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DATE
Nov. 12, 2026
CALL PARTICIPANTS
- Chief Financial Officer - Robert C. Andrade
- Chief Executive Officer and board member - Jeffrey S. Hackman
TAKEAWAYS
- Net Product Sales -- $19.4 million, representing an increase of approximately 56% year over year.
- Non-GAAP Adjusted EBITDA -- $5.8 million, growing from $2 million in the prior-year period.
- Adjusted EBITDA Margin -- 30% of net product sales, up from 16% in the third quarter of 2025.
- Cash Operating Expenses -- $12.7 million, including R&D and SG&A but excluding stock-based compensation.
- Expense Increase -- $3 million year over year, primarily reflecting investments in awareness initiatives and increased headcount.
- Fennec HEARS Patient Enrollments -- increased 23% sequentially, leading to a record number of infusions.
- Quarterly Infusions -- rose 58% compared to the second quarter of 2026.
- Operating Leverage -- $3 million in EBITDA growth on revenue growth of $2.3 million, reflecting the company's predominantly fixed cost base.
- Cash From Operations -- nearly $7 million, representing a record for the company.
- Earnings Per Share -- $0.12, compared to a loss of $0.02 per share in the third quarter of 2025.
- Cash and Cash Equivalents -- $48.7 million as of Sept. 30, 2026, with zero debt.
- Cash Per Share -- approximately $1.40.
- Adjusted EBITDA Per Share -- $0.16 for the quarter.
- Annualized EBITDA Run Rate -- $0.64 per share.
- Sales Force Expansion -- 14 territories and four frontline managers added through Project Ignite in the first quarter of the year.
- Targeted Accounts -- increased from 1,300 to 5,000 target physicians and accounts following the sales force expansion.
- Patient Adherence -- treatment cycles typically last four to six months, providing significant revenue carryover between quarters.
- Testicular Cancer Segment -- accounts for over 50% of the current business due to high cisplatin usage in this population.
- Full Year Cash OpEx Guidance -- the low $50 million range for the fiscal year.
- Quarterly OpEx Outlook -- expected to be the lowest of the year in the fourth quarter.
- Growth Continuity -- the third quarter of 2026 represents the eighth consecutive quarter of growth for the company.
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RISKS
- Hackman stated, "The concern that I have is that investigators use the product in a place like this in this region, and, you know, it takes years to get this product, to the market," referring to the potential timeline for commercializing PEDMARK in the Japanese market.
SUMMARY
Fennec Pharmaceuticals Inc. (NASDAQ:FENC) reported record quarterly financial results, driven by the strategic expansion of its commercial organization and a record number of patient infusions. Management reported that the company achieved significant operating leverage, with EBITDA growth outpacing revenue growth during the period. The company is actively expanding its footprint in both academic and community settings, supported by new data-driven targeting programs and formulary wins. Executives stated that the company remains focused on generating clinical evidence to support the use of its lead product in broader adult and metastatic patient populations. Fennec Pharmaceuticals maintains a strong balance sheet with zero debt and positive cash flow from operations, providing flexibility to execute its long-term commercial strategy.
- CEO Hackman stated, "we are realizing the benefits of the investments that we made in our Project Ignite, which is a strategic expansion of our sales organization," which added 14 new territories.
- The company secured a major formulary win at a large Midwestern academic center, which removes historical barriers to adoption and provides potential access to hundreds of patients.
- Management implemented an internal alert program using group purchasing organization data to target providers with active patients appropriate for PEDMARK treatment.
- CFO Andrade noted the visibility into future performance, stating, "entering the fourth quarter of 2026, we have the largest number of patients planned infusions, and planned vials being carried over from the third quarter."
- The company is expanding its evidence generation through partnerships with academic institutions, including an upcoming data presentation from City of Hope in early January 2027 regarding adult metastatic testicular germ cell tumors.
- In Japan, the company is presenting results from the investigator-initiated STS-J01 trial and is currently engaged in active licensing discussions with potential partners.
INDUSTRY GLOSSARY
- PEDMARK: A specialized formulation of sodium thiosulfate approved to reduce the risk of hearing loss associated with cisplatin chemotherapy in pediatric patients.
