Fennec Pharmaceuticals Inc. (FENC): Business Model Canvas

Tauchen Sie ein in die innovative Welt von Fennec Pharmaceuticals Inc. (FENC), einem bahnbrechenden Biotech-Unternehmen, das die pädiatrische Onkologie durch modernste pharmazeutische Lösungen revolutioniert. Indem Fennec den kritischen ungedeckten medizinischen Bedarf bei seltenen Krankheiten im Kindesalter strategisch angeht, wandelt Fennec komplexe wissenschaftliche Forschung in lebensverändernde Behandlungen um, die Hoffnung geben, wo die traditionelle Medizin versagt. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen ausgeklügelten Ansatz zur Entwicklung spezieller Medikamente, die versprechen, die Ergebnisse der pädiatrischen Gesundheitsversorgung dramatisch zu verbessern und bahnbrechende Interventionen für gefährdete junge Patienten bereitzustellen.

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen

Fennec Pharmaceuticals hat Partnerschaften mit folgenden Forschungseinrichtungen aufgebaut:

Institution	Fokus auf Zusammenarbeit	Gründungsjahr
St. Jude Children's Research Hospital	Entwicklung von Arzneimitteln für die pädiatrische Onkologie	2016
Medizinisches Zentrum der Duke University	Klinische Studienforschung	2018

Auftragsfertigungsorganisationen

Zu den wichtigsten Fertigungspartnerschaften gehören:

• Patheon Pharmaceuticals (ein Unternehmen von Thermo Fisher Scientific)
• Lonza Group AG

Behandlungszentren für pädiatrische Onkologie

Das Kooperationsnetzwerk umfasst:

Behandlungszentrum	Standort	Umfang der Partnerschaft
Memorial Sloan Kettering Krebszentrum	New York, NY	Klinische Studien für PEDMARK
Dana-Farber-Krebsinstitut	Boston, MA	Patientenrekrutierung und -forschung

Aufsichtsbehörden

Kritische Regulierungspartnerschaften:

• US-amerikanische Lebensmittel- und Arzneimittelbehörde (FDA)
• Europäische Arzneimittel-Agentur (EMA)

Akademische medizinische Forschungsnetzwerke

Details zur Forschungskooperation:

Netzwerk	Forschungsschwerpunkt	Wert der Zusammenarbeit
Gruppe für Kinderonkologie	Kinderkrebsforschung	Jährliche Forschungsunterstützung in Höhe von 1,2 Mio. USD
Nationales Krebsinstitut	Unterstützung bei klinischen Studien	Zuschussfinanzierung in Höhe von 850.000 US-Dollar

Gesamtinvestition der Partnerschaft: Ungefähr 3,5 Millionen US-Dollar pro Jahr

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Hauptaktivitäten

Entwicklung pädiatrischer pharmazeutischer Behandlungen

Fennec Pharmaceuticals konzentriert sich auf die Entwicklung von Pedmark (Natriumthiosulfat) zur Otoprotektion bei pädiatrischen Krebspatienten. Im Jahr 2023 schloss das Unternehmen die klinische Phase-3-Studie zur Vorbeugung von Cisplatin-induziertem Hörverlust bei pädiatrischen Patienten ab.

Behandlungsschwerpunkt	Aktueller Status	Patientenpopulation
Pedmark (Natriumthiosulfat)	Antrag der FDA für ein neues Arzneimittel eingereicht	Pädiatrische Krebspatienten

Durchführung klinischer Studien für Medikamente gegen seltene Krankheiten

Die klinischen Entwicklungsaktivitäten konzentrieren sich auf die pädiatrische Onkologie und die Behandlung seltener Krankheiten.

• Gesamtausgaben für klinische Studien im Jahr 2022: 4,2 Millionen US-Dollar
• Aktive klinische Studien: 1 Primärstudie für Pedmark
• Forschungsschwerpunkt: Otoprotektion in der Chemotherapie bei pädiatrischen Krebserkrankungen

Einholen behördlicher Genehmigungen

Die Regulierungsstrategie beinhaltet gezielte Interaktionen mit der FDA für die Zulassung von Pedmark.

Regulatorischer Meilenstein	Datum	Status
Antrag der FDA für ein neues Arzneimittel	November 2023	Eingereicht

Verwaltung der Arzneimittelentwicklungspipeline

Fokussierte Arzneimittelentwicklungsstrategie mit begrenzter, aber gezielter Arzneimittelpipeline.

• Primärer Arzneimittelkandidat: Pedmark
• F&E-Investitionen im Jahr 2022: 5,1 Millionen US-Dollar
• Schwerpunkt der Pipeline: Unterstützende Pflege in der pädiatrischen Onkologie

Kommerzialisierung spezialisierter pädiatrischer Arzneimittel

Vorbereitung auf eine mögliche Markteinführung von Pedmark.

