. As of June 30, 2025, the Company does not offer matching contributions.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

Use of Estimates

Credit Losses

Segment and Geographic Information

Stock-Based Compensation

In May 2025, the Board of Directors approved a performance-based unit, or PSU, grant whereby vesting depends on certain revenue performance milestones over the next year. The Company estimates the likelihood of achievement of performance milestones for all PSU awards at the end of each reporting period. To the extent those awards or portions thereof are considered probable of being achieved, such awards or portions thereof are expensed over the performance period. As of June 30, 2025, the Company deems the achievement of a portion of the performance milestones to be probable.

Inventory

Revenue Recognition

License Agreements

Costs to Obtain Contract

Net Product Revenue

Product Sales Discounts and Allowances

The following table summarizes net product revenues for PEDMARK earned during the three and six months ended June 30, 2025, and 2024, respectively:


	Three Months Ended				Six Months Ended
		June 30,		June 30,		June 30,		June 30,
In thousands		2025		2024		2025		2024
Product revenues:
Gross product revenues	$	10,941	$	9,466	$	21,753	$	19,022
Discounts and allowances		(1,289)		(2,204)		(3,350)		(4,341)
Net product revenues	$	9,652	$	7,262	$	18,403	$	14,681

For the three and six months ended June 30, 2025, the Company had five and four distributors that each represented more than 10% of net sales, respectively.



	Chargebacks,		Rebates, Returns, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2024	$	276	$	707	$	983
Provision related to sales made in:
Current period		418		224		642
Prior periods		—		—		—
Payments and customer credits issued		(328)		(61)		(389)
Balance at March 31, 2025	$	366	$	870	$	1,236
Provision related to sales made in:
Current period		553		196		749
Prior periods		—		—		—
Payments and customer credits issued		(637)		(185)		(822)
Balance at June 30, 2025	$	282	$	881	$	1,163

Trade Receivables

Cost of Products Sold

Cash and Cash Equivalents

Cash equivalents consist of highly liquid investments with original maturities at the date of purchase of three months or less.

Financial Instruments

Common Shares and Warrants

As of June 30, 2025, the Company has 150 warrants with a weighted average strike price of $7.71 outstanding to purchase common shares that have a weighted average life of 2.55 years.

Research and Development Costs and Investment Tax Credits

Concentrations of Credit Risk

Income Taxes

Foreign Currency Transactions

The U.S. dollar is the functional currency for the Company’s consolidated operations. All gains and losses from currency transactions are included in the results of operations.

Loss Per Share

Recent Accounting Pronouncements

Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Total
Balance, beginning at Dec. 31, 2023	$ 144,307	$ 62,073	$ (219,245)	$ 1,243	$ (11,622)
Balance, beginning (shares) at Dec. 31, 2023	27,027
Stock-based compensation - employees	$ 0	1,191	0	0	1,191
Stock option exercise	$ 627				627
Stock option exercise (shares)	75
Restricted stock release		(19)			(19)
Restricted stock release (shares)	3
Net Income (Loss)			12,837		12,837
Balance, ending at Mar. 31, 2024	$ 144,934	63,245	(206,408)	1,243	3,014
Balance, ending (shares) at Mar. 31, 2024	27,105
Balance, beginning at Dec. 31, 2023	$ 144,307	62,073	(219,245)	1,243	(11,622)
Balance, beginning (shares) at Dec. 31, 2023	27,027
Net Income (Loss)					7,284
Balance, ending at Jun. 30, 2024	$ 145,281	64,080	(211,961)	1,243	(1,357)
Balance, ending (shares) at Jun. 30, 2024	27,329
Balance, beginning at Mar. 31, 2024	$ 144,934	63,245	(206,408)	1,243	3,014
Balance, beginning (shares) at Mar. 31, 2024	27,105
Stock-based compensation - employees		925			925
Stock option exercise	$ 347				347
Stock option exercise (shares)	147
Restricted stock release		(90)			(90)
Restricted stock release (shares)	77
Net Income (Loss)			(5,553)		(5,553)
Balance, ending at Jun. 30, 2024	$ 145,281	64,080	(211,961)	1,243	(1,357)
Balance, ending (shares) at Jun. 30, 2024	27,329
Balance, beginning at Dec. 31, 2024	$ 145,608	66,958	(219,681)	1,243	(5,872)
Balance, beginning (shares) at Dec. 31, 2024	27,527
Stock-based compensation - employees	$ 0	798	0	0	798
Stock option exercise	$ 371				371
Stock option exercise (shares)	55
Restricted stock release		(12)			(12)
Restricted stock release (shares)	12
Net Income (Loss)			(1,165)		(1,165)
Balance, ending at Mar. 31, 2025	$ 145,979	67,744	(220,846)	1,243	(5,880)
Balance, ending (shares) at Mar. 31, 2025	27,594
Balance, beginning at Dec. 31, 2024	$ 145,608	66,958	(219,681)	1,243	(5,872)
Balance, beginning (shares) at Dec. 31, 2024	27,527
Net Income (Loss)					(4,317)
Balance, ending at Jun. 30, 2025	$ 146,165	69,127	(223,998)	1,243	(7,463)
Balance, ending (shares) at Jun. 30, 2025	27,733
Balance, beginning at Mar. 31, 2025	$ 145,979	67,744	(220,846)	1,243	(5,880)
Balance, beginning (shares) at Mar. 31, 2025	27,594
Stock-based compensation - employees		1,494			1,494
Stock option exercise	$ 186				186
Stock option exercise (shares)	52
Restricted stock release		(111)			(111)
Restricted stock release (shares)	87
Net Income (Loss)			(3,152)		(3,152)
Balance, ending at Jun. 30, 2025	$ 146,165	$ 69,127	$ (223,998)	$ 1,243	$ (7,463)
Balance, ending (shares) at Jun. 30, 2025	27,733

