Fennec Pharma Q3 2024: Assets Near Liabilities

TL;DR

Fennec Pharma's assets ($27.4M) are almost equal to its liabilities ($27.0M) as of Q3 2024.

AI Summary

Fennec Pharmaceuticals Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $27.422 million and total liabilities of $27.027 million for the fiscal year ending December 31, 2024. The filing also details financial activities related to employee stock options and additional paid-in capital for various periods in 2023 and 2024.

Why It Matters

This filing provides a snapshot of Fennec Pharmaceuticals' financial health, indicating a tight balance between assets and liabilities as of Q3 2024.

Risk Assessment

Risk Level: medium — The near parity between total assets and total liabilities suggests a potentially precarious financial position for Fennec Pharmaceuticals.

Key Numbers

• $27.422M — Total Assets (As of the fiscal year ending 12-31-2024, indicating the company's resources.)
• $27.027M — Total Liabilities (As of the fiscal year ending 12-31-2024, showing the company's obligations.)

Key Players & Entities

• Fennec Pharmaceuticals Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $27.422 million (dollar_amount) — Total assets for the fiscal year ending 12-31-2024
• $27.027 million (dollar_amount) — Total liabilities for the fiscal year ending 12-31-2024

FAQ

Filing Documents

• fencf-20240930x10q.htm (10-Q) — 1662KB
• fencf-20240930xex31d1.htm (EX-31.1) — 14KB
• fencf-20240930xex31d2.htm (EX-31.2) — 18KB
• fencf-20240930xex32d1.htm (EX-32.1) — 9KB
• fencf-20240930xex99d1.htm (EX-99.1) — 209KB
• fencf-20240930xex99d1001.jpg (GRAPHIC) — 3KB
• 0001558370-24-015068.txt ( ) — 7359KB
• fencf-20240930.xsd (EX-101.SCH) — 51KB
• fencf-20240930_cal.xml (EX-101.CAL) — 38KB
• fencf-20240930_def.xml (EX-101.DEF) — 206KB
• fencf-20240930_lab.xml (EX-101.LAB) — 343KB
• fencf-20240930_pre.xml (EX-101.PRE) — 321KB
• fencf-20240930x10q_htm.xml (XML) — 1311KB

: 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 September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Unaudited) for the Three and Nine Months Ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) for the Nine Months Ended September 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 29

Quantitative and Qualitative Disclosures about Market Risk

Item 3. Quantitative and Qualitative Disclosures about Market Risk 36

Controls and Procedures

Item 4. Controls and Procedures 36

: OTHER INFORMATION

PART II: OTHER INFORMATION 37

Legal Proceedings

Item 1. Legal Proceedings 37

Risk Factors

Item 1A. Risk Factors 37

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 39

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 39

Other Information

Item 5. Other Information 39

Exhibits

Item 6. Exhibits 39

Signatures

Signatures 40 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) September 30, December 31, 2024 2023 Assets Current assets Cash and cash equivalents $ 40,320 $ 13,269 Accounts receivable, net 12,908 8,814 Prepaid expenses 3,066 2,575 Inventory 1,125 2,156 Other current assets 546 44 Total current assets 57,965 26,858 Non-current assets Other non-current assets, net of amortization 956 6 Total non-current assets 956 6 Total assets $ 58,921 $ 26,864 Liabilities and stockholders' deficit Current liabilities: Accounts payable $ 3,867 $ 3,778 Accrued liabilities 3,313 3,754 Operating lease liability - current 7 21 Contract liability - current 248 — Total current liabilities 7,435 7,553 Non-current liabilities Term loan 30,000 30,000 PIK interest 2,323 1,219 Debt discount ( 227 ) ( 288 ) Contract liability - long-term 24,561 2 Total non-current liabilities 56,657 30,933 Total liabilities 64,092 38,486 Commitments and contingencies (Note 6) Stockholders' deficit: Common stock, no par value; unlimited shares authorized; 27,422 shares issued and outstanding (2023 27,027 ) 145,438 144,307 Additional paid-in capital 65,844 62,073 Accumulated deficit ( 217,696 ) ( 219,245 ) Accumulated other comprehensive income 1,243 1,243 Total stockholders' deficit ( 5,171 ) ( 11,622 ) Total liabilities and holders' deficit $ 58,921 $ 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 Nine Months Ended September 30, September 30, September 30, September 30, 2024 202

View Full Filing

View this 10-Q filing on SEC EDGAR