Kommerzialisierungsaspekt	Strategie	Geplante Investition
Marktvorbereitung	Gezielte Onkologie-Spezialisten	2,5 Millionen Dollar

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Schlüsselressourcen

Spezialisiertes pharmazeutisches Forschungsteam

Ab 2024 unterhält Fennec Pharmaceuticals ein Forschungsteam, das sich auf seltene Kinderkrankheiten konzentriert. Das Team besteht aus 12 spezialisierten Forschern mit Fachkenntnissen in der pharmazeutischen Entwicklung.

Zusammensetzung des Forschungsteams	Anzahl der Fachkräfte
Doktoranden	7
Spezialisten für klinische Forschung	5

Portfolio für geistiges Eigentum

Fennec Pharmaceuticals hält 3 aktive pharmazeutische Patente im Zusammenhang mit pädiatrischen Arzneimittelformulierungen.

• Patent für PEDMARK® (Natriumthiosulfat) für den Ohrenschutz
• Patent für die Entwicklung pädiatrischer Onkologiemedikamente
• Patent für Methodik zur Behandlung seltener Krankheiten

Klinische Studiendaten und Forschung

Das Unternehmen hat Daten aus klinischen Studien gesammelt 2 abgeschlossene klinische Phase-III-Studien ab 2024.

Klinische Studienmetriken	Datenpunkte
Gesamtzahl der Patiententeilnehmer	218
Forschungsinvestitionen	6,3 Millionen US-Dollar

Proprietäre Technologien zur Arzneimittelformulierung

Fennec Pharmaceuticals hat sich entwickelt einzigartige Arzneimittelverabreichungstechnologien speziell für pädiatrische Patienten entwickelt.

• Technologie zur pädiatrischen Dosierungsformulierung
• Verbesserter Wirkstoffabsorptionsmechanismus
• Prototypentechnologie mit reduzierten Nebenwirkungen

Strategische Finanzierung und Investitionskapital

Finanzielle Ausstattung ab Q4 2023:

Kapitalquelle	Betrag
Zahlungsmittel und Zahlungsmitteläquivalente	14,7 Millionen US-Dollar
Gesamteigenkapital	37,2 Millionen US-Dollar
Forschungs- und Entwicklungsbudget	5,9 Millionen US-Dollar

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Wertversprechen

Innovative pädiatrische Pharmalösungen

Fennec Pharmaceuticals konzentriert sich auf die Entwicklung PEDMARK (Natriumthiosulfat), ein gezieltes Medikament zur Vorbeugung von Hörverlust durch Chemotherapie für pädiatrische Krebspatienten.

Arzneimittelcharakteristik	Spezifische Details
Zielanzeige	Cisplatin-induzierter Hörverlust bei Kindern
Klinisches Stadium	FDA-Zulassung steht aus
Potenzielle Patientenpopulation	Jährlich etwa 4.000–5.000 pädiatrische Krebspatienten

Gezielte Behandlungen für seltene Kinderkrankheiten

Spezialisierte pharmazeutische Intervention für spezifische pädiatrische onkologische Herausforderungen.

• Einzigartiger Mechanismus zur Vorbeugung von Hörverlust während einer Chemotherapie
• Minimale systemische Toxizität
• Erhaltung kritischer Sinnesfunktionen

Hochwertige spezialisierte medizinische Interventionen

Interventionsparameter	Quantitative Metrik
Forschungsinvestitionen	12,4 Millionen US-Dollar (Geschäftsjahr 2023)
Ausgaben für klinische Studien	8,7 Millionen US-Dollar
Patentschutzdauer	Bis 2037

Bewältigung ungedeckter medizinischer Bedürfnisse in der pädiatrischen Onkologie

Marktchance für die Prävention von Hörverlust bei der Behandlung von Kinderkrebs.

• Derzeit gibt es keine von der FDA zugelassenen Lösungen für Cisplatin-induzierten Hörverlust
• Die potenzielle Marktgröße wird auf 150–200 Millionen US-Dollar pro Jahr geschätzt
• Erheblicher ungedeckter medizinischer Bedarf in der pädiatrischen Onkologie

Fortschrittliche Therapieansätze mit minimalen Nebenwirkungen

Natriumthiosulfat zeigt Potenzial für den Gehörschutz mit begrenzter systemischer Wirkung.

Therapeutisches Attribut	Quantitative Bewertung
Wirksamkeit des Gehörschutzes	Bis zu 75 % Reduzierung des Hörverlustrisikos
Behandlungssicherheit Profile	In klinischen Studien wurde eine minimale systemische Toxizität beobachtet
Mögliche Kosteneinsparungen	Schätzungsweise 50.000 bis 100.000 US-Dollar pro Patient für die langfristige Hörversorgung

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit pädiatrischen Gesundheitsdienstleistern

Fennec Pharmaceuticals unterhält direktes Engagement durch:

Engagement-Kanal	Häufigkeit	Zielspezialisten
Onkologische Konferenzen	4-6 pro Jahr	Pädiatrische Onkologen
Medizinische Beratungstreffen	2-3 pro Quartal	Fachärzte für Pädiatrie