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
-Paragraph 6
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

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+ Details

Nature of Business and Liquidity

6 Months Ended

Jun. 30, 2025

Nature of Business and Liquidity

Nature of Business and Liquidity

Fennec Pharmaceuticals Inc.

Notes to the Consolidated Financial Statements

(U.S. dollars and shares in thousands, except per share information)

1. Nature of Business and Liquidity

Fennec Pharmaceuticals Inc., a corporation existing under the laws of British Columbia (“Fennec,” “the Company,” “we,” “us,” or “our”) was originally formed as a British Columbia corporation under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. Fennec, together with its wholly owned subsidiaries Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian corporation, and Fennec Pharmaceuticals (EU) Limited, an Ireland company (“Fennec Limited”), collectively referred to herein as the “Company,” is a biopharmaceutical company with one FDA, EMA and U.K. approved product 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. With the exception of Fennec Pharmaceuticals, Inc., all subsidiaries are inactive.

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.

During the three and six-month period ended June 30, 2025, the Company experienced a net loss from operations of $(2,732) and $(3,540), respectively. On June 30, 2025, it had an accumulated deficit of $223,998, and had experienced negative cash flows from operating activities in the amount of $(8,004) for the six-month period ended June 30, 2025.

On August 1, 2022, the Company entered into a Securities Purchase Agreement (the “SPA”) with Petrichor Opportunities Fund I LP (the “Petrichor”) 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”). The notes are due in August 2027. 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. In connection with the first closing, the Company repaid in full its secured indebtedness with Bridge Bank in the amount of $5,000.

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^®.

A commitment fee of 2.0% of the Notes was payable under the SPA. Half of such fee was paid by the issuance on the first closing of warrants to purchase 55,498 Fennec common shares (“First Closing Warrant”) and half was payable in cash or warrants of 55,498 Fennec 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 have a term of five years from the date of the grant. The Company elected to have all the commitment fee of the Notes payable in warrants.

On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000 (the “Third 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^®.

Also on December 4, 2023, the Company entered into a First Amendment to the Securities Purchase Agreement (the “SPA Amendment”) with Petrichor, which, among other things, extend the period that the Company could draw the remaining $15,000 under the SPA from December 31, 2023, to December 31, 2024. The ability to draw the remaining $15,000 under the SPA expired on December 31, 2024.

On December 18, 2024, the Company entered into a Waiver and Redemption Agreement (the “Redemption Agreement”) with Petrichor, pursuant to which the Company repurchased and redeemed Notes in an aggregate principal amount of $13,000 (consisting of approximately $11,800 of original principal balance and approximately $1,271 in Payment-in-kind (“PIK”) interest) (collectively, the “Note Redemptions”).

