0001104659-26-061213 | 10-Q | XBRL Viewer | Fennec Pharmaceuticals INC

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Stockholders' Equity - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands			3 Months Ended
	Apr. 24, 2024	Apr. 23, 2024	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Authorized capital stock
Common stock, no par value			$ 0		$ 0
Proceeds from issuance of stock options			$ 1,323	$ 371
Equity Incentive Plan
Authorized capital stock
Shares issuable under Stock Option Plan, as percent of shares outstanding		25.00%
Shares issuable under Stock Option Plan		6,825
Equity Incentive Plan Amendment
Authorized capital stock
Shares issuable under Stock Option Plan, as percent of shares outstanding	30.80%
Shares issuable under Stock Option Plan	8,500
Restricted Stock Units (RSUs) [Member] \| Equity Incentive Plan
Authorized capital stock
Vesting period			3 years
Employee Options
Authorized capital stock
Options outstanding			7,229		5,853
Exercise of stock options (shares)			264
Number of Options Granted			1,640
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number			4,617

Significant Accounting Policies

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. 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 U.S. GAAP for annual financial statements. Accordingly, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include revenue recognition and related reserves for variable consideration, allowance for credit losses on trade receivables, measurement of stock-based compensation and estimates of the

Company’s capital requirements over at least the next twelve months from the date of issuance of the condensed consolidated financial statements. Actual results could differ materially from those estimates.

Credit Losses

The Company estimates and records a provision for 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, as well as forward-looking information, when evaluating expected credit losses. To determine the provision for credit losses for accounts receivable, the Company disaggregates its receivables by class of customer because the risk profile of its customers may vary based on characteristics such as credit history, past payment history and geography. Each class of customer is analyzed individually for estimated credit losses, and specific allowance amounts are established, when appropriate, based on a review of outstanding invoices for customers with a higher probability of default.

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 assess performance. The Company views its operations and manages its business in one operating segment, which is the commercialization of PEDMARK, and its employees support only one operating segment.

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

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

The Company generates revenue from license or similar agreements with pharmaceutical companies for the commercialization of our 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 us 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

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. These specialty distributors subsequently resell the Company’s products to health care providers and patients. In addition to distribution agreements with customers, 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.

Product Sales Discounts and Allowances

The Company records U.S. based 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 a 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^® is the Company’s first 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.

The Company also utilizes select distributors to introduce its product into global markets. These distributors take on the function of shipping, storage, marketing and other services related to the sale of our product. We record distribution and other fees paid to these distributors as a reduction of revenue, unless the payment is for a distinct good or service from the customer and we can reasonably estimate the fair value of the goods or services received. If both conditions are met, we record the consideration paid to the distributor as an operating expense. These costs are typically known at the time of sale, resulting in minimal adjustments subsequent to the period of sale.

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 payer data received from the specialty distributors and historical utilization rates that will develop over time as PEDMARK^® is the Company’s first 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 Consolidated Statements of Operations.

Distribution and Other Fees: We pay distribution and other fees to certain customers in connection with the sales of our products. We record distribution and other fees paid to our customers as a reduction of revenue, unless the payment is for a distinct good or service from the customer and we can reasonably estimate the fair value of the goods or services received.

If both conditions are met, we record 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^® in the United States earned in the three months ended March 31, 2026 and 2025, respectively:


	Three Months Ended
	March 31,		March 31,
In thousands	2026		2025
Product revenues:
Gross product revenues	$	15,867	$	10,812
Discounts and allowances		(759)		(2,061)
Net product revenues	$	15,108	$	8,751

For the three months ended March 31, 2026 and 2025, the Company had four distributors that each represented more than 10% of net sales.

The activities and ending allowance balances for each significant category of discounts and allowances for PEDMARK^® (which constitute variable consideration) for the three months ended March 31, 2026, was as follows:


	Chargebacks,		Rebates, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2025	$	477	$	1,423	$	1,900
Provision related to sales made in:
Current period		577		712		1,289
Prior periods		—		—		—
Payments and customer credits issued		(824)		(1,196)		(2,020)
Balance at March 31, 2026	$	230	$	939	$	1,169

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 consolidated balance sheets.

Trade Receivables

The Company records gross trade receivables at the time of product sale to its customers, both specialty and other select global distributors. 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 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 increased 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 $5,986 as of March 31, 2026.

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 March 31, 2026, the Company capitalized $1,856 of costs as inventory on the condensed consolidated balance sheet. Of the items capitalized, $1,769 was capitalized as work in process and raw materials, and $87 was capitalized as 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. As of March 31, 2026, the Company had $40,179 in cash, savings and money market accounts ($36,788 at December 31, 2025). Money market investments typically have minimal risks. 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 recognized on the balance sheets at March 31, 2026 and December 31, 2025 consist of cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, 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.

