Crispr Therapeutics shares tumble after significant earnings miss
RESEARCH TRIANGLE PARK - Fennec Pharmaceuticals Inc. (NASDAQ:FENC) (TSX:FRX), a biopharmaceutical company with a market capitalization of $225 million and strong financial health according to InvestingPro metrics, today announced the election of its board of directors at the Annual General and Special Meeting of Shareholders in New York. The company, which maintains impressive gross profit margins above 90%, has shown robust financial management with a healthy current ratio of 5.13. The management proxy circular dated April 25, 2025, listed the nominees who have now been confirmed to their positions with a substantial majority of votes in favor.
The elected directors include Dr. Khalid Islam, who received 97.84% of the votes for, Mr. Chris A. Rallis with 97.49%, Mr. Marco Brughera also at 97.49%, Dr. Jodi Cook with 93.62%, Mr. Rostislav Raykov at 94.84%, and Mr. Jeff Hackman with 95.28% votes in favor. The percentage of votes withheld for each ranged from 2.15% to 6.37%. The strong shareholder support comes as the company has demonstrated impressive market performance, with a 27% gain over the past six months. For detailed analysis and additional insights, investors can access the comprehensive Pro Research Report available on InvestingPro.
In addition to the election of directors, shareholders cast their votes on several key proposals. The appointment of Haskell & White LLP as auditors was overwhelmingly approved with 99.64% in favor, and the directors were authorized to fix the auditor’s remuneration. The compensation paid to the Company’s named executive officers received 85.50% approval.
A significant matter at the meeting was the approval of amendments to the Company’s 2020 Equity Incentive Plan, which passed with 91.27% of the votes in favor. However, this percentage dropped to 88.01% after subtracting shares held by insiders eligible to participate in the plan. The Company noted that it has utilized an exemption in the TSX Company Manual, which allows it to bypass certain TSX standards for transactions involving eligible interlisted issuers on recognized exchanges like Nasdaq.
This information is based on a press release statement from Fennec Pharmaceuticals Inc. The company’s focus remains on the development of its board and the execution of its strategic plans following the shareholders’ meeting. According to InvestingPro analysis, analysts expect the company to achieve profitability this year, with multiple analysts revising their earnings estimates upward. The stock currently appears slightly undervalued based on InvestingPro’s Fair Value analysis, suggesting potential upside for investors.
In other recent news, Fennec Pharmaceuticals reported its fourth-quarter 2024 financial results, revealing revenue of $7.92 million, which slightly exceeded analyst estimates of $7.88 million. This figure also marked a 13% increase from the previous quarter’s $7.0 million. However, the company experienced a net loss of $0.06 per share, which was narrower than the projected loss of $0.19 per share but wider than the $0.10 loss per share reported in the fourth quarter of 2023. For the full year 2024, Fennec achieved PEDMARK net product sales of $29.6 million, reflecting a 40% year-over-year increase. The company concluded the year with $26.6 million in cash and cash equivalents, and it highlighted the commercial launch of PEDMARQSI in the UK and Germany. H.C. Wainwright maintained its Buy rating on Fennec and set a 12-month price target of $13, reflecting confidence in the company’s future growth prospects. The firm slightly adjusted its full-year 2025 revenue estimate for Fennec to $46.7 million and projected $87.7 million for 2026, driven by anticipated increases in PEDMARK adoption. Despite these positive developments, the company’s stock experienced a decline, as investors reacted to the wider quarterly loss and lack of profitability.
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