Raykov Rosty 4

What Happened
Raykov Rosty, a former director of Fennec Pharmaceuticals (FENC), exercised stock options and sold shares on July 1, 2026. He acquired 15,597 shares by exercising options at $2.45 per share (total cost ≈ $38,213), received 2,778 shares released from prior restricted awards (no cost), and sold 9,599 shares in an open-market transaction at $10.41 per share (proceeds ≈ $99,926). A separate disposition entry for 15,597 shares tied to the option exercise was also reported (see footnotes for details on plan mechanics and tax withholding).

Key Details

• Transaction date: 2026-07-01; filing date: 2026-07-02 (timely).
• Option exercise: 15,597 shares at $2.45 = $38,213 (reported as acquired under code M).
• Open-market sale: 9,599 shares at $10.41 = $99,926 (reported as disposed under code S).
• Award release: 2,778 shares at $0.00 (released from restrictions from 5/16/2024 award).
• Footnotes: transactions were executed pursuant to a 10b5-1 plan adopted Sept 19, 2025; some shares were sold to satisfy tax obligations on the option exercise.
• Shares owned after the transactions: not specified in the supplied filing excerpt.

Context

• This filing shows an option exercise combined with sales under a pre-existing 10b5-1 plan — a common, rule-based arrangement that schedules trades in advance. The exercise cost ($38.2K) and the open-market sale proceeds ($99.9K) are reported separately; portions of exercised shares were used to cover taxes/obligations per the plan (cashless/settling mechanics).
• As a former director, these transactions reflect personal liquidity and plan-driven activity rather than a current officer/director buy signal. All notations are factual and do not imply insider motive.