Fennec Pharma 10-Q: Assets Near Liabilities

TL;DR

Fennec Pharma's 10-Q shows assets ($27.3M) almost matching liabilities ($27.0M) as of Q2 2024.

AI Summary

Fennec Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $27.3 million and total liabilities of $27.0 million for the quarter. Key financial metrics such as common stock and additional paid-in capital were also detailed for various reporting periods within 2023 and 2024.

Why It Matters

This filing provides a snapshot of Fennec Pharmaceuticals' financial health, showing a close balance between assets and liabilities as of June 30, 2024, which is crucial for investors assessing financial stability.

Risk Assessment

Risk Level: medium — The near parity of assets and liabilities suggests a tight financial position, which could indicate higher risk.

Key Numbers

• $27.3B — Total Assets (As of June 30, 2024, indicating the company's total resources.)
• $27.0B — Total Liabilities (As of June 30, 2024, representing the company's total obligations.)

Key Players & Entities

• Fennec Pharmaceuticals Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period
• $27,329,000 (dollar_amount) — Total assets for the period ending 2024-06-30
• $27,027,000 (dollar_amount) — Total liabilities for the period ending 2024-06-30

FAQ

Filing Documents

• fencf-20240630x10q.htm (10-Q) — 1531KB
• fencf-20240630xex31d1.htm (EX-31.1) — 14KB
• fencf-20240630xex31d2.htm (EX-31.2) — 18KB
• fencf-20240630xex32d1.htm (EX-32.1) — 9KB
• fencf-20240630xex99d1.htm (EX-99.1) — 209KB
• fencf-20240630xex99d1001.jpg (GRAPHIC) — 3KB
• 0001558370-24-012074.txt ( ) — 6950KB
• fencf-20240630.xsd (EX-101.SCH) — 49KB
• fencf-20240630_cal.xml (EX-101.CAL) — 36KB
• fencf-20240630_def.xml (EX-101.DEF) — 198KB
• fencf-20240630_lab.xml (EX-101.LAB) — 326KB
• fencf-20240630_pre.xml (EX-101.PRE) — 307KB
• fencf-20240630x10q_htm.xml (XML) — 1269KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION 3

Condensed Consolidated Financial Statements

Item 1. Condensed Consolidated Financial Statements 3 Condensed Consolidated Balance Sheets (Unaudited) as of June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 6 Notes to the Condensed Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 33

Controls and Procedures

Item 4. Controls and Procedures 33

: OTHER INFORMATION

PART II: OTHER INFORMATION 34

Legal Proceedings

Item 1. Legal Proceedings 34

Risk Factors

Item 1A. Risk Factors 34

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 34

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 34

Other Information

Item 5. Other Information 35

Exhibits

Item 6. Exhibits 35

Signatures

Signatures 36 Table of Contents PART 1: FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements Fennec Pharmaceuticals Inc. Condensed Consolidated Balance Sheets (U.S. Dollars and shares in thousands) (Unaudited) June 30, 2024 December 31, 2023 Assets Current assets Cash and cash equivalents $ 43,054 $ 13,269 Accounts receivable, net 12,312 8,814 Prepaid expenses 4,379 2,575 Inventory 2,144 2,156 Other current assets 283 44 Total current assets 62,172 26,858 Non-current assets Other non-current assets, net of amortization 989 6 Total non-current assets 989 6 Total assets $ 63,161 $ 26,864 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 4,447 $ 3,778 Accrued liabilities 3,038 3,754 Operating lease liability - current 12 21 Contract liability - Norgine 252 — Total current liabilities 7,749 7,553 Long-term liabilities Term loan 30,000 30,000 PIK interest 2,022 1,219 Debt discount ( 247 ) ( 288 ) Contract liability - long-term 24,994 2 Total long-term liabilities 56,769 30,933 Total liabilities 64,518 38,486 Commitments and contingencies (Note 6) Stockholders' deficit: Common stock, no par value; unlimited shares authorized; 27,329 shares issued and outstanding (2023 27,027 ) 145,281 144,307 Additional paid-in capital 64,080 62,073 Accumulated deficit ( 211,961 ) ( 219,245 ) Accumulated other comprehensive income 1,243 1,243 Total stockholders' deficit ( 1,357 ) ( 11,622 ) Total liabilities and stockholders' deficit $ 63,161 $ 26,864 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents Fennec Pharmaceuticals Inc. Condensed Consolidated Statements of Operations (U.S. Dollars and shares in thousands, except per share amounts) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, 2024 2023 2024 2023 Revenue

View Full Filing

View this 10-Q filing on SEC EDGAR