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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and PURE CYCLE CORP (PCYO). 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× PURE CYCLE CORP). PURE CYCLE CORP runs the higher net margin — 50.0% vs -34.7%, a 84.7% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs 58.8%). Over the past eight quarters, PURE CYCLE CORP's revenue compounded faster (69.0% 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.
Pure Cycles, is a bicycle company based in Los Angeles, California that was founded by Michael Fishman, Jordan Schau, Zachary Schau and Austin Stoffers in 2010, as Pure Fix Cycles.
FENC vs PCYO — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $9.1M |
| Net Profit | $-4.8M | $4.6M |
| Gross Margin | — | 68.4% |
| Operating Margin | -18.5% | 48.0% |
| Net Margin | -34.7% | 50.0% |
| Revenue YoY | 73.8% | 58.8% |
| Net Profit YoY | -141.1% | 16.0% |
| EPS (diluted) | $-0.17 | $0.19 |
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 | $11.2M | ||
| Q2 25 | $9.7M | $5.1M | ||
| Q1 25 | $8.8M | $4.0M | ||
| Q4 24 | $7.9M | $5.8M | ||
| Q3 24 | $7.0M | $12.6M | ||
| Q2 24 | $7.3M | $7.6M | ||
| Q1 24 | $25.4M | $3.2M |
| Q4 25 | $-4.8M | $4.6M | ||
| Q3 25 | $-638.0K | $6.1M | ||
| Q2 25 | $-3.2M | $2.3M | ||
| Q1 25 | $-1.2M | $809.0K | ||
| Q4 24 | $-2.0M | $3.9M | ||
| Q3 24 | $-5.7M | $6.6M | ||
| Q2 24 | $-5.6M | $2.8M | ||
| Q1 24 | $12.8M | $118.0K |
| Q4 25 | — | 68.4% | ||
| Q3 25 | — | 67.7% | ||
| Q2 25 | — | 63.4% | ||
| Q1 25 | — | 38.2% | ||
| Q4 24 | — | 63.8% | ||
| Q3 24 | — | 77.8% | ||
| Q2 24 | — | 64.0% | ||
| Q1 24 | — | 55.6% |
| Q4 25 | -18.5% | 48.0% | ||
| Q3 25 | -1.5% | 53.1% | ||
| Q2 25 | -28.3% | 26.0% | ||
| Q1 25 | -9.2% | -33.2% | ||
| Q4 24 | -11.8% | 29.9% | ||
| Q3 24 | -74.6% | 62.0% | ||
| Q2 24 | -69.4% | 40.3% | ||
| Q1 24 | 54.2% | -11.5% |
| Q4 25 | -34.7% | 50.0% | ||
| Q3 25 | -5.1% | 54.5% | ||
| Q2 25 | -32.7% | 43.9% | ||
| Q1 25 | -13.3% | 20.3% | ||
| Q4 24 | -25.0% | 68.4% | ||
| Q3 24 | -82.2% | 52.6% | ||
| Q2 24 | -76.5% | 37.2% | ||
| Q1 24 | 50.6% | 3.7% |
| Q4 25 | $-0.17 | $0.19 | ||
| Q3 25 | $-0.02 | $0.26 | ||
| Q2 25 | $-0.11 | $0.09 | ||
| Q1 25 | $-0.04 | $0.03 | ||
| Q4 24 | $-0.02 | $0.16 | ||
| Q3 24 | $-0.21 | $0.27 | ||
| Q2 24 | $-0.20 | $0.12 | ||
| Q1 24 | $0.41 | $0.00 |
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 | $17.1M |
| Total DebtLower is stronger | — | $8.0M |
| Stockholders' EquityBook value | $35.5M | $147.5M |
| Total Assets | $70.6M | $168.1M |
| Debt / EquityLower = less leverage | — | 0.05× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $17.1M | ||
| Q3 25 | $21.9M | $21.9M | ||
| Q2 25 | $18.7M | $14.4M | ||
| Q1 25 | $22.7M | $16.5M | ||
| Q4 24 | $26.6M | $19.0M | ||
| Q3 24 | $40.3M | $22.1M | ||
| Q2 24 | $43.1M | $20.5M | ||
| Q1 24 | $51.2M | $20.6M |
| Q4 25 | — | $8.0M | ||
| Q3 25 | $19.4M | $6.8M | ||
| Q2 25 | $19.4M | $6.9M | ||
| Q1 25 | $19.4M | $6.9M | ||
| Q4 24 | $19.3M | $6.9M | ||
| Q3 24 | $32.1M | $6.9M | ||
| Q2 24 | $31.8M | — | ||
| Q1 24 | $31.3M | — |
| Q4 25 | $35.5M | $147.5M | ||
| Q3 25 | $-4.5M | $142.7M | ||
| Q2 25 | $-7.5M | $136.7M | ||
| Q1 25 | $-5.9M | $134.4M | ||
| Q4 24 | $-5.9M | $133.6M | ||
| Q3 24 | $-5.2M | $129.7M | ||
| Q2 24 | $-1.4M | $123.2M | ||
| Q1 24 | $3.0M | $120.4M |
| Q4 25 | $70.6M | $168.1M | ||
| Q3 25 | $49.3M | $162.3M | ||
| Q2 25 | $44.9M | $151.7M | ||
| Q1 25 | $46.4M | $149.7M | ||
| Q4 24 | $44.9M | $149.7M | ||
| Q3 24 | $58.9M | $147.4M | ||
| Q2 24 | $63.2M | $140.4M | ||
| Q1 24 | $69.2M | $135.2M |
| Q4 25 | — | 0.05× | ||
| Q3 25 | — | 0.05× | ||
| Q2 25 | — | 0.05× | ||
| Q1 25 | — | 0.05× | ||
| Q4 24 | — | 0.05× | ||
| Q3 24 | — | 0.05× | ||
| 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 | $-979.0K |
| Free Cash FlowOCF − Capex | — | — |
| FCF MarginFCF / Revenue | — | — |
| Capex IntensityCapex / Revenue | — | — |
| Cash ConversionOCF / Net Profit | — | -0.21× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-979.0K | ||
| Q3 25 | $1.5M | $9.4M | ||
| Q2 25 | $-3.7M | $-503.0K | ||
| Q1 25 | $-4.3M | $-1.4M | ||
| Q4 24 | $-1.5M | $5.7M | ||
| Q3 24 | $-2.2M | $3.1M | ||
| Q2 24 | $-8.4M | $892.0K | ||
| Q1 24 | $39.0M | $-457.0K |
| Q4 25 | — | -0.21× | ||
| Q3 25 | — | 1.53× | ||
| Q2 25 | — | -0.22× | ||
| Q1 25 | — | -1.70× | ||
| Q4 24 | — | 1.44× | ||
| Q3 24 | — | 0.47× | ||
| Q2 24 | — | 0.32× | ||
| Q1 24 | 3.04× | -3.87× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FENC
Segment breakdown not available.
PCYO
| Construction | $6.5M | 71% |
| Water And Wastewater Resource Development Segment | $2.5M | 27% |