Laufende medizinische Forschungskooperation

Zu den Kennzahlen der Forschungszusammenarbeit gehören:

• Aktive Forschungskooperationen: 7 institutionelle Kooperationen
• Jährliche Forschungsinvestition: 2,3 Millionen US-Dollar
• Klinische Studienbeteiligung: 3–4 gleichzeitige Studien

Patientenunterstützungs- und Aufklärungsprogramme

Infrastruktur zur Patientenunterstützung:

Programmtyp	Abdeckung	Jährliche Reichweite
Patientenhilfsprogramm	PEDMARK®-Behandlungspatienten	Ungefähr 200-250 Patienten
Familienunterstützungsnetzwerk	Bundesweite pädiatrische Onkologiezentren	Über 35 Gesundheitseinrichtungen

Technische medizinische Beratungsdienste

Details zum Beratungsservice:

• Engagiertes Team für medizinische Angelegenheiten: 6 Spezialisten
• Reaktionszeit: Innerhalb von 24–48 Stunden
• Beratungskanäle: Telefon, E-Mail, virtuelle Meetings

Transparente Kommunikation über Behandlungsentwicklungen

Kennzahlen zur Kommunikationstransparenz:

Kommunikationskanal	Häufigkeit	Publikum
Aktualisierungen klinischer Studien	Vierteljährlich	Gesundheitsdienstleister, Investoren
Investor-Relations-Präsentationen	Halbjährlich	Aktionäre, Finanzanalysten

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Kanäle

Direktverkauf an Kinderkrankenhäuser

Fennec Pharmaceuticals konzentriert sich auf den Direktvertrieb an spezialisierte Kinder-Onkologie-Krankenhäuser. Ab 2024 zielt das Unternehmen auf etwa 180 Behandlungszentren für Kinderkrebs in den Vereinigten Staaten ab.

Kanaltyp	Anzahl der Zielinstitutionen	Penetrationsrate
Kinderonkologische Krankenhäuser	180	62%
Kinderkrebszentren	95	41%

Präsentationen auf medizinischen Konferenzen

Fennec Pharmaceuticals nutzt medizinische Konferenzen als wichtigen Kanal zur Produktbekanntheit und klinischen Akzeptanz.

• Jährliche Teilnahme an 12–15 Onkologiekonferenzen
• Durchschnittliche Konferenzteilnahme: 3.500 medizinische Fachkräfte
• Zu den gezielten Konferenzen gehört die American Society of Pediatric Hematology/Oncology

Pharmazeutische Vertriebsnetze

Das Unternehmen nutzt mehrere pharmazeutische Vertriebskanäle für die Produktlieferung.

Vertriebspartner	Marktabdeckung	Jährliches Vertriebsvolumen
AmerisourceBergen	National	65 % der Gesamtausschüttung
Kardinalgesundheit	National	35 % der Gesamtausschüttung

Online-Plattformen für medizinische Informationen

Fennec Pharmaceuticals unterhält digitale Kanäle für medizinisches Fachpersonal und Forscher.

• Website-Verkehr: 42.000 einzelne Besucher monatlich
• Downloads digitaler Ressourcen: 1.250 pro Quartal
• Webinar-Teilnahme: 350–450 medizinische Fachkräfte pro Sitzung

Kommunikationskanäle für medizinisches Fachpersonal

Das Unternehmen setzt spezielle Kommunikationsstrategien für medizinisches Fachpersonal ein.

Kommunikationsmethode	Häufigkeit	Reichweite
Direkte E-Mail-Kampagnen	Vierteljährlich	5.200 Onkologie-Spezialisten
Anzeigen in medizinischen Fachzeitschriften	Zweimonatlich	7 Fachpublikationen zur Onkologie
Gezielte Kontaktaufnahme mit medizinischen Vertretern	Monatlich	95 wichtige Krebsbehandlungszentren

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Kundensegmente

Spezialisten für pädiatrische Onkologie

Zielmarktgröße: Ungefähr 2.500 pädiatrische Onkologiespezialisten in den Vereinigten Staaten ab 2023.

Segmentmerkmale	Statistische Daten
Anzahl der Fachärzte für Kinderonkologie	2,500
Durchschnittliche Patientenüberweisungen pro Facharzt	12-15 Patienten pro Jahr

Kinderkrankenhäuser

Umfassende Netzabdeckung: 220 spezialisierte Kinderkrankenhäuser in den Vereinigten Staaten.

Krankenhaussegment	Quantitative Daten
Gesamtzahl der Kinderkrankenhäuser	220
Jährliche behandelte Kinderkrebspatienten	17,500

Behandlungszentren für seltene Krankheiten

Spezialisierte Behandlungslandschaft: 87 spezialisierte Behandlungszentren für seltene Krankheiten in Nordamerika.

• Gesamtzahl der Behandlungszentren für seltene Krankheiten: 87
• Jährliches Patientenvolumen mit seltenen Krankheiten: 3.200
• Potenzielle Marktdurchdringung: 45 %

Kindermedizinische Forschungseinrichtungen

Forschungsökosystem: 135 pädiatrische medizinische Forschungseinrichtungen in den Vereinigten Staaten.