In March of 2024, the Company announced that it had secured an exclusive licensing agreement with Norgine Pharma UK Limited (“Norgine”) to commercialize PEDMARQSI^®, which is the branded name for PEDMARK^® outside of the U.S., in Europe, Australia and New Zealand. The deal provided the Company with approximately $43,000 up front, with the potential of approximately another $230,000 in future royalties and milestone payments.

The Company believes current funds, which include funds from the upfront payment from Norgine, 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.

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.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2025	Aug. 11, 2025
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2025
Document Transition Report	false
Securities Act File Number	001-32295
Entity Registrant Name	FENNEC PHARMACEUTICALS INC.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	20-0442384
Entity Address, Address Line One	PO Box 13628, 68 TW Alexander Drive
Entity Address, City or Town	Research Triangle Park
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	27709
City Area Code	919
Local Phone Number	636-4530
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	FENCF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		27,831,698
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001211583
Amendment Flag	false

Commitments and Contingencies (Details)			6 Months Ended
Commitments and Contingencies (Details)	Aug. 01, 2023 USD ($)	Jan. 23, 2020 USD ($)	Jun. 30, 2025 USD ($)
Lease Contingencies \| Triangle Park, North Carolina
Monthly lease expense			$ 400,000
Operating lease, days notice required to terminate agreement			30 days
Operating lease, penalties and contingent payments payable			$ 0
Lease Contingencies \| Hoboken, New Jersey \| Office Service Agreement
Monthly lease expense			$ 1,000
Operating lease, days notice required to terminate agreement		1 month
Security deposit		$ 2,000
Lease Contingencies \| Dublin, Ireland \| Second Office Service Agreement
Monthly lease expense	$ 2,000
Operating lease, days notice required to terminate agreement	1 month
Security deposit	$ 5,000
CIPLA ANDA Litigation
Days following receipt of Notice Letter to file patent infringement suit			45 days
Duration of FDA's ability to give final approval to proposed products that reference PEDMARK			30 months
PEDMARK's Orphan Drug Exclusivity period			7 years
Executive Severance
Equivalent months of base salary used to determine initial severance payment amount			9 months
Executive Severance \| Jeff Hackman, CEO
Severance payments due			$ 559,000
Number of severance payments			1
Severance payment term			12 months
Executive Severance \| Robert Andrade
Severance payments due			$ 344,000
Number of severance payments			1
Severance payment term			9 months

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Jun. 30, 2025	Dec. 31, 2024
Condensed Consolidated Balance Sheets
Common stock, no par value	$ 0	$ 0
Common stock, shares issued	27,733	27,527
Common stock, shares outstanding	27,733	27,527

Fair Value Measurements - Assets/Liabilities Measured at Fair Value (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	$ 18,705	$ 26,634
Processa common shares	1	2
Quoted Price in Active Markets for Identical Instruments Level 1
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	1,984	2,020
Processa common shares	1	2
Significant Other Observable Inputs Level 2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	$ 16,721	$ 24,614
License agreement \| Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement	51

