0001558370-24-004383 | 10-K | XBRL Viewer | Fennec Pharmaceuticals INC

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

The consolidated financial statements include the accounts of Fennec and of all its wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that impact the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include revenue recognition, amount and timing of marketing and other services performed by certain distributors, allowance against trade receivables, measurement of stock-based compensation over the next twelve months from the date of issuance of the consolidated financial statements. Actual results could differ from those estimates.

Segment and Geographic Information

Segment and Geographic Information

Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment principally in the United States. As of December 31, 2023, the Company had an operating lease in Ireland. This is the only asset located outside of the United States.

Stock-Based Compensation

Stock-Based Compensation

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

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

Inventory

Inventory

Inventories are valued under a standard costing methodology on a first-in, first-out basis and are stated at the lower of cost or net realizable value. The Company capitalizes inventory costs related to products to be sold in the ordinary course of business. The Company makes a determination of capitalizing inventory costs for a product based on, among other factors, status of regulatory approval, information regarding safety, efficacy and expectations relating to commercial sales and recoverability of costs. Capitalized costs of inventories mainly include third party manufacturing, logistics and distribution costs. The Company assesses recoverability of inventory each reporting period to determine any write down to net realizable value resulting from excess or obsolete inventories. The manufacturing costs for PEDMARK^®prior to regulatory approval were not capitalized as inventory but were expensed as research and development costs. The Company expensed pre-launch inventory as it could not reasonably anticipate FDA approval of PEDMARK^®.

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.

Net Product Revenue

Net Product Revenue

On September 20, 2022, the FDA approved PEDMARK^® in the United States to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. PEDMARK^® became commercially available on October 17, 2022. PEDMARK^® is the Company’s first commercial product. The Company sells its products through select specialty distributors in the U.S. and through distributors purchasing PEDMARK product globally. These Customers 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

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 0.65% for prompt payment. 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 years ended December 31, 2023, and 2022, respectively:


		Year Ended
		December 31,		December 31,
		2023		2022
Product revenues:
Gross product revenues	$	23,782	$	1,769
Discounts and allowances		(2,530)		(234)
Net product revenues	$	21,252	$	1,535

For the years ended December 31, 2023 and 2022, the Company had 4 distributors and 3 distributors that represented more than 10% of net sales, respectively.

The activities and ending allowance balances for each significant category of discounts and allowances for PEDMARK^® (which constitute variable consideration) for the year ended December 31, 2023, and 2022 were 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, 2021	$	—	$	—	$	—
Provision related to sales made in:
Current period		72		163		235
Prior periods		—		—		—
Payments and customer credits issued		(1)		—		(1)
Balance at December 31, 2022	$	71	$	163	$	234
Provision related to sales made in:
Current period		1,164		600		1,764
Prior periods		—		—		—
Payments and customer credits issued		(870)		(333)		(1,203)
Balance at December 31, 2023	$	365	$	430	$	795

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

Trade Receivables

The Company records gross trade receivables at the time of product sale to its Customers, both specialty and other select global distributors. Amounts estimated for the associated chargebacks, cash discounts for prompt payment and any allowances for credit losses are booked as a reserve against accounts receivable and reduction of revenue. The Company determines its allowance methodology by pooling receivable balances at the Customer level. The Company considers various factors, including loss history, individual credit risk associated with each Customer, and the current and future condition of the general economy. These credit risk factors are monitored on a quarterly basis and updated as necessary. To the extent that any individual debtor is identified whose credit quality has deteriorated, the Company establishes allowances based on the individual risk characteristics of such a Customer. Customers categorized as specialty distributors, and accordingly, the Company considers the risk of potential credit losses to be low. Sales to other select global distributors have the potential for losses. The Company evaluates the risk of credit losses on sales on an individual basis using the above mentioned criteria. The Company had a balance in allowance for credit losses of $0.3 million as of December 31, 2023.

Cost of Products Sold

Cost of Products Sold

Cost of products sold is related to the Company's product revenues for PEDMARK^® and consists primarily of product production costs associated with finished goods inventory and royalty (1% of net sales), payments the Company is required to pay to Oregon Health & Science University (“OHSU”) on all net sales of PEDMARK^®. Cost of products sold also consists of shipping and other third-party logistics and distribution costs for the Company’s product. The Company considered regulatory approval of its product candidate to be uncertain and product manufactured prior to regulatory approval could not have been sold unless regulatory approval was obtained. As such, the manufacturing costs for PEDMARK^® incurred prior to regulatory approval were not capitalized as inventory but were expensed as research and development costs. After FDA approval in September 2022, the Company had various lots of PEDMARK^® in various stages of production in connection with the fourth quarter product launch. As of December 31, 2023, the Company capitalized approximately $2.2 million of costs as inventory on the Consolidated Balance Sheet. Of the items

capitalized, $1.4 million was capitalized as work in process and raw materials, $0.8 million was capitalized into finished goods.

Cash and Cash Equivalents

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

The Company places its cash and cash equivalents in investments held by highly rated financial institutions in accordance with its investment policy designed to protect the principal investment. As of December 31, 2023, the Company had $13.3 million in cash and money market accounts (2022- $23.8 million). 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 $250,000 amount insured by the FDIC and may lose value.

Financial Instruments

Financial instruments recognized on the balance sheets at December 31, 2023 and 2022, consist of cash and cash equivalents, accounts receivable, accounts payable, accrued liabilities and term loans, the carrying values of which approximate fair value due to their relatively short time to maturity or interest rates that approximate market interest rates. The Company does not hold or issue financial instruments for trading.

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

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

Common Shares and Warrants

The Company has 0.2 million warrants with a weighted average strike price of $7.71 outstanding to purchase common shares that have a weighted average life of 4.05 years.

Research and Development Costs and Investment Tax Credits

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

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

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, and accounts receivable. The Company maintains deposits in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument.

The Company’s trade receivables includes amounts billed to Customers, both specialty and select global distributors, for product sales of PEDMARK^®. Both specialty and select global distributors are a limited group of distributors, and accordingly, the Company considers the risk of potential credit losses to be low.

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 December 31, 2023, and 2022, 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, we may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by taxing authorities, based on the technical merits of the position.

Foreign Currency Translation

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

Loss Per Share

Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding during the year. Diluted net loss per share is computed using the same method, except the weighted average number of common shares outstanding includes convertible debentures, restricted share units, stock options and warrants, if dilutive, as determined using the if-converted method and treasury methods. Accordingly, warrants to purchase 0.2 million of our common shares, restricted share units of 0.2 million to obtain our common shares, and options to purchase 4.8 million of our common shares at December 31, 2023, were not included in loss per share. Such options would have an antidilutive effect. In 2022, warrants to purchase 0.2 million of our common shares, restricted share units to obtain 0.04 million of our common shares and options to purchase 4.5 million common shares were excluded from the computation of loss per share as their inclusion would have been antidilutive.

Recent Accounting Pronouncements

In August 2020, the FASB issued Accounting Standards Update (“ASU”) 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40). The new standard eliminates the current models that require separation of beneficial conversion and cash conversion features from convertible instruments and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity's own equity. The new standard also introduces additional disclosures for convertible debt and freestanding instruments that are indexed to and settled in an entity's own equity. This ASU will be effective for the year ended December 31, 2024. The Company adopted this ASU in Q1 of 2023.

In June 2022, the FASB issued Accounting Standards Update ("ASU") 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions, which (1) clarifies the guidance in Topic 820 on the fair value measurement of an equity security that is subject to contractual restrictions that prohibit the sale of an equity security and (2) requires specific disclosures related to such an equity security. This ASU will be effective for the year ended December 31, 2024. The Company adopted this ASU in 2023.

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2016-13, Financial Instruments – Credit Losses (Topic 326) and subsequently related amendments (ASU 2018-19, ASU 2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2022-02). This guidance replaces the existing incurred loss impairment guidance and establishes a single allowance framework for financial assets carried at amortized cost based on

expected credit losses. The estimate of expected credit losses requires the incorporation of historical information, current conditions, and reasonable and supportable forecasts. This ASU will be effective for the year ended December 31, 2023. The Company is currently evaluating the effect the adoption of this ASU will have on the consolidated financial statements.

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

Significant Accounting Policies - Product Sales Discounts and Allowances Continued (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Provision for discounts and allowances, beginning balance	$ 234
Current period	1,764	$ 235
Payments and customer credits issued	(1,203)	(1)
Provision for discounts and allowances, ending balance	795	234
Chargebacks, Discounts for Prompt pay and Other allowances
Provision for discounts and allowances, beginning balance	71
Current period	1,164	72
Payments and customer credits issued	(870)	(1)
Provision for discounts and allowances, ending balance	365	71
Rebates, Customer Fees/Credits and Co-pay Assistance
Provision for discounts and allowances, beginning balance	163
Current period	600	163
Payments and customer credits issued	(333)
Provision for discounts and allowances, ending balance	$ 430	$ 163

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 13,269	$ 23,774
Accounts receivable, net	8,814	1,545
Prepaid expenses	2,575	770
Inventory	2,156	576
Other current assets	44	63
Total current assets	26,858	26,728
Non-current assets
Deferred issuance cost	816	809
Deferred issuance cost (amortization)	(810)	(598)
Total non-current assets	6	211
Total assets	26,864	26,939
Current liabilities:
Accounts payable	3,778	2,390
Accrued liabilities	3,754	2,219
Operating lease liability - current	21
Total current liabilities	7,553	4,609
Long term liabilities
Term loan	30,000	25,000
PIK interest	1,219	260
Debt discount	(288)	(361)
Operating lease liability - net of current portion	2
Total long term liabilities	30,933	24,899
Total liabilities	38,486	29,508
Stockholders' deficit:
Common stock, no par value; unlimited shares authorized; 27,027 shares issued and outstanding (2022 26,361)	144,307	142,591
Additional paid-in capital	62,073	56,797
Accumulated deficit	(219,245)	(203,200)
Accumulated other comprehensive income	1,243	1,243
Total stockholders' deficit	(11,622)	(2,569)
Total liabilities and stockholders' deficit	$ 26,864	$ 26,939

