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Side-by-side financial comparison of FENNEC PHARMACEUTICALS INC. (FENC) and Spire Global, Inc. (SPIR). Click either name above to swap in a different company.
Spire Global, Inc. is the larger business by last-quarter revenue ($15.8M vs $13.8M, roughly 1.1× FENNEC PHARMACEUTICALS INC.). FENNEC PHARMACEUTICALS INC. runs the higher net margin — -34.7% vs -176.6%, a 141.9% gap on every dollar of revenue. On growth, FENNEC PHARMACEUTICALS INC. posted the faster year-over-year revenue change (73.8% vs -26.9%). Over the past eight quarters, FENNEC PHARMACEUTICALS INC.'s revenue compounded faster (-26.3% CAGR vs -32.6%).
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.
Spire Global, Inc. is a space-to-cloud data and analytics company that specializes in the tracking of global data sets powered by a large constellation of nanosatellites, such as the tracking of maritime, aviation and weather patterns.
FENC vs SPIR — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $13.8M | $15.8M |
| Net Profit | $-4.8M | $-28.0M |
| Gross Margin | — | 40.2% |
| Operating Margin | -18.5% | -164.1% |
| Net Margin | -34.7% | -176.6% |
| Revenue YoY | 73.8% | -26.9% |
| Net Profit YoY | -141.1% | 42.7% |
| EPS (diluted) | $-0.17 | $-0.85 |
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 | $15.8M | ||
| Q3 25 | $12.5M | $12.7M | ||
| Q2 25 | $9.7M | $19.2M | ||
| Q1 25 | $8.8M | $23.9M | ||
| Q4 24 | $7.9M | $21.7M | ||
| Q3 24 | $7.0M | $28.6M | ||
| Q2 24 | $7.3M | $25.4M | ||
| Q1 24 | $25.4M | $34.8M |
| Q4 25 | $-4.8M | $-28.0M | ||
| Q3 25 | $-638.0K | $-19.7M | ||
| Q2 25 | $-3.2M | $119.6M | ||
| Q1 25 | $-1.2M | $-20.7M | ||
| Q4 24 | $-2.0M | $-48.8M | ||
| Q3 24 | $-5.7M | $-12.5M | ||
| Q2 24 | $-5.6M | $-16.6M | ||
| Q1 24 | $12.8M | $-25.5M |
| Q4 25 | — | 40.2% | ||
| Q3 25 | — | 36.6% | ||
| Q2 25 | — | 48.9% | ||
| Q1 25 | — | 36.8% | ||
| Q4 24 | — | 32.4% | ||
| Q3 24 | — | 44.5% | ||
| Q2 24 | — | 43.0% | ||
| Q1 24 | — | 26.5% |
| Q4 25 | -18.5% | -164.1% | ||
| Q3 25 | -1.5% | -166.1% | ||
| Q2 25 | -28.3% | -122.7% | ||
| Q1 25 | -9.2% | -106.5% | ||
| Q4 24 | -11.8% | -144.1% | ||
| Q3 24 | -74.6% | -48.0% | ||
| Q2 24 | -69.4% | -48.6% | ||
| Q1 24 | 54.2% | -34.4% |
| Q4 25 | -34.7% | -176.6% | ||
| Q3 25 | -5.1% | -155.3% | ||
| Q2 25 | -32.7% | 623.4% | ||
| Q1 25 | -13.3% | -86.5% | ||
| Q4 24 | -25.0% | -225.2% | ||
| Q3 24 | -82.2% | -43.7% | ||
| Q2 24 | -76.5% | -65.2% | ||
| Q1 24 | 50.6% | -73.3% |
| Q4 25 | $-0.17 | $-0.85 | ||
| Q3 25 | $-0.02 | $-0.61 | ||
| Q2 25 | $-0.11 | $3.72 | ||
| Q1 25 | $-0.04 | $-0.77 | ||
| Q4 24 | $-0.02 | $-1.93 | ||
| Q3 24 | $-0.21 | $-0.50 | ||
