Terry Evans
FENNEC PHARMACEUTICALSAbout Terry Evans
Fennec Pharmaceuticals’ Chief Commercial Officer (CCO) since October 28, 2024; age 56; seasoned commercial operator across sales, market access, trade/specialty pharmacy, and analytics with prior leadership roles at Horizon Therapeutics, Currax, Graceway, and Medicis, and most recently CEO of UNITE Pharma Trade Advisors . Company performance context during and around his onboarding: FY2024 PEDMARK net product sales rose 40% YoY to $29.6M, with Q4 2024 EBITDA loss of $0.6M and $26.6M year-end cash; Fennec’s TSR index in the pay-versus-performance table was 85 at FY2024 year-end (vs. 151 at FY2023) .
Company performance snapshots (chronological by period):
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Net Product Sales ($M) | $21.3 | $29.6 |
| TSR Index (Initial $100 investment) | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Value ($) | 129 | 151 | 85 |
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| UNITE Pharma Trade Advisors | Chief Executive Officer | — | Led commercialization advisory; patient-access and market-entry strategies |
| Horizon Therapeutics | Senior commercial leadership | — | Drove revenue growth and patient access for Actimmune and Krystexxa |
| Currax Pharmaceuticals | Senior commercial leadership | — | Commercial operations leadership |
| Graceway Pharmaceuticals | Senior commercial leadership | — | Commercial execution across field and access |
| Medicis | Senior commercial leadership | — | Sales/operations leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed |
Fixed Compensation
| Component | Terms |
|---|---|
| Base salary | $400,000 initial base salary |
| Target annual bonus | 40% of base salary; objectives set by Board; pro-rated if partial year |
| Pay frequency/withholding | Paid per standard payroll; taxes withheld |
| Perquisites | Monthly cell phone $150 and Wi‑Fi $100 reimbursements |
| Employment status | At‑will employment |
| Indemnification/D&O | Entitled to indemnification; covered under D&O policy |
Performance Compensation
- Short-term incentive (STI): Bonus metrics for 2024 were Board‑set for executives; specific Evans weights not disclosed . For context, company‑level 2024 NEO STI metrics and results were as follows (used for NEOs; Evans joined in late 2024 and his objectives were Board‑set):
| 2024 STI Corporate Criteria | Weighting | Achievement |
|---|---|---|
| Net revenues > $40M | 50% | 0% |
| Stretch net revenues > $45M | 5% | 0% |
| Vial sales to 25 distinct community oncology centers | 25% | 25% |
| Cash runway exiting 2024 ≥ 24 months | 15% | 15% |
| Cash flow breakeven monthly by Sept 2024 | 10% | 0% |
| Total | 105% | 40% |
- Long-term incentives (Equity):
- Stock options: 150,000 options granted upon hire; exercise price = fair market value on grant; term 10 years; vesting: one‑third on 10/28/2025, remainder vests monthly pro‑rata over the next 24 months (fully vested by 10/28/2027) .
- RSUs: 10,000 RSUs awarded on March 28, 2025 under the 2020 Equity Incentive Plan (vesting terms not disclosed in Form 4/A) .
Equity award detail:
| Award type | Grant date | Quantity | Strike price | Vesting | Expiration |
|---|---|---|---|---|---|
| Stock Options | 10/28/2024 | 150,000 | FMV on grant | 1/3 on 10/28/2025; balance monthly over 24 months | 10 years from grant |
| RSUs | 03/28/2025 | 10,000 | n/a | Not disclosed in filing | n/a |
Implications for vesting/selling pressure:
- Options are unexercisable until the 12‑month cliff (10/28/2025), reducing near‑term selling pressure; thereafter, vesting is linear monthly through 10/28/2027 .
- RSU settlement timing/vesting wasn’t disclosed in the Form 4/A; near‑term delivery risk unknown based on the filing .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial share ownership | Not disclosed in 2025 proxy tables for Evans (non‑NEO); known awards: 150,000 options; 10,000 RSUs |
| Ownership as % of outstanding | Not disclosed; 27,597,938 shares outstanding as of 4/7/2025 (company‑wide) |
| Vested vs unvested | Options: unvested until 10/28/2025; then monthly vesting over 24 months |
| Pledging/Hedging | Insider Trading Policy prohibits short‑selling and exchange‑traded options; other hedging or pledging arrangements require prior written approval of the Compliance Officer |
| Stock ownership guidelines | Company discloses no specific executive ownership requirements |
Employment Terms
| Term | Detail |
|---|---|
| Start date/tenure | Appointed CCO effective 10/28/2024 |
| At‑will | Yes |
| Severance (without cause or for “good reason”) | 9 months of base salary plus pro‑rata target bonus for year of termination, subject to release |
| “Good reason” | Material decrease in title/duties/compensation/benefits or uncured material breach (7‑day cure) |
| Non‑compete / Non‑solicit | Not disclosed in filed excerpt; confidentiality/IP agreement required |
| Change‑of‑control (equity) | Plan‑level: if awards are not assumed/substituted in a sale event, time‑based awards may vest at Committee discretion; performance awards may vest per certificate/Committee discretion |
| Indemnification / D&O | Indemnification rights and D&O coverage as a covered officer |
Investment Implications
- Pay‑for‑performance alignment and retention: A relatively modest cash package (base $400k, 40% target bonus) paired with meaningful time‑based options (150k) and RSUs (10k) aligns Evans to commercialization milestones; the 12‑month option cliff and 24‑month monthly vest thereafter create multi‑year retention and defer selling pressure until late 2025 .
- Incentive calibration vs results: Company‑level metrics for 2024 missed revenue targets but achieved key operational goals (access and site expansion), and FY2024 sales grew 40% YoY to $29.6M, building a base for the CCO to accelerate AYA/academic adoption and ex‑U.S. leverage (UK/Germany launches in 2025) .
- Overhang and equity plan capacity: Shareholders approved expanding the equity plan to 8.5M shares in 2025, supporting ongoing talent incentives but modestly increasing long‑term dilution capacity; Say‑on‑Pay also passed, indicating shareholder support for the comp framework .
- Governance safeguards: No executive ownership guidelines (less forced alignment), but anti‑hedging/pledging controls mitigate misalignment risks; employment terms include standard at‑will and 9‑month severance, signaling balanced retention economics without excessive parachutes .
- Execution risk: As a commercialization leader, Evans’ impact will be measured against revenue growth and access expansion (AYA/community oncology, EU partner execution); near‑term KPI traction should be visible in 2025 updates, with limited insider‑sale pressure until his options begin vesting in late 2025 .
Supporting Notes and References
- Appointment and biography: 8‑K dated Oct 30, 2024 (effective Oct 28, 2024) .
- Employment agreement (base, bonus, severance, options): 8‑K Exhibits 10.2 (Evans) .
- RSU grant: Form 4/A filed April 3, 2025 (transaction date March 28, 2025) .
- Company performance and liquidity: FY2024 results press release (Mar 10, 2025) .
- Company STI metrics (NEOs, 2024): DEF 14A (Apr 25, 2025) .
- Equity Plan increase and 2025 AGM votes: DEF 14A and 8‑K (June 3, 2025) .
- Anti‑hedging/pledging policy and ownership guidelines: DEF 14A .