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.

The Company conducts certain research and development activities under clinical trial and other research agreements with third parties and records expenses for these activities based on estimates of the work performed during the reporting period. In developing these estimates, the Company considers factors such as the terms of the underlying contracts, progress of patient visits and related clinical procedures, the achievement of contractual milestones, and data received from CROs and other service providers, and adjusts accruals as actual information becomes available.

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 direct customers, 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 low, 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 March 31, 2026, 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 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 results of operations.

Income/(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 stock options and warrants, if dilutive, as determined using the if-converted method and treasury methods.

Reclassifications

Certain prior period amounts in the accompanying condensed consolidated financial statements have been reclassified to conform to the current period presentation. Specifically, certain equity-based compensation costs previously classified within general and administrative expenses have been reclassified to selling and marketing expenses. These reclassifications had no effect on previously reported net loss or stockholders' equity.

Recent Accounting Pronouncements

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU introduces optional practical expedients intended to simplify the estimation of expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606, Revenue from Contracts with Customers. The amendments in ASU 2025-05 are intended to reduce complexity in applying

the current expected credit loss model to short-term receivables and contract assets while maintaining decision-useful information for financial statement users. The Company adopted this amended standard in the first quarter of 2026 and such adoption did not have a material impact on its consolidated financial statements.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Improvements to Interim Reporting. This ASU clarifies the applicability of interim reporting guidance, improves the navigability of Topic 270, identifies interim disclosure requirements included in other Topics of the Accounting Standards Codification, and establishes a principle requiring disclosure of events since the end of the last annual reporting period that have a material impact on an entity. The amendments in ASU 2025-11 are not intended to fundamentally expand or reduce existing interim disclosure requirements, but rather to improve clarity and consistency in the application of interim reporting guidance. The Company is currently assessing the effect of this guidance on its interim disclosures and presentation. The Company does not currently expect the adoption of this standard to have a material impact on its condensed consolidated financial statements other than potential additional or clarified interim disclosure requirements.

In December 2025, the FASB issued ASU 2025-12, Codification Improvements. ASU 2025-12 includes technical corrections, clarifications, and other minor improvements to various Topics within the Accounting Standards Codification. The Company is currently evaluating the effect of this guidance on its consolidated financial statements and related disclosures. The Company does not expect the adoption of this standard to have a material impact on its condensed consolidated financial statements.

Other than the pronouncements discussed above, the Company reviewed other recently issued accounting standards and concluded that they are either not applicable to its business or are not expected to have a material impact on its condensed consolidated financial statements or related disclosures.

Commitments and Contingencies	3 Months Ended
Mar. 31, 2026
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. In addition, PEDMARK® has received orphan drug exclusivity in the United States. 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, the Company filed a motion for leave to file a third amended complaint to focus the ANDA litigation against CIPLA on the ’018 Patent and the ’793 Patent only. On July 30, 2024, the court granted leave to file the third amended complaint, which the Company filed on September 16, 2024. In connection with the third amended complaint, the Company entered into a covenant not to sue CIPLA on the U.S. ’363, ’728, ’984, ’530 and ’604 patents, subject to the limitation that the covenant does not apply to the extent CIPLA alters the product or formulation described in its ANDA. On March 16, 2026, the Company announced that it had entered into a settlement and license agreement with Cipla Limited and Cipla USA, Inc. resolving the litigation. Under the terms of the agreement, the lawsuit will be dismissed with each party bearing its own costs, and CIPLA will not enter the U.S. market with its generic sodium thiosulfate product until September 1, 2033, or earlier under certain specified circumstances. 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 $615). 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 $361. 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. Because the Company’s lease arrangements are short-term or month-to-month in nature, no operating lease liability was recorded on the condensed consolidated balance sheets as of March 31, 2026 or December 31, 2025. 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 March 31, 2026, the Company does not offer matching contributions.

Commitments and Contingencies

3 Months Ended

Mar. 31, 2026

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. In addition, PEDMARK® has received orphan drug exclusivity in the United States.

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, the Company filed a motion for leave to file a third amended complaint to focus the ANDA litigation against CIPLA on the ’018 Patent and the ’793 Patent only. On July 30, 2024, the court granted leave to file the third amended complaint, which the Company filed on September 16, 2024. In connection with the third amended complaint, the Company entered into a covenant not to sue CIPLA on the U.S. ’363, ’728, ’984, ’530 and ’604 patents, subject to the limitation that the covenant does not apply to the extent CIPLA alters the product or formulation described in its ANDA.

