Fennec (FENC) CSO Christiana Cioffi Exercises Shares, Receives Option Grant

What Happened
Christiana Marie Cioffi, Chief Strategy Officer of Fennec Pharmaceuticals (FENC), acquired 19,165 shares through exercise/conversion of derivatives (reported as $0 cost) tied to vested awards and released restricted shares, and on March 31, 2026 was granted incentive stock options to purchase 120,000 shares at a $5.77 exercise price (aggregate strike value $692,400). The exercised/converted shares reflect PSU settlements and releases of previously awarded restricted shares; the 120,000-share item is a new option grant, not an immediate market purchase.

Key Details

• Transactions reported:
  • 2026-03-28: Exercise/conversion (M) — 1,901 shares @ $0.00 (acquired) — footnote: release of award from 3/28/2025 (F2).
  • 2026-03-31: Exercise/conversion (M) — 17,106 shares @ $0.00 (acquired) — footnote: settlement of PSUs that vested 3/31/2026 (F1).
  • 2026-03-31: Exercise/conversion (M) — 158 shares @ $0.00 (acquired).
  • 2026-03-31: Grant/award (A) — 120,000 incentive stock options @ $5.77 (strike) — reported aggregate $692,400 (F3).
• Vesting for the 120,000 options: 1/3 exercisable 3/31/2027; thereafter one‑twenty‑fourth vests monthly; fully vested by 3/31/2029 (F4).
• Shares owned after the transactions: not specified in the provided filing details.
• Filing: Form 4 filed with accession 0002043411-26-000004 on April 2, 2026, reporting the Mar 28 and Mar 31 transactions.

Context
The 19,165-share acquisitions were settlements/releases of compensation awards (PSUs/RSUs), recorded at $0 cash price to the insider — these are compensation events, not open-market purchases. The 120,000‑share item is an option grant (a future right to buy shares at $5.77) with multi-year vesting; options are not immediately exercisable in full and are not the same as an outright purchase. These filings are factual disclosures of insider compensation/award activity and do not by themselves indicate intent to buy or sell stock in the market.