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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and Soluna Holdings, Inc (SLNH). Click either name above to swap in a different company.
FENNEC PHARMACEUTICALS INC. is the larger business by last-quarter revenue ($13.8M vs $8.4M, roughly 1.6× Soluna Holdings, Inc). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -284.7%, a 249.9% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs 11.8%). Over the past eight quarters, Soluna Holdings, Inc's revenue compounded faster (-8.8% 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.
FENC vs SLNH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $8.4M |
| Net Profit | $-4.8M | $-24.0M |
| Gross Margin | — | 9.5% |
| Operating Margin | -18.5% | -92.5% |
| Net Margin | -34.7% | -284.7% |
| Revenue YoY | 73.8% | 11.8% |
| Net Profit YoY | -141.1% | -233.2% |
| EPS (diluted) | $-0.17 | $-1.14 |
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 | $8.4M | ||
| Q2 25 | $9.7M | $6.2M | ||
| Q1 25 | $8.8M | $5.9M | ||
| Q4 24 | $7.9M | $8.3M | ||
| Q3 24 | $7.0M | $7.5M | ||
| Q2 24 | $7.3M | $9.7M | ||
| Q1 24 | $25.4M | $12.5M |
| Q4 25 | $-4.8M | — | ||
| Q3 25 | $-638.0K | $-24.0M | ||
| Q2 25 | $-3.2M | $-7.4M | ||
| Q1 25 | $-1.2M | $-7.6M | ||
| Q4 24 | $-2.0M | $-40.0M | ||
| Q3 24 | $-5.7M | $-7.2M | ||
| Q2 24 | $-5.6M | $-10.9M | ||
| Q1 24 | $12.8M | $-5.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | 9.5% | ||
| Q2 25 | — | 6.3% | ||
| Q1 25 | — | 5.7% | ||
| Q4 24 | — | -360.8% | ||
| Q3 24 | — | -39.1% | ||
| Q2 24 | — | 34.6% | ||
| Q1 24 | — | 45.4% |
| Q4 25 | -18.5% | — | ||
| Q3 25 | -1.5% | -92.5% | ||
| Q2 25 | -28.3% | -107.6% | ||
| Q1 25 | -9.2% | -120.9% | ||
| Q4 24 | -11.8% | -426.0% | ||
| Q3 24 | -74.6% | -119.8% | ||
| Q2 24 | -69.4% | -38.0% | ||
| Q1 24 | 54.2% | 3.2% |
| Q4 25 | -34.7% | — | ||
| Q3 25 | -5.1% | -284.7% | ||
| Q2 25 | -32.7% | -119.9% | ||
| Q1 25 | -13.3% | -127.3% | ||
| Q4 24 | -25.0% | -483.8% | ||
| Q3 24 | -82.2% | -95.5% | ||
| Q2 24 | -76.5% | -112.4% | ||
| Q1 24 | 50.6% | -41.9% |
| Q4 25 | $-0.17 | — | ||
| Q3 25 | $-0.02 | $-1.14 | ||
| Q2 25 | $-0.11 | $-0.93 | ||
| Q1 25 | $-0.04 | $-1.21 | ||
| Q4 24 | $-0.02 | $-7.14 | ||
| Q3 24 | $-0.21 | $-1.56 | ||
| Q2 24 | $-0.20 | $-3.62 | ||
| Q1 24 | $0.41 | $-2.62 |
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 | — |
| Total DebtLower is stronger | — | $13.3M |
| Stockholders' EquityBook value | $35.5M | $14.5M |
| Total Assets | $70.6M | $152.0M |
| Debt / EquityLower = less leverage | — | 0.92× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | — | ||
| Q3 25 | $21.9M | — | ||
| Q2 25 | $18.7M | — | ||
| Q1 25 | $22.7M | — | ||
| Q4 24 | $26.6M | — | ||
| Q3 24 | $40.3M | — | ||
| Q2 24 | $43.1M | — | ||
| Q1 24 | $51.2M | — |
| Q4 25 | — | — | ||
| Q3 25 | $19.4M | $13.3M | ||
| Q2 25 | $19.4M | $10.0M | ||
| Q1 25 | $19.4M | $10.2M | ||
| Q4 24 | $19.3M | $7.1M | ||
| Q3 24 | $32.1M | $8.1M | ||
| Q2 24 | $31.8M | $9.0M | ||
| Q1 24 | $31.3M | — |
| Q4 25 | $35.5M | — | ||
| Q3 25 | $-4.5M | $14.5M | ||
| Q2 25 | $-7.5M | $-19.5M | ||
| Q1 25 | $-5.9M | $-16.1M | ||
| Q4 24 | $-5.9M | $-12.5M | ||
| Q3 24 | $-5.2M | $20.9M | ||
| Q2 24 | $-1.4M | $24.4M | ||
| Q1 24 | $3.0M | $21.5M |
| Q4 25 | $70.6M | — | ||
| Q3 25 | $49.3M | $152.0M | ||
| Q2 25 | $44.9M | $92.0M | ||
| Q1 25 | $46.4M | $90.0M | ||
| Q4 24 | $44.9M | $88.0M | ||
| Q3 24 | $58.9M | $97.3M | ||
| Q2 24 | $63.2M | $98.7M | ||
| Q1 24 | $69.2M | $90.6M |
| Q4 25 | — | — | ||
| Q3 25 | — | 0.92× | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.39× | ||
| Q2 24 | — | 0.37× | ||
| 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 | $-2.2M |
| Free Cash FlowOCF − Capex | — | $-6.8M |
| FCF MarginFCF / Revenue | — | -81.4% |
| Capex IntensityCapex / Revenue | — | 55.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-34.4M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | — | ||
| Q3 25 | $1.5M | $-2.2M | ||
| Q2 25 | $-3.7M | $-1.1M | ||
| Q1 25 | $-4.3M | $-177.0K | ||
| Q4 24 | $-1.5M | $-5.1M | ||
| Q3 24 | $-2.2M | $61.0K | ||
| Q2 24 | $-8.4M | $-7.3M | ||
| Q1 24 | $39.0M | $3.9M |
| Q4 25 | — | — | ||
| Q3 25 | — | $-6.8M | ||
| Q2 25 | — | $-9.7M | ||
| Q1 25 | — | $-4.0M | ||
| Q4 24 | — | $-13.9M | ||
| Q3 24 | — | $-3.4M | ||
| Q2 24 | — | $-7.6M | ||
| Q1 24 | — | $3.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | -81.4% | ||
| Q2 25 | — | -156.8% | ||
| Q1 25 | — | -67.1% | ||
| Q4 24 | — | -168.3% | ||
| Q3 24 | — | -44.8% | ||
| Q2 24 | — | -78.2% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | — | — | ||
| Q3 25 | — | 55.2% | ||
| Q2 25 | — | 139.0% | ||
| Q1 25 | — | 64.2% | ||
| Q4 24 | — | 107.0% | ||
| Q3 24 | — | 45.6% | ||
| Q2 24 | — | 2.5% | ||
| Q1 24 | — | 4.2% |
| 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.
Revenue Breakdown by Segment
FENC
Segment breakdown not available.
SLNH
| Data Hosting Revenue | $5.3M | 62% |
| Cryptocurrency Mining Revenue | $2.8M | 33% |
| Other | $389.0K | 5% |
