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    FENC
    Earnings call· Jun 2026(Q2 FY26)

    FENNEC PHARMACEUTICALS Q2 FY26 earnings call FENC

    Aug 11, 2026 Source

    Executive summary

    Fennec Pharmaceuticals Q2 FY26 — Record PEDMARC Demand and Strong Commercial Momentum

    Fennec Pharmaceuticals delivered a strong second quarter, marked by record PEDMARC demand and significant commercial expansion, including a 78% year-over-year increase in net product sales. The company achieved positive adjusted EBITDA and saw substantial growth in healthcare provider engagement, driven by an expanded sales force and innovative disease awareness campaigns. Management expressed confidence in continued momentum through the second half of the year, while also actively exploring lifecycle management opportunities and international partnerships.

    Highlights

    5

    • Net product sales increased approximately 78% year-over-year to $17.1 million in Q2 FY26.

    • Non-GAAP adjusted EBITDA reached a record $2.8 million in Q2 FY26, compared to a loss of $1.2 million a year ago.

    • Total unique HCP reach increased 63% and unique affiliated sites increased 72% in Q2 FY26.

    • July FY26 recorded all-time highs for completed PEDMARC infusions, new patient enrollments, active patients on therapy, and new customers.

    • Cash and cash equivalents increased by $1 million to $41.2 million as of June 30, 2026.

    Concerns

    2

    • Operating expenses (OpEx) increased by approximately $3.6 million year-over-year to $13.6 million, primarily due to expanded marketing and commercial headcount.

    • The company anticipates Q3 FY26 ending cash to be lower than Q2 FY26 due to collection cycles with customers.

    Guidance & targets

    5
    CategoryTargetConfidence
    Total Cash OpEx
    $50 million
    medium materiality
    High
    Remaining Cash OpEx
    $20 million to $22 million
    medium materiality
    High
    Q3 FY26 Cash Position
    lower than Q2
    low materiality
    Medium
    FY26 Year-Ending Cash Position
    positive
    medium materiality
    High
    Sufficiency of Cash and Equivalents
    sufficient to fund business
    high materiality
    High

    Operational metrics

    14
    Net product sales
    $17.1 millionup 78% YoY
    Q2 FY26

    Compared to $9.7 million in Q2 FY25.

    Non-GAAP adjusted EBITDA
    $2.8 millionvs loss of $1.2 million YoY
    Q2 FY26

    Represents a record for the company, indicating significant leverage in the business.

    Cash and cash equivalents
    $41.2 millionup $1 million QoQ
    as of June 30, 2026

    The $1 million increase was higher than anticipated for the quarter.

    Operating expenses (OpEx)
    $13.6 millionup $3.6 million YoY
    Q2 FY26

    The majority of the increase was in SG&A due to expanded marketing investment and increased commercial headcount.

    Revenue growth since CEO joined
    143%
    Past 2 years

    Driven by unified strategy, consistent execution, and disciplined focus.

    Consecutive quarters of growth
    7
    Q2 FY26

    Reflects sustained momentum and organizational commitment.

    Target prescriber base
    5,000vs 1,300 previously
    Current

    Expanded customer-facing team to reach a larger prescriber target base with greater frequency.

    Sales calls made by field sales team
    280%YoY
    Q2 FY26

    Reflects the impact of the newly expanded sales force.

    Commercial demand growth
    double digitsover Q1 FY26
    Q2 FY26

    Driven primarily through the patient services hub, Finnecure.

    Unique HCP reach
    63%
    Q2 FY26

    Driven by the fully trained and deployed MSL team.

    Unique affiliated sites
    72%
    Q2 FY26

    Driven by the fully trained and deployed MSL team.

    Medical congress footprint
    nearly tripled
    Q2 FY26

    Expansion at both national and regional conferences, with gynecologic cancers generating significant discussion.

    Business from home infusion centers
    more than half
    Q2 FY26

    This flexible at-home scheduling option works for both patients and providers.

    Patient mix by tumor type
    over 80%
    Q2 FY26

    Testicular cancer is the largest driver among these, which are the largest AYA tumor types for PEDMARC.

    Industry KPIs

    6
    MetricValueDetails
    Launch access metricsNCCN 2A recommendation
    Pipeline read out calendarSTS-J01 clinical trial data
    Product franchise net sales$17.1 millionUSD
    Regulatory approvals filingsPEDMARC
    Prescription volume new startsAll-time high
    Clinical trial efficacy safety dataHuman pharmacokinetic data

    Deals & partnerships

    1
    Nationally recognized community oncology networkFormulary addition for PEDMARC

    Secured through strong sales, account management, and compelling clinical education, demonstrating the strength of the integrated commercial model.