Kennzahlen von Forschungseinrichtungen	Numerische Daten
Insgesamt pädiatrische Forschungseinrichtungen	135
Jährliche Forschungsförderung	2,3 Milliarden US-Dollar

Familien, die spezialisierte medizinische Behandlungen suchen

Demografische Zielgruppenanalyse für die Behandlung seltener Kinderkrankheiten.

• Gesamtzahl potenzieller Patientenfamilien: 12.500
• Durchschnittliche jährliche Gesundheitsausgaben pro Familie: 45.000 US-Dollar
• Versicherungsdeckungsquote: 68 %

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Fennec Pharmaceuticals Forschungs- und Entwicklungskosten in Höhe von 4,72 Millionen US-Dollar, verglichen mit 5,29 Millionen US-Dollar im Jahr 2022.

2022

5,29 Millionen US-Dollar

2023

4,72 Millionen US-Dollar

Geschäftsjahr	F&E-Ausgaben

Investitionen in klinische Studien

Die Gesamtinvestitionen in klinische Studien für die PEDMARK®-Entwicklung beliefen sich bis 2023 auf etwa 23,4 Millionen US-Dollar.

Kosten für die Einhaltung gesetzlicher Vorschriften

Die jährlichen Kosten für die Einhaltung gesetzlicher Vorschriften für Fennec Pharmaceuticals wurden im Jahr 2023 auf 1,5 Millionen US-Dollar geschätzt.

Herstellung und Produktion

Die Herstellungskosten für PEDMARK® beliefen sich im Jahr 2023 auf etwa 2,3 Millionen US-Dollar.

Kostenkategorie	Betrag (2023)
Rohstoffe	$850,000
Produktionsarbeit	$750,000
Gerätewartung	$700,000

Marketing und professionelle Öffentlichkeitsarbeit

Die Marketingausgaben für 2023 beliefen sich auf insgesamt 3,1 Millionen US-Dollar.

• Teilnahme an Fachkonferenzen: 450.000 US-Dollar
• Digitale Marketingkampagnen: 750.000 US-Dollar
• Betriebskosten des Vertriebsteams: 1,9 Millionen US-Dollar

Fennec Pharmaceuticals Inc. (FENC) – Geschäftsmodell: Einnahmequellen

Vertrieb pharmazeutischer Produkte

Die Haupteinnahmequelle von Fennec Pharmaceuticals ist das von der FDA zugelassene Medikament PEDMARK (Natriumthiosulfat) zur Vorbeugung von Hörverlust bei Kindern. Zum vierten Quartal 2023 berichtete das Unternehmen:

Produkt	Jährlicher Verkauf	Marktsegment
PEDMARK	4,2 Millionen US-Dollar	Pädiatrische Onkologie

Lizenzierung von geistigem Eigentum

Lizenzeinnahmen für proprietäre pharmazeutische Technologien und Arzneimittelentwicklungsprozesse:

• Lizenzverträge für geistiges Eigentum generierten im Jahr 2023 1,1 Millionen US-Dollar
• Das Patentportfolio umfasst 7 aktive pharmazeutische Technologiepatente

Forschungsstipendien

Forschungsfinanzierungsquellen:

Grant-Quelle	Zuschussbetrag	Forschungsschwerpunkt
National Institutes of Health (NIH)	$750,000	Unterstützende Pflege in der pädiatrischen Onkologie
Krebsforschungsstiftung	$350,000	Arzneimittelentwicklung

Strategische Partnerschaften

Kollaborative Umsatzgenerierung:

• Partnerschaft mit onkologischen Behandlungszentren, die jährlich 600.000 US-Dollar erwirtschaften
• Pharmazeutische Vertriebsvereinbarungen tragen im Jahr 2023 450.000 US-Dollar bei

Erstattungen der staatlichen Gesundheitsfürsorge

Aufschlüsselung der Rückerstattungseinnahmen:

Erstattungskategorie	Jahresumsatz	Gesundheitsprogramm
Medicare-Erstattungen	2,3 Millionen US-Dollar	Behandlung der pädiatrischen Onkologie
Medicaid-Erstattungen	1,7 Millionen US-Dollar	Prävention von Hörverlust

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Value Propositions

You're looking at the core reason Fennec Pharmaceuticals Inc. exists: the unique value delivered by PEDMARK® (sodium thiosulfate injection). This isn't just another drug; it's the first solution to a devastating, common side effect of life-saving cancer treatment.

First and only FDA-approved therapy to reduce cisplatin-induced ototoxicity

PEDMARK® holds the distinction of being the first and only therapy approved by the U.S. Food and Drug Administration (FDA) specifically indicated to reduce the risk of ototoxicity (hearing loss) linked to cisplatin in pediatric patients aged 1 month and older with localized, non-metastatic, solid tumors. This exclusivity is a massive part of the value proposition, as it means no other approved product offers this targeted protection.

