Fennec Pharmaceuticals
FENC on Nasdaq. Fennec sells a medicine that reduces hearing loss from chemotherapy in children. Market value $372m.
Price checks use the past 12 months to June 2026. Some use the latest annual report instead, as marked. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Cash flow or capital spending isn't reported, so free cash flow is unknown.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
Nothing stands out yet.
What to watch out for
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
We could not compute this from the filings.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 16 of 100. Our list needs 70 on quality and 60 on price.
$10.35 a share, 83% above its 1-year low
Over the past year the price has ranged from $5.65 to $13.25.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | n/a | $2m | $21m | $48m | $45m |
| Operating margin | |||||
| Operating margin | n/a | -1471.6% | -60.1% | 5.4% | -14.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.03bn | 0.03bn | 0.03bn | 0.03bn | 0.04bn |
Health checks
- Free cash flow positiveNot enough data
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)0 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 204.7% a year
- Buying back its own sharesNo, 34% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $18 million last quarter, up 85% on a year ago.
- Profit: $2 million, after a loss of $3 million a year ago.
- It loses 2 cents on each $1 of sales, compared with 29 cents a year earlier.
- 32% more shares than a year ago. Each share owns a bit less of the company.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7m |
| December 2024 | $8m |
| March 2025 | $9m |
| June 2025 | $10m |
| September 2025 | $12m |
| December 2025 | $14m |
| March 2026 | $15m |
| June 2026 | $18m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$6m |
| December 2024 | -$2m |
| March 2025 | -$1m |
| June 2025 | -$3m |
| September 2025 | -$638,000 |
| December 2025 | -$5m |
| March 2026 | $201,000 |
| June 2026 | $2m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 27 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 105 funds in all.
Largest holders overall
- Rosalind Advisors$34mAdded
- AIGH Capital Management$27mAdded
- Solas Capital Management$20mCut
- BlackRock$19mAdded
- AWM Investment Company$12mAdded
- Vanguard Capital Management$9mCut
- Prospect Capital Advisors$5mNew
- State Street$5mAdded
- Geode Capital Management$4mAdded
- Jane Street Group$3mNew
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- Rosalind Advisors, Inc.Passive investorat least 9.6%+0.8 pts(filed with 3 related holders)Since 30 June 2026
- Kam LawrencePassive investorat least 8.2%(filed with 2 related holders)Since 31 December 2025
- Orin HirschmanPassive investorat least 5.7%(filed with 1 related holder)Since 31 March 2026
- Solas Capital Management, LLCPassive investorat least 5.4%−1.8 pts(filed with 1 related holder)Since 30 June 2026
- DG Capital Management, LLCPassive investorat least 4.1%(filed with 2 related holders)Since 31 December 2024
- Southpoint Master Fund, LPPassive investorSold down below 5%Since 30 June 2026
| Holder | Stake | Since | |
|---|---|---|---|
Rosalind Advisors, Inc. Passive investor | at least 9.6%+0.8 pts (filed with 3 related holders) | 30 June 2026 | |
Kam Lawrence Passive investor | at least 8.2% (filed with 2 related holders) | 31 December 2025 | |
Orin Hirschman Passive investor | at least 5.7% (filed with 1 related holder) | 31 March 2026 | |
Solas Capital Management, LLC Passive investor | at least 5.4%−1.8 pts (filed with 1 related holder) | 30 June 2026 | |
DG Capital Management, LLC Passive investor | at least 4.1% (filed with 2 related holders) | 31 December 2024 | |
Southpoint Master Fund, LP Passive investor | Sold down below 5% | 30 June 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $2m, $2m of it under preset trading plans.
- Brughera Marco MariaDirectorSoldunder a preset trading plan
- Date
- 15 September 2026
- Shares
- 15,545
- Price
- $10.29
- Value
- $159,958
- Sayad Pierre SargisChief Medical OfficerSold
- Date
- 31 August 2026
- Shares
- 12,000
- Price
- $12.18
- Value
- $146,160
- Andrade RobertCHIEF FINANCIAL OFFICERSoldunder a preset trading plan
- Date
- 27 August 2026
- Shares
- 75,000
- Price
- $11.78
- Value
- $883,500
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 1 June 2026
- Shares
- 9,747
- Price
- $9.62
- Value
- $93,766
- RALLIS CHRIS ADirectorSoldunder a preset trading plan
- Date
- 11 May 2026
- Shares
- 8,346
- Price
- $7.04
- Value
- $58,756
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 1 May 2026
- Shares
- 10,781
- Price
- $6.47
- Value
- $69,753
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 1 April 2026
- Shares
- 10,946
- Price
- $6.31
- Value
- $69,069
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 2 March 2026
- Shares
- 10,079
- Price
- $8.36
- Value
- $84,260
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 2 February 2026
- Shares
- 10,349
- Price
- $7.76
- Value
- $80,308
- Raykov RostyDirectorSoldunder a preset trading plan
- Date
- 2 January 2026
- Shares
- 10,312
- Price
- $7.60
- Value
- $78,371
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | Brughera Marco Maria Director | Sold under a preset trading plan | 15,545 | $10.29 | $159,958 |
| 31 August 2026 | Sayad Pierre Sargis Chief Medical Officer | Sold | 12,000 | $12.18 | $146,160 |
| 27 August 2026 | Andrade Robert CHIEF FINANCIAL OFFICER | Sold under a preset trading plan | 75,000 | $11.78 | $883,500 |
| 1 June 2026 | Raykov Rosty Director | Sold under a preset trading plan | 9,747 | $9.62 | $93,766 |
| 11 May 2026 | RALLIS CHRIS A Director | Sold under a preset trading plan | 8,346 | $7.04 | $58,756 |
| 1 May 2026 | Raykov Rosty Director | Sold under a preset trading plan | 10,781 | $6.47 | $69,753 |
| 1 April 2026 | Raykov Rosty Director | Sold under a preset trading plan | 10,946 | $6.31 | $69,069 |
| 2 March 2026 | Raykov Rosty Director | Sold under a preset trading plan | 10,079 | $8.36 | $84,260 |
| 2 February 2026 | Raykov Rosty Director | Sold under a preset trading plan | 10,349 | $7.76 | $80,308 |
| 2 January 2026 | Raykov Rosty Director | Sold under a preset trading plan | 10,312 | $7.60 | $78,371 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 7 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.