Fennec Reports Adjusted EBITDA of $5.8 Million
Key Facts
Fennec Pharmaceuticals reported non-GAAP adjusted earnings before interest, taxes, depreciation and amortization of $5.8 million in the third quarter of 2026, compared with $2.0 million in the same period a year earlier, according to the company. The result put adjusted operating profitability at the forefront of the quarterly results, alongside an increase in available cash. The company said total enrollments in its program rose 23% from the second quarter, while completed injections increased 58%. It said patient counts and planned injections reached record levels and carried into the fourth quarter. The stock closed at $10.64 on November 11, according to EL7 data.
The program figures reflect an expansion in activity during the quarter, with enrollments and completed injections increasing from the second quarter of 2026. The company said record patient counts and planned injections carried momentum into the fourth quarter. This follows its report in the second quarter of net product sales of $17.1 million, up 78% year over year, according to an investor relations statement. In that quarter, total revenue was $17.874 million, compared with $9.652 million in the corresponding period of 2025. The company also reported net income of $1.973 million, after posting a net loss of $3.152 million a year earlier.
Cash and cash equivalents totaled $48.7 million on September 30, 2026, compared with $41.2 million on June 30, the company said. It said cash and cash equivalents and investment securities, together with expected revenue from PEDMARK, are expected to fund its business under its current operating plan. The chief executive described net adjusted revenue, adjusted earnings before interest, taxes, depreciation and amortization, and cash as reaching record levels during the quarter. He added that the company would continue “capital deployment discipline” in the fourth quarter and in 2027. In the second quarter, the chief executive said the company had achieved its seventh consecutive quarter of growth and was continuing to invest in evidence that would shape future use of PEDMARK.
PEDMARK is used in pediatric patients aged one month and older with localized, non-metastatic solid tumors, according to the company’s description in its second-quarter results statement. The company said the drug received a category 2A recommendation from the National Comprehensive Cancer Network for use in adolescents and young adults. In a phase 2 study in Japan, analysis of the primary endpoint showed hearing loss, as defined by the American Speech-Language-Hearing Association, in 24.0% of patients, compared with a prespecified historical benchmark of 56.4%, with a P=0.001. The company announced these results on September 17, 2026. These developments provide background on the product that the company said, together with its cash and investment securities, would support funding its current operating plan.
The company scheduled a call to discuss its third-quarter results for November 12, 2026, at 8:30 a.m. Eastern time, according to its investor relations page. The call follows the stock’s close at $10.64 in the previous session, according to EL7 data. In its statement, the chief executive linked record levels of revenue, adjusted earnings and cash to the company’s commitment to capital deployment discipline. He said this approach would continue through the fourth quarter and in 2027. The company also noted that patient counts and planned injections carried into the fourth quarter.