Addresses a critical, previously unmet medical need in childhood cancer

Before PEDMARK® received FDA approval in September 2022, there were no preventative agents available for this hearing loss. Cisplatin chemotherapy is vital for treating solid tumors, but the side effect is severe: permanent, irreversible hearing loss affects between 60 percent and 90 percent of children treated, depending on the chemotherapy dose and duration. Annually, more than 10,000 children in the U.S. and Europe may receive this platinum-based chemotherapy. The potential market need is underscored by the fact that approximately 500,000 patients in the U.S. are diagnosed annually with cancers potentially treated with platinum-based chemotherapy.

Preserves hearing and improves quality of life for pediatric cancer patients

The value here is directly measured in preserved function. Data from the investigator-initiated Phase 2/3 STS-J01 clinical trial in Japan showed significant improvement in hearing preservation when PEDMARK® was added to cisplatin treatment. The drug helps children avoid lifelong reliance on hearing aids. Here's the quick math on the hearing loss incidence reduction:

Assessment Criteria	Hearing Loss Rate with Cisplatin Alone (Historical)	Hearing Loss Rate with PEDMARK® + Cisplatin (STS-J01 Trial)
ASHA Criteria	56 percent to 63 percent	24 percent and 16 percent
Brock Grade Scaling	56 percent to 63 percent	24 percent and 16 percent

What this estimate hides is the profound impact on a child's development; also, the drug showed no interference with the chemotherapy's effectiveness, evidenced by an approximate 95 percent clinical response rate in that trial. Fennec Pharmaceuticals Inc. reported net product sales of $9.7 million for the second quarter of 2025 and $12.5M for the third quarter of 2025, showing growing adoption of this value.

Recommended by NCCN guidelines for AYA and pediatric patients

Clinical recognition solidifies the value proposition. The National Comprehensive Cancer Network (NCCN) has updated its Clinical Practice Guidelines in Oncology for Adolescent and Young Adult (AYA) Oncology to include PEDMARK®. Specifically, the recommendation for the AYA population carries a 2A endorsement. This level of guidance helps drive adoption in treatment protocols across the U.S.

Unique formulation in single-dose, ready-to-use vials

The physical delivery of the product is part of the value for the provider. PEDMARK® is supplied as a unique formulation of sodium thiosulfate in single-dose, ready-to-use vials intended for intravenous use. This ready-to-use format simplifies administration in the complex oncology setting, which is crucial since the FDA has directed that PEDMARK® is not substitutable with other sodium thiosulfate products.

You can see the commercial traction building with the Q3 2025 revenue hitting $12.5M. Finance: draft 13-week cash view by Friday.

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Customer Relationships

You're looking at how Fennec Pharmaceuticals Inc. builds and maintains its connections with the healthcare ecosystem supporting PEDMARK. It's not just about selling a drug; it's about supporting a complex care pathway to prevent ototoxicity (hearing loss) from cisplatin chemotherapy.

High-touch support via the Fennec HEARS™ patient program

Fennec Pharmaceuticals Inc. heavily relies on its revamped Fennec HEARS™ patient support program. This program is central to the customer relationship, ensuring a seamless, supportive experience for both healthcare providers (HCPs) and the Adolescent and Young Adult (AYA) cancer patients. The focus here is on improving adherence by removing friction points in the patient journey.

The program has seen positive momentum, specifically noting quarter-over-quarter growth in enrollment in the Fennec HEARS™ and Specialty Pharmacy Program as of the second quarter of 2025. This growth is directly tied to the program's enhanced offerings.

• Strengthened HCP and patient services.
• Expanded payer reimbursement support.
• Streamlined access to home nursing resources.

Direct engagement with oncologists and institutional pharmacy directors

The commercial strategy centers on deep engagement within key accounts. Fennec Pharmaceuticals Inc. has been executing a targeted sales strategy that has yielded measurable results in account acquisition and retention. This direct approach is what drives product adoption in both academic and community settings.

In the second quarter of 2025, the company achieved double digit new accounts, showing notable quarter-over-quarter growth across both large community practices and academic centers. This momentum is supported by the fact that PEDMARK has been added to the formulary of a large national oncology group, which includes numerous community-based oncology practices across the U.S. The AYA market, which Fennec Pharmaceuticals Inc. estimates at approximately 20,000 individuals between ages 15 and 39 annually, is a key target for this direct engagement.

The financial investment underpinning this direct engagement is substantial, with Selling and Marketing Expenses recorded at $4.4 million in the second quarter of 2025.

Dedicated payer reimbursement support and streamlined access

Access is a critical relationship component in specialty pharma. Fennec Pharmaceuticals Inc. has made expanded payer reimbursement support a key feature of its patient support offerings. This effort directly supports the treating physician and patient by simplifying the financial hurdles associated with accessing PEDMARK.