- CIO: Cisplatin-induced ototoxicity, a permanent form of hearing loss caused by platinum-based chemotherapy.
- AYA: Adolescent and young adult patients.
- NCCN: National Comprehensive Cancer Network, which provides clinical practice guidelines in oncology.
- GPO: Group purchasing organization, which aggregates healthcare provider volume to manage costs and data.
- Fennec HEARS: The company's internal patient services hub that manages enrollments, infusions, and insurance coordination.
- IST: Investigator-initiated study, a clinical trial conducted independently of the manufacturer to explore new applications of a drug.
- SIOP: International Society of Paediatric Oncology.
Full Conference Call Transcript
Operator: Good morning, ladies and gentlemen, and welcome to the Fennec Pharmaceuticals third quarter 2026 earnings and Corporate Update Conference Call. At this time an answer-and-answer session will follow, and instructions on how to participate will be given at that time. As a reminder, today's conference call is being recorded. I would now like to turn the conference over to Chief Financial Officer, Robert C. Andrade. Please go ahead.
Robert C. Andrade: Thank you, operator, and good morning, everyone. Thank you for joining us. We are pleased to host Fennec Pharmaceuticals third quarter 2026 Earnings Conference Call today. During which we will review our financial results, as well as provide a general business update. Joining me from Fennec this morning is our chief executive officer and board member, Jeffrey S. Hackman. Before we begin, I would like to remind you that during this call, the company will be making forward-looking statements. That are subject to risks, and uncertainties that may cause actual results to differ from the results discussed in the forward-looking statements.
Reference to these risks and uncertainties are made in today's press release and disclosed in detail in the company's periodic and current event filings with the U. S. Securities and Exchange Commission. In addition, any forward-looking statements made on this call represent our views only as of today. And should not be relied upon as representing our views as of any subsequent date. We specifically disclaim any obligation to update or revise any forward-looking statements. This conference call is being recorded for audio rebroadcast on our website, www.fennecpharma.com, Where it will be available for the next 30 days. And with that, I will now turn the call over to Jeffrey S. Hackman.
Jeffrey S. Hackman: Thank you, Robert and good morning, everyone. Thank you for joining us here today. We are pleased to report yet another quarter of revenue growth. Reflecting continued progress across our business and the positive momentum that we are building around PEDMARK. As we look ahead, we remain focused on executing our commercial strategy strengthening the evidence supporting the use of PEDMARK and expanding opportunities to reach more patients who may benefit from this treatment. Today, I would like to highlight 2 significant areas of progress from the quarter. First, we are realizing the benefits of the investments that we made in our Project Ignite, Which is a strategic expansion of our sales organization.
We did this in the first quarter of the year. We invested in 14 territories, 4 frontline managers, to expand our ability to engage health care professionals support the adoption of our product, and strengthen our commercial presence across priority markets. We now have 2 full quarters in the field with our new territory managers, and they are delivering on productivity gains. Greater efficiency is enabling us to reach more health care professionals and engage them more frequently across our targeted segments. We are seeing strong uptake in the community, with oncologists and we remain focused on accelerating adoption at academic centers. This momentum is strengthening our presence and relationships across these new and existing accounts.
We are very encouraged by this continued progress and we believe that the productivity curve will continue to increase through the fourth quarter and through, into 2027. Commercial demand continued to grow at a double digit rate in the third quarter compared to the prior quarter. Driven primarily through our Fennec HEARS program, which is our patient services hub. Patient enrollments in Fennec HEARS increased 23% leading to a record number of infusions, up 58% compared to the second quarter of 2026. We also achieved a record of AYA enrollment in Fennec HEARS during the third quarter, supported by our NCCN 2 way recommendations. As a reminder, PEDMARK is currently approved for pediatric patients 1 month of age and older.
With localized nonmetastatic solid tumors and is recognized by the National Comprehensive Cancer Network or NCCN with a 2A recommendation for use in AYA patients. As we have discussed, GPOs and their vertically integrated oncology models are an important driver of patient care in the community settings. This year, we have built upon our formulary wins by expanding our partnerships with these community practice aggregators to access tumor specific data and diagnosis codes for AYA patients. The data has been highly actionable. The third quarter was the first quarter for this internal alert program which allows us to target new providers with active patients who could be appropriate for PEDMARK.