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net loss	$ 16,045	$ 23,714
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of debt access fees	221	132
Amortization of debt discount	66	17
Unrealized loss/(gain) on securities	39	184
Stock-based compensation - consultants		133
Stock-based compensation - employees	5,354	4,087
Changes in operating assets and liabilities:
Accounts receivables	(7,269)	(1,545)
Prepaid expenses	104	264
Inventory	(1,580)	(576)
Other assets	3	6
Accounts payable	1,388	1,612
Accrued liabilities	576	1,342
Net cash used in operating activities	(17,143)	(18,058)
Financing activities:
Issuance of shares, options exercise	1,716	928
Proceeds from long-term debt	4,997	24,935
Long-term debt paid		(5,000)
Debt discount	3	238
Cash paid for taxes on restricted share release	(78)	(194)
Capitalized deferred issuance costs		(175)
Net cash provided by financing activities	6,638	20,732
Increase/(decrease) in cash and cash equivalents	(10,505)	2,674
Cash and cash equivalents - Beginning of year	23,774	21,100
Cash and cash equivalents - End of year	13,269	23,774
Non-cash investing and financing activities:
Financed insurance policy	$ 403	550
Warrants issued in connection with term loan		$ 441

Income Taxes - Canadian Income Tax Rate Reconciliation (Details) - Canada Revenue Agency - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Domestic loss	$ (12,301)	$ (10,548)
Foreign loss	(3,744)	(13,117)
Loss before income taxes	$ (16,045)	$ (23,665)
Income Tax Expense (Benefit) Reconciliation
Expected statutory rate	26.50%	26.50%
Expected provision for (recovery of) income tax	$ (4,252)	$ (6,271)
Permanent differences	1,553	1,170
Change in valuation allowance	2,038	4,669
Effect of tax rate changes and other	661	432
Provision for income taxes	$ 0	$ 0

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Schedule of PEDMARK Revenues, Net


		Year Ended
		December 31,		December 31,
		2023		2022
Product revenues:
Gross product revenues	$	23,782	$	1,769
Discounts and allowances		(2,530)		(234)
Net product revenues	$	21,252	$	1,535

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, 2021	$	—	$	—	$	—
Provision related to sales made in:
Current period		72		163		235
Prior periods		—		—		—
Payments and customer credits issued		(1)		—		(1)
Balance at December 31, 2022	$	71	$	163	$	234
Provision related to sales made in:
Current period		1,164		600		1,764
Prior periods		—		—		—
Payments and customer credits issued		(870)		(333)		(1,203)
Balance at December 31, 2023	$	365	$	430	$	795

Loss per Share

12 Months Ended

Dec. 31, 2023

Loss per Share

Loss per Share

3. Loss per Share

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


	Year Ended December 31,
	2023		2022
Numerator:
Net loss	$	(16,045)	$	(23,714)

Denominator:
Weighted-average common shares, basic		26,574		26,275
Dilutive effect of stock options		—		—
Dilutive effect of warrants		—		—
Dilutive effect of restricted share units		—		—
Incremental dilutive shares		—		—
Weighted-average common shares, diluted		26,574		26,275
Net loss per share, basic and diluted	$	(0.60)	$	(0.90)

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


	Year Ended December 31,
	2023	2022
Options to purchase common shares	4,798	4,539
Restricted share units to obtain common shares	218	35
Warrants to purchase common shares	150	150

Income Taxes - Tax Loss Carry-Forwards And Non-Refundable Investment Tax Credits (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Federal \| SR&ED Expenditures \| No Expiration
Tax Credit Carryforward [Line Items]
Income tax carryforwards	$ 7,872
Federal \| Income Tax Loss Carryforwards \| 2024
Tax Credit Carryforward [Line Items]
Income tax carryforwards	4,849
Federal \| Income Tax Loss Carryforwards \| 2025
Tax Credit Carryforward [Line Items]
Income tax carryforwards	6,143
Federal \| Income Tax Loss Carryforwards \| 2026
Tax Credit Carryforward [Line Items]
Income tax carryforwards	13,868
Federal \| Income Tax Loss Carryforwards \| 2027
Tax Credit Carryforward [Line Items]
Income tax carryforwards	8,136
Federal \| Income Tax Loss Carryforwards \| 2028
Tax Credit Carryforward [Line Items]
Income tax carryforwards	10,509
Federal \| Income Tax Loss Carryforwards \| 2029
Tax Credit Carryforward [Line Items]
Income tax carryforwards	8,185
Federal \| Income Tax Loss Carryforwards \| 2030
Tax Credit Carryforward [Line Items]
Income tax carryforwards	2,608
Federal \| Income Tax Loss Carryforwards \| 2031
Tax Credit Carryforward [Line Items]
Income tax carryforwards	3,378
Federal \| Income Tax Loss Carryforwards \| 2032
Tax Credit Carryforward [Line Items]
Income tax carryforwards	3,491
Federal \| Income Tax Loss Carryforwards \| 2033
Tax Credit Carryforward [Line Items]
Income tax carryforwards	1,789
Federal \| Income Tax Loss Carryforwards \| 2034
Tax Credit Carryforward [Line Items]
Income tax carryforwards	1,812
Federal \| Income Tax Loss Carryforwards \| 2035
Tax Credit Carryforward [Line Items]
Income tax carryforwards	1,803
Federal \| Income Tax Loss Carryforwards \| 2036
Tax Credit Carryforward [Line Items]
Income tax carryforwards	2,208
Federal \| Income Tax Loss Carryforwards \| 2037
Tax Credit Carryforward [Line Items]
Income tax carryforwards	4,641
Federal \| Income Tax Loss Carryforwards \| 2038
Tax Credit Carryforward [Line Items]
Income tax carryforwards	7,427
Federal \| Income Tax Loss Carryforwards \| 2039
Tax Credit Carryforward [Line Items]
Income tax carryforwards	9,587
Federal \| Income Tax Loss Carryforwards \| 2040
Tax Credit Carryforward [Line Items]
Income tax carryforwards	15,009
Federal \| Income Tax Loss Carryforwards \| 2041
Tax Credit Carryforward [Line Items]
Income tax carryforwards	13,556
Federal \| Income Tax Loss Carryforwards \| 2042
Tax Credit Carryforward [Line Items]
Income tax carryforwards	18,798
Federal \| Income Tax Loss Carryforwards \| No Expiration
Tax Credit Carryforward [Line Items]
Income tax carryforwards	37,204
Federal \| Investment Tax Credits \| 2024
Tax Credit Carryforward [Line Items]
Income tax carryforwards	189
Federal \| Investment Tax Credits \| 2025
Tax Credit Carryforward [Line Items]
Income tax carryforwards	82
Federal \| Investment Tax Credits \| 2026
Tax Credit Carryforward [Line Items]
Income tax carryforwards	86
Federal \| Investment Tax Credits \| 2027
Tax Credit Carryforward [Line Items]
Income tax carryforwards	47
Province / State \| SR&ED Expenditures \| No Expiration
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2024
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2025
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2026
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2027
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2028
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2029
Tax Credit Carryforward [Line Items]
Income tax carryforwards	2,116
Province / State \| Income Tax Loss Carryforwards \| 2030
Tax Credit Carryforward [Line Items]
Income tax carryforwards	700
Province / State \| Income Tax Loss Carryforwards \| 2031
Tax Credit Carryforward [Line Items]
Income tax carryforwards	789
Province / State \| Income Tax Loss Carryforwards \| 2032
Tax Credit Carryforward [Line Items]
Income tax carryforwards	651
Province / State \| Income Tax Loss Carryforwards \| 2033
Tax Credit Carryforward [Line Items]
Income tax carryforwards	655
Province / State \| Income Tax Loss Carryforwards \| 2034
Tax Credit Carryforward [Line Items]
Income tax carryforwards	617
Province / State \| Income Tax Loss Carryforwards \| 2035
Tax Credit Carryforward [Line Items]
Income tax carryforwards	941
Province / State \| Income Tax Loss Carryforwards \| 2036
Tax Credit Carryforward [Line Items]
Income tax carryforwards	1,013
Province / State \| Income Tax Loss Carryforwards \| 2037
Tax Credit Carryforward [Line Items]
Income tax carryforwards	1,638
Province / State \| Income Tax Loss Carryforwards \| 2038
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2039
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2040
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2041
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| 2042
Tax Credit Carryforward [Line Items]
Income tax carryforwards	0
Province / State \| Income Tax Loss Carryforwards \| No Expiration
Tax Credit Carryforward [Line Items]
Income tax carryforwards	$ 24,837

Revisions to Prior Period Financial Statements - Condensed Consolidated Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Cash Flows from Operating Activities:
Net loss	$ (12,413)	$ 16,045	$ 23,714
Changes in operating assets and liabilities:
Prepaid expenses	(427)	104	264
Subtotal of non-cash charges	130
Net cash used in operating activities	(12,283)	$ (17,143)	$ (18,058)
As Previously Reported
Cash Flows from Operating Activities:
Net loss	(13,363)
Changes in operating assets and liabilities:
Prepaid expenses	523
Subtotal of non-cash charges	1,080
Net cash used in operating activities	(12,283)
Adjustments
Cash Flows from Operating Activities:
Net loss	950
Changes in operating assets and liabilities:
Prepaid expenses	(950)
Subtotal of non-cash charges	$ (950)

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

+ References

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

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

Reference 8: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480167/946-830-55-11

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Section 45
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-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147480767/946-205-45-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section 45
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483581/946-220-45-7

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(16))
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(9))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/exampleRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 31: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2003/role/exampleRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Options - Options Granted Under The Stock Option Plan Exercisable In Canadian Dollars And U.S Dollars (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option [Member]
Vesting period	3 years
Expiration term	10 years
Currency, U.S. Dollar [Member]
Number of Options Outstanding and Exercisable at Beginning	4,539	4,259
Number of Options Granted	1,245	1,015
Number of Options Exercised	(586)	(273)
Number of Options Forfeited	(400)	(462)
Number of Options Outstanding and Exercisable at Ending	4,798	4,539
Weighted Average Exercise Price Outstanding and Exercisable at Beginning	$ 5.43	$ 5.13
Weighted- Average Granted	8.25	6.50
Weighted- Average Exercised	3.18	3.29
Weighted- Average Forfeited or expired	7.45	6.79
Weighted Average Exercise Price Outstanding and Exercisable at Ending	6.27	5.43
Currency, U.S. Dollar [Member] \| Minimum
Outstanding and Exercisable Range	0.45	0.45
Granted Range	7.35	5.59
Exercised Range	0.72	0.45
Forfeited or expired Range	4.08	5.59
Outstanding and Exercisable Range	4.08	0.45
Currency, U.S. Dollar [Member] \| Maximum
Outstanding and Exercisable Range	12.59	12.59
Granted Range	9.05	8.10
Exercised Range	7.99	8.38
Forfeited or expired Range	8.32	8.10
Outstanding and Exercisable Range	$ 10.96	$ 12.59