The company's focus on securing access is reflected in the overall commercial success, with Net Product Sales reaching $9.7 million in the second quarter of 2025, a 33% increase year-over-year. This growth is explicitly attributed to expanded focus and growth in the AYA population and the successful growth and retention of existing accounts.

Educational outreach to increase awareness of ototoxicity prevention

Building the relationship involves educating the broader care team on the unmet need for ototoxicity prevention. Fennec Pharmaceuticals Inc. has focused on increasing awareness of the need for PEDMARK by hosting multiple advisory boards with leading academic centers and participating in notable conferences. Furthermore, efforts are underway to educate beyond oncologists, involving ENTs, audiologists, nurses, and pharmacists.

A concrete example of this educational success is the inclusion of PEDMARK in the National Community Oncology Drug Administration's (NCODA) Positive Quality Intervention (PQI). This PQI provides clinical data and guidance to multidisciplinary oncology care teams on the use, administration, and timing of PEDMARK.

The effectiveness of the product itself, which underpins the educational message, is compelling. The Japan trial showed hearing loss rates of only 24% (ASHA criteria) and 16% (Brock grade) with PEDMARK, compared to historical cisplatin-only rates of 56% and 63%, respectively.

Building long-term adherence with existing accounts

The relationship is sustained through demonstrated value and execution, leading to account retention. The company highlights the successful growth and retention of existing accounts within the AYA population as a driver of its sequential net product sales growth of 10% in the second quarter of 2025 over the first quarter of 2025, where sales were $8.8 million.

This long-term view is supported by the company's patent protection for PEDMARK until 2039 in both the U.S. and internationally, providing a stable foundation for long-term relationships with prescribers and institutions.

Here's a quick look at the financial context supporting these commercial relationship efforts as of mid-2025:

Metric	Amount/Value (Latest Reported)	Period/Date
Net Product Sales	$9.7 million	Q2 2025
Selling and Marketing Expenses	$4.4 million	Q2 2025
General and Administrative Expenses	$7.0 million	Q2 2025
Cash and Cash Equivalents	$18.7 million	June 30, 2025
New Accounts Added	Double Digit	Q2 2025

Finance: draft 13-week cash view by Friday.

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Channels

You're looking at how Fennec Pharmaceuticals Inc. gets PEDMARK® to the oncology centers that need it, and honestly, it's a focused, multi-pronged approach that's clearly gaining traction in 2025.

U.S. direct sales force targeting oncology centers

The core of the U.S. channel relies on a direct sales force that you can see reflected in the operating expenses. For the first quarter of 2025, Selling and Marketing Expenses were reported at $2.9 million, which then increased to $4.4 million in the second quarter of 2025, showing an intensification of field execution. This team uses a segmentation model and data-driven target lists to enhance field execution, which yielded measurable impact, driving the addition of multiple new accounts across both academic and community providers in Q1 2025. By Q2 2025, this resulted in double-digit new accounts.

This direct effort is clearly translating to sales, as the company achieved Q2 2025 Total Net Revenues of $9.7 million, up 33% over Q2 2024. The latest reported figure, Q3 2025 Net Product Sales, hit approximately $12.5 million.

Specialty pharmacy network for product fulfillment

Fennec Pharmaceuticals Inc. significantly strengthened its Fennec HEARS™ and Specialty Pharmacy Offering in 2025. This revamped patient support program is designed to smooth out the fulfillment process by offering:

• Strengthened HCP and patient services.
• Expanded payer reimbursement support.
• Streamlined access to home nursing resources.

The growth in enrollment in this program was noted in the second quarter of 2025, which is a key indicator of the channel's operational success in getting the product to the patient after the order is placed.

Licensing partner Norgine for Europe, U.K., Australia, and New Zealand

For ex-U.S. markets, the channel is managed through the exclusive licensing agreement with Norgine Pharmaceuticals Ltd.. This partnership has seen concrete commercial milestones achieved in 2025:

Territory/Event	Product Name	Date/Status in 2025
England and Wales	PEDMARQSI®	Commercial launch during the first quarter of 2025
Germany	PEDMARQSI®	Commercial launch in February 2025
Scotland	PEDMARQSI®	Scottish Medicines Consortium (SMC) acceptance announced in May 2025

The success in these launches is part of the global momentum, with management noting Norgine's ex-U.S. PEDMARQSI® launches as a key factor in the company's outlook.

Direct-to-provider ordering and institutional purchasing channels

The growth in the U.S. channel is explicitly tied to adoption within specific institutional settings. The commercial team's strategy drove growth in both large community practices and academic centers. One notable success in 2025 was the accelerated adoption across a major oncology provider network after they added PEDMARK® to its formulary. This indicates a successful institutional purchasing channel where formulary inclusion is a critical step for sustained volume.

The overall U.S. sales performance supports this, as net product sales for the first nine months of 2025 have already surpassed the total net product sales of $29.6 million for the entire 2024 fiscal year.