Our team is becoming much more effective every month at engaging these prescribers. Using this data in the third quarter, we successfully added multiple new accounts and expanded utilization within existing ones. We anticipate the growing use of the data to be 1 of the fundamental drivers of adding new accounts in the community setting going forward. We are also having expanded use of PEDMARK in the academic setting. Our market access team recently secured another formulary win with a very large Midwestern academic center and their home infusion service. This inclusion enables all physicians across the entire center to seamlessly prescribe PEDMARK to patients at risk of CIO.
The formulary win removes historical barriers to adoption and opens up the door to potentially hundreds of additional patients in this academic center alone. These types of wins are good examples of how our commercial medical, and market access teams are working together to remove barriers and expand access across these key institutions. By increasing access in both academic and community practices, we are driving new demand and successfully changing the standard of care with PEDMARK. A second area of progress is our investment in evidence generation, which is beginning to yield important scientific results.
At the most recent SIOP Annual Meeting, we detailed results from an investigator initiated phase 2 trial STS-J01, evaluating PEDMARK for the reduction of cisplatin induced ototoxicity in pediatric and adolescent and young adults with nonmetastatic tumors in Japan. Where we were featured in an oral presentation. The data demonstrates significant hearing protection and provides reassurance and clinical context regarding antitumor activity with delayed PEDMARK administration. This represents the first public exchange of detailed results from an investigator initiated study and we look forward to full results from the trial being published in a peer reviewed publication in the future.
As you recall, we set a strategy in the fourth quarter of 25 to partner with leading academic institutions to advance independent research and generate new clinical data and expand insights across additional tumor types, and patient populations. We are starting to see results of these partnerships, some exciting data forthcoming in adult and in metastatic patient populations. In early January, City of Hope Cancer Center plans to present interim data from its investigator initiated study at 1 of the largest, most influential meetings focused on testicular cancer. The study is evaluating PEDMARK for the prevention of cisplatin induced ototoxicity, or CIO, in adult men with stage 2 and 3 metastatic testicular germ cell tumors.
We believe the interim data will provide an important opportunity to engage clinical communities and advance the discussion around PEDMARK potential in hearing loss prevention. Additionally, City of Hope will present real world feasibility and observe toxicity findings for PEDMARK, which utilized a deep dive into collected data from our Fennec HEARS program. In adults with germ cell tumors receiving platinum based chemo. In summary, we are realizing the benefits of strategic investments and initiatives put into motion at the start of 2026, and we firmly believe PEDMARK has the potential to deliver continued sustainable growth.
We are working to realize the potential through disciplined commercial execution, a growing body of evidence to support its use and ongoing operational enhancements, and designed to improve overall experience for our patients and health care professionals. We are confident today in the opportunity ahead. And focused on turning today's progress into long term value for our patients. Our health care professionals, our shareholders. And with that, I am going to turn the call back over to Robert for a financial update.
Robert C. Andrade: Thank you, Jeffrey. Our press release contains details of our financial results for the third quarter of 2026, Which can be viewed on the Investors and Media section of our website. My comments today will focus on highlighting some key financial results. Let me start by stating that Fennec just reported the best commercial quarter in its history. Entering the fourth quarter of 2026, we have the largest number of patients planned infusions, and planned vials. Being carried over from the third quarter. Importantly, we have strong visibility into the strength of our fourth quarter. As a result of the third quarter carryover, and after a strong October.
For the third quarter of 2026, the company recorded net product sales of $19.4 million compared to $12.5 million in the third quarter of 25 representing an increase of approximately 56%. Year over year. We continued to build on our second quarter performance by expanding PEDMARK use with both new and existing customers, and the increasing productivity from our commercial team. On the OpEx side, which we define as R&D and SG&A, excluding stock based compensation, it was approximately $12.7 million for the quarter. With a year over year increase of about $3 million The majority of the increase was related to the 2026 expanded marketing investment focused on awareness initiatives and increased commercial headcount supporting the growth of PEDMARK.