Revision to Prior Period Financial Statements (Tables)

12 Months Ended

Dec. 31, 2023

Revision to Prior Period Financial Statements

Schedule of Revisions to the Unaudited Condensed Consolidated Balance Sheet

Condensed Consolidated Balance Sheet (Unaudited)


	As of September 30, 2023
	As
	Previously
	Reported		Adjustments		As Revised
Prepaid expenses	$	247	$	950	$	1,197
Total current assets		18,946		950		19,896
Total assets	$	19,028	$	950	$	19,978

Accumulated deficit	$	(216,563)	$	(950)	$	(215,613)
Total shareholders' deficit		(10,531)		(950)		(9,581)
Total liabilities and shareholder's deficit	$	(19,028)	$	(950)	$	(19,978)

Schedule of Revisions to the Unaudited Condensed Consolidated Statement of Operations

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30, 2023						September 30, 2023
	As						As
	Previously				As		Previously				As
	Reported		Adjustments		Revised		Reported		Adjustments		Revised

PEDMARK® product sales, net	$	6,515	$	(219)	$	6,296	$	11,517	$	(219)	$	11,298
Sales and marketing expense		3,384		(1,169)		2,215		8,255		(1,169)		7,086
Net loss		(1,867)		950		(917)		(13,363)		950		(12,413)
Net loss attributable to common shareholders	$	(1,867)	$	950	$	(917)	$	(13,363)	$	950	$	(12,413)

Basic net loss per common share	$	(0.07)	$	0.04	$	(0.03)	$	(0.50)	$	0.03	$	(0.47)
Diluted net loss per common share	$	(0.07)	$	0.04	$	(0.03)	$	(0.50)	$	0.03	$	(0.47)

Schedule of Revisions to the Unaudited Condensed Consolidated Statement of Stockholders' Equity

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2023				September 30, 2023
			Total				Total
	Accumulated		Stockholders’		Accumulated		Stockholders’
	Deficit		Equity		Deficit		Equity
As Previously Reported
Net loss	$	(1,867)	$	(1,867)	$	(13,363)	$	(13,363)
Balance at September 30, 2023	$	(216,563)	$	(10,531)	$	(216,563)	$	(10,531)

Adjustments	$	950	$	950	$	950	$	950

As Revised
Net loss	$	(917)	$	(917)	$	(12,413)	$	(12,413)
Balance at September 30, 2023	$	(215,613)	$	(9,581)	$	(215,613)	$	(9,581)

Schedule of Revisions to the Unaudited Condensed Consolidated Statement of Cash Flows

Condensed Consolidated Statement of Cash Flows (Unaudited)


	For the Nine Months Ended
	September 30, 2023
	As
	Previously
	Reported		Adjustments		As Revised
Cash Flows from Operating Activities:
Net loss	$	(13,363)	$	950	$	(12,413)

Reconciliation of net loss to net cash used in operating activities:
Prepaid expenses		523		(950)		(427)
Subtotal of non-cash charges		1,080		(950)		130
Net cash used in operating activities	$	(12,283)	$	-	$	(12,283)

Stockholders' Equity - Warrants to Purchase Common Stock (Details) - Warrants - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Class of Warrant or Right [Line Items]
Common shares issuable upon exercise of outstanding warrants, beginning balance	150	39
Granted warrants during period	0	111
Warrants outstanding	150	150
Common shares issuable upon exercise of outstanding warrants, ending balance	150	150
Weighted-average exercise price, beginning of period	$ 7.71	$ 6.80
Granted warrants during period, weighted-average price	0	8.11
Weighted-average exercise price, end of period	7.71	7.71
Weighted Average
Class of Warrant or Right [Line Items]
Weighted-average exercise price, beginning of period	7.71	6.80
Granted warrants during period, weighted-average price	0	8
Weighted-average exercise price, end of period	$ 7.71	$ 7.71

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Schedule of components of operating lease liability


		December 31, 2023

Remaining lease terms (in months)		13
Discount rate		10	%

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):
Year Ending December 31,
2024	$	23
2025		2
		25
Less imputed interest		2
Total lease liabilities	$	23

Current operating lease liabilities	$	21
Non-current operating lease liabilities		2
Total lease liabilities	$	23

Stock options

12 Months Ended

Dec. 31, 2023

Stock options

Stock options

4. Stock Options

The Compensation Committee of the Board of Directors administers the Company’s 2020 Equity Incentive Plan (The “Plan”). The Compensation Committee designates eligible participants to be included under the plan and approves the number of options to be granted from time to time under the plan. On June 24, 2010, at the Company’s annual meeting, shareholders approved an amendment to the Company’s Stock Option Plan (the “Plan Maximum Amendment”). The Plan Maximum Amendment relates to changing the maximum number of common shares issuable under the stock option plan from a fixed number of 6.7 million to the number of shares that represents twenty-five percent (25%) of the total number of all issued and outstanding common shares. Based upon the current shares outstanding, a maximum of 6.8 million of our

common shares are authorized for issuance under the plan. The option exercise price for all options issued under the plan is based on the fair value of the underlying shares on the date of grant. All options vest within three years or less and are exercisable for a period of ten years from the date of grant. The stock option plan, as amended, allows the issuance of Canadian and U.S. dollar grants. A summary of the stock option transactions, U.S. dollar grants, for the years ended December 31, 2023 and 2022 is below. There are no outstanding $CAD denominated options.

Summary of $USD Option Activity


	Number of
	Options				Weighted
	(in thousands)		Range		Average
Outstanding and exercisable at December 31, 2021	4,259	$	0.45 – 12.59	$	5.13
Granted	1,015		5.59 - 8.10		6.50
Exercised	(273)		0.45 - 8.38		3.29
Forfeited	(462)		5.59 - 8.10		6.79
Outstanding and exercisable at December 31, 2022	4,539	$	0.45 – 12.59	$	5.43
Granted	1,245		7.35 - 9.05		8.25
Exercised	(586)		0.72 - 7.99		3.18
Forfeited	(400)		4.08 - 8.32		7.45
Outstanding and exercisable at December 31, 2023	4,798	$	4.08 - 10.96	$	6.27

Summary of $USD Option Remaining Life


Number Outstanding and Exercisable at	Weighted Average Strike Price	Weighted Average
December 31, 2023	December 31, 2023	Remaining Life
(in thousands)	US Dollars	(years)
4,798	$6.27	5.58

Stock compensation expense for the fiscal years ended December 31, 2023, and 2022 was $5.4 million and $4.2 million, respectively. These amounts have been included in general and administrative expenses for the respective periods. The weighted average fair value per share of options granted and or vested during the fiscal years ended December 31, 2023, and 2022 was $4.73 and $5.43, respectively. The intrinsic value (being the difference between the share price at December 31, 2023 and exercise price) of stock options exercisable at December 31, 2023 was $23.8 million. The intrinsic value of options exercised during the fiscal year ended December 31, 2023, was $2.97 million.

The fair value of all options vested during the fiscal year ended December 31, 2023, was $6.4 million. The fair values of options granted in fiscal years ended December 31, 2023 and 2022 were estimated on the date the options were granted based on the Black-Scholes option-pricing model, using the following weighted average assumptions for all options with a ten-year expiration:


	Year Ended December 31, 2023		Year Ended December 31, 2022
Expected dividend	-	%	-	%
Risk-free interest rate	3.58 - 5.31	%	1.18 - 3.96	%
Expected volatility	59 - 167	%	150 - 181	%
Expected life	1.50 - 6 years		5 - 6 years

The Company uses the historical volatility and adjusts for available relevant market information pertaining to the Company’s share price.

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 years ended December 31, 2023, and 2022. Prior to June 2021, there was no activity involving RSUs. During the year ended December 31, 2023, 365 RSUs were awarded, 96 were forfeited and 86 were released from restriction. The Company

recognized $1.3 million in RSU expense for the year ended December 31, 2023, and $0.3 million for the same period in 2022. 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
US Denominated RSU's		Share Units (thousands)
Outstanding at December 31, 2021		219
Awarded		—
Forfeited		(86)
Released		(98)
Outstanding at December 31, 2022		35
Awarded		365
Forfeited		(96)
Released		(86)
Outstanding at December 31, 2023		218

Stock options - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions		12 Months Ended
	Jun. 24, 2010	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Intrinsic value of options exercised in period		$ 2,970
General and Administrative Expenses
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense		$ 5,400	$ 4,200
Plan Maximum Amendment
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under Stock Option Plan	6.8
Percentage Of Total Number Of Share Issued and Outstanding	25.00%
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issuable under Stock Option Plan	6.7
Weighted average fair value of options granted and or vested		$ 4.73	$ 5.43
Intrinsic value of options exercisable		$ 23,800
Fair value of options vested in period		$ 6,400
Expiration period		10 years

Revisions to Prior Period Financial Statements - Condensed Consolidated Statement of Stockholders' Equity (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
Net loss			$ (16,045)	$ (23,714)
Balance	$ 9,581	$ 9,581	(11,622)	(2,569)
Accumulated Deficit
Reclassification [Line Items]
Net loss		(12,413)	(16,045)	(23,714)
Balance	(215,613)	(215,613)	$ (219,245)	$ (203,200)
Accumulated Deficit \| Three Months Ended
Reclassification [Line Items]
Net loss	(917)
Balance	(215,613)	(215,613)
Total Stockholders' Equity
Reclassification [Line Items]
Net loss		(12,413)
Balance	(9,581)	(9,581)
Total Stockholders' Equity \| Three Months Ended
Reclassification [Line Items]
Net loss	(917)
Balance	(9,581)	(9,581)
As Previously Reported
Reclassification [Line Items]
Balance	10,531	10,531
As Previously Reported \| Accumulated Deficit
Reclassification [Line Items]
Net loss		(13,363)
Balance	(216,563)	(216,563)
As Previously Reported \| Accumulated Deficit \| Three Months Ended
Reclassification [Line Items]
Net loss	(1,867)
Balance	(216,563)	(216,563)
As Previously Reported \| Total Stockholders' Equity
Reclassification [Line Items]
Net loss		(13,363)
Balance	(10,531)	(10,531)
As Previously Reported \| Total Stockholders' Equity \| Three Months Ended
Reclassification [Line Items]
Net loss	(1,867)
Balance	(10,531)	(10,531)
Adjustments
Reclassification [Line Items]
Balance	950	950
Adjustments \| Accumulated Deficit
Reclassification [Line Items]
Net loss		950
Adjustments \| Accumulated Deficit \| Three Months Ended
Reclassification [Line Items]
Net loss	950
Adjustments \| Total Stockholders' Equity
Reclassification [Line Items]
Net loss		$ 950
Adjustments \| Total Stockholders' Equity \| Three Months Ended
Reclassification [Line Items]
Net loss	$ 950

