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Fennec Pharmaceuticals Inc. (FENC-0.70%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing net product sales of $6,974, an increase from $6,515 in the same quarter the previous year. Licensing revenue from a deal with Norgine added $17,958 to the total net revenue of $39,613.
Cost of product sales for the quarter was $1,357, representing 11% of sales, compared to 4% in the same quarter of the previous year.
The company reported a gross profit of $5,617 for the quarter, compared to $6,184 in the previous year.
Selling and marketing expenses increased to $4,601 from $3,384, primarily due to increased payroll and marketing efforts.
General and administrative expenses rose to $6,121 from $3,805, largely due to higher salaries, equity remuneration, and litigation expenses.
Net loss for the quarter was $5,735, compared to a net loss of $1,867 in the previous year.
Cash and cash equivalents were $40,320 as of September 30, 2024, up from $13,269 at the end of 2023, primarily due to cash inflows from the Norgine licensing deal.
The company had a working capital of $50,530 as of September 30, 2024.
Fennec Pharmaceuticals continues to focus on the commercialization of PEDMARK, its only FDA-approved product, and has entered into a licensing agreement with Norgine for its commercialization in Europe, New Zealand, and Australia.
The company identified a material weakness in its internal controls over financial reporting related to fees and allowances paid to distributors for distinct services.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Fennec Pharmaceuticals Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.