Fennec Pharmaceuticals Inc 2025年度报告

Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. YES◻NO⌧ Indicate by check mark whether the registrant:(1)has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding12months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to such filing requirements for the past 90days. YES⌧NO◻ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule405 of Regulation S-T(§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrant was required to submit such files). YES⌧NO◻ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financialaccounting standards provided pursuant to Section13(a)of the Exchange Act.◻ Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.◻ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.◻ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).◻ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). YES☐NO⌧ The aggregate market value of the voting stock held by non-affiliates of the registrant, computed by reference to the closing sales price of the registrant’s Common Shares asreported on the Nasdaq Capital Market on June30, 2025 (the last business day of the registrant’s most recently completed second fiscal quarter) was $106,052,055 based upona total of 12,777,356 shares held as of June30, 2025 by persons believed to be non-affiliates of the registrant (for purposes of this calculation, all of the registrant’s officers,directors and 10% owners known to the registrant are deemed to be affiliates of the registrant). As of March 20, 2026, there were 34,475,178 shares of the registrant’s Common Shares outstanding. FENNEC PHARMACEUTICALSINC.2025 FORM10-K ANNUAL REPORTTABLE OF CONTENTS PART I Item 1.Business1Item 1A.Risk Factors27Item 1B.Unresolved Staff Comments69Item 1C.Cybersecurity70Item 2.Properties71Item 3.Legal Proceedings71Item 4.Mine Safety Disclosures72 PART II Item 5.Market for the Registrant’s Common Equity, Related Stockholder Matters andIssuer’s Purchases of Equity Securities73Item 6.Reserved79Item 7.Management’s Discussion and Analysis of Financial Condition and Results ofOperations80Item 7A.Quantitative and Qualitative Disclosures About Market Risk90Item 8.Financial Statements and Supplementary Data91Item 9.Changes in and Disagreements with Accountants on Accounting and FinancialDisclosure91Item 9A.Controls and Procedures91Item 9B.Other Information92Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections92 PART III Item 10.Directors, Executive Officers and Corporate Governance92Item 11.Executive Compensation92Item 12.Security Ownership of Certain Beneficial Owners and Management and RelatedStockholder Matters92Item 13.Certain Relationships and Related Transactions and Director independence92Item 14.Principal Accounting Fees and Services93 PART IV94 Item 15.Exhibits and Financial Statement Schedules94Item 16.Form 10-K Summary96 SIGNATURES PARTI Item1.Business You are urged to read this Annual Report on Form 10-K (“Annual Report”) in its entirety. “We,” “our,”“ours,” “us,” “Fennec,” or the “Company,” when used herein, refers to Fennec Pharmaceuticals Inc., aBritishColumbia corporation,and its wholly-owned subsidiary,Fennec Pharmaceuticals,Inc.,aDelaware corporation. Forward-Looking Statements This Annual Report contains “forward-looking statements”, as that term is defined in the Private SecuritiesLitigation Reform Act of 1995. These include statements regarding our expectations, beliefs, plans orobjectives for future operations and anticipated results o