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Term Loans (Details) - USD ($)					12 Months Ended
Term Loans (Details) - USD ($)	Dec. 04, 2023	Sep. 23, 2022	Aug. 19, 2022	Aug. 01, 2022	Dec. 31, 2023	Dec. 31, 2022
Term Loans [Line Items]
Debt discount					$ (288,000)	$ (361,000)
Petrichor Financing \| Securities Purchase Agreements \| Convertible Note Borrowings
Term Loans [Line Items]
Maximum borrowing capacity				$ 45,000,000
Commitment fee percentage					2.00%
Exercise price of warrants issued					$ 8.11
Exercise term of warrants					5 years
Debt issuance costs					$ 175,000
Debt discount					(314,000)
Fair value warrants					$ 441,000
Cash interest accrual rate over Prime					4.50%
Cash interest accrual rate					11.00%
Accrual rate, PIK interest					3.50%
Accrued Paid-in-Kind Interest					$ 1,219,000,000
Petrichor Financing \| Securities Purchase Agreements \| First Closing Note
Term Loans [Line Items]
Borrowings, face amount			$ 5,000,000
Initial conversion price			$ 8.11
Premium over 5-day VWAP			20.00%
VWAP term			5 days
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Note
Term Loans [Line Items]
Borrowings, face amount		$ 20,000,000
Initial conversion price		$ 7.89
Premium over 5-day VWAP		20.00%
VWAP term		5 days
Petrichor Financing \| Securities Purchase Agreements \| Third Closing Note
Term Loans [Line Items]
Borrowings, face amount	$ 5,000,000
Initial conversion price	$ 7.89
Premium over 5-day VWAP	20.00%
VWAP term	5 days
Petrichor Financing \| Securities Purchase Agreements \| First Closing Warrant
Term Loans [Line Items]
Commitment fees payable in warrants					50.00%
Common shares available through issuance of warrants					55,498
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Warrant
Term Loans [Line Items]
Common shares available through issuance of warrants					55,498
Commitment fees payable in cash or warrants					50.00%
Exercise price of warrants issued					$ 8.11
Exercise term of warrants					5 years
Petrichor Financing \| SPA First Amendment \| Third Closing Note
Term Loans [Line Items]
Remaining borrowing capacity	$ 15,000,000
Initial conversion price	$ 7.89
Petrichor Financing \| SPA First Amendment \| Third Closing Note \| Maximum
Term Loans [Line Items]
Maximum borrowing capacity	$ 15,000,000
Bridge Bank \| Bridge Bank Term Loan
Term Loans [Line Items]
Repayment of term loan			$ 5,000,000	$ 5,000,000

Revisions to Prior Period Financial Statements - Condensed Consolidated Statement of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Reclassification [Line Items]
PEDMARK, product sales, net	$ 6,296	$ 11,298	$ 21,252	$ 1,535
Operating expenses:
Sales and marketing expense	(2,215)	(7,086)
Net loss	(917)	(12,413)	$ 16,045	$ 23,714
Net loss attributable to common shareholders	$ (917)	$ (12,413)
Basic net loss per common share	$ (0.03)	$ (0.47)	$ (0.60)	$ (0.90)
Diluted net loss per common share	$ (0.03)	$ (0.47)	$ (0.60)	$ (0.90)
As Previously Reported
Reclassification [Line Items]
PEDMARK, product sales, net	$ 6,515	$ 11,517
Operating expenses:
Sales and marketing expense	(3,384)	(8,255)
Net loss	(1,867)	(13,363)
Net loss attributable to common shareholders	$ (1,867)	$ (13,363)
Basic net loss per common share	$ (0.07)	$ (0.50)
Diluted net loss per common share	$ (0.07)	$ (0.50)
Adjustments
Reclassification [Line Items]
PEDMARK, product sales, net	$ (219)	$ (219)
Operating expenses:
Sales and marketing expense	1,169	1,169
Net loss	950	950
Net loss attributable to common shareholders	$ 950	$ 950
Basic net loss per common share	$ 0.04	$ 0.03
Diluted net loss per common share	$ 0.04	$ 0.03

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Schedule of Share-Based Compensation, Stock Option Activity


	Number of
	Warrants				Weighted
	(in thousands)		Range		Average
Outstanding and exercisable at December 31, 2021	$	39	$	6.80	$	6.80
Granted		111		8.11		8
Outstanding and exercisable at December 31, 2022	$	150	$	7.71	$	7.71
Granted		—		—		—
Outstanding and exercisable at December 31, 2023	$	150	$	7.71	$	7.71

Nature of Business and Liquidity

12 Months Ended

Dec. 31, 2023

Nature of Business and Liquidity

Nature of Business and Liquidity

1. Nature of Business and Liquidity

Fennec Pharmaceuticals Inc. (“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. (“Oxiquant”) and Fennec Pharmaceuticals, Inc., both Delaware corporations, and Cadherin Biomedical Inc. (“CBI”), a Canadian corporation and Fennec Pharmaceuticals (EU) Limited (“Fennec Limited”), collectively referred to herein as the “Company,” is a biopharmaceutical company with one FDA approved product developed to reduce the risk of ototoxicity associated with cisplatin in pediatric patients one month of age and older with localized, non-metastatic solid tumors. With the exception of Fennec Pharmaceuticals, Inc., and Fennec Pharmaceuticals (EU) Limited, all subsidiaries are inactive.

These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) that are applicable to a going concern which contemplates that the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.

During the year ended December 31, 2023, the Company incurred a net loss from operations of $16,045. At December 31, 2023, it had an accumulated deficit of $219,245 and had experienced negative cash flows from operating activities in the amount of $17,143 for the year ended December 31, 2023.

On August 1, 2022, the Company entered into a Securities Purchase Agreement (the “SPA”) with Petrichor Opportunities Fund I LP (the “Investor”) in connection with the issuance of up to $45,000 of senior secured floating rate convertible notes (the “Notes”), issuable in multiple tranches (the “Note Financing”). On August 19, 2022, the Company closed on the initial tranche of $5,000 (the “First Closing Note”) which has an Initial Conversion Price equal to $8.11 per share, which was calculated based on a 20% premium of the 5-day volume weighted average price of the Company’s common shares as traded on the Nasdaq Capital Market (the “VWAP”) immediately prior to the announcement of the Securities Purchase Agreement (“SPA”) dated August 1, 2022. In connection with the first closing, the Company repaid in full its secured indebtedness with Bridge Bank in the amount of $5,000.

On September 23, 2022, the Company closed on the second tranche of the Note Financing in the amount of $20,000 (the “Second Closing Note”), which has an Initial Conversion Price equal to $7.89 per share, which was calculated based on a 20% premium of the 5-day VWAP immediately prior to September 20, 2022, which was the date the Company obtained FDA approval of PEDMARK^®.

A commitment fee of 2.0% of the Notes was payable under the SPA. Half of such fee was paid by the issuance on the first closing of warrants to purchase 55,498 Fennec common shares (“First Closing Warrant”) and half was payable in cash or warrants of 55,498 Fennec common shares (“Second Closing Warrant”), at our election, on the second closing. The warrants are exercisable at a price per share of $8.11 and have a term of five years from the date of the grant. The Company elected to have all the commitment fee of the Notes payable in warrants.

On December 4, 2023, the Company closed a third tranche under the SPA in the amount of $5,000,000 (the “Third Closing Note”), which has an Initial Conversion Price equal to $7.89 per share, which was calculated based on a 20% premium of the 5-day VWAP immediately prior to September 20, 2022, which was the date the Company obtained FDA approval of PEDMARK^®.

Also on December 4, 2023, the Company entered into a First Amendment to the Securities Purchase Agreement (the “SPA Amendment”) with the Investor, which, among other things, extends the period that the Company may draw the remaining $15,000,000 under the SPA from December 31, 2023, to December 31, 2024. Subsequent draws are subject to mutual agreement of the Company and the Investor and will be represented by Notes that will also be convertible at a price equal

to $7.89 per share.

The Company believes current funds, which include funds from the First, Second and Third Closing Notes, provide sufficient funding for the Company to carry out its planned activities, including the continuation of commercialization efforts for at least the next twelve months of PEDMARK^®. In addition to the aforementioned, the Company announced in March of 2024 that is had secured an exclusive licensing agreement with Norgine to commercialize PEDMARQSI in Europe, Australia and New Zealand. The deal provided the Company with approximately $43 million up front, with the potential of approximately another $230 million in future royalties and milestone payments.

These financial statements do not reflect the potentially material adjustments in the carrying values of assets and liabilities, the reported expenses, and the balance sheet classifications used, that would be necessary if the going concern assumption were not appropriate.

Commitments and Contingencies - Lease Agreements (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Current operating lease liabilities	$ 21
Non-current operating lease liabilities	$ 2
Lease Contingencies \| Office Service Agreement \| Dublin, Ireland
Remaining lease terms (in months)	13 months
Discount rate	10.00%
2024	$ 23
2025	2
lease liabilities to be paid before imputed interest	25
lease liabilities imputed interest	2
Total lease liabilities	23
Current operating lease liabilities	21
Non-current operating lease liabilities	2
Total lease liabilities	$ 23

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 917	$ 12,413	$ (16,045)	$ (23,714)

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Revisions to Prior Period Financial Statements - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2023 USD ($)
Revision to Prior Period Financial Statements
Net product sales adjustment	$ (0.2)
Sales and marketing expense adjustment	(1.2)
Current assets adjustment	$ 1.0

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

Fair Value Measurements

5. Fair Value Measurements

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

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

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

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

Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its Processa common shares by taking into consideration valuations obtained from public financial markets. The Company uses Yahoo Finance to obtain share price data and Oanda for foreign currency pricing services to estimate fair value. These inputs include reported trades of and broker- dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs.

As of December 31, 2023, 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 year ended December 31, 2023, the Company did not have any transfers of financial assets between Levels 1 and 2.

Assets/Liabilities Measured at Fair Value on a Recurring Basis

Fair Value Measurement at December 31, 2023 and December 31, 2022

(in thousands)

Quoted Price in Active

Market for Identical

Significant Other

Significant

Instruments

Observable Inputs

Unobservable Inputs

Level 1

Level 2

Level 3

Total

2023

2022

2023

2022

2023

2022

2023

2022

Assets

Cash and cash equivalents

1,340

⁽¹⁾

307

⁽¹⁾

11,929

23,467

—

13,269

23,774

Processa common shares

⁽²⁾

—

(1)

The Company held approximately, $1,340 in cash as of December 31, 2023, of which approximately $473 was in Canadian funds and $97 in Euro (both translated into U.S. dollars). As of December 31, 2022, the Company held approximately $307, of which approximately $33 was in Canadian funds (translated into U.S. dollars).

(2)

The Company has 41 unrestricted common shares of Processa (PSCA).

- Definition

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

+ References + Details

Loss per Share - Computation of Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Numerator:
Net loss	$ 917	$ 12,413	$ (16,045)	$ (23,714)
Denominator:
Weighted-average common shares, basic			26,574	26,275
Weighted-average common shares, dilutive			26,574	26,275
Basic net loss per common share	$ (0.03)	$ (0.47)	$ (0.60)	$ (0.90)
Diluted net loss per common share	$ (0.03)	$ (0.47)	$ (0.60)	$ (0.90)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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- 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

Significant Accounting Policies - Product Sales Discounts and Allowances (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Gross product revenues			$ 23,782	$ 1,769
Discounts and allowances			(2,530)	(234)
Net product revenues	$ 6,296	$ 11,298	21,252	1,535
PEDMARK
Disaggregation of Revenue [Line Items]
Net product revenues			$ 21,252	$ 1,535

- 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, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
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+ 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).

+ References

+ Details

Term Loans - Aggregate annual payments due on Term Loan (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Aggregate annual payments due on Term Loan
2027	$ 30,000
Total future payments	30,000
Add: PIK interest	1,219
Less: unamortized debt discount	(288)	$ (361)
Total term loan, net of discount	$ 30,931

- Definition

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

+ References + Details

Significant Accounting Policies - Cost of Products Sold (Details) - PEDMARK $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Percentage of royalties	1.00%
Manufacturing costs capitalized to inventory	$ 2.2
Manufacturing costs capitalized to inventory, work-in-process	1.4
Manufacturing costs capitalized to inventory, finished goods	$ 0.8

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events

Subsequent Events

11. Subsequent Events

On March 17, 2024, the Company announced it had entered into an exclusive licensing agreement with Norgine to commercialize PEDMARQSI^®in Europe, Australia, and New Zealand. The Company received approximately $43 million up front with the potential of up to approximately $230 million related to royalty and milestone payments.

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock	Additional Paid-in Capital Employees	Additional Paid-in Capital Consultants	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income	Employees	Consultants	Total
Balance at Dec. 31, 2021	$ 140,801			$ 53,214	$ (179,486)	$ 1,243			$ 15,772
Balance (in shares) at Dec. 31, 2021	26,014
Stock options issued		$ 4,087	$ 133				$ 4,087	$ 133
Exercise of stock options	$ 1,790			(216)					1,574
Exercise of stock options (in shares)	273
Restricted stock release (in shares)	74
Warrants issued in connection with term loan				441					441
Issuance of securities				(862)					(862)
Net loss					(23,714)				(23,714)
Balance at Dec. 31, 2022	$ 142,591			56,797	(203,200)	1,243			(2,569)
Balance (in shares) at Dec. 31, 2022	26,361
Net loss					(12,413)
Balance at Sep. 30, 2023					(215,613)				9,581
Balance at Dec. 31, 2022	$ 142,591			56,797	(203,200)	1,243			(2,569)
Balance (in shares) at Dec. 31, 2022	26,361
Stock options issued		$ 5,354					$ 5,354
Exercise of stock options	$ 1,716								1,716
Exercise of stock options (in shares)	588
Restricted stock release				(78)					(78)
Restricted stock release (in shares)	78
Net loss					(16,045)				(16,045)
Balance at Dec. 31, 2023	$ 144,307			$ 62,073	$ (219,245)	$ 1,243			$ (11,622)
Balance (in shares) at Dec. 31, 2023	27,027

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Insider Adoption or Termination of Trading Arrangements During the fiscal quarter ended December 31, 2023, Rostislav Raykov, informed us of the adoption of a 10b5-1 trading arrangement for 133,000 shares to be sold with a termination date of December 13, 2024. No additional directors or officers informed us of the adoption, modification or termination of a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Regulation S-K, Item 408.
Name	Rostislav Raykov
Title	Chief Executive Officer, Director
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Termination Date	December 13, 2024
Aggregate Available	133,000

Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash			$ 307
Quoted Price in Active Markets for Identical Instruments Level 1
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 1,340
Quoted Price in Active Markets for Identical Instruments Level 1 \| Canadian funds translated into USD
Fair Value Assets and Liabilities Measured On Recurring Basis [Line Items]
Cash	$ 473	$ 33

- Definition

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

+ References + Details

Significant Accounting Policies - Revenue recognition (Details) - USD ($) shares in Thousands, $ in Thousands		3 Months Ended	9 Months Ended	12 Months Ended
	Oct. 30, 2020	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenues		$ 6,296	$ 11,298	$ 21,252	$ 1,535
PEDMARK
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Percentage of royalties				1.00%
Revenues				$ 21,252	$ 1,535
Processa Pharmaceuticals, Inc \| License agreement \| Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement	41

- Definition

+ References

+ Details

Nature of Business and Liquidity (Details) - USD ($)					3 Months Ended	9 Months Ended	12 Months Ended
Nature of Business and Liquidity (Details) - USD ($)	Dec. 04, 2023	Sep. 23, 2022	Aug. 19, 2022	Aug. 01, 2022	Sep. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Mar. 17, 2024
Nature of Business and Going Concern [Line Items]
Loss from operations							$ 12,771,000	$ 22,589,000
Net loss					$ (917,000)	$ (12,413,000)	16,045,000	23,714,000
Accumulated deficit					$ 215,613,000	215,613,000	(219,245,000)	(203,200,000)
Cash flows from operating activities						$ (12,283,000)	$ (17,143,000)	$ (18,058,000)
Petrichor Financing \| Securities Purchase Agreements \| Convertible Note Borrowings
Nature of Business and Going Concern [Line Items]
Maximum borrowing capacity				$ 45,000,000
Commitment fee percentage							2.00%
Exercise price of warrants issued							$ 8.11
Exercise term of warrants							5 years
Petrichor Financing \| Securities Purchase Agreements \| First Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount			$ 5,000,000
Initial conversion price			$ 8.11
Premium over 5-day VWAP			20.00%
VWAP term			5 days
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount		$ 20,000,000
Initial conversion price		$ 7.89
Premium over 5-day VWAP		20.00%
VWAP term		5 days
Petrichor Financing \| Securities Purchase Agreements \| Third Closing Note
Nature of Business and Going Concern [Line Items]
Borrowings, face amount	$ 5,000,000
Initial conversion price	$ 7.89
Premium over 5-day VWAP	20.00%
VWAP term	5 days
Petrichor Financing \| Securities Purchase Agreements \| First Closing Warrant
Nature of Business and Going Concern [Line Items]
Commitment fees payable in warrants							50.00%
Common shares available through issuance of warrants							55,498
Petrichor Financing \| Securities Purchase Agreements \| Second Closing Warrant
Nature of Business and Going Concern [Line Items]
Common shares available through issuance of warrants							55,498
Commitment fees payable in cash or warrants							50.00%
Exercise price of warrants issued							$ 8.11
Exercise term of warrants							5 years
Petrichor Financing \| SPA First Amendment \| Third Closing Note
Nature of Business and Going Concern [Line Items]
Remaining borrowing capacity	$ 15,000,000
Initial conversion price	$ 7.89
Petrichor Financing \| SPA First Amendment \| Third Closing Note \| Maximum
Nature of Business and Going Concern [Line Items]
Maximum borrowing capacity	$ 15,000,000
Bridge Bank \| Bridge Bank Term Loan
Nature of Business and Going Concern [Line Items]
Repayment of term loan			$ 5,000,000	$ 5,000,000
Subsequent Event \| Licensing Agreement \| Norgine Ltd.
Nature of Business and Going Concern [Line Items]
License agreement funding received									$ 43,000,000
License agreement funding, potential milestone payments									$ 230,000,000

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

Basis of Presentation

The consolidated financial statements include the accounts of Fennec and of all its wholly-owned subsidiaries. All inter-company transactions and balances have been eliminated upon consolidation.

Use of Estimates

Segment and Geographic Information

Stock-Based Compensation

Inventory

Revenue Recognition

Net Product Revenue

Product Sales Discounts and Allowances

The following table summarizes net product revenues for PEDMARK^® in the years ended December 31, 2023, and 2022, respectively:


		Year Ended
		December 31,		December 31,
		2023		2022
Product revenues:
Gross product revenues	$	23,782	$	1,769
Discounts and allowances		(2,530)		(234)
Net product revenues	$	21,252	$	1,535

For the years ended December 31, 2023 and 2022, the Company had 4 distributors and 3 distributors that represented more than 10% of net sales, respectively.


		Chargebacks,		Rebates, Customer
		Discounts for		Fees/Credits
		Prompt Pay and		and Co-Pay
In thousands		Other Allowances		Assistance		Totals
Balance at December 31, 2021	$	—	$	—	$	—
Provision related to sales made in:
Current period		72		163		235
Prior periods		—		—		—
Payments and customer credits issued		(1)		—		(1)
Balance at December 31, 2022	$	71	$	163	$	234
Provision related to sales made in:
Current period		1,164		600		1,764
Prior periods		—		—		—
Payments and customer credits issued		(870)		(333)		(1,203)
Balance at December 31, 2023	$	365	$	430	$	795

Trade Receivables

Cost of Products Sold

capitalized, $1.4 million was capitalized as work in process and raw materials, $0.8 million was capitalized into finished goods.

