Company: FENC
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001558370-25-011552
Chunk: 12

Company: FENNEC PHARMACEUTICALS INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 12
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Fennec Pharmaceuticals Inc.Notes to the Consolidated Financial Statements(U.S. dollars and shares in thousands, except per share information)1.      Nature of Business and LiquidityFennec Pharmaceuticals Inc., a corporation existing under the laws of British Columbia  (“Fennec,” “the Company,” “we,” “us,” or “our”) was originally formed as a British Columbia corporation under the name Adherex Technologies Inc. and subsequently changed its name on September 3, 2014. Fennec, together with its wholly owned subsidiaries Oxiquant, Inc. and Fennec Pharmaceuticals, Inc., both Delaware corporations, Cadherin Biomedical Inc., a Canadian corporation, and Fennec Pharmaceuticals (EU) Limited, an Ireland company (“Fennec Limited”), collectively referred to herein as the “Company,” is a biopharmaceutical company with one FDA, EMA and U.K. 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., all subsidiaries are inactive.These unaudited interim condensed 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 three and six-month period ended June 30, 2025, the Company experienced a net loss from operations of $(2,732) and $(3,540), respectively. On June 30, 2025, it had an accumulated deficit of $223,998, and had experienced negative cash flows from operating activities in the amount of $(8,004) for the six-month period ended June 30, 2025.​On August 1, 2022, the Company entered into a Securities Purchase Agreement (the “SPA”) with Petrichor Opportunities Fund I LP (the “Petrichor”) 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”).  The notes are due in August 2027. On August 19, 2022, the Company closed on