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0.55x Total Debt / Equity (Moderate leverage)

Low sensitivity; Fennec carries minimal long-term debt, relies primarily on equity financing, so 200bps rate rise has negligible P&L impact

Low intensity; China and India supply >60% of global API inputs, creating concentration risk.

Single-source API sodium thiosulfate manufacturing (likely China/India pharma API hubs); CMO concentration in North America for finished dose

Minimal international revenue; primary market is US/Canada; limited sovereign currency devaluation exposure given CAD-USD near parity and negligible ex-NA sales

Operations concentrated in US and Canada; negligible EUR/EM exposure; CAD/USD fluctuation is primary FX risk, historically low volatility

Low intensity; commodities: Active Pharmaceutical Ingredients, Rare Earth Elements, Natural Gas (energy), Plastics/Resins, Ethanol, Packaging Materials; geopolitical: China and India supply >60% of global API inputs, creating concentration risk.

Yes; Fennec relies on a single CMO (Cangene/Emergent or equivalent) for PEDMARK manufacturing, representing effectively 100% of production input

Specialty pharmaceutical commercial-stage company; cloud disruption risk is low-moderate; ERP/CRM migration feasible within 90 days given small commercial team

Royalty and licensing potential as secondary model; cloud termination would disrupt commercial ops but not regulatory/IP assets

Low API coupling risk; company uses standard pharma CRM (Veeva) and ERP tools; Veeva dependency is notable but industry-standard and substitutable within 6-12 months

Low Howey risk; revenue derived from FDA-approved drug sales (PEDMARK), a clearly non-securities product; no token or investment contract structure

Very High

Moderate HIPAA exposure from patient support programs; limited GDPR risk given minimal EU commercial presence; CCPA applies to California patient data

Low antitrust risk; PEDMARK is an orphan drug in a niche oncology supportive care market with no current direct competitors; market too small to attract scrutiny

Very High burden; regimes: FDA, CMS, HHS, HIPAA, EMA, OIG; Drug pricing legislation and approval delays directly compress revenue visibility.

~100% transactional via hospital/specialty pharmacy drug sales; no subscription component; multi-year GPO contracts provide some revenue visibility

Per-vial drug sales through specialty distributors and hospital formularies; WAC approximately $2,000-$3,000 per vial for cisplatin ototoxicity prevention

Orphan drug pricing with limited payer pushback historically; risk is Medicaid best price and 340B discount erosion; price ceiling constrained by payer formulary access

Moderate-high; sole FDA-approved agent for PEDMARK indication; pricing power tempered by 340B hospital exposure and payer prior authorization requirements

44.8% Gross Margin (Strong (40-60%))

No free-rider problem; drug requires prescription and dispensing through controlled channels; off-label substitution (sodium thiosulfate compounding) is the primary leakage risk

Sublinear; small specialty sales force (~20-30 reps) can support meaningful revenue growth; doubling revenue would require less than 30% headcount increase

Low marginal cost of incremental scripts; primary variable cost is COGS on vials; SG&A leverage significant as brand awareness builds among pediatric oncologists

Not applicable; Fennec operates no franchise network

At 10x scale, CAC likely decreases as pediatric oncology KOL network is finite (~200 high-volume centers); marginal rep productivity improves with established formulary listings

No meaningful network effect; drug adoption driven by clinical evidence and KOL endorsement, not user-base size; durability depends on label exclusivity and clinical guidelines

-13.7% Return on Assets (Negative equity)

Tier 1 recession resistant; pediatric cancer treatment is non-discretionary; PEDMARK administered during cisplatin chemotherapy, demand inelastic to economic cycles

Pediatric oncology centers and children's hospitals; top 20 high-volume centers likely represent 60-70% of addressable patient volume

Specialty pharmacy distributors (ASD/McKesson Specialty) and GPO-contracted hospital systems; distributor concentration creates moderate revenue dependency risk

["11-0000 Management Occupations", "13-0000 Business and Financial Operations Occupations", "15-0000 Computer and Mathematical Occupations", "19-0000 Life, Physical, and Social Science Occupations", "21-0000 Community and Social Service Occupations", "23-0000 Legal Occupations", "29-0000 Healthcare Practitioners and Technical Occupations", "31-0000 Healthcare Support Occupations", "41-0000 Sales and Related Occupations", "43-0000 Office and Administrative Support Occupations", "51-0000 Production Occupations"]

0.32 (HIL — ~32% of characteristic roles agent-automatable)

3.2% CapEx / Revenue (Low-CapEx Asset-Light)

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FENC