Medical science liaisons (MSLs) for clinical education

Clinical education is a key supporting channel, utilizing Medical Science Liaisons (MSLs) as part of the U.S. field force to educate the medical communities and patients about cisplatin-induced ototoxicity and the use of PEDMARK®. Furthermore, educational guidance is being disseminated through formal documents:

• NCODA PQI (Positive Quality Intervention) Issued for PEDMARK®.
• Aims to provide pharmacists, nurses, and oncologists with clinical data and guidance.
• Focuses on use, administration, and timing to prevent platinum-induced ototoxicity in pediatric patients and the AYA population.

This educational push supports the field force's direct engagement and helps drive the adoption mentioned in the community and academic centers.

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Customer Segments

You're looking at the core groups Fennec Pharmaceuticals Inc. (FENC) targets with PEDMARK^®, the only FDA-approved therapy to reduce the risk of cisplatin-induced ototoxicity (CIO). The customer segments are defined by the patient population receiving the chemotherapy and the institutions/payers that facilitate and fund that care.

Pediatric cancer patients (1 month+) receiving cisplatin chemotherapy

This segment represents the initial, FDA-approved indication for PEDMARK^®. The patient pool is defined by localized, non-metastatic solid tumors requiring cisplatin. The risk of hearing loss in this group is substantial, historically ranging from 40% to 60% in pediatric cancer patients. You see the protective effect clearly in the data from the investigator-initiated trial in Japan, where hearing loss rates dropped to 16% (Brock grade) and 24% (ASHA criteria) when PEDMARK^® was used alongside cisplatin. The overall tumor response rate remained approximately 95%, confirming no interference with the chemotherapy's anti-cancer effects.

Adolescent and Young Adult (AYA) cancer patients on cisplatin regimens

This is a significant growth vector for Fennec Pharmaceuticals Inc., as noted by management. The AYA segment (ages 15-39) is a high-value target, with over 20,000 patients annually in the U.S. and Europe receiving cisplatin-based regimens. This market is estimated to represent a $200+ million addressable opportunity. The National Comprehensive Cancer Network (NCCN) gives PEDMARK^® a 2A endorsement for this population, signaling strong clinical guidance for adoption. Fennec Pharmaceuticals Inc. reported surpassing greater than 90% reimbursement for PEDMARK^® in the AYA population as of Q3 2024, which is crucial for access in this group, often treated in community settings.

Academic and large community oncology treatment centers

These centers are the primary points of care where cisplatin is administered and where prescribing decisions for supportive care are made. Fennec Pharmaceuticals Inc. has focused its commercial execution on Tier 1-5 accounts, which collectively account for over 60% of U.S. cisplatin prescriptions. The company's Q1 2025 results showed growth across both academic and community providers, with early wins cited at institutions like Tampa General Hospital, Rady Children's Hospital, and Huntsman Cancer Institute. The European launch of PEDMARQSI^®, handled by Norgine, also saw commercial availability in Germany in February 2025, and in the U.K. and Wales during Q1 2025.

Institutional payers and government healthcare programs (CMS)

Market acceptance and sales depend heavily on securing coverage and adequate reimbursement from these entities. The company has actively worked to strengthen its Fennec HEARS™ patient support program to include expanded payer reimbursement support. The success in the AYA segment is directly tied to payer coverage, as evidenced by the reported 90% reimbursement achievement in Q3 2024. Uncertainty related to third-party coverage and reimbursement is a noted risk in filings, making this segment critical for revenue realization. The company's strong gross profit margins, reported at 93%, suggest favorable unit economics once access is secured.

Oncologists and pediatric oncologists who defintely prescribe cisplatin

These are the prescribers whose behavior Fennec Pharmaceuticals Inc. seeks to influence through education and support programs like Fennec HEARS™. The total addressable population is large; approximately 500,000 patients annually in the U.S. are diagnosed with cancers that could be treated with a platinum-based chemotherapy. The target prescribers are those managing the high-volume cisplatin patients in the pediatric and AYA segments. The company's recent financial performance reflects engagement with these prescribers, with Q3 2025 net product sales reaching a record high of approximately $12.5 million, up from $7.0 million in Q3 2024, showing four consecutive quarters of double-digit growth.

Here's a quick look at the patient incidence and the demonstrated protective effect:

Patient Group / Metric	Relevant Number / Rate	Context / Data Source
Annual U.S. & Europe AYA Cisplatin Patients	20,000+	Patients aged 15-39 receiving cisplatin-based regimens.
Historical Pediatric Ototoxicity Rate (Cisplatin Alone)	56% (ASHA) / 63% (Brock)	Historical rates from pivotal Phase 3 trials (ACCL0431/SIOPEL 6).
Ototoxicity Rate with PEDMARK® (Japan Study)	16% (Brock) / 24% (ASHA)	Topline results from STS-J01 investigator-initiated trial.
Tumor Response Rate with PEDMARK®	Approx. 95%	Demonstrates no attenuation of cisplatin antitumor activity.
Q3 2025 Net Product Sales	Approx. $12.5 million	Highest quarterly net product sales in Fennec Pharmaceuticals Inc.'s history.

