Fennec Pharmaceuticals (FENC) Q4 2024 earnings summary

Executive summary

• Achieved foundational transformation in 2024, setting up for the next growth phase with the PEDMARK strategy and key management hires in Q3 and Q4.

• Full-year 2024 PEDMARK net product sales reached $29.6M, up 40% year-over-year; Q4 2024 sales were $7.9M, a 13% sequential increase from Q3.

• PEDMARQSI launched commercially in the UK and Germany; Japan clinical trial fully enrolled with results expected in H2 2025.

• Expanded leadership and commercial teams to drive growth, with momentum in academic and AYA segments.

• Significant progress in market expansion, academic endorsements, and educational investments to drive awareness and access.

Financial highlights

• Net product sales grew 40% year-over-year to $29.6 million in 2024, up from $21.3 million in 2023.

• Total revenue for FY 2024 was $47.5M, up from $21.3M in 2023, driven by product and licensing revenue.

• Cash and cash equivalents were $26.6 million as of December 31, 2024, up from $13.3M at end of 2023.

• Q4 2024 EBITDA loss was $0.6M; net loss for Q4 was $1.6M, improved from $2.7M loss in Q4 2023.

• Operating expenses for FY 2024 were $44.97M, up from $34.02M in 2023, reflecting increased selling, marketing, and G&A costs.

Outlook and guidance

• Anticipates most significant sales growth in the second half of 2025 as foundational initiatives mature.

• Expects full-year 2025 cash operating expenses to be similar to 2024, with increased marketing and headcount offset by elimination of European pre-commercialization costs.

• Management expects continued growth in 2025, supported by expanded access in Europe and anticipated Japan trial results.

• Additional compendia listings and NCCN guideline expansions targeted for 2025, with a decision on neuroblastoma inclusion expected by mid-2025.

• Focus remains on driving adoption in academic and AYA segments and expanding reimbursement pathways.