Consistent with prior commentary for 2026, we expect the fourth quarter of 26 cash OpEx to be the lowest of the year. At Fennec, we are focused on profitability as we grow the business. And as such, are presenting record non GAAP adjusted EBITDA in the third quarter of 2026 of about $5.8 million or 30% of net product sales. Compared to $2 million in the comparable quarter a year ago or 16% of net product sales. And up from $2.8 million in the second quarter or 16% of net product sales. As stated previously, we have significant operating leverage in the business. With a predominantly fixed cost base.
Our capital efficiency was evident this quarter as our EBITDA grew by $3 million on a revenue growth of $2.3 million Importantly, in the third quarter, we generated nearly $7 million in cash from operations. A record for Fennec. EPS for the third quarter was $0.12 per share. Compared to a loss of $0.02 per share in the comparable quarter a year ago. Cash and cash equivalents were $48.7 million as of September 30, 2026, or approximately $1.40 per share of cash with no debt. For the avoidance of doubt, we generated approximately $0.16 per share for EBITDA this quarter alone. Or an annualized run rate $0.64 per share of EBITDA.
With the potential for further margin expansion as revenues grow. Operator, with that, we are now ready to open the call for questions.
Operator: Thank you. If you would like to ask a question, please press 1-1 on your telephone. You will then hear an automated message advising your hand is raised. If you would like to remove yourself, press 1 again. We also ask that you wait for your name and company to be announced before proceeding with your question. Our first question will be coming from the line of Chase Knickerbocker of Craig Hallum. Please go ahead.
Chase Knickerbocker: Good morning. Congrats on the great quarter here, and the progress Maybe just first on the KPIs. Enrollments up 23%; completed infusions up 58%. Both of those were greater than the sequential change in revenue from Q2 to Q3. Can you just help us understand kind of why? And is it the time of enrollment of these patients in the third quarter, just help us reconcile these to the top line. Thanks.
Robert C. Andrade: Yeah, Chase. Good to hear your voice again. Yes. There are various variables, as it translates from both enrollments and account growth into net revenues. 1 of them you mentioned, which is the timing of the enrollment and the timing of the infusion. So that carries into my fourth quarter commentary itself. The other part is also the type of patient. So, as you know, we get some patients from the academic centers, some patients from the outpatient, and also some select government patients. So there is a mix there as well. But nevertheless, the momentum is strong. And I think the best, KPI there are the enrollments.
Chase Knickerbocker: Got it. Maybe second on this large Midwestern institution that you mentioned. Did you see any benefit from that in the third quarter? Maybe give us some commentary on how things have ramped in the fourth quarter, if you did not see that benefit in the third. And then just on that center, what did what did, I guess, the reps do differently there to kind of get kind of wholesome buy-in, at such a large institution and can that be replicated?
Jeffrey S. Hackman: Yeah. Hey, Chase. Jeffrey. You know, thanks for the question. it is an exciting example of something. Your second part of the question is why now? Why this institution? Why did they move? And it is a combination of our execution across not only our market access folks, are, you know, which is calling on kind of the c suite folks, right, when you think about it. Our commercial organization, our MSLs, medical science liaisons, all kind of working together over the months, you know, throughout this year to try to move physicians to utilize PEDMARK in a place like this. We do, in this specific institution, we targeted thought leaders there.
We met them at different, you know, medical meetings throughout. We conducted actually a large advisory board at this institution. So all that work goes into, building and getting on formulary, for example, in an institution like this. We did see some success in the third quarter from this institution as it just got up and running. But we are seeing significant success from this institution now moving into the into the fourth quarter, Chase. So you will see. You will hear more about that but these patients are. We are just getting started there. We did.
Like I said, we had a few in the third, but we are starting to see some pretty significant results now as we move into the. In throughout October and into November. So stay tuned.
Chase Knickerbocker: Got it. Last for me. Robert, just on expenses. We previously talked about kind of a first half, second half split. Can you give us an update on kind of your thinking on cash OpEx relative to that kind of prior expectation, that split Thanks.
Robert C. Andrade: Yeah. No, nothing has changed there as in the commentary to start. Q4 will be our lowest cash OpEx for the year. So that is gonna come off of the Q3 levels of under $13 million. And the cadence, is such that we should overall be in the low, which is similar to our commentary, in the low fifties. In terms of full cash OpEx for the year. So we already have 3 quarters baked in. We know we can. You know, you can do the math on what Q4 is going to be.
