FENNEC PHARMACEUTICALS INC.

For the period ended Dec 31, 2025. Filed Mar 27, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Mar 27, 2026

FENC$10.83+10.4%Stored close · as of Nov 9, 2026

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Contents

PART I	1

Item 1.	Business	1

Item 1A.	Risk Factors	27

Item 1B.	Unresolved Staff Comments	69

Item 1C.	Cybersecurity	70

Item 2.	Properties	71

Item 3.	Legal Proceedings	71

Item 4.	Mine Safety Disclosures	72

PART II	73

Item 5.	Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer’s Purchases of Equity Securities	73

Item 6.	Reserved	79

Item 7.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	80

Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	90

Item 8.	Financial Statements and Supplementary Data	91

Item 9.	Changes in and Disagreements with Accountants on Accounting and Financial Disclosure	91

Item 9A.	Controls and Procedures	91

Item 9B.	Other Information	92

Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	92

PART III	92

Item 10.	Directors, Executive Officers and Corporate Governance	92

Item 11.	Executive Compensation	92

Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	92

Item 13.	Certain Relationships and Related Transactions and Director independence	92

Item 14.	Principal Accounting Fees and Services	93

PART IV	94

Item 15.	Exhibits and Financial Statement Schedules	94


SIGNATURES	97

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.

About this filing

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