Company: FENC
Filing Date: 2025-05-14
Form Type: 10-Q
Source: 0001558370-25-007748
Chunk: 2

Company: FENNEC PHARMACEUTICALS INC.
Filing Date: 2025-05-14
Form: 10-Q
Item: Part I, Item 1F
Chunk 2
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Item 1. Financial Statements.

Fennec Pharmaceuticals Inc.

Condensed Consolidated Balance Sheets

(U.S. Dollars and shares in thousands)

(Unaudited)

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​​​​​​​​​​March 31, 2025​December 31, 2024​​​​​​​​​Assets ​   ​  ​Current assets ​   ​  ​Cash and cash equivalents​$ 22,675​$ 26,634​Accounts receivable, net​​ 15,448​​ 12,884​Prepaid expenses​  2,444​  3,080​Inventory​​ 1,404​​ 1,060​Other current assets​  1,004​  466​Total current assets​​ 42,975​​ 44,124​​​​​​​​​Non-current assets​​​​​​​Non-current accounts receivable, net ​​ 2,634​​ —​Other non-current assets, net of amortization​​ 794​​ 822​Total non-current assets​​ 3,428​​ 822​Total assets​$ 46,403​$ 44,946​​​   ​   ​Liabilities and stockholders’ deficit​   ​   ​Current liabilities:​   ​   ​Accounts payable​$ 5,280​$ 3,241​Accrued liabilities​  2,843​  3,428​Contract liability-current​​ 248​​ 248​Operating lease liability - current​​ —​​ 2​Total current liabilities​  8,371​  6,919​​​​​​​​​Long-term liabilities​​​​​​​Term loan​​ 18,206​​ 18,206​PIK interest​​ 1,271​​ 1,271​Debt discount​​ (126)​​ (139)​Contract liability - long-term​​ 24,561​​ 24,561​Total long-term liabilities​​ 43,912​​ 43,899​Total liabilities​  52,283​  50,818​​​   ​   ​Commitments and contingencies (Note 6)​   ​   ​​​   ​   ​Stockholders’ deficit:​   ​   ​Common stock, no par value; unlimited shares authorized; 27,594 shares issued and outstanding (2024 ‑27,527)​  145,979​