How are the new sales representatives contributing to growth, and should we expect sequential growth acceleration given the strong Q2 results and July momentum?

New reps are meaningfully contributing to growth, reaching new patient populations and driving momentum. While they are still ramping up, the company expects continued significant growth through Q3 and Q4. July saw record highs in infusions, enrollments, and active patients, indicating strong ongoing demand. “July, we recorded a new all-time high of completed PEDMARC infusions. a new all-time high of patient enrollments, and also an all-time high of active patients.”

When can we expect revenue guidance for FY27? What is the timeline for a potential NCCN guideline category shift for PEDMARC? How will IST enrollment pace be ensured? And what is the update on Japan launch preparations and partnership strategy?

The company is discussing providing FY27 revenue guidance. NCCN guideline shifts depend on data maturity from ISTs. Fennec assists institutions in driving awareness for ISTs without interfering with accruals. For Japan, discussions with potential partners are ongoing, with a focus on maximizing long-term value for the Asia-Pacific region and accelerating product approval. “We're engaged with, like I said, a number of folks in Japan on the ground, both actually, matter of fact, Pierre and I will be there next week meeting with our team Hiroshima as well as meeting with potential partners and and partners that we've been in discussions with for a while our focus really is we want to have the right path forward for the product there and and not just for just Japan, but for Asia-Pac.”

Has there been any evolution in strategic thinking regarding in-licensing complementary products for the sales force, particularly within oncology supportive care?

Yes, the company is actively looking at opportunities to add complementary products to its sales force's portfolio, given their strong performance. They are evaluating opportunities that come across their desks and are open to discussions for in-licensing within oncology supportive care. “We are, and we talked about this in the past. And now that the team is really, you know, starting to perform and execute the way they are you can imagine that there's an opportunity to be able to put something else you know, in their bag and so to speak.”

FENC

Fennec Pharmaceuticals (FENC) Q2 FY26 earnings call: guidance and Q&A

Earnings call· Jun 2026 (Q2 FY26)· Health Care· Aug 11, 2026

Source: earnings call transcript

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

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

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

Category	Target	Timeline	Confidence
Total Cash OpEx	$50 million medium materiality	FY26	High
Remaining Cash OpEx	$20 million to $22 million medium materiality	H2 FY26	High
Q3 FY26 Cash Position	lower than Q2 low materiality	Q3 · FY26	Medium
FY26 Year-Ending Cash Position	positive medium materiality	FY26	High
Sufficiency of Cash and Equivalents	sufficient to fund business high materiality	Ongoing	High

Deals & partnerships

Nationally recognized community oncology network Formulary addition for PEDMARC

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

Risks & headwinds

Quarterly cash position swings Q3 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

Q3 FY26 Cash Position

Q3 FY26

Current $41.2 million as of Q2 FY26

Target Lower 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.

Find out whether FENC delivers this. Inve re-checks your case every morning.

Q&A highlights

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 read 6 chapters

Detailed narrative

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.

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.

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.

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.

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.

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.

Summary of the company's earnings call; see how call summaries are prepared. Not investment advice.