Cash and Cash Equivalents

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

Financial Instruments

Common Shares and Warrants

The Company has 0.2 million warrants with a weighted average strike price of $7.71 outstanding to purchase common shares that have a weighted average life of 4.05 years.

Research and Development Costs and Investment Tax Credits

Concentrations of Credit Risk

Income Taxes

Foreign Currency Translation

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

Loss Per Share

Recent Accounting Pronouncements

Significant Accounting Policies - Additional Information (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summary Of Significant Accounting Policies [Line Items]
Allowance for doubtful accounts	$ 300
Discounts for prompt payment	0.65%
Percentage of prompt payment discounts expected to pay out	100.00%
Cash			$ 307
FDIC insured amount	$ 250,000
Cash, Savings and Money Market Accounts
Summary Of Significant Accounting Policies [Line Items]
Cash	$ 13,300	$ 23,800
Warrants
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS	150	150
Restricted shares
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS	218	35
Employee Stock Option [Member]
Summary Of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from EPS	4,798	4,539
Warrants
Summary Of Significant Accounting Policies [Line Items]
Warrants outstanding	150	150	39
Warrants exercise price	$ 7.71	$ 7.71	$ 6.80
Exercise term of warrants	4 years 18 days

Stock options (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Share-Based Compensation, Stock Option Volatility Measurements


	Year Ended December 31, 2023		Year Ended December 31, 2022
Expected dividend	-	%	-	%
Risk-free interest rate	3.58 - 5.31	%	1.18 - 3.96	%
Expected volatility	59 - 167	%	150 - 181	%
Expected life	1.50 - 6 years		5 - 6 years

Schedule of Restricted Share Unit Activity


		Number of Restricted
US Denominated RSU's		Share Units (thousands)
Outstanding at December 31, 2021		219
Awarded		—
Forfeited		(86)
Released		(98)
Outstanding at December 31, 2022		35
Awarded		365
Forfeited		(96)
Released		(86)
Outstanding at December 31, 2023		218

Currency, U.S. Dollar [Member]

Schedule of Stock Option Activity


Number Outstanding and Exercisable at	Weighted Average Strike Price	Weighted Average
December 31, 2023	December 31, 2023	Remaining Life
(in thousands)	US Dollars	(years)
4,798	$6.27	5.58

Schedule of Stock Options by Exercise Price Range


	Number of
	Options				Weighted
	(in thousands)		Range		Average
Outstanding and exercisable at December 31, 2021	4,259	$	0.45 – 12.59	$	5.13
Granted	1,015		5.59 - 8.10		6.50
Exercised	(273)		0.45 - 8.38		3.29
Forfeited	(462)		5.59 - 8.10		6.79
Outstanding and exercisable at December 31, 2022	4,539	$	0.45 – 12.59	$	5.43
Granted	1,245		7.35 - 9.05		8.25
Exercised	(586)		0.72 - 7.99		3.18
Forfeited	(400)		4.08 - 8.32		7.45
Outstanding and exercisable at December 31, 2023	4,798	$	4.08 - 10.96	$	6.27

Loss per Share (Tables)

12 Months Ended

Dec. 31, 2023

Loss per Share

Schedule of Antidilutive Securities Excluded from Net Loss Per Share


	Year Ended December 31,
	2023	2022
Options to purchase common shares	4,798	4,539
Restricted share units to obtain common shares	218	35
Warrants to purchase common shares	150	150

Schedule of Earnings Per Share, Basic and Diluted


	Year Ended December 31,
	2023		2022
Numerator:
Net loss	$	(16,045)	$	(23,714)

Denominator:
Weighted-average common shares, basic		26,574		26,275
Dilutive effect of stock options		—		—
Dilutive effect of warrants		—		—
Dilutive effect of restricted share units		—		—
Incremental dilutive shares		—		—
Weighted-average common shares, diluted		26,574		26,275
Net loss per share, basic and diluted	$	(0.60)	$	(0.90)

Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Dec. 31, 2023	Mar. 25, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity 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		27,099,908
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0001211583
Amendment Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 137,895,876
ICFR Auditor Attestation Flag	false
Auditor Name	HASKELL & WHITE LLP
Auditor Firm ID	200
Auditor Location	Irvine, California

Stock options - Restricted Share Units Activity (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSU expense recognized	$ 1.3	$ 0.3
Equity Incentive Plan \| US Denominated RSU's
US Denominated RSU's
Outstanding RSUs at December 31	218	35	219
RSU's awarded	365	0
RSU's forfeited	(96)	(86)
RSU's released	(86)	(98)
Equity Incentive Plan \| US Denominated RSU's \| Vesting on the first anniversary date of the grant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period	3 years
Vesting percentage	33.00%
Equity Incentive Plan \| US Denominated RSU's \| Vesting on the last day of each subsequent month
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage	4.17%

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2023	Dec. 31, 2022
Consolidated Balance Sheets
Common stock, no par value	$ 0	$ 0
Common stock, shares issued	27,027	26,361
Common stock, shares outstanding	27,027	26,361

Commitments and Contingencies (Details)		12 Months Ended
Commitments and Contingencies (Details)	May 18, 2015	Dec. 31, 2023 USD ($)
Oregon Health & Science University Agreement
Licensing term OHSU agreement	8 years
Days notice required to terminate OHSU agreement	45 days
Days notice required by Fennec to terminate OHSU agreement	60 days
Accrued royalty expenses		$ 106,000
Percentage of royalties		1.00%
Lease Contingencies \| Triangle Park, North Carolina
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
Monthly lease expense		1,000
Security deposit		2,000
Lease Contingencies \| Dublin, Ireland \| Office Service Agreement
Monthly lease expense		2,000
Security deposit		$ 5,000
Variable rate over prime		1.50%
CIPLA ANDA Litigation
Days following receipt of Notice Letter to file patent infringement suit		45 days
Duration of FDA's ability to give final approval to proposed products that reference PEDMARK		30 months
PEDMARK's Orphan Drug Exclusivity period		7 years
PEDMARK's exclusivity period under PUMA		10 years
Executive Severance \| Rostislav Raykov
Severance payments due		$ 585,000
Number of severance payments		1
Severance payment term		twelve
Executive Severance \| Robert Andrade
Severance payments due		$ 212,000
Number of severance payments		1
Severance payment term		six
Executive Severance \| Adrian Haigh
Severance payments due		$ 110,000
Number of severance payments		1
Severance payment term		P3M

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Operations
PEDMARK, product sales, net	$ 21,252	$ 1,535
Cost of products sold	(1,259)	(86)
Gross profit	19,993	1,449
Operating expenses:
Research and development	56	3,531
Selling and marketing	12,123	2,785
General and administrative	20,585	17,722
Total operating expenses	32,764	24,038
Loss from operations	(12,771)	(22,589)
Other (expense)/income
Unrealized foreign exchange gain/(loss)	5	(9)
Amortization expense	(287)	(149)
Unrealized loss on securities	(39)	(184)
Interest income	441	195
Interest expense	(3,394)	(978)
Total other expense	(3,274)	(1,125)
Net loss	$ (16,045)	$ (23,714)
Basic net loss per common share	$ (0.60)	$ (0.90)
Diluted net loss per common share	$ (0.60)	$ (0.90)
Weighted-average number of common shares outstanding basic	26,574	26,275
Weighted-average number of common shares outstanding diluted	26,574	26,275

Income Taxes - Future Income Tax Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
SR&ED expenditures	$ 2,086	$ 2,086
Income tax loss carryforwards	37,143	30,007
Non-refundable investment tax credits	297	700
Share issue costs	73	77
Fixed and intangible assets	1,083	1,083
Debt discount	62	0
Gross future tax assets	40,744	33,953
Less: valuation allowance	(40,718)	(33,927)
Net future tax assets	$ 26	$ 26

Stockholders' Equity

12 Months Ended

Dec. 31, 2023

Stockholders' Equity

Stockholders' Equity

6. Stockholders’ Equity

Authorized Capital Stock

The Company’s authorized capital stock consists of an unlimited number of shares of no-par common shares.

Warrants to Purchase Common Shares

At December 31, 2023, the Company had 150 warrants outstanding to purchase common shares at a weighted average exercise price of $7.71.

The following table summarized our warrant activity for the fiscal years ended December 31, 2023 and 2022.


	Number of
	Warrants				Weighted
	(in thousands)		Range		Average
Outstanding and exercisable at December 31, 2021	$	39	$	6.80	$	6.80
Granted		111		8.11		8
Outstanding and exercisable at December 31, 2022	$	150	$	7.71	$	7.71
Granted		—		—		—
Outstanding and exercisable at December 31, 2023	$	150	$	7.71	$	7.71

- Definition

The entire disclosure for equity.

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+ Details

Revision to Prior Period Financial Statements - Condensed Consolidated Balance Sheet (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2021
Reclassification [Line Items]
Prepaid expenses	$ 2,575	$ 1,197	$ 770
Total current assets	26,858	19,896	26,728
Total Assets	26,864	19,978	26,939
Accumulated Deficit	219,245	(215,613)	203,200
Total stockholders' deficit	11,622	(9,581)	2,569	$ (15,772)
Total liabilities and stockholders' deficit	$ (26,864)	(19,978)	$ (26,939)
As Previously Reported
Reclassification [Line Items]
Prepaid expenses		247
Total current assets		18,946
Total Assets		19,028
Accumulated Deficit		(216,563)
Total stockholders' deficit		(10,531)
Total liabilities and stockholders' deficit		(19,028)
Adjustments
Reclassification [Line Items]
Prepaid expenses		950
Total current assets		950
Total Assets		950
Accumulated Deficit		(950)
Total stockholders' deficit		(950)
Total liabilities and stockholders' deficit		$ (950)

- Definition

Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.

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+ Details

- Definition

Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.