    Risks & headwinds

    1
    Quarterly cash position swingsQ3 FY26

    Q3 FY26 ending cash expected to be lower than Q2 FY26

    Mitigation: Anticipate strong Q4 cash generation to result in a positive year-ending cash for FY26.

    What to watch in Q3 FY26

    5

    Q3 FY26 Cash Position

    Q3 FY26
    Current$41.2 million as of Q2 FY26
    TargetLower than Q2 FY26, as guided

    Why it matters

    To track the company's cash management and liquidity, especially given anticipated quarterly swings.

    as such expect the third quarter ending cash to be lower than the second quarter.

    Q&A highlights

    4

    What is the current patient mix for testicular cancer, and how is usage split between academic centers and community oncology practices? Also, what are the plans for PEDMARC's lifecycle management?

    Testicular cancer remains a significant driver, being the largest AYA tumor type for PEDMARC utilization, accounting for over 80% of patients across testicular, cervical, and head and neck cancers. Usage is well-balanced between academic and community settings, with both growing nicely. Lifecycle management is being explored through Investigator Sponsored Studies (ISTs) to potentially expand the label and NCCN guidelines.

    “We've got over 80% of our patients. right now between testicular, cervical, and head and neck. And predominantly, it is testicular that's the larger driver of all of those.”

    asked by David and Selin of Piper Stanley · answered by Jeffrey Hackman

    2 min read6 chapters

    Detailed Narrative

    01

    Commercial Execution and Sales Force Expansion

    Fennec Pharmaceuticals has significantly expanded its commercial reach, increasing its customer-facing team to target approximately 5,000 prescribers, up from 1,300. This expansion has led to a 280% increase in sales calls made by the field sales team in Q2 FY26 and double-digit demand growth over Q1 FY26. The company attributes its seventh consecutive quarter of growth to this disciplined execution and greater reach, with new representatives contributing meaningfully to the success.

    02

    Innovative Disease Awareness Campaign

    In Q2 FY26, Fennec launched a disruptive disease awareness initiative called 'Indy's Nuts' at the Indianapolis 500 to raise awareness about Cisplatin-induced hearing loss (CIO) and testicular cancer. The campaign, featuring sponsorships with a race car driver and an NFL linebacker, distributed over 100,000 bags of peanuts to encourage self-exams and educate patients about CIO prevention. Performance metrics exceeded industry norms, demonstrating the company's ability to engage broad audiences beyond traditional healthcare settings.

    03

    Medical Affairs and Evidence Generation Progress

    The medical affairs team expanded its unique HCP reach by 63% and affiliated sites by 72% in Q2 FY26. The company initiated a third Investigator Sponsored Study (IST) with the University of Arizona Cancer Center, adding to existing studies with Tampa General Hospital Cancer Institute and City of Hope, all actively accruing patients. Discussions at ASCO showed a shift from general CIO awareness to practical implementation questions, reflecting growing clinical confidence and momentum towards broader PEDMARC adoption.

    04

    Record Demand and Q3 Momentum

    PEDMARC saw record patient enrollment in Q2 FY26, driven by its patient services hub, Finnecure, and strong AYA enrollment supported by NCCN 2A recommendations. Over half of the business came from home infusion centers, offering flexible scheduling. This momentum carried into Q3 FY26, with July recording all-time highs for completed PEDMARC infusions, new patient enrollments, active patients on therapy, and new customers, indicating continued commercial success.

    05

    Japan Market Strategy and Partnership Discussions

    Fennec is actively engaged in discussions with potential partners in Japan and the broader Asia-Pacific region for PEDMARC. The company aims to maximize long-term value and accelerate product approval in Japan, especially following the selection of the STS-J01 clinical trial data for an oral presentation at the SIOP 2026 Annual Meeting in September. This data will include the first public presentation of human pharmacokinetic data for PEDMARC.

    06

    Lifecycle Management and In-Licensing Opportunities

    Management is exploring lifecycle management opportunities for PEDMARC, particularly through insights from the ongoing ISTs, which could lead to label expansion and increased NCCN guideline recommendations. The company is also open to in-licensing complementary products to leverage its high-performing sales force and expand its commercial offerings within oncology supportive care, actively evaluating opportunities that align with its strategic goals.

    AI-generated summary of the company’s earnings call. Not investment advice.