Fri, Nov 8, 9:56 PM (253 days ago)
Fennec Pharmaceuticals Inc. (FENC) reported its Q3 2024 financial results, showcasing a significant improvement in revenue and operational metrics compared to Q3 2023. Total revenue increased to $6,974,000 from $6,515,000, driven by net product sales of $21,655,000 for the nine months, up from $11,517,000. Licensing revenue of $17,958,000 was recorded following a deal with Norgine. Operating expenses surged to $12,176,000 from $7,532,000, primarily due to increased selling, marketing, and general administrative costs. The company reported a net loss of $5,735,000, worsening from $1,867,000 in Q3 2023. However, for the nine months ended September 30, 2024, a net income of $1,549,000 was achieved, contrasting with a loss of $13,363,000 in the prior year. Cash and equivalents improved to $40,320,000, up from $13,269,000 at year-end 2023, reflecting robust cash flow from operations. The company anticipates continued growth from its commercialization efforts for PEDMARK and PEDMARQSI, supported by its licensing agreement with Norgine. However, uncertainties remain regarding market competition and patent litigations that could impact future operations.