+ References + Details

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

- Definition

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

+ References

+ Details

Revision to Prior Period Financial Statements

12 Months Ended

Dec. 31, 2023

Revision to Prior Period Financial Statements

Revision to Prior Period Financial Statements

10. Revision to Prior Period Financial Statements

In preparing the annual report on Form 10-K for the year ended December 31, 2023, the Company determined that it overstated sales and marketing expenses associated with select distributors, which does not accurately match the expense to the proper period that related sales and marketing expenses were received. The Company determined that, based on the timeline of services provided by these distinct distributors, it would be more accurate to defer a portion of the sales and marketing expenses to future periods and amortize the remaining expense over the expected service period. The Company also determined that a portion of such expenses would be more accurately characterized as distribution fees and has presented such amounts as a reduction of revenues. These revisions resulted in adjustments to net product sales, sales and marketing expenses and current assets as previous reported in the Company’s September 30, 2023 condensed consolidated financial statements. Net product sales were adjusted down in the amount of $0.2 million, sales and marketing expenses were decreased by $1.2 million and current assets increased by $1.0 million as of September 30, 2023. The effect on our September 30, 2023 financial results are presented below.

The effect of the revisions to the unaudited condensed consolidated financial statements is as follows (amount in thousands):

Condensed Consolidated Balance Sheet (Unaudited)


	As of September 30, 2023
	As
	Previously
	Reported		Adjustments		As Revised
Prepaid expenses	$	247	$	950	$	1,197
Total current assets		18,946		950		19,896
Total assets	$	19,028	$	950	$	19,978

Accumulated deficit	$	(216,563)	$	(950)	$	(215,613)
Total shareholders' deficit		(10,531)		(950)		(9,581)
Total liabilities and shareholder's deficit	$	(19,028)	$	(950)	$	(19,978)

Condensed Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Nine Months Ended
	September 30, 2023						September 30, 2023
	As						As
	Previously				As		Previously				As
	Reported		Adjustments		Revised		Reported		Adjustments		Revised

PEDMARK® product sales, net	$	6,515	$	(219)	$	6,296	$	11,517	$	(219)	$	11,298
Sales and marketing expense		3,384		(1,169)		2,215		8,255		(1,169)		7,086
Net loss		(1,867)		950		(917)		(13,363)		950		(12,413)
Net loss attributable to common shareholders	$	(1,867)	$	950	$	(917)	$	(13,363)	$	950	$	(12,413)

Basic net loss per common share	$	(0.07)	$	0.04	$	(0.03)	$	(0.50)	$	0.03	$	(0.47)
Diluted net loss per common share	$	(0.07)	$	0.04	$	(0.03)	$	(0.50)	$	0.03	$	(0.47)

Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)


	For the Three Months Ended				For the Nine Months Ended
	September 30, 2023				September 30, 2023
			Total				Total
	Accumulated		Stockholders’		Accumulated		Stockholders’
	Deficit		Equity		Deficit		Equity
As Previously Reported
Net loss	$	(1,867)	$	(1,867)	$	(13,363)	$	(13,363)
Balance at September 30, 2023	$	(216,563)	$	(10,531)	$	(216,563)	$	(10,531)

Adjustments	$	950	$	950	$	950	$	950

As Revised
Net loss	$	(917)	$	(917)	$	(12,413)	$	(12,413)
Balance at September 30, 2023	$	(215,613)	$	(9,581)	$	(215,613)	$	(9,581)

Condensed Consolidated Statement of Cash Flows (Unaudited)


	For the Nine Months Ended
	September 30, 2023
	As
	Previously
	Reported		Adjustments		As Revised
Cash Flows from Operating Activities:
Net loss	$	(13,363)	$	950	$	(12,413)

Reconciliation of net loss to net cash used in operating activities:
Prepaid expenses		523		(950)		(427)
Subtotal of non-cash charges		1,080		(950)		130
Net cash used in operating activities	$	(12,283)	$	-	$	(12,283)

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Subsequent Events (Details) - Subsequent Event - Licensing Agreement - Norgine Ltd. $ in Millions	Mar. 17, 2024 USD ($)
License agreement funding received	$ 43.0
License agreement funding, potential milestone payments	$ 230.0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of Income Taxes, Combined US and Canadian Effective Tax Rate


	Year Ended			Year Ended
	December 31,			December 31,
	2023			2022
Domestic loss	$	(12,301)		$	(10,548)
Foreign loss		(3,744)			(13,117)
Loss before income taxes		(16,045)			(23,665)

Expected statutory rate		26.50	%		26.50	%
Expected provision for (recovery of) income tax		(4,252)			(6,271)
Permanent differences		1,553			1,170
Change in valuation allowance		2,038			4,669
Effect of tax rate changes and other		661			432
Provision for income taxes	$	—		$	—

Schedule of Net Future Tax Assets


	December 31,		December 31,
	2023		2022
Future tax assets:
SR&ED expenditures	$	2,086	$	2,086
Income tax loss carryforwards		37,143		30,007
Non-refundable investment tax credits		297		700
Share issue costs		73		77
Fixed and intangible assets		1,083		1,083
Debt discount		62		—
		40,744		33,953
Less: valuation allowance		(40,718)		(33,927)
Net future tax assets	$	26	$	26

Schedule of Unclaimed Tax Credits and Expiration Dates


			Province/
	Federal		State
SR&ED expenditures (no expiry)	$	7,872	$	—
Income tax loss carryforwards (expiry date):
2024		4,849		—
2025		6,143		—
2026		13,868		—
2027		8,136		—
2028		10,509		—
2029		8,185		2,116
2030		2,608		700
2031		3,378		789
2032		3,491		651
2033		1,789		655
2034		1,812		617
2035		1,803		941
2036		2,208		1,013
2037		4,641		1,638
2038		7,427		-
2039		9,587		-
2040		15,009		-
2041		13,556		-
2042		18,798		-
2043		—
No expiration		37,204		24,837
Investment tax credits (expiry date):
2024		189
2025		82
2026		86
2027		47

Stock Options - Price In US Dollars (Details) - U.S. Dollars - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Number Outstanding and Exercisable	4,798	4,539	4,259
Weighted Average Strike Price in US Dollars	$ 6.27
Weighted Average Remaining Life (years)	5 years 6 months 29 days

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies

Commitments and Contingencies

7. Commitments and Contingencies

Oregon Health & Science University (“OHSU”) Agreement

On February 20, 2013, Fennec entered into a new exclusive license agreement with OHSU for exclusive worldwide license rights to intellectual property directed to thiol-based compounds, including PEDMARK^® and their use in oncology (the "OHSU Agreement"). OHSU will receive certain milestone payments, royalty on net sales for licensed products and a royalty on any consideration received from sublicensing of the licensed technology.

On May 18, 2015, Fennec negotiated an amendment ("Amendment 1") to the OHSU Agreement, which expands Fennec's exclusive license to include the use of N-acetylcysteine as a standalone therapy and/or in combination with PEDMARK^® for the prevention of ototoxicity induced by chemotherapeutic agents to treat cancers. Further, Amendment 1 adjusts select milestone payments entered in the OHSU Agreement including but not limited to the royalty rate on net sales for licensed products, royalty rate from sublicensing of the licensed technology and the fee payable upon the regulatory approval of a licensed product. Certain milestone payments are due upon FDA approval and achievement of sufficient positive EBITDA

over a specified period. PEDMARK^® received FDA approval in September 2022, however at this time, due to significant uncertainty surrounding timing and magnitude of certain milestones, the Company has only recorded a royalty liability associated with net revenue.

The term of the OHSU Agreement as amended by Amendment 1 expires on the date of the last to expire claim(s) covered in the patents licensed to Fennec or 8 years, whichever is later. The Company now has a licensed product with regulatory approval that is covered by the Orphan Drug Designation, the parties amended the term of the agreement. Sodium thiosulfate is currently protected by methods of use patents that the Company exclusively licensed from OHSU that expired in Europe in 2021 and that expire in the United States in 2038. The OHSU Agreement is terminable by either Fennec or OHSU in the event of a material breach of the agreement by either party after 45 days prior written notice. Fennec also has the right to terminate the OHSU Agreement at any time upon 60 days prior written notice and payment of all fees due to OHSU under the OHSU Agreement. The Company had accrued approximately $106 (1% net sales) in royalty expense to OHSU at December 31, 2023.

Securities Class Action Suit

Hope Medical Enterprises, Inc. Inter Partes Review (IPR) Challenges

On October 29, 2021, Hope Medical Enterprises, Inc. (“Hope”) filed a Petition for inter partes review (IPR2022-00123) with the Patent Trial and Appeal Board (“PTAB”) of the USPTO to invalidate U.S. Patent No. 10,596,190 (the “‘190 Patent”), which is exclusively in-licensed from Oregon Health & Science University (“OHSU”) and relates to a method of using PEDMARK^®. The ‘190 Patent was issued on March 24, 2020. On April 18, 2023, the PTAB invalidated the only claim of the‘190 Patent. The final written decision became effective June 20, 2023. The ‘190 Patent was previously listed in the United States Approved Drug Products with Therapeutic Equivalence Evaluations (also known as the “Orange Book”). In light of PTAB’s final written decision on the invalidity of the ‘190 Patent, we requested that the FDA remove the ’190 Patent from the Orange Book. Two United States patent applications claiming priority through the ‘190 Patent remain pending at the United States Patent and Trademark Office (“USPTO”).

On October 29, 2021, Hope Medical Enterprises, Inc. (“Hope”) filed a Petition for inter partes review (IPR2022-00125) to invalidate our wholly owned U.S. Patent No. 10,792,363 (the “’363 Patent”), which relates to an anhydrous form of STS and its method of manufacture, which is the active pharmaceutical ingredient in the PEDMARK^® product. The ‘363 Patent was issued October 6, 2020. During the ‘363 IPR, we disclaimed the patent claims directed to the anhydrous morphic form of STS and continued with claims directed to its method of manufacture. Because the remaining claims in the ‘363 patent are directed to a method of manufacture, the ‘363 patent is not eligible for listing in the Orange Book. In September 2023, the PTAB issued a Final Written Decision in favor of Fennec and upholding the amended claim.

The USPTO has now granted three additional U.S. patents that cover the PEDMARK^® formulation, each of which have been listed in the U.S. FDA’s “Orange Book” (U.S. Patent No. 11,291,728 (issued April 5, 2022), U.S. Patent No. 11,510,984 (issued November 29, 2022), and U.S. Patent No. 11,617,793 (issued April 4, 2023)), and seven additional United States patent applications from this family are pending at the USPTO. We plan to vigorously defend our intellectual property rights to PEDMARK^®if challenged. An invalidation of our patents covering PEDMARK^® could have a material adverse effect on our ability to protect our rights in PEDMARK^® beyond periods of marketing exclusivity for PEDMARK^® in the United States under Orphan Drug Designation.

