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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and Fold Holdings, Inc. (FLD). Click either name above to swap in a different company.
FENNEC PHARMACEUTICALS INC. is the larger business by last-quarter revenue ($13.8M vs $9.1M, roughly 1.5× Fold Holdings, Inc.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -379.9%, a 345.2% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs 8.2%). Over the past eight quarters, Fold Holdings, Inc.'s revenue compounded faster (36.1% CAGR vs -26.3%).
Fennec Pharmaceuticals Inc. is a biopharmaceutical firm focused on developing and commercializing therapies to reduce treatment-related side effects in pediatric cancer patients. Its lead product targets chemotherapy-induced ototoxicity, with core North American markets serving oncology providers and vulnerable pediatric patient groups.
Fold Holdings, Inc. is a U.S.-based fintech firm specializing in crypto-integrated consumer financial products. Its core offerings include a rewards debit card that provides Bitcoin and other cryptocurrency cashback on routine purchases, alongside user-friendly digital wallet tools for secure crypto storage, serving primarily the North American consumer market.
FENC vs FLD — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $9.1M |
| Net Profit | $-4.8M | $-34.7M |
| Gross Margin | — | — |
| Operating Margin | -18.5% | -380.0% |
| Net Margin | -34.7% | -379.9% |
| Revenue YoY | 73.8% | 8.2% |
| Net Profit YoY | -141.1% | -7232.4% |
| EPS (diluted) | $-0.17 | $-0.02 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $13.8M | $9.1M | ||
| Q3 25 | $12.5M | $7.4M | ||
| Q2 25 | $9.7M | $8.2M | ||
| Q1 25 | $8.8M | $7.1M | ||
| Q4 24 | $7.9M | $8.4M | ||
| Q3 24 | $7.0M | $5.2M | ||
| Q2 24 | $7.3M | $5.1M | ||
| Q1 24 | $25.4M | $4.9M |
| Q4 25 | $-4.8M | $-34.7M | ||
| Q3 25 | $-638.0K | $554.2K | ||
| Q2 25 | $-3.2M | $13.4M | ||
| Q1 25 | $-1.2M | $-48.9M | ||
| Q4 24 | $-2.0M | $486.4K | ||
| Q3 24 | $-5.7M | $-62.3M | ||
| Q2 24 | $-5.6M | $-2.3M | ||
| Q1 24 | $12.8M | $-945.0K |
| Q4 25 | -18.5% | -380.0% | ||
| Q3 25 | -1.5% | 7.5% | ||
| Q2 25 | -28.3% | — | ||
| Q1 25 | -9.2% | -689.6% | ||
| Q4 24 | -11.8% | -9.1% | ||
| Q3 24 | -74.6% | -15.3% | ||
| Q2 24 | -69.4% | -12.2% | ||
| Q1 24 | 54.2% | -14.7% |
| Q4 25 | -34.7% | -379.9% | ||
| Q3 25 | -5.1% | 7.5% | ||
| Q2 25 | -32.7% | 164.2% | ||
| Q1 25 | -13.3% | -689.6% | ||
| Q4 24 | -25.0% | 5.8% | ||
| Q3 24 | -82.2% | -1188.7% | ||
| Q2 24 | -76.5% | -45.1% | ||
| Q1 24 | 50.6% | -19.2% |
| Q4 25 | $-0.17 | $-0.02 | ||
| Q3 25 | $-0.02 | $0.01 | ||
| Q2 25 | $-0.11 | $0.28 | ||
| Q1 25 | $-0.04 | $-1.92 | ||
| Q4 24 | $-0.02 | $0.09 | ||
| Q3 24 | $-0.21 | $-10.68 | ||
| Q2 24 | $-0.20 | $-0.40 | ||
| Q1 24 | $0.41 | $-0.16 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $36.8M | $7.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $35.5M | $63.0M |
| Total Assets | $70.6M | $153.5M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $7.7M | ||
| Q3 25 | $21.9M | $6.7M | ||
| Q2 25 | $18.7M | $6.6M | ||
| Q1 25 | $22.7M | $11.7M | ||
| Q4 24 | $26.6M | $18.3M | ||
| Q3 24 | $40.3M | — | ||
| Q2 24 | $43.1M | — | ||
| Q1 24 | $51.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | $19.4M | — | ||
| Q2 25 | $19.4M | — | ||
| Q1 25 | $19.4M | — | ||
| Q4 24 | $19.3M | — | ||
| Q3 24 | $32.1M | — | ||
| Q2 24 | $31.8M | — | ||
| Q1 24 | $31.3M | — |
| Q4 25 | $35.5M | $63.0M | ||
| Q3 25 | $-4.5M | $94.7M | ||
| Q2 25 | $-7.5M | $88.5M | ||
| Q1 25 | $-5.9M | $71.9M | ||
| Q4 24 | $-5.9M | $-67.8M | ||
| Q3 24 | $-5.2M | $-7.4M | ||
| Q2 24 | $-1.4M | $-74.0M | ||
| Q1 24 | $3.0M | $-9.4M |
| Q4 25 | $70.6M | $153.5M | ||
| Q3 25 | $49.3M | $191.0M | ||
| Q2 25 | $44.9M | $182.1M | ||
| Q1 25 | $46.4M | $148.5M | ||
| Q4 24 | $44.9M | $125.7M | ||
| Q3 24 | $58.9M | $52.2M | ||
| Q2 24 | $63.2M | $51.8M | ||
| Q1 24 | $69.2M | $51.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.40× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-6.0M | $-16.1M |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-16.1M | ||
| Q3 25 | $1.5M | $-2.5M | ||
| Q2 25 | $-3.7M | $-4.0M | ||
| Q1 25 | $-4.3M | $-5.0M | ||
| Q4 24 | $-1.5M | $-3.3M | ||
| Q3 24 | $-2.2M | $-2.2M | ||
| Q2 24 | $-8.4M | $-859.6K | ||
| Q1 24 | $39.0M | $-354.2K |
| Q4 25 | — | — | ||
| Q3 25 | — | -4.47× | ||
| Q2 25 | — | -0.30× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | -6.82× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FENC
Segment breakdown not available.
FLD
| Banking And Payment Revenues | $8.4M | 92% |
| Other | $706.0K | 8% |
