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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and LENZ Therapeutics, Inc. (LENZ). Click either name above to swap in a different company.
FENNEC PHARMACEUTICALS INC. is the larger business by last-quarter revenue ($13.8M vs $12.5M, roughly 1.1× LENZ Therapeutics, Inc.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -133.6%, a 98.9% gap on every dollar of revenue.
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.
LENZ Therapeutics, Inc. is a clinical-stage biopharmaceutical firm dedicated to developing novel ophthalmic therapies. Its lead product candidates address presbyopia, the age-related loss of near vision, catering to global patient groups with unmet medical needs in the eye care sector.
FENC vs LENZ — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $12.5M |
| Net Profit | $-4.8M | $-16.7M |
| Gross Margin | — | — |
| Operating Margin | -18.5% | -151.1% |
| Net Margin | -34.7% | -133.6% |
| Revenue YoY | 73.8% | — |
| Net Profit YoY | -141.1% | -63.5% |
| EPS (diluted) | $-0.17 | $-0.59 |
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 | — | ||
| Q3 25 | $12.5M | $12.5M | ||
| Q2 25 | $9.7M | $5.0M | ||
| Q1 25 | $8.8M | — | ||
| Q4 24 | $7.9M | — | ||
| Q3 24 | $7.0M | $0 | ||
| Q2 24 | $7.3M | $0 | ||
| Q1 24 | $25.4M | — |
| Q4 25 | $-4.8M | — | ||
| Q3 25 | $-638.0K | $-16.7M | ||
| Q2 25 | $-3.2M | $-14.9M | ||
| Q1 25 | $-1.2M | — | ||
| Q4 24 | $-2.0M | — | ||
| Q3 24 | $-5.7M | $-10.2M | ||
| Q2 24 | $-5.6M | $-10.3M | ||
| Q1 24 | $12.8M | — |
| Q4 25 | -18.5% | — | ||
| Q3 25 | -1.5% | -151.1% | ||
| Q2 25 | -28.3% | -337.1% | ||
| Q1 25 | -9.2% | — | ||
| Q4 24 | -11.8% | — | ||
| Q3 24 | -74.6% | — | ||
| Q2 24 | -69.4% | — | ||
| Q1 24 | 54.2% | — |
| Q4 25 | -34.7% | — | ||
| Q3 25 | -5.1% | -133.6% | ||
| Q2 25 | -32.7% | -298.2% | ||
| Q1 25 | -13.3% | — | ||
| Q4 24 | -25.0% | — | ||
| Q3 24 | -82.2% | — | ||
| Q2 24 | -76.5% | — | ||
| Q1 24 | 50.6% | — |
| Q4 25 | $-0.17 | — | ||
| Q3 25 | $-0.02 | $-0.59 | ||
| Q2 25 | $-0.11 | $-0.53 | ||
| Q1 25 | $-0.04 | — | ||
| Q4 24 | $-0.02 | — | ||
| Q3 24 | $-0.21 | $-0.38 | ||
| Q2 24 | $-0.20 | $-0.40 | ||
| Q1 24 | $0.41 | — |
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 | $25.4M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $35.5M | $193.9M |
| Total Assets | $70.6M | $210.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | — | ||
| Q3 25 | $21.9M | $25.4M | ||
| Q2 25 | $18.7M | $37.6M | ||
| Q1 25 | $22.7M | — | ||
| Q4 24 | $26.6M | — | ||
| Q3 24 | $40.3M | $41.0M | ||
| Q2 24 | $43.1M | $84.0M | ||
| 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 | — | ||
| Q3 25 | $-4.5M | $193.9M | ||
| Q2 25 | $-7.5M | $206.4M | ||
| Q1 25 | $-5.9M | — | ||
| Q4 24 | $-5.9M | — | ||
| Q3 24 | $-5.2M | $215.3M | ||
| Q2 24 | $-1.4M | $192.9M | ||
| Q1 24 | $3.0M | — |
| Q4 25 | $70.6M | — | ||
| Q3 25 | $49.3M | $210.7M | ||
| Q2 25 | $44.9M | $217.3M | ||
| Q1 25 | $46.4M | — | ||
| Q4 24 | $44.9M | — | ||
| Q3 24 | $58.9M | $224.0M | ||
| Q2 24 | $63.2M | $202.6M | ||
| Q1 24 | $69.2M | — |
| 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 | $-8.6M |
| Free Cash FlowOCF − Capex | — | $-9.0M |
| FCF MarginFCF / Revenue | — | -72.2% |
| Capex IntensityCapex / Revenue | — | 3.5% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-47.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | — | ||
| Q3 25 | $1.5M | $-8.6M | ||
| Q2 25 | $-3.7M | $-11.5M | ||
| Q1 25 | $-4.3M | — | ||
| Q4 24 | $-1.5M | — | ||
| Q3 24 | $-2.2M | $-10.6M | ||
| Q2 24 | $-8.4M | $-15.8M | ||
| Q1 24 | $39.0M | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $-9.0M | ||
| Q2 25 | — | $-11.7M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $-10.8M | ||
| Q2 24 | — | $-15.9M | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | -72.2% | ||
| Q2 25 | — | -235.0% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | 3.5% | ||
| Q2 25 | — | 4.8% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 3.04× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
