Fennec Pharmaceuticals reported record commercial growth for PEDMARK during its fourth quarter and full year 2025 earnings call, highlighting expanding adoption in both new and existing accounts, improved patient support metrics, and steps to broaden clinical evidence supporting the drug’s use beyond its pivotal program.
Record net product sales and expanding commercial reach
Chief Executive Officer Jeff Hackman said 2025 was a “transformational year” for the company, driven by quarter-over-quarter growth in active patients as well as new and existing accounts. Fennec posted record net product sales of $44.6 million for 2025, up from $29.6 million in 2024, and fourth-quarter net product sales of $13.8 million, up from $7.9 million in the prior-year quarter.
Hackman said the company made a strategic decision in the fourth quarter to increase its customer-facing team to improve reach and call frequency, including added focus on new territories and “high-prescribing targets” in the adolescent and young adult (AYA) market.
Patient support program metrics and marketing initiatives
Hackman emphasized the performance of the company’s full-service patient support program, Fennec HEARS, which provides coverage and reimbursement navigation, free product for eligible individuals, and coordination of nurse-led administration and at-home infusion services. He said the program delivered record performance in the fourth quarter with all-time highs in patient enrollments, prescribed and infused vials, active patients, and conversion rates.
Management said conversion rates improved over the course of the year, citing an increase from 50% in the first quarter to 70% in the fourth quarter. Hackman said these results reflect both patient need and execution by the field organization and operational infrastructure.
On the marketing front, Hackman said the company is expanding efforts to activate young adult testicular cancer patients and plans to launch an initiative tied to the Indy 500 in May in partnership with a testicular cancer advocacy group. He also said Fennec expects a significant presence at the ASCO meeting in Chicago later this year.
Medical affairs expansion and new evidence-generation efforts
Chief Medical Officer Dr. Pierre S. Sayad outlined progress in evidence generation and medical initiatives, noting the company strengthened its medical affairs organization over the past year by expanding clinical, field, and real-world evidence capabilities. He said 2025 efforts focused on:
- Key opinion leader (KOL) development to deepen understanding of PEDMARK’s clinical value and applicability
- Institutional engagements to support independent research and new clinical data
- Improving patient and clinician experiences, including enhancements to the Fennec HEARS program
Sayad said feedback from clinicians has been encouraging, with increasing confidence in PEDMARK’s mechanism and the feasibility of incorporating it into routine practice “without compromising cisplatin’s antitumor activity.” He also said discussions with physicians are shifting from skepticism toward implementation logistics, including institutional protocols and pharmacy workflow.
Sayad highlighted new adult data presented at the 2026 Multidisciplinary Head and Neck Cancers Symposium, describing it as the first new data supporting potential adult use since the pivotal program. He said a multi-institutional retrospective review of 15 adults with head and neck cancers found PEDMARK could be given safely six hours after cisplatin dosing and was easy to incorporate into real-world care, with no disruption to curative-intent cisplatin-based treatment delivery observed in the review.
He also pointed to two recently initiated studies:
- City of Hope, evaluating PEDMARK for prevention of cisplatin-induced ototoxicity in adult men with stage 2–3 metastatic testicular germ cell tumors
- Tampa General Hospital Cancer Institute, evaluating real-world clinical utility of PEDMARK in AYA and adult cancer patients receiving cisplatin-based treatment, including audiology monitoring
Sayad said additional investigator-initiated studies have been submitted to the company and are under review.
Financial update: spending, cash balance, and cash flow outlook
Andrade reported that selling and marketing expense rose to $6.1 million in the fourth quarter from $3.9 million a year earlier, primarily due to increased payroll and additional marketing as Fennec expanded its commercial team and augmented outreach to community oncology centers and the AYA population. For the full year, selling and marketing expense was $18.6 million, roughly in line with $18.4 million in 2024, as increased costs were offset by the elimination of European expenses after the Norgine transaction announced in March 2024.
General and administrative expense increased to $8.9 million in the fourth quarter from $4.2 million in the prior-year quarter, and to $28.8 million for the year from $23.1 million in 2024. Andrade cited higher intellectual property legal expenses, increased payroll from headcount growth, and higher non-cash equity-based compensation, noting non-cash stock-based compensation increased by about $2 million year-over-year.
Fennec ended 2025 with $36.8 million in cash and cash equivalents. Andrade said the net increase in cash was driven primarily by approximately $42 million in net proceeds from equity offerings and cash collected from net product sales, offset by operating expenses and a $21.8 million debt paydown in November 2025. He said the company now has zero debt outstanding.
Andrade also said the company anticipates generating positive cash flow in the first quarter of 2026, adding that fourth-quarter cash flows were impacted by the timing of receivable collections that were collected early in Q1 2026.
Patent litigation settlement and outlook for 2026
The company also announced a settlement of U.S. patent litigation related to PEDMARK. Andrade said that under the terms of the settlement, Cipla will not enter the market with a generic sodium thiosulfate product until September 1, 2033, or earlier under select circumstances. He said Fennec believes the settlement will save “multiple millions of dollars” in annual G&A, which the company expects to redeploy toward commercial expansion, while also providing market exclusivity for years.
During the Q&A, management addressed physician concerns around whether sodium thiosulfate could interfere with cisplatin’s anti-tumor activity. Sayad pointed to long-term follow-up from the COG and SIOPEL 6 trials showing preservation of survival outcomes alongside reduced hearing loss risk, and explained the mechanistic rationale for the six-hour delayed administration strategy.
Looking ahead, Andrade said the company expects cash operating expenses to rise from approximately $35 million in 2025 to approximately $50 million in 2026, reflecting investment across both commercial and medical functions. He added that the company expects a similar gross-to-net dynamic and described spending cadence with more than 60% of cash operating expenses expected in the first half of the year.
On international progress, Andrade said Norgine launched PEDMARQSI in the U.K. and Germany in 2025 and that it was approved in Switzerland “last week.” He said Norgine is planning 8–10 launches in 2026 and that Fennec expects royalty contributions and related potential milestones to “really start to hit” the company in the second half of 2026.
Management also said top-line results from an investigator-initiated Phase II/III clinical trial in Japan (STS-J01) are progressing and described the milestone as important to potential partnering and registration efforts in Japan and possibly broader Asia.
In closing remarks, Hackman said the company is entering 2026 with momentum, a larger commercial and medical footprint, and a continued focus on expanding awareness of cisplatin-induced ototoxicity and growing PEDMARK utilization.
Editor’s note: The call transcript referenced a question that included the company name Adherex Technologies (NASDAQ:FENC) in error; the earnings call and reported results were for Fennec Pharmaceuticals.
About Adherex Technologies (NASDAQ:FENC)
Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.