On March 16, 2026, the Company announced that it had entered into a settlement and license agreement with Cipla Limited and Cipla USA, Inc. resolving the litigation. Under the terms of the agreement, the lawsuit will be dismissed with each party bearing its own costs, and CIPLA will not enter the U.S. market with its generic sodium thiosulfate product until September 1, 2033, or earlier under certain specified circumstances.

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 $615). 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 $361. 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.

Because the Company’s lease arrangements are short-term or month-to-month in nature, no operating lease liability was recorded on the condensed consolidated balance sheets as of March 31, 2026 or December 31, 2025.

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 March 31, 2026, the Company does not offer matching contributions.

Stockholders' Equity - Recognized Contractor and Employee Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Recognized Employee Expense [Line Items]
Total option expense recognized	$ 990	$ 798
Employee Options
Recognized Employee Expense [Line Items]
Total option expense recognized	$ 990	$ 798

Segment Reporting	3 Months Ended
Mar. 31, 2026
Segment Reporting
Segment Reporting	8. Segment Reporting 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 (“CODM”) in deciding how to allocate resources and assess performance. The Company operates as a single operating and reportable segment focused on the commercialization of PEDMARK®/PEDMARQSI^®. The Company’s CODM is its Chief Executive Officer. The CODM reviews consolidated net income (loss) to assess performance, make operating decisions and allocate resources. This measure is reported on the condensed consolidated statements of operations. The accounting policies of the operating segment are the same as those described in Note 2, Significant Accounting Policies. Segment assets are reported on the condensed consolidated balance sheets as total assets. The CODM also reviews significant expense categories, which are presented on the condensed consolidated statements of operations, including cost of product sales, research and development, selling and marketing, and general and administrative expenses.

Segment Reporting

3 Months Ended

Mar. 31, 2026

Segment Reporting

Segment Reporting

8. Segment Reporting

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 (“CODM”) in deciding how to allocate resources and assess performance. The Company operates as a single operating and reportable segment focused on the commercialization of PEDMARK®/PEDMARQSI^®.

The Company’s CODM is its Chief Executive Officer. The CODM reviews consolidated net income (loss) to assess performance, make operating decisions and allocate resources. This measure is reported on the condensed consolidated statements of operations.

The accounting policies of the operating segment are the same as those described in Note 2, Significant Accounting Policies. Segment assets are reported on the condensed consolidated balance sheets as total assets. The CODM also reviews significant expense categories, which are presented on the condensed consolidated statements of operations, including cost of product sales, research and development, selling and marketing, and general and administrative expenses.

- 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

License Agreement (Details) $ in Thousands, € in Millions	3 Months Ended
License Agreement (Details) $ in Thousands, € in Millions	Mar. 31, 2026 USD ($)	Dec. 31, 2025 USD ($)	Mar. 17, 2024 USD ($)	Mar. 17, 2024 EUR (€)
License Agreement [Line items]
Contract with Customer, Liability, Current	$ 248	$ 248
Contract with Customer, Liability	24,809	24,809
Contract with Customer, Liability, Noncurrent	24,561	$ 24,561
Licensing Agreement \| Norgine Ltd.
License Agreement [Line items]
License agreement funding received			$ 43,200	€ 40.0
License agreement funding, potential milestone payments	0		$ 230,000	€ 210.0
Incremental costs paid	1,700
Incremental costs capitalized to other non-current assets	$ 691

Significant Accounting Policies - Product Sales Discounts and Allowances Continued (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Disaggregation of Revenue [Line Items]
Provision for discounts and allowances, beginning balance	$ 1,900
Current period	1,289
Payments and customer credits issued	(2,020)
Provision for discounts and allowances, ending balance	1,169
Chargebacks, Discounts for Prompt pay and Other allowances
Disaggregation of Revenue [Line Items]
Provision for discounts and allowances, beginning balance	477
Current period	577
Payments and customer credits issued	(824)
Provision for discounts and allowances, ending balance	230
Rebates, Customer Fees/Credits and Co-pay Assistance
Disaggregation of Revenue [Line Items]
Provision for discounts and allowances, beginning balance	1,423
Current period	712
Payments and customer credits issued	(1,196)
Provision for discounts and allowances, ending balance	$ 939

- 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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+ Details

Nature of Business and Liquidity

3 Months Ended

Mar. 31, 2026

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 focused on the commercialization of PEDMARK®, which is approved by the U.S. Food and Drug Administration 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.

The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete annual financial statements, and these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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, 2025.

As of March 31, 2026, the Company had cash and cash equivalents of $40,179, an accumulated deficit of $229,221 and total stockholders’ equity of $37,675. For the three months ended March 31, 2026, the Company reported loss from operations of $119, net income of $201 and net cash provided by operating activities of $2,379. The Company believes that its existing cash and cash equivalents, together with expected revenues from operations, will be sufficient to fund its operating plan for at least the next twelve months from the issuance date of these unaudited interim condensed consolidated financial statements.