| Q2 24 | $-0.20 | $-0.68 | ||
| Q1 24 | $0.41 | $-1.17 |
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 | $81.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $35.5M | $112.9M |
| Total Assets | $70.6M | $211.0M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $36.8M | $81.8M | ||
| Q3 25 | $21.9M | $96.8M | ||
| Q2 25 | $18.7M | $117.6M | ||
| Q1 25 | $22.7M | $35.9M | ||
| Q4 24 | $26.6M | $19.2M | ||
| Q3 24 | $40.3M | $36.6M | ||
| Q2 24 | $43.1M | $45.8M | ||
| Q1 24 | $51.2M | $63.7M |
| Q4 25 | — | — | ||
| Q3 25 | $19.4M | — | ||
| Q2 25 | $19.4M | — | ||
| Q1 25 | $19.4M | $103.7M | ||
| Q4 24 | $19.3M | $103.1M | ||
| Q3 24 | $32.1M | $4.9M | ||
| Q2 24 | $31.8M | $4.9M | ||
| Q1 24 | $31.3M | $123.1M |
| Q4 25 | $35.5M | $112.9M | ||
| Q3 25 | $-4.5M | $133.1M | ||
| Q2 25 | $-7.5M | $149.2M | ||
| Q1 25 | $-5.9M | $3.7M | ||
| Q4 24 | $-5.9M | $-11.7M | ||
| Q3 24 | $-5.2M | $30.8M | ||
| Q2 24 | $-1.4M | $40.3M | ||
| Q1 24 | $3.0M | $52.5M |
| Q4 25 | $70.6M | $211.0M | ||
| Q3 25 | $49.3M | $224.3M | ||
| Q2 25 | $44.9M | $239.5M | ||
| Q1 25 | $46.4M | $208.8M | ||
| Q4 24 | $44.9M | $193.6M | ||
| Q3 24 | $58.9M | $224.2M | ||
| Q2 24 | $63.2M | $230.8M | ||
| Q1 24 | $69.2M | $252.3M |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 27.92× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.16× | ||
| Q2 24 | — | 0.12× | ||
| Q1 24 | 10.40× | 2.35× |
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 | $-4.3M |
| Free Cash FlowOCF − Capex | — | $-16.2M |
| FCF MarginFCF / Revenue | — | -102.1% |
| Capex IntensityCapex / Revenue | — | 75.1% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $-92.6M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.0M | $-4.3M | ||
| Q3 25 | $1.5M | $-12.0M | ||
| Q2 25 | $-3.7M | $-35.1M | ||
| Q1 25 | $-4.3M | $-8.4M | ||
| Q4 24 | $-1.5M | $-19.2M | ||
| Q3 24 | $-2.2M | $14.0M | ||
| Q2 24 | $-8.4M | $-4.4M | ||
| Q1 24 | $39.0M | $-8.8M |
| Q4 25 | — | $-16.2M | ||
| Q3 25 | — | $-20.4M | ||
| Q2 25 | — | $-38.7M | ||
| Q1 25 | — | $-17.3M | ||
| Q4 24 | — | $-24.3M | ||
| Q3 24 | — | $5.1M | ||
| Q2 24 | — | $-9.9M | ||
| Q1 24 | — | $-15.9M |
| Q4 25 | — | -102.1% | ||
| Q3 25 | — | -161.3% | ||
| Q2 25 | — | -201.7% | ||
| Q1 25 | — | -72.6% | ||
| Q4 24 | — | -112.2% | ||
| Q3 24 | — | 17.8% | ||
| Q2 24 | — | -39.0% | ||
| Q1 24 | — | -45.7% |
| Q4 25 | — | 75.1% | ||
| Q3 25 | — | 66.2% | ||
| Q2 25 | — | 18.8% | ||
| Q1 25 | — | 37.3% | ||
| Q4 24 | — | 23.5% | ||
| Q3 24 | — | 31.2% | ||
| Q2 24 | — | 21.8% | ||
| Q1 24 | — | 20.3% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | -0.29× | ||
| 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.
