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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and KKR Real Estate Finance Trust Inc. (KREF). Click either name above to swap in a different company.
KKR Real Estate Finance Trust Inc. is the larger business by last-quarter revenue ($25.8M vs $13.8M, roughly 1.9× FENNEC PHARMACEUTICALS INC.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -101.7%, a 67.0% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -26.6%). Over the past eight quarters, KKR Real Estate Finance Trust Inc.'s revenue compounded faster (-18.8% 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.
KKR Real Estate Finance Trust Inc. is a specialized real estate finance firm sponsored by global investment firm KKR. It primarily originates, acquires, and manages a portfolio of senior secured commercial real estate loans, mostly backed by high-quality institutional commercial properties across the United States, delivering stable risk-adjusted returns to investors via interest income from its diversified assets.
FENC vs KREF — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $25.8M |
| Net Profit | $-4.8M | $-26.2M |
| Gross Margin | — | — |
| Operating Margin | -18.5% | -105.1% |
| Net Margin | -34.7% | -101.7% |
| Revenue YoY | 73.8% | -26.6% |
| Net Profit YoY | -141.1% | -229.6% |
| EPS (diluted) | $-0.17 | $-0.49 |
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 | $25.8M | ||
| Q3 25 | $12.5M | $25.3M | ||
| Q2 25 | $9.7M | $30.2M | ||
| Q1 25 | $8.8M | $31.3M | ||
| Q4 24 | $7.9M | $35.1M | ||
| Q3 24 | $7.0M | $37.0M | ||
| Q2 24 | $7.3M | $40.4M | ||
| Q1 24 | $25.4M | $39.1M |
| Q4 25 | $-4.8M | $-26.2M | ||
| Q3 25 | $-638.0K | $13.8M | ||
| Q2 25 | $-3.2M | $-29.7M | ||
| Q1 25 | $-1.2M | $-4.9M | ||
| Q4 24 | $-2.0M | $20.3M | ||
| Q3 24 | $-5.7M | $-7.4M | ||
| Q2 24 | $-5.6M | $25.8M | ||
| Q1 24 | $12.8M | $-3.1M |
| Q4 25 | -18.5% | -105.1% | ||
| Q3 25 | -1.5% | 50.4% | ||
| Q2 25 | -28.3% | -101.3% | ||
| Q1 25 | -9.2% | -18.3% | ||
| Q4 24 | -11.8% | 55.8% | ||
| Q3 24 | -74.6% | -19.6% | ||
| Q2 24 | -69.4% | 63.3% | ||
| Q1 24 | 54.2% | -8.7% |
| Q4 25 | -34.7% | -101.7% | ||
| Q3 25 | -5.1% | 54.4% | ||
| Q2 25 | -32.7% | -98.5% | ||
| Q1 25 | -13.3% | -15.5% | ||
| Q4 24 | -25.0% | 57.7% | ||
| Q3 24 | -82.2% | -20.0% | ||
| Q2 24 | -76.5% | 63.9% | ||
| Q1 24 | 50.6% | -7.9% |
| Q4 25 | $-0.17 | $-0.49 | ||
| Q3 25 | $-0.02 | $0.12 | ||
| Q2 25 | $-0.11 | $-0.53 | ||
| Q1 25 | $-0.04 | $-0.15 | ||
| Q4 24 | $-0.02 | $0.22 | ||
| Q3 24 | $-0.21 | $-0.19 | ||
| Q2 24 | $-0.20 | $0.29 | ||
| Q1 24 | $0.41 | $-0.13 |
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 | $84.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $35.5M | $1.2B |
| Total Assets | $70.6M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $84.6M | ||
| Q3 25 | $21.9M | $204.1M | ||
| Q2 25 | $18.7M | $107.7M | ||
| Q1 25 | $22.7M | $106.4M | ||
| Q4 24 | $26.6M | $104.9M | ||
| Q3 24 | $40.3M | $108.8M | ||
| Q2 24 | $43.1M | $107.2M | ||
| Q1 24 | $51.2M | $106.5M |
| 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 | $1.2B | ||
| Q3 25 | $-4.5M | $1.2B | ||
| Q2 25 | $-7.5M | $1.2B | ||
| Q1 25 | $-5.9M | $1.3B | ||
| Q4 24 | $-5.9M | $1.3B | ||
| Q3 24 | $-5.2M | $1.4B | ||
| Q2 24 | $-1.4M | $1.4B | ||
| Q1 24 | $3.0M | $1.4B |
| Q4 25 | $70.6M | $6.5B | ||
| Q3 25 | $49.3M | $6.5B | ||
| Q2 25 | $44.9M | $6.8B | ||
| Q1 25 | $46.4M | $6.6B | ||
| Q4 24 | $44.9M | $6.4B | ||
| Q3 24 | $58.9M | $6.8B | ||
| Q2 24 | $63.2M | $7.1B | ||
| Q1 24 | $69.2M | $7.3B |
| 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 | $72.3M |
| 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 | $72.3M | ||
| Q3 25 | $1.5M | $18.5M | ||
| Q2 25 | $-3.7M | $21.1M | ||
| Q1 25 | $-4.3M | $15.9M | ||
| Q4 24 | $-1.5M | $132.6M | ||
| Q3 24 | $-2.2M | $49.1M | ||
| Q2 24 | $-8.4M | $30.6M | ||
| Q1 24 | $39.0M | $34.5M |
| Q4 25 | — | — | ||
| Q3 25 | — | 1.34× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 6.54× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 1.19× | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