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Consolidated Balance Sheets
Common stock, no par value	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common stock, shares issued	34,541	34,163
Common stock, shares outstanding	34,541	34,163

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Pay vs Performance Disclosure
Net Income (Loss)	$ 201	$ (1,165)

- Definition

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

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+ Details

Fair Value Measurements - Additional Information (Details) - Money Market Accounts - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 3,553	$ 3,072
Canadian Funds (Translated to USD)
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 438	$ 481

- 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.

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+ Details

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Consolidated Statements of Operations
PEDMARK product sales, net	$ 15,108	$ 8,751
Operating expenses:
Cost of product sales	570	373
Research and development	49	94
Selling and marketing	11,422	3,227
General and administrative	3,186	5,865
Total operating expenses	15,227	9,559
(Loss)/income from operations	(119)	(808)
Other income/(expense)
Unrealized foreign exchange gain/(loss)	(12)	13
Amortization expense		(13)
Unrealized loss on securities		(1)
Interest income	339	236
Interest expense	(7)	(592)
Total other expense	320	(357)
Net loss	$ 201	$ (1,165)
Basic net loss per common share	$ 0.01	$ (0.04)
Diluted net loss per common share	$ 0.01	$ (0.04)
Weighted-average number of common shares outstanding basic	34,336	27,578
Weighted-average number of common shares outstanding diluted	35,548	27,578

Stockholders' Equity - Summary of Option Activity (Details) - Employee Stock Option shares in Thousands	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Number of Options Outstanding at Beginning	5,853
Number of Options Granted	1,640
Number of Options Exercised	(264)
Number of Options Outstanding at Ending	7,229
Weighted-average Exercise Price outstanding at Beginning \| $ / shares	$ 6.38
Weighted-average Exercise Price Granted \| $ / shares	5.77
Weighted-average Exercise Price Exercised \| $ / shares	5.01
Weighted-average Exercise Price Outstanding at Ending \| $ / shares	$ 6.29
Number of options fully vested and exercisable	4,617

Fair Value Measurements

3 Months Ended

Mar. 31, 2026

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 U.S. 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 inputs other than quoted prices included in Level 1, including quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data.

Level 3: Unobservable inputs supported by little or no market activity that are significant to the fair value of the assets or liabilities.

Financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its Processa Pharmaceuticals, Inc. (“Processa”) common shares using quoted market prices in active markets.

As of March 31, 2026, the Company had financial assets valued based on Level 1 inputs consisting of cash and cash equivalents and had financial assets based on Level 2 inputs consisting of Processa common shares. During the three months ended March 31, 2026, the Company did not have any transfers of financial assets between Levels 1 and 2.


		Fair Value Measurement at March 31, 2026 and December 31, 2025
		(in thousands)
		Quoted Price in Active
		Market for Identical				Significant Other						Significant
		Instruments				Observable Inputs						Unobservable Inputs
		Level 1				Level 2						Level 3				Total
		2026		2025			2026		2025			2026		2025		2026		2025
Assets
Cash and cash equivalents	$	3,553	⁽¹⁾	$	3,072	⁽¹⁾	$	36,626	$	33,716	$	-	$	-	$	40,179	$	36,788
Processa common shares	$	2	⁽²⁾	$	2	⁽²⁾	$	-	$	-	$	-	$	-	$	2	$	2

(1)

The Company held approximately $3,553 in cash as of March 31, 2026, of which approximately $438 was held in foreign currencies (translated into U.S. dollars). As of December 31, 2025, the Company held approximately $3,072 in cash of which approximately $481 was in foreign currencies (translated into U.S. dollars).

(2)	The Company holds 51 unrestricted common shares of Processa (NASDAQ:PCSA).

- 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.

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+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 40,179	$ 36,788
Accounts receivable, net	18,762	23,221
Prepaid expenses	3,461	3,738
Inventory	1,856	1,565
Other current assets	2,622	1,731
Total current assets	66,880	67,043
Non-current assets
Non-current accounts receivable, net	4,251	2,791
Other non-current assets, net of amortization	691	717
Total non-current assets	4,942	3,508
Total assets	71,822	70,551
Current liabilities:
Accounts payable	6,281	4,635
Accrued liabilities	3,057	5,635
Contract liability - current	248	248
Total current liabilities	9,586	10,518
Non-current liabilities
Contract liability - long-term	24,561	24,561
Total non-current liabilities	24,561	24,561
Total liabilities	34,147	35,079
Shareholders' equity/(deficit)
Common stock, no par value; unlimited shares authorized; 34,541 shares issued and outstanding (2025 - 34,163)	191,229	189,906
Additional paid-in capital	74,424	73,745
Accumulated deficit	(229,221)	(229,422)
Accumulated other comprehensive income	1,243	1,243
Total shareholders' equity/(deficit)	37,675	35,472
Total liabilities and shareholders' equity/(deficit)	$ 71,822	$ 70,551

Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies

Basis of Presentation

Use of Estimates

Credit Losses

Credit Losses

Segment and Geographic Information

Segment and Geographic Information

Stock-Based Compensation

Stock-Based Compensation

Inventory

Inventory

Revenue Recognition

License Agreements

License Agreements

Net Product Revenue

Net Product Revenue

Product Sales Discounts and Allowances

Product Sales Discounts and Allowances

The following table summarizes net product revenues for PEDMARK^® in the United States earned in the three months ended March 31, 2026 and 2025, respectively:


	Three Months Ended
	March 31,		March 31,
In thousands	2026		2025
Product revenues:
Gross product revenues	$	15,867	$	10,812
Discounts and allowances		(759)		(2,061)
Net product revenues	$	15,108	$	8,751

For the three months ended March 31, 2026 and 2025, the Company had four distributors that each represented more than 10% of net sales.


	Chargebacks,		Rebates, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2025	$	477	$	1,423	$	1,900
Provision related to sales made in:
Current period		577		712		1,289
Prior periods		—		—		—
Payments and customer credits issued		(824)		(1,196)		(2,020)
Balance at March 31, 2026	$	230	$	939	$	1,169

Trade Receivables

Trade Receivables

Cost of Products Sold

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

Financial Instruments

Research and Development Costs and Investment Tax Credits

Concentrations of Credit Risk

Income Taxes

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 results of operations.

Income/(Loss) Per Share

Income/(Loss) per Share

Reclassifications

Reclassifications

Recent Accounting Pronouncements

Stockholders' Equity

3 Months Ended

Mar. 31, 2026

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 months ended March 31, 2026, there were no warrants issued or exercised. Outstanding warrants had a weighted average life of 1.43 years on March 31, 2026. The following tables detail the Company’s warrant activity for the three months ended March 31, 2026:


		Common Shares
		Issuable Upon Exercise
		of Outstanding	Weighted-Average
Investor Warrants		Warrants	Exercise Price
Outstanding December 31, 2025		111	$	8.11
Issued		—		—
Outstanding March 31, 2026		111	$	8.11

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 March 31,
		2026			2025
Employee equity expense recognized		$	990		$	798
Total equity expense recognized		$	990		$	798

Stock Option Activity

The following is a summary of option activity for the three months ended March 31, 2026, and 2025.


	Number of		Weighted-Average
	Options (thousands)		Exercise Price
Outstanding at December 31, 2025	5,853		$	6.38
Granted	1,640			5.77
Exercised	(264)			5.01
Outstanding at March 31, 2026	7,229		$	6.29

Of the 7,229 options granted and outstanding at March 31, 2026, 4,617 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	March 31, 2026
Expected dividend	-	%
Risk free rate	4.07	%
Expected volatility	64	%
Expected life	6	years

Performance-Based Units

In May and August 2025, the Board of Directors approved grants of performance-based restricted share units (“PSUs”) that vest based on the achievement of specified revenue performance milestones for 2025, and the related compensation cost was fully recognized in 2025. During the three months ended March 31, 2026, no additional PSUs were granted, and certain PSUs vested and were released in accordance with the original terms of the awards.

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 months ended March 31, 2026, and 2025. The Company recognized $384 in RSU expense for the three months ended March 31, 2026, and $255 for the same period in 2025. 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
Awards Current Year		Share Units (thousands)
Outstanding at December 31, 2025		630
Awarded		—
Released		(118)
Forfeited		—
Outstanding at March 31, 2026		512

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

- Definition

The entire disclosure for equity.

+ References

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+ Details

Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2026

Significant Accounting Policies

Schedule of PEDMARK Revenues, Net


	Three Months Ended
	March 31,		March 31,
In thousands	2026		2025
Product revenues:
Gross product revenues	$	15,867	$	10,812
Discounts and allowances		(759)		(2,061)
Net product revenues	$	15,108	$	8,751

Schedule of PEDMARK Revenues, Discounts and Allowances


	Chargebacks,		Rebates, Customer
	Discounts for		Fees/Credits
	Prompt pay and		and Co-Pay
In thousands	Other allowances		Assistance		Totals
Balance at December 31, 2025	$	477	$	1,423	$	1,900
Provision related to sales made in:
Current period		577		712		1,289
Prior periods		—		—		—
Payments and customer credits issued		(824)		(1,196)		(2,020)
Balance at March 31, 2026	$	230	$	939	$	1,169

