Forensic Analysis · Healthcare / Pharmaceuticals / Biotech · as of Jun 28, 2026
FENNEC PHARMACEUTICALS INC. (FENC)
A forensic read on FENNEC PHARMACEUTICALS INC. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Distress
Financial health
-4.9
Altman Z-score
Clean
Earnings quality
3
Forensic signals
-12.5%
ROE
$381M
Market cap
FENNEC PHARMACEUTICALS INC. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is -4.9, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
-21%Return on invested capital.Return on invested capital is -21% and rising from -167% — well below its ~10% cost of capital, so reinvested dollars may be destroying value, not building it.
+2.9%/yrShare-count dilution.Diluted share count changed +9% over the last 3 years to FY2025 (+2.9%/yr). The count is GROWING — existing holders are being diluted. That's ~2.9% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~9%.
16% of revStock-based comp load.Stock-based compensation ran 16% of revenue in FY2025 — about $0.25 per diluted share. Meaningful — reported free cash flow flatters the economics, since SBC is a real cost paid in shares.
Key fundamentals
Net Margin-21.8%
Debt / Equity0.57x
Free Cash Flow$-12.5M
Latest Revenue$44.6M
Return on Equity-27.5%
Revenue Growth YoY-6.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on FENNEC PHARMACEUTICALS INC.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about FENC's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown