Fennec Pharmaceuticals Inc. is a commercial-stage specialty pharmaceutical company focused on preventing cisplatin-induced ototoxicity (CIO) with its FDA and European Commission approved product, PEDMARK/PEDMARQSI. Net product sales for fiscal year 2025 reached $44.6 million, a 50% increase from $29.6 million in fiscal year 2024. Total revenue for fiscal year 2025 was $44.6 million, a decrease from $47.5 million in 2024, primarily due to the absence of a $17.9 million licensing revenue from the Norgine transaction in 2024. The company reported a net loss of $9.7 million for fiscal year 2025, compared to a net loss of $0.4 million in 2024, influenced by the absence of 2024 licensing revenue and a $2.0 million loss on debt extinguishment. Cash and cash equivalents increased to $36.8 million as of December 31, 2025, from $26.6 million at December 31, 2024, driven by equity offerings and product sales. All outstanding senior secured convertible notes, totaling approximately $21.7 million, were redeemed in November 2025, resulting in $0 debt outstanding at year-end. PEDMARQSI was launched in Germany and the U.K. in 2025 through the partnership with Norgine, with additional European launches expected in 2026 and beyond. Positive topline results were announced in December 2025 from the STS-J01 investigator-initiated clinical trial in Japan, evaluating PEDMARK for CIO prevention in pediatric and AYA patients, showing significant hearing loss reduction without compromising antitumor activity. The company is pursuing a regulatory registration strategy for PEDMARK in Japan and evaluating partnering opportunities in that market. Fennec HEARS, a patient support program, expanded its capabilities in 2025, offering financial and product access support. The Cipla ANDA litigation regarding a generic version of PEDMARK was settled on March 16, 2026, with Cipla agreeing not to enter the market until September 1, 2033, or earlier under certain circumstances.