Insider Trading Arrangements - Chris Rallis, Board of Directors	6 Months Ended
	Jun. 30, 2025 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Chris Rallis, a current member of our Board of Directors, adopted a trading arrangement on May 19, 2025, which is intended to satisfy the Rule 10b5-1 affirmative defense. This trading arrangement covers the disposition of up to 18,406 shares of the Company’s common shares, and will terminate on June 9, 2026, unless earlier terminated in accordance with its terms. No additional directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
Name	Chris Rallis
Title	Board of Directors
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Adoption Date	May 19, 2025
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Expiration Date	Jun. 09, 2026
Aggregate Available	18,406
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Nature of Business and Liquidity (Details) $ / shares in Units, $ in Thousands, € in Millions					3 Months Ended		6 Months Ended
	Dec. 18, 2024 USD ($)	Dec. 04, 2023 USD ($) $ / shares	Sep. 23, 2022 USD ($) $ / shares shares	Aug. 19, 2022 USD ($) $ / shares	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2025 USD ($)	Jun. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Mar. 31, 2024 USD ($)	Mar. 17, 2024 USD ($)	Mar. 17, 2024 EUR (€)	Dec. 31, 2023 USD ($)	Aug. 01, 2022 USD ($)
Nature of Business and Going Concern [Line Items]
loss from operations					$ (2,732)	$ (5,039)	$ (3,540)	$ 8,704
Accumulated Deficit					223,998		223,998		$ 219,681
Cash flows from operating activities							(8,004)	$ 30,660
Petrichor Financing \| Securities Purchase Agreements \| Secured Convertible Debt
Nature of Business and Going Concern [Line Items]
Maximum borrowing capacity														$ 45,000
Commitment fee percentage			2.00%
Exercise price of warrants issued \| $ / shares			$ 8.11
Exercise term of warrants			5 years
Petrichor Financing \| Securities Purchase Agreements \| First Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount				$ 5,000
Initial conversion price \| $ / shares				$ 8.11
Premium over 5-day VWAP				20.00%
VWAP term				5 days
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount			$ 20,000
Initial conversion price \| $ / shares			$ 7.89
Premium over 5-day VWAP			20.00%
VWAP term			5 days
Petrichor Financing \| Securities Purchase Agreements \| Third Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount		$ 5,000
Initial conversion price \| $ / shares		$ 7.89
Premium over 5-day VWAP		20.00%
VWAP term		5 days
Petrichor Financing \| Securities Purchase Agreements \| Subsequent Closing Notes
Nature of Business and Going Concern [Line Items]
Commitment fee percentage			2.00%
Exercise price of warrants issued \| $ / shares			$ 8.11
Exercise term of warrants			5 years
Petrichor Financing \| Securities Purchase Agreements \| First Closing Warrant
Nature of Business and Going Concern [Line Items]
Commitment fees payable in warrants			50.00%
Common shares available through issuance of warrants \| shares			55,498
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Warrant
Nature of Business and Going Concern [Line Items]
Commitment fees payable in warrants			50.00%
Common shares available through issuance of warrants \| shares			55,498
Petrichor Financing \| SPA First Amendment \| Subsequent Closing Notes
Nature of Business and Going Concern [Line Items]
Remaining borrowing capacity									$ 15,000				$ 15,000
Petrichor Financing \| Redemption Agreement \| Note Redemptions
Nature of Business and Going Concern [Line Items]
Notes payable					$ 19,477		$ 19,477
Repayment of debt	$ 13,000
Principal repayments on debt	11,800
PIK interest repayments on debt	$ 1,271
Bridge Bank \| Bridge Bank Term Loan
Nature of Business and Going Concern [Line Items]
Repayment of debt				$ 5,000
Licensing Agreement \| Norgine Ltd.
Nature of Business and Going Concern [Line Items]
License agreement funding received										$ 43,000	$ 43,200	€ 40.0
License agreement funding, potential milestone payments										$ 230,000	$ 230,000	€ 210.0

Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events

Subsequent Events

10. Subsequent Events

Management has evaluated subsequent events through the date of this filing and concluded there are no events of significance which require disclosure.

Term Loans - Aggregate annual payments due on Term Loan (Details) $ in Thousands	Jun. 30, 2025 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
2027	$ 18,206
Payment in kind interest	1,271
Total future payments	19,477
Less: unamortized debt discount	(113)
Total term loan, net of discount	$ 19,364

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Significant Accounting Policies - Product Sales Discounts and Allowances (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Disaggregation of Revenue [Line Items]
Net product revenues	$ 9,652	$ 7,262	$ 18,403	$ 32,639
PEDMARK
Disaggregation of Revenue [Line Items]
Gross product revenue	10,941	9,466	21,753	19,022
Discounts and allowances	(1,289)	(2,204)	(3,350)	(4,341)
Net product revenues	$ 9,652	$ 7,262	$ 18,403	$ 14,681

