Q2 2024 Fennec Pharmaceuticals Inc Earnings Call Transcript
Key Points
- PEDMARK delivered net revenues of $7.3 million in Q2 2024, representing a 120% increase compared to the same quarter in 2023.
- The company has successfully managed the reimbursement process with major health plans such as Blue Cross Blue Shield, United, and Caremark.
- Fennec Pharmaceuticals Inc (FENC) has expanded its sales force activities into community centers treating the AYA population, which is expected to drive future growth.
- The partnership with Norgine to commercialize PEDMARQSI in Europe, Australia, and New Zealand is progressing well, with a targeted launch in late Q4 2024.
- The NCCN recently updated their AYA guidelines for PEDMARK, allowing access to a broader patient population, which is expected to drive increased adoption.
- G&A expenses increased to $6.9 million in Q2 2024, up from $5.5 million in the same quarter of 2023, largely due to pre-commercialization efforts for the European launch.
- Selling and marketing expenses rose to $4.6 million in Q2 2024, compared to $2.4 million in the same quarter of 2023, driven by higher payroll and increased marketing expenses.
- The pediatric business showed a modest sequential decline, indicating potential challenges in maintaining growth in this segment.
- The company is still addressing the issue of compounding, which poses a challenge to the adoption of PEDMARK in the pediatric market.
- Cash and cash equivalents decreased to approximately $43 million as of June 30, 2024, due to sales and marketing expenses and EU-related costs, including those associated with the Norgine transaction.
Good morning, ladies and gentlemen, and welcome to Fennec Pharmaceuticals second quarter 2024 earnings and corporate update conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.
Now I'd like to turn the conference over to Fennec's Chief Financial Officer, Robert Andrade. Please go ahead.
Thank you, operator, and good morning, everyone. We appreciate you joining us today for Fennec Pharmaceuticals' second quarter 2024 earnings conference call, during which we will review our financial results as well as provide a general business update.
Joining me from Fennec this morning is our newly appointed Chief Executive Officer and Board member, Jeff Hackman. Jeff joined Fennec on August 5 and brings more than 30 years of commercial leadership, including oversight of more than 10 product launches across a wide range of therapeutic areas and markets. Importantly, Jeff has successfully commercialized products that are specifically relevant to
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