On November 7, 2023, Fennec Pharmaceuticals Inc (FENC, Financial), a commercial stage specialty pharmaceutical company, announced its financial results for the third quarter ended September 30, 2023, and provided a business update. The company reported a significant increase in PEDMARK® net product revenue, which reached $6.5 million, marking a 96% growth compared to the second quarter.
Financial Performance
The company's gross profit for the third quarter of 2023 was $6.18 million, derived from PEDMARK product sales, net of the cost of products sold. However, the total operating expenses amounted to $7.2 million, leading to a loss from operations of $1.02 million. The net loss for the quarter was $1.87 million, or a loss of $0.07 per common share, both basic and diluted.
Balance Sheet Overview
As of September 30, 2023, Fennec Pharmaceuticals Inc (FENC, Financial) had cash and cash equivalents of $12.4 million. The total current assets were $18.95 million, while total liabilities stood at $29.56 million. The company's working capital was reported at $15.03 million.
Business Update
Fennec Pharmaceuticals Inc (FENC, Financial) continues to see strong commercial performance with PEDMARK® in the third quarter. The company is preparing for the launch of PEDMARQSI in Europe, following the recent regulatory approval in the U.K. by the MHRA. PEDMARK® addresses a significant unmet medical need in the pediatric oncology community, and the company expects to continue building upon its commercial momentum.
About Fennec Pharmaceuticals Inc (FENC, Financial)
Fennec Pharmaceuticals Inc (FENC) is a specialty pharmaceutical company focused on the development and commercialization of PEDMARK® and PedmarqsiTM to reduce the risk of platinum-induced ototoxicity in pediatric patients. PEDMARK received FDA approval in September 2022 and European Commission Marketing Authorization in June 2023 for Pedmarqsi.
Explore the complete 8-K earnings release (here) from Fennec Pharmaceuticals Inc for further details.