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Operating activities:
Net (loss)/income	$ (4,317)	$ 7,284
Adjustments to reconcile net loss to net cash used in operating activities:
Allowance for credit losses	1,222
Amortization of Norgine Asset	51	749
Amortization of debt discount	26	43
gain on securities	2	11
PIK interest		803
Stock-based compensation - employees	2,292	2,116
Changes in operating assets and liabilities:
Accounts receivable	(5,542)	(3,498)
Prepaid expenses	(1,659)	(1,804)
Inventory	(1,141)	12
Other current assets	(435)	(255)
Accounts payable	2,700	669
Accrued liabilities	(1,203)	(716)
Contract liability - current		25,246
Net cash (used in) / provided by operating activities	(8,004)	30,660
Financing activities:
Issuance of shares, options exercise	186	974
Cash paid for taxes on restricted share release	(111)	(109)
Deferred issuance costs		(1,740)
Net cash provided by / (used in) financing activities	75	(875)
(Decrease) / increase in cash and cash equivalents	(7,929)	29,785
Cash and cash equivalents - Beginning of period	26,634	13,269
Cash and cash equivalents - End of period	$ 18,705	$ 43,054

Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting

Segment Reporting

9. Segment Reporting

Fennec’s chief operating decision maker is the senior executive team that includes the chief executive officer and chief financial officer. The chief operating decision maker uses net loss to evaluate income generated from segment assets (return on assets) in deciding whether to reinvest profits into the single segment or any other part of the entity, such as for acquisitions or to pay dividends.

The accounting policies of the operating segment are the same as those described in Note 2, Significant Accounting Policies. The chief operating decision maker evaluates the performance of the operating segment and allocates resources based on net loss that also is reported on the consolidated income statement as net loss. The measure of the operating segment assets is reported on the consolidated balance sheet as total assets.

The chief operating decision maker uses net loss to monitor budget versus actual results and to analyze cash flows in assessing performance of the segment and allocating resources. The significant expenses are presented in the Company’s Statements of Operations.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Term Loans (Tables)

6 Months Ended

Jun. 30, 2025

Term Loans

Schedule of Aggregate Annual Term-Loan Payments


Years Ending December 31,		Amount
2025	$	—
2026		—
2027		18,206
Payment in kind interest		1,271
Total future payments		19,477
Less: unamortized debt discount		(113)
Total term loan, net of debt discount	$	19,364

Stockholders' Equity - Performance Share Activity (Details) - Performance-Based Units - Equity Incentive Plan	6 Months Ended
	Jun. 30, 2025 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares granted \| shares	100
Unvested shares, end of period \| shares	100
Grant date fair value, shares granted \| $ / shares	$ 6.62
Grant date fair value, end of period \| $ / shares	$ 6.62

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (f)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 26: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(iv)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)(v)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

+ Details

Loss per Share

6 Months Ended

Jun. 30, 2025

Loss per Share

Loss per Share

3. Loss Per Share

Net income/(loss) per common share is presented under two formats: basic net income/(loss) per common share and diluted income/(loss) per common share. Basic net income/(loss) per common share is computed by dividing net income/(loss) attributable to common shareholders by the weighted average number of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) by the weighted average number of common shares outstanding during the period, plus the potentially dilutive impact of common shares equivalents (e.g. convertible debt, stock options and warrants). Dilutive common share equivalents consist of the incremental common shares issuable upon exercise of convertible debt, restricted stock units, stock options and warrants. The following table sets forth the computation of basic and diluted net income/(loss) per share (in thousands except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator:
Net (loss) / income	$	(3,152)	$	(5,553)	$	(4,317)	$	7,284

Denominator:
Weighted-average common shares, basic		27,664		27,297		27,621		27,250
Dilutive effect of stock options		—		—		—		843
Dilutive effect of restricted share units		—		—		—		445
Dilutive effect of warrants		—		—		—		11
Dilutive effect of convertible debt		—		—		—		253
Incremental dilutive shares		—		—		—		1,552
Weighted-average common shares, diluted		27,664		27,297		27,621		30,354
Net (loss) / income per share diluted	$	(0.11)	$	(0.20)	$	(0.16)	$	0.24

The following common stock equivalents, outstanding convertible debt, options and warrants were excluded from the computation of diluted net income/(loss) per share for the periods presented because including them would have had an anti-dilutive effect:


	Diluted Earnings Per Share		Diluted Earnings Per Share
	Three Months Ended June 30,		Six Months Ended June 30,
	2025	2024	2025	2024
Options to purchase common shares	221	3,466	6,078	5,228
Convertible debt to purchase common shares	24	—	3,785	—
Restricted share units to purchase common shares	—	445	485	445
Performance share units to purchase common shares	100	—	100	—
Warrants to purchase common shares	—	34	150	150

