Tue, May 14, 9:34 PM (306 days ago)
Fennec Pharmaceuticals Inc. reported robust financial performance for Q1 2024, achieving a net income of $12.8 million, a significant improvement from a net loss of $6.1 million in Q1 2023. This turnaround was driven by a substantial increase in total revenue, which reached $25.4 million, up from $1.7 million in the prior year. The revenue boost was primarily due to $7.4 million in net product sales of PEDMARK® and $18.0 million from a licensing agreement with Norgine Pharma. Operating expenses rose to $11.6 million, reflecting higher selling, marketing, and general administrative costs, partially offset by reduced R&D expenses. The company also reported a strong cash position of $51.2 million, bolstered by the Norgine agreement, which included an upfront payment of approximately $43.2 million. Fennec's financial health is further supported by positive cash flows from operations amounting to $39.0 million. The company's strategic focus on expanding PEDMARK®'s market presence in the U.S. and internationally, coupled with robust financial management, positions it well for future growth.