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 contains 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 and Drug 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.

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 ‘190 Patent, the ‘728 Patent, and the ‘984 Patent. On April 20, 2023, we filed an Amended Complaint to assert infringement of the ‘728 patent and the ‘984 Patent. On April 4, 2023, we were granted US 11,617,793 Patent (the “’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 ’793 Patent, which was dated May 10, 2023, along with an enclosed statement of alleged factual and legal bases for stating that the ’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 ‘793 Patent. The suit is ongoing.

PEDMARQSI^® (EU Brand name for PEDMARK^®) received European Commission approval in June 2023 and was granted 10 years of market exclusivity in Europe under Pediatric Use (“PUMA”).

Executive Severance

In the event of Mr. Raykov's termination 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 $585). In the event of Mr. Andrade’s termination with the Company other than for cause, the Company will be obligated to pay him a one-time severance payment equal to six months of salary (currently $212). In the event of Mr. Haigh’s termination with the Company other than for cause, the Company will be obligated to pay him a one-time severance payment equal to three months of salary (currently approximately $110 as translated into U.S. dollars at December 31, 2023).

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 months’ 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 terminates 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.

The Second Office Service Agreement does not provide an implicit rate, and therefore the Company uses its incremental borrowing rate as the discount rate when measuring the operating lease liability. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of the lease within a particular currency environment. The Company uses an incremental borrowing rate consisting of the current prime rate plus 150 basis points for operating leases that

commenced after August 2023. The depreciable lives of operating leases and leasehold improvements are limited by the expected lease term.


		December 31, 2023

Remaining lease terms (in months)		13
Discount rate		10	%

Maturities of lease liabilities as of December 31, 2023 were as follows (in thousands):
Year Ending December 31,
2024	$	23
2025		2
		25
Less imputed interest		2
Total lease liabilities	$	23

Current operating lease liabilities	$	21
Non-current operating lease liabilities		2
Total lease liabilities	$	23

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 Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. As of December 31, 2023 the Company does not offer matching contributions.

Term Loans

12 Months Ended

Dec. 31, 2023

Term Loans

Term Loans

8. Term Loans

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

FDA approval of PEDMARK^®.

Cash interest on outstanding principal shall accrue at a rate of prime, plus 4.5% per annum, from the date of funding (11% as of December 31, 2023). Cash interest is due on the first business day of each calendar quarter (“Interest Date”). Payment-in-kind (“PIK”) interest will commence on funding date and accrue at a rate of 3.5% per annum. PIK interest will stop accruing on August 24, 2024. Any accrued PIK interest shall remain outstanding and be payable on each Interest Date and be added to the outstanding principal amount. The Company has accrued $1,219 in PIK interest and has classified the PIK interest in long-term liabilities.

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

Aggregate annual payments due on the SPA as of December 31, 2023, are as follows (in thousands):


Years Ending December 31,		Amount
2024	$	—
2025		—
2026		—
2027		30,000
Total future payments		30,000
Add: PIK interest		1,219
Less: unamortized debt discount		(288)
Total term loan, net of debt discount	$	30,931

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

Debt issuance costs of $175 were paid in cash for legal fees and to the Investor in 2022 and warrants valued at $441 were granted the Investor to secure access to the SPA. These amounts were capitalized and are being amortized over the access period of the SPA. Upon drawing tranche 1 through 3, the Company recorded a debt discount of $314, which was based on a pro-rata allocation of the issue costs to secure the SPA, reducing the capitalized amount by the same amount. The debt discount is being amortized over the life of the SPA.

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Measurements

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

Fair Value Measurement at December 31, 2023 and December 31, 2022

(in thousands)

Quoted Price in Active

Market for Identical

Significant Other

Significant

Instruments

Observable Inputs

Unobservable Inputs

Level 1

Level 2

Level 3

Total

2023

2022

2023

2022

2023

2022

2023

2022

Assets

Cash and cash equivalents

1,340

⁽¹⁾

307

⁽¹⁾

11,929

23,467

—

13,269

23,774

Processa common shares

⁽²⁾

—

(1)

(2)

The Company has 41 unrestricted common shares of Processa (PSCA).

Income Taxes - Income Tax Rates (Details)	12 Months Ended
Income Taxes - Income Tax Rates (Details)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2018
Internal Revenue Service
Operating Loss Carryforwards [Line Items]
Corporate tax rate prior-to The Tax Cuts and Jobs Act			34.00%
Corporate tax rate under The Tax Cuts and Jobs Act	21.00%
Canada Revenue Agency
Operating Loss Carryforwards [Line Items]
Effective income tax rate	26.50%	26.50%
Federal income tax rate	15.00%
Provincial tax rate	11.50%

Term Loans (Tables)

12 Months Ended

Dec. 31, 2023

Term Loans

Schedule of Aggregate Annual Term-Loan Payments


Years Ending December 31,		Amount
2024	$	—
2025		—
2026		—
2027		30,000
Total future payments		30,000
Add: PIK interest		1,219
Less: unamortized debt discount		(288)
Total term loan, net of debt discount	$	30,931

Fair Value Measurements - Assets/Liabilities Measured at Fair Value (Details) - USD ($) shares in Thousands, $ in Thousands	Oct. 30, 2020	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		$ 13,269	$ 23,774
Quoted Price in Active Markets for Identical Instruments Level 1
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		1,340	307
Significant Other Observable Inputs Level 2
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		11,929	23,467
Significant Unobservable Inputs Level 3
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash and cash equivalents		0	0
Processa Pharmaceuticals, Inc
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Processa common shares		17	56
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		17	56
Processa Pharmaceuticals, Inc \| Significant Unobservable Inputs Level 3
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Processa common shares		$ 0	$ 0
License agreement \| Processa Pharmaceuticals, Inc \| Restricted shares
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares to be issued under agreement	41

Loss per Share - Outstanding Options and Warrants (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Employee Stock Option
Antidilutive securities excluded from EPS	4,798	4,539
Restricted Share Units to Obtain Common Shares
Antidilutive securities excluded from EPS	218	35
Warrants to Purchase Common Shares
Antidilutive securities excluded from EPS	150	150

Stock Options - Options Granted Based On The Black Scholes Option Pricing Model (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Minimum
Risk-free interest rate	3.58%	1.18%
Expected volatility	59.00%	150.00%
Expected life	1 year 6 months	5 years
Maximum
Risk-free interest rate	5.31%	3.96%
Expected volatility	167.00%	181.00%
Expected life	6 years	6 years

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Taxes

Income Taxes

9. Income Taxes

The Company operates in U.S., Canadian and Ireland tax jurisdictions. Its income is subject to varying rates of tax and losses incurred in one jurisdiction cannot be used to offset income taxes payable in another. A reconciliation of the combined Canadian federal and provincial income tax rate with the Company’s effective tax rate is as follows (in thousands except for percentage rates):


	Year Ended			Year Ended
	December 31,			December 31,
	2023			2022
Domestic loss	$	(12,301)		$	(10,548)
Foreign loss		(3,744)			(13,117)
Loss before income taxes		(16,045)			(23,665)

Expected statutory rate		26.50	%		26.50	%
Expected provision for (recovery of) income tax		(4,252)			(6,271)
Permanent differences		1,553			1,170
Change in valuation allowance		2,038			4,669
Effect of tax rate changes and other		661			432
Provision for income taxes	$	—		$	—

The Canadian statutory income tax rate of 26.5 percent is comprised of federal income tax at approximately 15.0 percent and provincial income tax at approximately 11.5 percent.

The primary temporary differences which gave rise to future income taxes (recovery) at December 31, 2023 and December 31, 2022:


	December 31,		December 31,
	2023		2022
Future tax assets:
SR&ED expenditures	$	2,086	$	2,086
Income tax loss carryforwards		37,143		30,007
Non-refundable investment tax credits		297		700
Share issue costs		73		77
Fixed and intangible assets		1,083		1,083
Debt discount		62		—
		40,744		33,953
Less: valuation allowance		(40,718)		(33,927)
Net future tax assets	$	26	$	26

Tax Cuts and Jobs Act

On December 22, 2017, the then President of the United States signed into law an Act to provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year 2018 (commonly known as “the Tax Cuts and Jobs Act” (“TCJA”)), which introduced a comprehensive set of tax reforms. The Tax Cuts and Jobs Act significantly revises U.S. tax law by, among other provisions, lowering the Company’s corporate tax rate from 34% to 21% and eliminating or reducing certain income tax deductions.

In December 2017, in accordance with the SEC Staff Accounting Bulletin (“SAB”) 118–Income Tax Accounting Implications of the TCJA, the Company recorded tax effects on a provisional basis based on a reasonable estimate. The TCJA did not have a material impact on the Company's financial statements because its deferred temporary differences are fully offset by a valuation allowance and the Company does not have any offshore earnings from which to record the

mandatory transition tax. During 2018, the Company completed its analysis under SAB 118 and no additional tax effects due to rate-remeasurement were required to be recorded.

There are no current income taxes owed, but the Norgine deal will cause the Company to be closer to using its historical tax losses. Once those losses are used up, the Company will owe income taxes. As of December 31, 2023, the Company has unclaimed Scientific Research and Experimental Development ("SR&ED") expenditures, income tax loss carry-forwards and non-refundable investment tax credits. The unclaimed amounts and their expiry dates are as listed below:


			Province/
	Federal		State
SR&ED expenditures (no expiry)	$	7,872	$	—
Income tax loss carryforwards (expiry date):
2024		4,849		—
2025		6,143		—
2026		13,868		—
2027		8,136		—
2028		10,509		—
2029		8,185		2,116
2030		2,608		700
2031		3,378		789
2032		3,491		651
2033		1,789		655
2034		1,812		617
2035		1,803		941
2036		2,208		1,013
2037		4,641		1,638
2038		7,427		-
2039		9,587		-
2040		15,009		-
2041		13,556		-
2042		18,798		-
2043		—
No expiration		37,204		24,837
Investment tax credits (expiry date):
2024		189
2025		82
2026		86
2027		47

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details