License Agreement (Details) - Licensing Agreement - Norgine Ltd. $ in Thousands, € in Millions	6 Months Ended
	Jun. 30, 2025 USD ($)	Mar. 31, 2024 USD ($)	Mar. 17, 2024 USD ($)	Mar. 17, 2024 EUR (€)
License agreement funding received		$ 43,000	$ 43,200	€ 40.0
License agreement funding, potential milestone payments		$ 230,000	$ 230,000	€ 210.0
Incremental costs paid	$ 1,700
Incremental costs capitalized to other non-current assets	$ 768

Stockholders' Equity - Summary of Option Activity (Details) - Employee Stock Option - $ / shares shares in Thousands	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Options Outstanding at Beginning	5,857	5,855
Number of Options Granted	318	180
Number of Options Exercised	(52)	(55)
Number of Options Forfeited	(45)	(123)
Number of Options Outstanding at Ending	6,078	5,857
Weighted-average Exercise Price outstanding at Beginning	$ 6.22	$ 6.22
Weighted-average Exercise Price Granted	7.41	6.5
Weighted-average Exercise Price Exercised	5.08	5
Weighted-average Exercise Price Forfeited	4.23	6.94
Weighted-average Exercise Price Outstanding at Ending	$ 6.31	$ 6.22
Number of options fully vested and exercisable	4,433

Stockholders' Equity

6 Months Ended

Jun. 30, 2025

Stockholders' Equity

Stockholders' Equity

4. Stockholders’ Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of an unlimited number of common shares, no par value per share.

Warrants to Purchase Common Stock

During the three and six months ended June 30, 2025, and 2024, there were no warrants issued or exercised. Outstanding warrants have a weighted average life of 2.55 years on June 30, 2025. The following tables detail the Company’s warrant activity for the three and six months ended June 30, 2025, and 2024, respectively:


	Common Shares
	Issuable Upon Exercise
	of Outstanding		Weighted-Average
Investor Warrants	Warrants		Exercise Price
Outstanding December 31, 2024	150	$	7.71
Issued	—		—
Outstanding March 31, 2025	150	$	7.71
Issued	—		—
Outstanding June 30, 2025	150	$	7.71

Equity Incentive Plan

The Company maintains an equity incentive plan (the “Plan”), which is administered by the Compensation Committee of the Board of Directors. The Plan provides for the issuance of stock options, restricted share units (“RSUs”), and other equity-based awards to employees, directors, officers, and consultants of the Company. The Compensation Committee is responsible for determining eligible participants and approving individual award grants under the Plan.

On April 24, 2025, the Company’s Board of Directors approved an amendment to the Plan to: (i) increase the number of common shares available for issuance under the Plan (excluding common shares issued prior to the date of the meeting pursuant to the exercise of options and vesting of RSUs) to 8,500 common shares, representing approximately 30.8% of the total issued and outstanding common shares as of the date of the circular; and (ii) include provisions for an employee stock purchase program. The amendment was subsequently approved by the Company’s shareholders on June 3, 2025.

Prior to this amendment, the maximum number of equity instruments issuable under the Plan, together with the Company’s prior stock option plan, was limited to 25% of the Company’s issued and outstanding common shares. Based on the then-current outstanding share count, this equated to a maximum of 6,825 common shares available for issuance.

All stock options granted under the Plan have an exercise price equal to the fair value of the Company’s common shares on the date of grant. Options generally vest over a period of up to three years and are exercisable for a period of up to ten years from the grant date. Awards under the Plan may be denominated in either U.S. or Canadian dollars.

The Company recognizes stock-based compensation expense for all share-based awards granted to employees and non-employees based on the fair value of the awards on the grant date. The following table summarizes stock-based compensation expense related to equity awards:


	Three Months Ended				Six Months Ended
	June 30,		June 30,		June 30,		June 30,
	2025		2024		2025		2024
Stock-based expense recognized	$	1,494	$	925	$	2,292	$	2,116
Total option expense recognized	$	1,494	$	925	$	2,292	$	2,116

Stock Option Activity

The following is a summary of option activity for the three and six months ended June 30, 2025.


