Fennec Pharmaceuticals (NASDAQ:FENC) today reported its financial results for the fourth quarter and full year ended December 31, 2025, highlighting a year of aggressive commercial scaling and a total recapitalization of the company’s balance sheet.
Driven by the continued adoption of PEDMARK—the only FDA-approved therapy to reduce the risk of cisplatin-induced hearing loss in pediatric patients—total net product sales for 2025 reached $44.6 million, a 50% increase over 2024.
The company’s growth trajectory accelerated significantly in the final months of the year, with fourth-quarter sales hitting $13.8 million, representing a 75% year-over-year jump.
This momentum is attributed to deeper penetration into top-tier pediatric oncology centers and an expanded network of community hospitals.
To support this growth and stabilize the company's long-term financial health, Fennec executed an oversubscribed $42 million equity offering in late 2025.
The proceeds were strategically utilized to pay down $21.5 million in debt, leaving the company with $0 in outstanding debt as of early 2026.
Despite a full-year net loss of $10.1 million, the narrowed deficit and debt-free status represent a massive de-risking of the FENC investment thesis.
With $36.8 million in cash on hand at year-end, Fennec is now self-funding its clinical expansion.
This includes several investigator-led studies aimed at broadening the real-world evidence for PEDMARK and generating data to support its use in a wider variety of solid tumor protocols beyond the initial localized, non-metastatic indications.