Chase Knickerbocker: Helpful. Congrats again, guys. Thanks.
Robert C. Andrade: Thank you.
Operator: 1 moment for the next question. Our next question will come from the line of David Amsellem of Piper Sandler. Please go ahead.
Alexandra von Riesemann: Hi. Good morning. This is Alexandra von Riesemann on for David. Thanks for taking our questions. The first question sort of following up on the first question, is what are you learning about the gap between enrollment and completed infusion, and what obstacles are most limiting in terms of the conversion or continuity of treatment. And then secondly, we wanted to dive more into the germ cell and testicular cancer group of patients. Can you maybe refresh us on what you are seeing in the field from advocacy groups and the new field force and how penetration is in this segment. Thank you.
Jeffrey S. Hackman: Perfect. I will take a little bit of this question, and then, Robert, you can jump in as well. We are seeing positive trends across the business. And so and those trends, you know, we see that from just not new accounts that we are bringing on board, but also existing prescriber base in this engagement. And I think it is really critical to kinda understand that this is an ongoing business. it is not 1. These patients are under, you know, on therapy for a significant amount of time.
And so the carry. that is why we can start to see a carryover from 1 quarter to the next, which gives us a lot of confidence as we kind of establish foundational growth here. This is how we kind of move this business in that area. So we have made progress in the evidence generation, which I talked about. You know, we have really kind of focused ourselves on the medical side to try to build some scientific impactful scientific results. And like I said, in fact, we are we are really diving into that data in. Especially into the AYA and adult metastatic area. So the germ cell tumors are important to this business.
To protect these patients. there is a lot of germ cell folks out there having impact to their hearing because of all the cisplatin that they are getting. So while we see this product being used in multiple tumor types, the, you know, the germ cells because of so much cisplatin being given, we see an impact to their to their hearing.
Robert C. Andrade: Yeah. Let me. I will. On both items, briefly. When it comes to conversions from enrollment, this is something that we are always focused on. Every quarter, and that includes adherence, and also the continuation of the patient. So I think our medical team and our and our commercial team are doing a fantastic job as well as our partners. And you see our trends continuing to improve. Because the. Generally, the journey can be from 4 to 6 months. And in particular, that first patient at that maybe first or new account our goal is to have the most positive experience possible because this is their first journey. This is their new account.
So all those trends are going in a positive direction. And, but we ultimately start with enrollments. And then go to adherence and continuation. that is the focus of the entire team. When it comes to testicular cancer, that makes up a little north of half of our business today. That is a population that obviously has a lot of exposure to cisplatin, is in that age range. That we are currently focused on. We made some good inroads. I think we touched upon 1 of those large institutions. Recently that has, you know, potential for hundreds of patients there.
But we continue to look for additional inroads advocacy groups, awareness initiatives, all of what we have done this entire year. From ASCO to Indies Nuts And so we are quite pleased but we are just scratching the surface there on that population.
Alexandra von Riesemann: Thank you.
Operator: 1 moment for the next question, please. Our next question is coming from the line of El-Saadi of B. Riley Securities. Please go ahead.
Madison Wynne El-Saadi: Congrats on the progress here. Is the 58% growth in completed infusions hub only or all channels? And, relatedly, what percent of enrollment does the hub capture? And, I guess, how much of these total enrollments actually start and finish drug And then secondly, you carried a record number of patients and planned infusions in Q4. Does that compare in percentage terms with the carry into Q3 And then any comments on what you are seeing in October? Thanks.
Jeffrey S. Hackman: Sure. Well, this is 1 of the most significant carryovers in from quarter to quarter that we have ever seen for the product. So that continues to grow. that is exciting to answer the second part of that question. You know, when you talk about enrollments and you talk about our patient adherence and what this looks like. It. They. You know, as we started to get into this business, tried to understand more and more about what it. What levers it was gonna be able to have to take to keep people not only, to engage patients and get them on this product, through their physicians, but also to keep patients on.
And so we are seeing an increase with, you know, every single month because of the programs and the and the learnings and the things that we are doing. To be able to keep these patients on and to lower discontinuation. And so those metrics are, are better every quarter as we as we progress the business. We see, you know, at 1 time we said, you know, it is about half and half where we saw patients being used, Fennec HEARS, giving product at home. Versus, in these academic or in the community settings. We see that growing. That will continue to grow on the on the on the patient. The Fennec HEARS or the in home administration.
