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We, our, ours, us, Fennec, or the Company, when used herein, refers to Fennec Pharmaceuticals Inc., a British Columbia corporation, and its wholly-owned subsidiary, Fennec Pharmaceuticals, Inc., a Delaware corporation. These include statements regarding our expectations, beliefs, plans or objectives for future operations and anticipated results of operations.
The business is unprofitable at the operating level (-14.07% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 6.1% YoY. Margins deteriorated 19.5pp alongside, both lines moving the wrong way.
Free cash flow declined 146% versus the prior year, cash generation momentum has weakened. ROIC dropped from 8.76% to -18.11%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$51M
▼ -6.1% YoY
Net Income (TTM)
-$8M
▼ -2134.2% YoY
Op. Margin
-10.97%
▼ -19.5pp YoY
ROIC
-15.80%
▼ -26.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$6M
▼ -146.2% YoY
Op. Cash Flow (TTM)
-$6M
▼ -146.2% YoY
Net Debt
-$40M
Net Cash Position
Cash & Equiv.
$40M
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