Consolidated Statements of Shareholders' 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, 2024	$ 145,608	$ 66,958	$ (219,681)	$ 1,243	$ (5,872)
Balance, beginning (shares) at Dec. 31, 2024	27,527
Equity-based compensation - employees	$ 0	798	0	0	798
Exercise of stock options	$ 371				371
Exercise of stock options (shares)	55
Restricted stock release		(12)			(12)
Restricted stock release (shares)	12
Net 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, 2025	$ 189,906	73,745	(229,422)	1,243	35,472
Balance, beginning (shares) at Dec. 31, 2025	34,163
Equity-based compensation - employees	$ 0	990	0	0	990
Stock-based compensation	$ 1,323				1,323
Exercise of stock options (shares)	264
Restricted stock release		(311)			(311)
Restricted stock release (shares)	114
Net loss			201		201
Balance, ending at Mar. 31, 2026	$ 191,229	$ 74,424	$ (229,221)	$ 1,243	$ 37,675
Balance, ending (shares) at Mar. 31, 2026	34,541

- Definition

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

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Nature of Business and Liquidity (Details) $ in Thousands, € in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)	Mar. 17, 2024 USD ($)	Mar. 17, 2024 EUR (€)
Nature of Business and Going Concern [Line Items]
Cash and cash equivalents	$ 40,179		$ 36,788
Operating Income (Loss)	(119)	$ (808)
Accumulated deficit	(229,221)		(229,422)
Total shareholders' equity/(deficit)	37,675	(5,880)	$ 35,472	$ (5,872)
(Loss)/income from operations	(119)	(808)
Net loss	(201)	1,165
Cash flows from operating activities	2,379	$ (4,318)
Licensing Agreement \| Norgine Ltd.
Nature of Business and Going Concern [Line Items]
License agreement funding received					$ 43,200	€ 40.0
License agreement funding, potential milestone payments	$ 0				$ 230,000	€ 210.0

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating activities:
Net loss	$ 201	$ (1,165)
Adjustments to reconcile net loss to net cash (used in)/provided by operating activities:
Allowance for credit losses	(53)	79
Amortization of contract asset	26	26
Amortization of debt discount		13
Unrealized loss on securities		1
Equity-based compensation	990	798
Changes in operating assets and liabilities:
Accounts receivable	4,512	(5,277)
Prepaid expenses	277	636
Inventory	(291)	(344)
Other current assets	(891)	(537)
Other non-current assets	(1,460)
Accounts payable	1,646	2,039
Accrued liabilities	(2,578)	(585)
Contract liability		(2)
Net cash (used in)/provided by operating activities	2,379	(4,318)
Financing activities:
Issuance of shares, options exercise	1,323	371
Cash paid for taxes on restricted share release	(311)	(12)
Net cash provided by/(used in) by financing activities	1,012	359
Increase in cash and cash equivalents	3,391	(3,959)
Cash and cash equivalents - Beginning of year	36,788	26,634
Cash and cash equivalents - End of year	$ 40,179	$ 22,675

Significant Accounting Policies - Product Sales Discounts and Allowances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) customer	Mar. 31, 2025 USD ($)
Disaggregation of Revenue [Line Items]
Net product revenues	$ 15,108	$ 8,751
Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Disaggregation of Revenue [Line Items]
Number Of Customers With Concentration Risk \| customer	4
Contribution of revenue percentage denoting significant customers	10.00%
PEDMARK
Disaggregation of Revenue [Line Items]
Gross product revenue	$ 15,867	10,812
Discounts and allowances	(759)	(2,061)
Net product revenues	$ 15,108	$ 8,751

- 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

Fair Value Measurements - Assets/Liabilities Measured at Fair Value (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	$ 40,179	$ 36,788
Quoted Price in Active Markets for Identical Instruments Level 1
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	3,553	3,072
Significant Other Observable Inputs Level 2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents	36,626	33,716
Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Processa common shares	2	2
Processa Pharmaceuticals, Inc \| Quoted Price in Active Markets for Identical Instruments Level 1
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Processa common shares	$ 2	$ 2
License agreement \| Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement	51

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2026	May 12, 2026
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	FENC
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		34,737,030
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001211583
Amendment Flag	false

Loss per Share - Outstanding Options and Warrants (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Options to Purchase Common Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS	6,173	5,857
Convertible Debt to Purchase Common Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS		3,761
Restricted share units to obtain common shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS	252	589
Warrants to Purchase Common Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from EPS	111	150

Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2026

Stockholders' Equity

Schedule of Warrants to Purchase Common Stock


		Common Shares
		Issuable Upon Exercise
		of Outstanding	Weighted-Average
Investor Warrants		Warrants	Exercise Price
Outstanding December 31, 2025		111	$	8.11
Issued		—		—
Outstanding March 31, 2026		111	$	8.11

Schedule of Recognized Expense Related to Employee Option Exercises


		Three Months Ended March 31,
		2026			2025
Employee equity expense recognized		$	990		$	798
Total equity expense recognized		$	990		$	798

Schedule of Share-Based Compensation, Stock Option Activity


	Number of		Weighted-Average
	Options (thousands)		Exercise Price
Outstanding at December 31, 2025	5,853		$	6.38
Granted	1,640			5.77
Exercised	(264)			5.01
Outstanding at March 31, 2026	7,229		$	6.29

Schedule of Share-Based Compensation, Stock Option Volatility Measurements


	Valuation Assumptions
Black-Scholes Model Assumptions	March 31, 2026
Expected dividend	-	%
Risk free rate	4.07	%
Expected volatility	64	%
Expected life	6	years

Schedule of Restricted Share Unit Activity


		Number of Restricted
Awards Current Year		Share Units (thousands)
Outstanding at December 31, 2025		630
Awarded		—
Released		(118)
Forfeited		—
Outstanding at March 31, 2026		512

Stockholders' Equity - Warrants to Purchase Common Stock (Details) - Warrants to purchase common shares - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Class of Warrant or Right [Line Items]
Weighted Average Remaining Life (years)	1 year 5 months 4 days
Warrants outstanding, beginning balance	111
Warrants issued	$ 0	$ 0
Warrants exercised	0	0
Warrants outstanding, ending balance	111
Weighted-average exercise price of warrants outstanding, beginning of period	$ 8.11
Weighted-average exercise price of warrants outstanding, end of period	$ 8.11

Significant Accounting Policies - Cost of Products Sold (Details) - PEDMARK $ in Thousands	Mar. 31, 2026 USD ($)
Inventory [Line Items]
Capitalized inventory costs reclassified to cost of products sold	$ 1,856
Manufacturing costs capitalized to inventory, work-in-process	1,769
Manufacturing costs capitalized to inventory, finished goods	$ 87

Loss per Share (Tables)

3 Months Ended

Mar. 31, 2026

Loss per Share

Schedule of Earnings Per Share, Basic and Diluted


	Three Months Ended March 31,
	2026		2025
Numerator:
Net income/(loss)	$	201	$	(1,165)

Denominator:
Weighted-average common shares, basic		34,336		27,578
Dilutive effect of stock options		1,056		—
Dilutive effect of restricted share units		156		—
Incremental dilutive shares		1,212		—
Weighted-average common shares, diluted		35,548		27,578
Net income/(loss) per share basic	$	0.01	$	(0.04)
Net income/(loss) per share diluted	$	0.01	$	(0.04)

Schedule of Antidilutive Securities Excluded from Net Loss Per Share


	March 31,
	2026	2025
Options to purchase common shares	6,173	5,857
Convertible debt to purchase common shares	—	3,761
Restricted share units to purchase common shares	252	589
Warrants to purchase common shares	111	150

Loss per Share

3 Months Ended

Mar. 31, 2026

Loss per Share

Loss per Share

3. Income/(Loss) per Share

Income/(loss) per common share is presented under two formats: basic income/(loss) per common share and diluted income/(loss) per common share. Basic 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 share equivalents (e.g., stock options, restricted share units and warrants). Dilutive common share equivalents consist of the incremental common shares issuable upon exercise or settlement of stock options, restricted share units 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 March 31,
	2026		2025
Numerator:
Net income/(loss)	$	201	$	(1,165)

Denominator:
Weighted-average common shares, basic		34,336		27,578
Dilutive effect of stock options		1,056		—
Dilutive effect of restricted share units		156		—
Incremental dilutive shares		1,212		—
Weighted-average common shares, diluted		35,548		27,578
Net income/(loss) per share basic	$	0.01	$	(0.04)
Net income/(loss) per share diluted	$	0.01	$	(0.04)

For the three months ended March 31, 2026, the Company reported net income and therefore included the effect of dilutive common share equivalents to the extent they were dilutive. For the three months ended March 31, 2025, the Company

reported a net loss and, accordingly, all potentially dilutive securities were excluded from diluted net loss per share because their inclusion would have been anti-dilutive.

