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RESEARCH TRIANGLE PARK, N.C. - Fennec Pharmaceuticals Inc. (NASDAQ:FENC) reported fourth-quarter 2024 financial results that beat revenue expectations but showed a wider loss than the prior year, sending shares tumbling 16.1% in early trading.
The specialty pharmaceutical company posted Q4 revenue of $7.92 million, slightly above analyst estimates of $7.88 million and up 13% from $7.0 million in Q3 2024. However, Fennec reported a net loss of $0.06 per share, compared to a loss of $0.10 per share in Q4 2023.
For the full year 2024, Fennec achieved PEDMARK net product sales of $29.6 million, up 40% YoY. The company ended the year with $26.6 million in cash and cash equivalents.
"2024 marked the beginning of a foundational transformation for Fennec, setting the stage for the PEDMARK strategy that we are utilizing throughout 2025 to realize our next phase of growth," said CEO Jeff Hackman. "We are seeing encouraging momentum in early 2025, particularly with adoption by academic institutions and new patient segments."
The company highlighted the commercial launch of PEDMARQSI in the UK and Germany, expanding global access to its treatment for preventing cisplatin-induced hearing loss in pediatric cancer patients.
Despite the revenue beat, investors appeared disappointed by the wider quarterly loss and lack of profitability, driving the sharp stock decline. Fennec will need to demonstrate a clear path to profitability to regain investor confidence going forward.
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