Fennec Pharmaceuticals Inc. (NASDAQ:FENC) Q1 2024 Earnings Conference Call May 14, 2024 8:30 AM ET

Company Participants

Rosty Raykov - Chief Executive Officer and Director
Robert Andrade - Chief Financial Officer
Adrian Haigh - Chief Operating Officer

Conference Call Participants

Charles Duncan - Cantor Fitzgerald
Chase Knickerbocker - Craig Hallum
Michael Okunewitch - Maxim Group
Raghuram Selvaraju - HC Wainwright

Operator

Good morning, ladies and gentlemen. And welcome to the Fennec Pharmaceuticals' First Quarter 2024 Earnings and Corporate Update Conference Call. At this time, all participants are in a listen only mode. Later, we will conduct a question-and-answer session and instructions on how to participate will be given at that time. As a reminder, today's conference is being recorded.

Now I would like to turn the conference over to Fennec's Chief Financial Officer, Robert Andrade. You may begin.

Robert Andrade

Thank you, operator. And good morning, everyone. We appreciate you joining us today for Fennec Pharmaceuticals’ first quarter 2024 earnings conference call, during which, we will review our financial results as well as provide a general business update. Joining me from Fennec this morning is Rosty Raykov, our Chief Executive Officer; and Adrian Haigh, our Chief Operating Officer. Before we begin, I would like to remind you that during this call, the company will be making forward-looking statements that are subject to risks and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements. References to these risks and uncertainties are made in today's press release and disclosed in detail in the company's periodic and current event filings with the US Securities and Exchange Commission. In addition, any forward-looking statements made on this call represent our views only as of today and should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statements. This conference call is being recorded for audio rebroadcast on Fennec website, www.fennecpharma.com, where it will be available for the next 30 days.

And now I will turn the call over to our Chief Executive Officer, Rosty Raykov. Rosty?

Rosty Raykov

Thank you, Robert, and good morning, everyone. On today's call, we’ll detail our first quarter financial results, all of which were outlined in our earnings press release issue this morning prior to this call. We'll also discuss ongoing commercial launch efforts and progress that we're making with PEDMARK in the U.S. and abroad, following the exclusive licensing agreement announcement we executed in March with Norgine to commercialize PEDMARQSI in Europe, Australia and New Zealand. In the first quarter, PEDMARK delivered total net revenues to $25.4 million, including $18 million in licensing revenues from Norgine transaction and $7.4 million in net PEDMARK product sales. Robert will further elaborate on the $18 million in the licensing revenue related to the Norgine transaction, but to be clear, we received $43.2 million from the transaction, which is reflected on our balance sheet as of March 31st, and cash of $51.2 million.