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


	March 31,
	2026	2025
Options to purchase common shares	6,173	5,857
Convertible debt to purchase common shares	—	3,761
Restricted share units to purchase common shares	252	589
Warrants to purchase common shares	111	150

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Measurements

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


		Fair Value Measurement at March 31, 2026 and December 31, 2025
		(in thousands)
		Quoted Price in Active
		Market for Identical				Significant Other						Significant
		Instruments				Observable Inputs						Unobservable Inputs
		Level 1				Level 2						Level 3				Total
		2026		2025			2026		2025			2026		2025		2026		2025
Assets
Cash and cash equivalents	$	3,553	⁽¹⁾	$	3,072	⁽¹⁾	$	36,626	$	33,716	$	-	$	-	$	40,179	$	36,788
Processa common shares	$	2	⁽²⁾	$	2	⁽²⁾	$	-	$	-	$	-	$	-	$	2	$	2

(1)

(2)	The Company holds 51 unrestricted common shares of Processa (NASDAQ:PCSA).

Significant Accounting Policies - Narrative (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 5,986
Percentage of prompt payment discounts expected to pay out	100.00%
Money market investments	$ 40,179		$ 36,788
FDIC insured amount	$ 250
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]
Antidilutive securities excluded from EPS	111	150
Restricted Stock Options
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS	252	589
Convertible Notes
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS		3,761
Common Stock Options
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS	6,173	5,857
Warrants to purchase common shares
Summary Of Significant Accounting Policies [Line Items]
Warrants outstanding	111		111
Warrants exercise price	$ 8.11		$ 8.11

Stockholders' Equity - Black Scholes Option Pricing Model (Details) - Employees	3 Months Ended
	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Risk free rate	4.07%
Expected volatility	64.00%
Expected life	6 years

- 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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+ Details

Stockholders' Equity - Restricted Share Units Activity (Details) - Equity Incentive Plan - Restricted Stock Units (RSUs) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period	3 years
Restricted stock unit expense recognized	$ 384	$ 255
US Denominated RSU's
Unvested shares, beginning of period	630
RSU's awarded	0
Shares released	(118)
Unvested shares, end of period	512
Vesting Tranche I
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	33.00%
Vesting Tranche II
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	4.17%

License Agreement

3 Months Ended

Mar. 31, 2026

License Agreement

License Agreement

7. 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 Agreement under ASC 606 and concluded that Norgine is a customer in the arrangement. The Company identified two performance obligations under the Agreement: a license of functional intellectual property and a material right for future supply. A portion of the non-refundable upfront payment was allocated to the license and recognized as license revenue in 2024, and the portion associated with the material right was deferred and is reflected as contract liabilities in the condensed consolidated balance sheets.

As of March 31, 2026 and December 31, 2025, contract liabilities related to the Agreement were $24,809 and $24,809, respectively, consisting of $248 classified as current and $24,561 classified as long-term. For the three months ended March 31, 2026, the Company did not recognize any milestone or royalty revenue under 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 March 31, 2026, $691 in incremental cost was capitalized.

Loss per Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Numerator:
Net loss	$ (201)	$ 1,165
Denominator:
Weighted-average common shares, basic	34,336	27,578
Dilutive effect of stock options	1,056	0
Dilutive effect of restricted share units	156	0
Incremental dilutive shares	1,212	0
Weighted-average common shares, dilutive	35,548	27,578
Basic net loss per common share	$ 0.01	$ (0.04)
Diluted net loss per common share	$ 0.01	$ (0.04)

Subsequent Events

3 Months Ended

Mar. 31, 2026

Subsequent Events

Subsequent Events

9. Subsequent Events

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

Commitments and Contingencies (Details)			3 Months Ended
Commitments and Contingencies (Details)	Aug. 01, 2023 USD ($)	Jan. 23, 2020 USD ($)	Mar. 31, 2026 USD ($)
Lease Contingencies \| Triangle Park, North Carolina
Other Commitments [Line Items]
Monthly lease expense			$ 400,000
Operating lease, number of scheduled payment increases			0
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
Other Commitments [Line Items]
Monthly lease expense		$ 1,000
Operating lease, days notice required to terminate agreement		1 month
Security deposit		$ 2,000
Lease Contingencies \| Hoboken, New Jersey \| Second Office Service Agreement
Other Commitments [Line Items]
Monthly lease expense	$ 2,000
Operating lease, days notice required to terminate agreement	1 month
Security deposit	$ 5,000
CIPLA ANDA Litigation
Other Commitments [Line Items]
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
Other Commitments [Line Items]
Equivalent months of base salary used to determine initial severance payment amount			9 months
Executive Severance \| Jeff Hackman, CEO
Other Commitments [Line Items]
Severance payments due			$ 615,000
Number of severance payments			1
Severance payment term			12 months
Executive Severance \| Robert Andrade
Other Commitments [Line Items]
Severance payments due			$ 361,000
Number of severance payments			1
Severance payment term			9 months