Fennec Pharmaceuticals

FRX.TO

Biotechnology · Healthcare

Exchange

Toronto Stock Exchange

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Good

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Winston Score History

The full picture

Fennec Pharmaceuticals is a small Canadian biotech company focused on protecting children from a serious side effect of cancer treatment. Its only commercial product is PEDMARK (sodium thiosulfate), a drug approved in the United States and Europe to reduce hearing loss caused by chemotherapy in pediatric patients. It is the first and only FDA-approved treatment for this specific condition, giving it a unique position in a narrow but important medical niche.

Fennec earns revenue by selling PEDMARK to hospitals and cancer treatment centers that treat children with certain types of cancer. The company operates primarily in the U.S. market, where it launched the drug in 2022, and is working to expand in Europe. Its main competitive advantage is regulatory exclusivity — no other approved drug does the same job. However, with a single product, a small patient population, and ongoing operating losses, the biggest risk is whether commercial adoption grows fast enough to make the business financially sustainable over time.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+85.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+151.9% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

52.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

C$41M cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Fennec Pharmaceuticals grew revenue 85% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

96.0%

Premium pricing power — 96.0% gross margin

Profit after running costs

Operating Margin

9.7%

Modest — 9.7% operating margin

Return on the money invested

ROCE

-3.9%

Weak — -3.9% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+78.3%

Fast-growing sales (+78.3% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-13.2%

Burning cash (-13.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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