	Number of	Weighted-Average
Options	Options	Exercise Price
Outstanding at December 31, 2024	5,855	$	6.22
Granted	180		6.50
Exercised	(55)		5.00
Forfeited	(123)		6.94
Outstanding at March 31, 2025	5,857		6.22
Granted	318		7.41
Exercised	(52)		5.08
Forfeited	(45)		4.23
Outstanding at June 30, 2025	6,078	$	6.31

Of the 6,078 options granted and outstanding at June 30, 2025, 4,433 are fully vested and exercisable.

The value of options issued was estimated using the Black-Scholes option pricing model using the assumptions in the table below. The expected volatility was determined using historical volatility of our stock based on the expected term of the award.


	Valuation
	Assumptions
Black-Scholes Model Assumptions	June 30, 2025
Expected dividend	-	%
Risk free rate	3.93 - 4.19	%
Expected volatility	71.04- 161.67	%
Expected life	1.5 - 6.0	years

Performance-Based Units

thereof are considered probable of being achieved, such awards or portions thereof are expensed over the performance period. As of June 30, 2025, the Company deems the achievement of a portion of the performance milestones to be probable.

The following table summarizes PSU activity under the 2020 Plan during the six months ended June 30, 2025:


			Weighted-Average
	Number of		Grant Date Fair Value
	Stock Units		Per Share
Unvested balance at January 1, 2025	—	$	—
Granted	100		6.62
Vested	—		—
Forfeited	—		—
Unvested balance at June 30, 2025	100	$	6.62

Restricted Share Units Activity

The Plan allows for the issuance of restricted share units (“RSUs”). The following is a summary of RSU activity for the three and six months ended June 30, 2025 and 2024. During the three and six months ended June 30, 2025, there were 13 and 102 RSUs released from restriction, respectively. Standard vesting of RSUs is over three years with 1/3 vesting on the first anniversary date of the grant and then 1/24 on the last day of each subsequent month. The Compensation Committee may also award RSUs with alternative vesting.


		Number of
		Restricted Share
RSUs Current Periods		Units
Outstanding at December 31, 2024		324
Awarded		283
Released		(13)
Forfeited		(5)
Outstanding at March 31, 2025		589
Awarded		—
Released		(102)
Forfeited		(2)
Outstanding at June 30, 2025		485

The value of RSUs issued was estimated using the share price on the date of the award multiplied by the number of common shares granted.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Stockholders' Equity - Black Scholes Option Pricing Model (Details)	6 Months Ended
	Jun. 30, 2025
Minimum
Risk free rate	3.93%
Expected volatility	71.04%
Expected life	1 year 6 months
Maximum
Risk free rate	4.19%
Expected volatility	161.67%
Expected life	6 years

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Condensed Consolidated Statements of Operations
PEDMARK product sales, net	$ 9,652	$ 7,262	$ 18,403	$ 14,681
Licensing revenue				17,958
Total revenues	9,652	7,262	18,403	32,639
Operating expenses:
Cost of product sales	967	608	1,340	1,158
Research and development	107	157	201	160
Selling and marketing	4,354	4,672	7,301	9,881
General and administrative	6,956	6,864	13,101	12,736
Total operating expenses	(12,384)	(12,301)	(21,943)	(23,935)
(Loss)/Income from operations	(2,732)	(5,039)	(3,540)	8,704
Other (expense)/income
Unrealized foreign exchange (loss)/gain	17	(17)	30	(55)
Amortization expense	(13)	(23)	(26)	(43)
Unrealized loss on securities	(1)		(2)	(11)
Interest income	171	570	407	767
Interest expense	(594)	(1,044)	(1,186)	(2,078)
Total other expense	(420)	(514)	(777)	(1,420)
Net (loss)/income	$ (3,152)	$ (5,553)	$ (4,317)	$ 7,284
Basic net (loss)/income per common share	$ (0.11)	$ (0.2)	$ (0.16)	$ 0.24
Diluted net (loss)/income per common share	$ (0.11)	$ (0.2)	$ (0.16)	$ 0.24
Weighted-average number of common shares outstanding basic	27,664	27,297	27,621	27,250
Weighted-average number of common shares outstanding diluted	27,664	27,297	27,621	30,354

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (3,152)	$ (1,165)	$ (5,553)	$ 12,837	$ (4,317)	$ 7,284

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details