It depends on the tumor type. It depends on a lot of different factors. You know, both. We allow the physician to make that decision, you know, which best for the patient. So for us, we are agnostic. We offer both of those opportunities for patients that receive product in both those settings. So, you know, is 1 better than the other? You know, listen. 1's a little bit more hands on for. On our side. You know? But, again, we do not really see discontinuations or, you know, different when you look at each 1 of those segments of where this product's being given. I do not know, Robert. Did you have a comment on it?
Robert C. Andrade: Yeah, Madison. I think Jeffrey hit most of your question, at least there. I think the start and finish component is what I was alluding to earlier, which is really the adherence and the continuation. You know, our chief commercial officer Terry, likes to say, you know, the work really begins with the enrollment. And that speaks to having these patients continue and proper adherence. So, we. What we are carrying over. I think the other part was what we are carrying over into October is fantastic. And what we have seen. You know, and that speaks to my visibility on the fourth quarter.
So as we build this business, I know we have talked about this ourselves, it is a little bit akin to doing the same store sales. So you wanna build both the new accounts the existing accounts, and also have growth on a vial basis on each existing account.
Madison Wynne El-Saadi: Understood. That kind of very helpful. If I may ask 1 more Was the National Community Oncology Network formulary win? Was that a major 3 q contributor? And do you have any. Are you able to see how many of its sites are ordering? Thanks.
Jeffrey S. Hackman: Yeah. We. Yes. So that was a major win for us. In the third quarter. And, and there, you know, we are planning on more of those major wins, in the future here. So we can see where the product is used in a lot of cases in these, when we utilize our Fennec HEARS programs. This particular institution will be utilizing their you know, their own administration, their own nurses And so as we stay close to them, that is. We will we will get data and feedback from them as they supply it, after the fact, after they bring these patients on. But we are helping them through the process of understanding.
So we will get a physician within that example, in. Within that formulary, group to reach out to us to talk about qualifications of patients. Is this a patient that potentially can benefit from PEDMARK and those questions that go along with it. So we do have a vision into it. Each. Again, each institution allows us different access. As you can imagine. You know? But for us to get this on formulary, really was, you know, was a big win for us. Remember, when we built our customer, we grew our expansion of our customer facing team. We went from about 1300 physicians and accounts up to 5000 in our targets when we expanded these territories.
And so that is, know, again, sometimes an institution may have 4 and 5 and 6 and 7, 10 targets at that institution. You know? So that is why it becomes also effective for us to get on formulary at these large institutions because it is not just 1 target of ours, in that in that account. We will expand that you know, throughout. And we have seen that in multiple places around the country.
Robert C. Andrade: And, Madison, let me just clarify because I think your question was, was it a big contributor in Q3? The answer is no. A big win Yes. So and there are 2 points here to. Just a bit further after the clarification. 1 is the Midwestern academic institution. that is potentially hundreds of patients. So you would you would see a big change in our in our revenue number, needless to say. If it was a contributor.
Second component, which is a real valuable component that I know the commercial team is utilizing and getting more effective at, is this data that we are now getting from a GPO which effectively gives you a pre look at which cisplatin patients are in the pipeline. So it enables us to hopefully benefit, improve the quality of life, of those patients that are gonna be delivered cisplatin in the very near future. And those 2 are new, so part of the part of the optimism in the future.
Madison Wynne El-Saadi: Got it. Thanks, guys. Great update here.
Robert C. Andrade: Thanks.
Operator: 1 moment for the next question. Our next question is coming from the line of Raghuram Selvaraju of H. C. Wainwright. Please go ahead.
Raghuram Selvaraju: Thanks for taking our questions, and congratulations on this quarter. Very exciting progress. Firstly, I was wondering if you could give us some additional background color on the dynamics between academic centers and community hospitals? And why both of these might represent meaningful future drivers of revenue and meaningful contributors to the revenue base going forward and how you might have unique, attributes of Petmark, of the product, of the value proposition, in each of those settings. Secondly, I was wondering if you could touch upon the NCCN guideline reclassification process and how we should be thinking about the timing of that relative to the investigator sponsored trials that are currently ongoing.
