What caused FENC's EPS to decline in Q2-Q4 2024?

The decline in Fennec Pharmaceuticals' (FENC) EPS from Q2 to Q4 2024 can be attributed to several factors:

1. **Revenue Recognition**: FENC's revenue was affected by how it recognized revenue from an upfront payment from Norgine, which led to a reassessment of when to recognize revenue. This resulted in lower-than-expected product revenues in Q2.
2. **Financial Expenses**: The company had a negative EBITDA loss of $0.6 million in Q4, which could indicate high financial expenses. Early repayment of $13 million of convertible debt saved approximately $1.5 million in future interest payments, suggesting that high interest expenses were a factor.
3. **Operating Expenses**: FENC's operating expenses, particularly selling and marketing expenses, increased to $18.4 million in FY 2024, up from $12.1 million in 2023. This increase in operating expenses could have contributed to the decline in EPS.
4. **Director's Stock Sale**: The sale of company stock by a director, Rosty Raykov, in October 2024, might signal a lack of confidence in the company's short-term prospects, which could have impacted investor sentiment and potentially affected the company's financials.

In summary, FENC's EPS decline from Q2 to Q4 2024 was likely a result of a combination of factors including revenue recognition, financial expenses, operating expenses, and director's stock sale.