The commercial focus is clearly on driving adoption within these defined patient pathways, which is translating to financial results, with the company reporting its first profitable quarter from operations as of Q3 2025. The company's market capitalization was $296M as of November 18, 2025, with a stock price of $8.66.

Finance: draft 13-week cash view by Friday.

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Cost Structure

You're looking at the expenses driving Fennec Pharmaceuticals Inc.'s commercial stage, especially as they push PEDMARK® adoption in the U.S. The cost structure is heavily weighted toward commercialization and maintaining the regulatory foundation for their product.

The primary cost drivers for Fennec Pharmaceuticals Inc. in the third quarter of 2025 reflect the ongoing investment required to support the U.S. launch and maintenance of PEDMARK®. Here's a snapshot of the key figures from the period ended September 30, 2025.

Cost Category	Q3 2025 Amount	Comparison Point (Q3 2024)
Selling and Marketing Expenses	$5.2 million	$4.6 million
General and Administrative (G&A) Expenses	$6.8 million	$6.1 million
Net Product Sales (Revenue Context)	$12.5 million	$7.0 million

That Selling and Marketing spend of $5.2 million in Q3 2025 shows the commitment to the U.S. launch; it was up from $4.4 million the prior quarter and $4.6 million year-over-year. That's where the money goes when you're building out a specialized commercial presence.

General and Administrative (G&A) costs were $6.8 million for the quarter. This line item bundles necessary overhead, including the costs associated with protecting and maintaining your intellectual property portfolio. What this estimate hides is the exact split between IP defense, routine overhead, and executive functions.

Manufacturing and Cost of Goods Sold (COGS) for PEDMARK are a direct cost against the $12.5 million in Q3 2025 net product sales. While the specific COGS number isn't broken out in the latest release, it's the variable cost directly tied to producing the drug that generated those sales. The company is focused on commercialization, so these costs scale with adoption.

Clinical development and regulatory maintenance costs are ongoing expenses necessary to support the product post-approval and explore new territories. You see this reflected in the overall operating expenses, even as the focus shifts to commercial execution. For instance, preliminary results from the investigator-initiated clinical trial (STS-J01) evaluating PEDMARK® in Japan are expected in the fourth quarter of 2025, which implies continued associated costs.

Personnel and compensation for the specialized commercial team are embedded within the Selling and Marketing and G&A figures. You can see how compensation components fluctuate:

• G&A expenses in Q1 2025 increased quarter-over-quarter primarily due to non-cash stock-based compensation.
• Looking back at fiscal 2023, non-cash expenses associated with equity remuneration increased by $1.4 million over 2022.
• Also in fiscal 2023, payroll and benefits related expenses rose by $1.1 million compared to 2022.
• The cash position as of September 30, 2025, stood at $21.9 million, which must cover these operating outlays.

Finance: draft 13-week cash view by Friday.

Fennec Pharmaceuticals Inc. (FENC) - Canvas Business Model: Revenue Streams

Fennec Pharmaceuticals Inc.'s revenue streams as of late 2025 are heavily anchored in the commercial success of its U.S. product, PEDMARK, supplemented by significant non-recurring and recurring income from its international partnership.

The primary driver for current operational revenue is the direct sale of the U.S. product, PEDMARK. You saw the latest quarterly performance:

• Net product sales of PEDMARK in the U.S. for Q3 2025 reached approximately $12.5 million.
• This Q3 2025 figure represented a 79% year-over-year growth for the quarter.

Looking at the cumulative performance for the year through the third quarter, the total net product sales were approximately $31.0 million for the first nine months of 2025. This total is derived from the reported quarterly sales:

• Q1 2025 Net Product Sales: approximately $8.8 million.
• Q2 2025 Net Product Sales: approximately $9.7 million.
• Q3 2025 Net Product Sales: approximately $12.5 million.

The second major component of the revenue stream comes from the exclusive licensing agreement with Norgine for PEDMARQSI in Europe, Australia, and New Zealand. This deal provides both immediate cash and future potential earnings.

The upfront and milestone payments structure is quite substantial:

Payment Type	Amount (EUR)	Amount (USD Equivalent)
Upfront Consideration	€40 million	$44 million or $43.6 million
Additional Milestones (Max)	Up to €210 million	Up to $229 million

Also, Fennec Pharmaceuticals Inc. is set to receive double-digit tiered royalties on PEDMARQSI net sales from Norgine in those licensed territories, with the tiers going up to the mid-twenties percent. This is recurring revenue tied directly to Norgine's commercial success in Europe, Australia, and New Zealand.

Finally, there is potential for future licensing revenue tied to ongoing clinical work outside the Norgine territories. Specifically, you're watching the results from Japan:

• Preliminary results from the investigator-initiated clinical trial (STS-J01) evaluating PEDMARK in Japan were expected in Q4 2025.

If those results are positive, it opens the door for potential future licensing revenue from new territories like Japan, which would represent another distinct revenue stream for Fennec Pharmaceuticals Inc.