| Item 1. | |
| (a) | Name of issuer:
Fennec Pharmaceuticals Inc. |
| (b) | Address of issuer's principal executive offices:
PO Box 13628, 68 TW Alexander Drive, Research Triangle Park, NC 27709 |
| Item 2. | |
| (a) | Name of person filing:
The names of the persons filing this statement on Schedule 13G (collectively, the "Reporting Persons") are:
* The Sonic Fund II, L.P. (the "Fund").
* Sonic GP LLC (the "General Partner").
* Lawrence Kam. |
| (b) | Address or principal business office or, if none, residence:
The address of the principal offices of each of the Reporting Persons is 400 Hobron Lane, Suite 3709, Honolulu, HI 96815. |
| (c) | Citizenship:
The Fund and the General Partner are organized under the laws of the State of Delaware. Mr. Kam is a citizen of the United States of America. |
| (d) | Title of class of securities:
Common stock, no par value (the "Shares") |
| (e) | CUSIP No.:
31447P100 |
| Item 3. | If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a: |
| (a) |  Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
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| (b) | Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
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| (c) | Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
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| (d) | Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
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| (e) | An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
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| (f) | An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
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| (g) | A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
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| (h) | A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
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| (i) | A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
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| (j) | A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
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| (k) | Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
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| | |
| Item 4. | Ownership |
| (a) | Amount beneficially owned:
As of December 31, 2025, the Reporting Persons may be deemed to have beneficially owned 2,799,959 Shares.
The Fund holds the Shares directly. The General Partner is the General Partner of the Fund, and by virtue of that relationship, the General Partner may be deemed to beneficially own the Shares owned directly by the Fund. Mr. Kam is the managing member of the General Partner, and by virtue of this relationship, Mr. Kam may be deemed to beneficially own the Shares beneficially owned by the General Partner. Mr. Kam directly holds the shares over which he has sole voting and dispositive power. Each of the Reporting Persons is party to that certain Joint Filing Agreement attached hereto as Exhibit A. |
| (b) | Percent of class:
8.2% (based upon 34,153,496 Shares outstanding, which is the total number of Shares outstanding as of November 17, 2025 as reported in the Issuer's Prospectus Supplement dated December 15, 2023, filed with the Securities and Exchange Commission on November 18, 2025). |
| (c) | Number of shares as to which the person has:
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| | (i) Sole power to vote or to direct the vote:
See Cover Pages Items 5-9.
|
| | (ii) Shared power to vote or to direct the vote:
See Cover Pages Items 5-9.
|
| | (iii) Sole power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
|
| | (iv) Shared power to dispose or to direct the disposition of:
See Cover Pages Items 5-9.
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| Item 5. | Ownership of 5 Percent or Less of a Class. |
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Not Applicable
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| Item 6. | Ownership of more than 5 Percent on Behalf of Another Person. |
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Not Applicable
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| Item 7. | Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. |
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Not Applicable
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| Item 8. | Identification and Classification of Members of the Group. |
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If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
See Exhibit A. |
| Item 9. | Notice of Dissolution of Group. |
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Not Applicable
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Rule 13d-1(c)