And if you think this might potentially be something that could occur before the end of 27 or further out. And then lastly, if you could give us any sense around cadence and tenor of licensing discussions in Japan and when you think it might be possible for you to announce a partnership in that territory, that would be very helpful. Thank you.
Jeffrey S. Hackman: Perfect. Great. Lei me take a couple of these I think you get about 3 sections here, and I. All good questions. Thanks. And let me take the first 1, the dynamics between academics and community. You know, these patients are treated in obviously both settings. And so our field strategy is really designed to engage both the academic centers where treatment protocols are established in most cases, but also then in the community practice. Right, which in some cases includes networks. A large portion of the patients that we see sit in both of these sections, both of these target segments. And we are seeing really traction in both areas. In both of these care models.
And it is reflective in the continued quarterly growth. Is 1 better than the other for us? Not necessarily. I think that the academic centers in some cases, will drive, will act as KOLs and thought leaders in the area, which are really important to drive those community centers. If you see what I mean. So we really. The pay. The patient demographics of what that looks like at each 1 is. It varies based on, you know, the geography. But it really, really becomes exciting when you have both working together in a community. That helps with payer dynamics. It helps with customer access.
It allows us to focus our concentration in a specific area not only on that academic, center, but the community centers, that know, roll up into that academic, center area. For NCCN, your second part of the question, and that is you are probably asking more about where is the movement into potentially a recommendation for NCCN for adults. And, you know, we have talked about that in the past. 1 of the reasons why I really wanted to start to focus our investments in driving these ISTs because there are a lot of folks out there that are asking that question. Is, can this product be used, above AYA and into the adult marketplace?
And so, for example, I mentioned in the call, City of Hope, you know, their study is looking at, you know, older patients above AYA. And they are also looking at metastatic. And so which is exciting, and we believe that this product has an opportunity there as well. We wanna see the data. And so the important thing is when is the data coming? And that is when NCCN will act. We believe that we have gotta generate this data. We are in the process of doing it. We have got a large presentation that I mentioned in January, which is 1 of the largest AYA medical meetings in the world.
And we will be there presenting some preliminary data from the City of Hope. City of Hope will be there presenting it. So that is exciting. And some of the first IST data that we are we are gonna see. And that will drive our you know, adult discussions. Do we see a change in the NCCN guidelines in 2027? I. You know, listen. that is. We can we can never, you know, project anything like that. We are working and showing them the data, and we continue to monitor that. The third part of that question is Japan.
You know, we said 1 of the things, and I and I think I have said this in the past, is I do not want to take a deal that is not good for Fennec. And so we are in discussions. We are actively in discussions. We are our chief medical officer is in Japan today. With. there is a large pediatric heme-onc meeting that is going on in Japan in Yokohama. And it is it is a. it is exciting because all of our investigators are there. We do have some potential companies that, you know, we are talking to. They will attend this meeting. there is a lot of action going on in Japan.
So stay tuned for that. We continue to be very active in the license discussions, and is it also, you know, how we can proceed and get this product to children. We wanna get it there as fast as we can. You know, the concern that I have is that investigators use the product in a place like this in this region, and, you know, it takes years to get this product, to the market. So that is also something critical that we are trying to achieve as well as get it there as fast as we can. So thank you.
Raghuram Selvaraju: Thank you. Thank you.
Operator: And this concludes today's q and a session. I would like to turn the call back to Jeffrey for closing remarks. Please go ahead, Jeffrey.
Jeffrey S. Hackman: Thanks. And thanks for all the questions We appreciate it. You know, as we look ahead know, all of us here remain excited about this opportunity that sits in front of us. You know, this is now our eighth consecutive quarter of growth. And it reinforces exactly what I tried to do when I came here. Build the strength and consistency of our commercial execution. We believe PEDMARK continues to be meaningful to our patients and will continue to have meaningful, growth potential. So thanks for joining us today. Thanks for all your interest and all your support in Fennec. And we look forward to updating you all on the progress in the quarters ahead.
Operator: This concludes today's programming. Thank you so much for joining. You may now disconnect.
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