FENC Healthcare

Fennec Pharmaceuticals Inc.

$10.70+1.52%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Healthcare
Industry: Biotechnology
Country: United States
Market cap: 375.2M USD
Enterprise value: 328.1M USD
Full-time employees: 35

Overall health

Strength: growing faster than most peersgrowing faster than peers
Drawback: less profitable than most peersless profitable than peers
Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: its share price swings more than most peers’ (beta 1.23 vs a peer median of 0.63)bigger price swings (beta 1.23 vs peers 0.63)
About average: risk (debt, liquidity and share-price swings)risk

Ranks #708 of 1,157 healthcare companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 33% from December 2022 to August 2026.
Fennec Pharmaceuticals had 33% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fennec Pharmaceuticals had 33% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.
Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.
Fennec Pharmaceuticals paid employees $7M in stock in 2025, 16% of its $45M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.
Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Fennec Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Growing fast, still losing money. Revenue grew faster than 93% of peers, at an operating loss.
Revenue grew faster than 93% of peers, but the business runs at an operating loss (margin -1.9%).

StockQuotient Score

46/ 100

Oct 5 47 → Nov 4 46 (-1)

Valuation

Is the price right?

8/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-2594.4%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0148 · MAD: 0.0148

EBITDA yield-0.3%

Yahoo Finance fallback · SEC enterprise value unavailable (debt or EBITDA not reported in standard form) · trailing 12 monthsNegative (a loss or cash outflow), so it counts as zero whatever the share price50% base weight · Z-score -1.00Sector median: 0.0401 · MAD: 0.0401

Free cash flow yield-0.5%

Yahoo Finance fallback · SEC cash flow or share count unavailable · trailing 12 months · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score 0.00Sector median: 0.0000 · MAD: 0.0000

Other data (not scored)

Book yield11.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.3716 · MAD: 0.2313

Growth

Is it growing?

94/100

Strong

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 16.1%

Why

Stronger than most peers on:

▲ 3-yr revenue
▲ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

The loss per share widened33% base weight · Z-score -1.20Sector median: 0.0976 · MAD: 0.2991

3-year revenue growth207.5%

Yahoo Finance fallback · SEC figure unavailable or out of date · 3 fiscal years to Dec 2025Outlier capped at sector 5th/95th percentile33% base weight · Z-score 8.59Sector median: 0.0584 · MAD: 0.0840

Revenue growth77.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 7.36Sector median: 0.0609 · MAD: 0.0974

Profitability

Does it earn well?

21/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Operating margin rose 9.1 points to -1.9%

Why

Weaker than most peers on:

▼ ROA
▼ ROIC
▼ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin-1.9%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.74Sector median: 0.0706 · MAD: 0.1217

Return on assets-12850.3%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentile33% base weight · Z-score -11.22Sector median: 0.0166 · MAD: 0.0537

Return on invested capital-4.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.90Sector median: 0.0471 · MAD: 0.1004

Other data (not scored)

Gross margin93.7%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4697 · MAD: 0.2310

Return on equity-22936.0%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0330 · MAD: 0.1225

Risk

Debt, liquidity, price swings

Moderate

Moderate relative risk

2/3 inputs reported · Partial data

Since last quarter: No major change

Why

Mixed versus peers:

▲ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.23

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.79Sector median: 0.6250 · MAD: 0.3380

Current ratio5.85×

SEC filings · latest balance sheetReported value33% base weight · Z-score 2.36Sector median: 2.5860 · MAD: 1.3850

Debt / equityUnavailable

Missing · left out of the score · no sector data, so not countedNot counted · remaining weights rescaledSector median: 0.2215 · MAD: 0.2039

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Fennec Pharmaceuticals

Is Fennec Pharmaceuticals getting weaker?: Its latest SEC filing (Aug 13, 2026) got stronger: operating margin rose 9.1 points to -1.9%. Its overall score is unchanged at 46/100 since Oct 28, 2026.
How is Fennec Pharmaceuticals valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2594.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2594.4% vs peers 1.5% (weaker than 100% of peers).
Is Fennec Pharmaceuticals growing?: Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. 3-year revenue growth 207.5% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 207.5% vs peers 5.8% (stronger than 95% of peers).
How profitable is Fennec Pharmaceuticals?: Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -12850.3% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -12850.3% vs peers 1.7% (weaker than 100% of peers).
How risky is Fennec Pharmaceuticals?: Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.85× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.85× vs peers 2.59× (stronger than 78% of peers). Beta 1.23 vs a peer median of 0.63 (weaker than 81% of peers).Beta 1.23 vs peers 0.63 (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 13, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Operating margin rose 9.1 points to -1.9%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	51.0M USD	59.2M USD	+16.1%
Net income (12 months)	−9.7B USD	−9.7B USD	−0.1%
Operating margin	-11.0%	-1.9%	+9.1 pts
Cash	40.2M USD	41.2M USD	+2.7%
Shares outstanding	34.7M	35.1M	+1.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Industry: Biotechnology · 132 companies

Valuations in Biotechnology are within their usual range since 2016.

48% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Median price-to-sales is +530% vs the whole market, against a usual +637%.

2016Shaded: most expensive fifth of its range2026

Earnings-based measures are left out for now because many companies in Biotechnology are losing money.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	—	94.4%	94.1%	—	—	—
Operating margin	—	-1471.6%	-60.1%	5.4%	-14.1%	▼ 19 pts
Net margin	—	-1544.9%	-75.5%	-0.9%	-21.8%	▼ 21 pts
Return on assets (ROA)	-77.4%	-88.0%	-59.7%	-1.0%	-13.8%	▼ 13 pts
Return on equity (ROE)	-110.0%	—	—	—	-27.5%	—
Current ratio	13.54×	5.80×	3.56×	6.38×	6.37×	▼ 0.0%
Quick ratio	—	5.67×	3.27×	6.22×	6.23×	▲ 0.0%
Interest coverage	—	—	-3.76×	0.63×	-3.02×	▼ 579%

FENC price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Strength: growing faster than most peersgrowing faster than peers

Drawback: less profitable than most peersless profitable than peers

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: its share price swings more than most peers’ (beta 1.23 vs a peer median of 0.63)bigger price swings (beta 1.23 vs peers 0.63)

About average: risk (debt, liquidity and share-price swings)risk

Ranks #708 of 1,157 healthcare companies (bottom 39%)

See how it ranks against its peers

Worth knowing

Shareholders being diluted. Shares outstanding up 33% from December 2022 to August 2026.

Fennec Pharmaceuticals had 33% more shares at August 2026 than at December 2022, mostly from issuing stock (for pay, acquisitions or fundraising). Each existing share now owns a smaller slice of the business.Fennec Pharmaceuticals had 33% more shares at August 2026 than at December 2022, mostly from issuing stock. Each existing share now owns a smaller slice of the business.

Stock-based pay is a large cost. Stock pay was 16% of revenue in 2025.

Fennec Pharmaceuticals paid employees $7M in stock in 2025, 16% of its $45M revenue. It doesn't use cash, so it flatters cash flow, but it is a real cost to shareholders through dilution.

Valuation signals disagree. Cheaper than 50% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Fennec Pharmaceuticals looks cheaper than 50% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Growing fast, still losing money. Revenue grew faster than 93% of peers, at an operating loss.

Revenue grew faster than 93% of peers, but the business runs at an operating loss (margin -1.9%).

Questions investors ask about Fennec Pharmaceuticals

Is Fennec Pharmaceuticals getting weaker?

Its latest SEC filing (Aug 13, 2026) got stronger: operating margin rose 9.1 points to -1.9%. Its overall score is unchanged at 46/100 since Oct 28, 2026.

How is Fennec Pharmaceuticals valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 8/100 against 1,393 healthcare peers. Earnings yield -2594.4% vs a peer median of 1.5% (weaker than 100% of peers).Earnings yield -2594.4% vs peers 1.5% (weaker than 100% of peers).

Is Fennec Pharmaceuticals growing?

Yes, faster than most of its peers. Growth scores 94/100 against 1,393 healthcare peers. 3-year revenue growth 207.5% vs a peer median of 5.8% (stronger than 95% of peers).3-year revenue growth 207.5% vs peers 5.8% (stronger than 95% of peers).

How profitable is Fennec Pharmaceuticals?

Less profitable than most of its peers. Profitability scores 21/100 against 1,393 healthcare peers. Return on assets -12850.3% vs a peer median of 1.7% (weaker than 100% of peers).Return on assets -12850.3% vs peers 1.7% (weaker than 100% of peers).

How risky is Fennec Pharmaceuticals?

Moderate risk relative to 1,393 healthcare peers, judged on debt, liquidity and share-price swings. Current ratio 5.85× vs a peer median of 2.59× (stronger than 78% of peers).Current ratio 5.85× vs peers 2.59× (stronger than 78% of peers). Beta 1.23 vs a peer median of 0.63 (weaker than 81% of peers).Beta 1.23 vs peers 0.63 (weaker than 81% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

51.0M USD

59.2M USD

+16.1%

Net income (12 months)

−9.7B USD

−9.7B USD

−0.1%

Operating margin

-11.0%

-1.9%

+9.1 pts

Cash

40.2M USD

41.2M USD

+2.7%

Shares outstanding

34.7M

35.1M

+1.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

—

94.4%

94.1%

—

Operating margin

—

-1471.6%

-60.1%

5.4%

-14.1%

▼ 19 pts

Net margin

—

-1544.9%

-75.5%

-0.9%

-21.8%

▼ 21 pts

Return on assets (ROA)

-77.4%

-88.0%

-59.7%

-1.0%

-13.8%

▼ 13 pts

Return on equity (ROE)

-110.0%

—

-27.5%

—

Current ratio

13.54×

5.80×

3.56×

6.38×

6.37×

▼ 0.0%

Quick ratio

—

5.67×

3.27×

6.22×

6.23×

▲ 0.0%

Interest coverage

—

-3.76×

0.63×

-3.02×

▼ 579%