Adherex Technologies (NASDAQ:FENC), operating as Fennec Pharmaceuticals, reported second-quarter 2026 net product sales of $17.1 million, up approximately 78% from $9.7 million in the prior-year period, as demand for its PEDMARK therapy continued to rise.
Chief Executive Officer Jeff Hackman said the company recorded its seventh consecutive quarter of growth and has expanded its customer-facing organization from approximately 1,300 prescriber targets to roughly 5,000. Since he joined the company two years ago, Hackman said revenue has increased 143% through expanded commercial reach, clinical-evidence efforts and additional hiring.
Commercial demand and sales-force expansion
Chief Commercial Officer Terry Evans said Fennec’s expanded field sales force made 280% more sales calls in the second quarter than a year earlier. Demand rose by double digits from the first quarter, with patient enrollments through the Fennec HEARS services hub contributing to a quarterly record for PEDMARK infusions.
Evans said the company also recorded a record number of AYA enrollments during the quarter. More than half of Fennec’s business came through home infusion centers, which offer flexible scheduling for patients and providers.
In July, Fennec reported monthly records for completed PEDMARK infusions, new patient enrollments, active patients receiving therapy and new customers. Hackman said the company was continuing to see momentum early in August but did not provide a quantitative revenue outlook.
During the question-and-answer session, Evans said more than 80% of current business is tied to testicular, cervical and head-and-neck cancers, with testicular cancer representing the largest contributor among those tumor types. He described growth across both academic institutions and community oncology practices as balanced.
The company also cited a formulary addition at a nationally recognized community oncology network, which it said resulted from coordination among sales, market-access and medical-affairs teams.
Awareness campaign and medical-affairs efforts
Chief Strategy Officer Christi Cioffi discussed a testicular-cancer awareness initiative called “Indy’s Nuts,” launched in May at the Indianapolis 500. The campaign included sponsorships involving race car driver Jack Harvey and NFL linebacker Alex Singleton, as well as distribution of more than 100,000 bags of peanuts.
According to Cioffi, the effort was designed to encourage testicular self-exams and earlier diagnosis while also educating patients about cisplatin-induced hearing loss, or CIO, and the importance of discussing hearing preservation before treatment. Fennec also used a racing-themed exhibit at the American Society of Clinical Oncology annual meeting, where it said it generated hundreds of healthcare-professional leads.
Chief Medical Officer Dr. Pierre Sayad said the company’s medical-science liaison team increased total unique healthcare-professional reach by 63% and unique affiliated-site reach by 72% during the second quarter. Fennec nearly tripled its medical-congress presence across national and regional conferences, he said.
Sayad said the company initiated a third investigator-sponsored study with the University of Arizona Cancer Center. The study is evaluating PEDMARK in AYA and adult patients with head-and-neck and testicular cancers receiving cisplatin. Two earlier institutional studies at Tampa General Hospital Cancer Institute and City of Hope are actively enrolling patients, he said.
Fennec said an investigator-initiated Phase II/III trial in Japan, known as STS-J01, has been selected for an oral presentation at the SIOP 2026 annual meeting in September. The company said the presentation will include the first public human pharmacokinetic data from the study, which evaluates PEDMARK’s potential to reduce CIO in pediatric and AYA patients with non-metastatic solid tumors.
Profitability and cash position
Chief Financial Officer Robert Andrade said operating expenses, defined as research and development plus selling, general and administrative costs excluding stock-based compensation, were approximately $13.6 million in the quarter. That was about $3.6 million higher than a year earlier, primarily reflecting commercial headcount and marketing investments.
- Net product sales: $17.1 million, up 78% year over year.
- Non-GAAP adjusted EBITDA: $2.8 million, compared with a $1.2 million loss in the prior-year quarter.
- Earnings per share: $0.05, compared with a loss of $0.11 per share a year earlier.
- Cash and cash equivalents: $41.2 million as of June 30, 2026.
Andrade said Fennec expects approximately $50 million in total cash operating expenses for 2026, with $20 million to $22 million remaining to be recorded in the second half. While the company expects its cash balance at the end of the third quarter to be lower than at the end of the second quarter due to customer collection cycles, it expects positive cash generation in the fourth quarter and at year-end.
Management said cash, cash equivalents and investment securities as of June 30, combined with projected PEDMARK revenue, are expected to fund the business under its current operating plan. The company said it is considering whether it may be in a position to provide revenue guidance for 2027, but it did not commit to doing so.
Fennec also said it is evaluating potential business-development opportunities that could complement PEDMARK, though Hackman said the company has not identified a product to add to its commercial portfolio. In Japan, management said it is discussing potential partnerships and intends to pursue a path that could support PEDMARK’s approval while maximizing long-term value across Japan and the broader Asia-Pacific region.
About Adherex Technologies (NASDAQ:FENC)
Fennec Pharmaceuticals Inc, a biopharmaceutical company, develops product candidates for use in the treatment of cancer in the United States. Its lead product candidate is the Sodium Thiosulfate, which has completed the Phase III clinical trial for the prevention of cisplatin induced hearing loss or ototoxicity in children. The company was formerly known as Adherex Technologies Inc and changed its name to Fennec Pharmaceuticals Inc in September 2014. Fennec Pharmaceuticals Inc was founded in 1996 and is based in Research Triangle Park, North Carolina.
