Adherex Technologies Inc.
FENC Healthcare Biotechnology
Adherex Technologies Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.6 million, down 6.09% from fiscal 2024. In the quarter to June 2026, revenue grew 85.2%, EPS grew 154.6% and free cash flow grew 101.4%, each against the same quarter a year earlier.
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Adherex Technologies Inc. (FENC) Altman Z-score
Adherex Technologies Inc.'s Altman Z-score for fiscal 2025 is 0.51, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.51 | 3.08 |
| FY2024 | −2.57 | 4.13 |
| FY2023 | −6.69 | 0.46 |
| FY2022 | −7.16 | (44.31) |
| FY2020 | 37.16 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.80 | — | 0.96 | |
| Retained earnings / total assets | (3.25) | — | −4.55 | |
| EBIT / total assets | (0.09) | — | −0.29 | |
| Market value of equity / total liabilities | 6.27 | — | 3.76 | |
| Sales / total assets | 0.63 | — | 0.63 | |
| Altman Z-score | Distress zone | 0.51 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −4.88 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AVIR Atea Pharmaceuticals, Inc. compare | 9.3× |
| FENC Adherex Technologies Inc. | 0.5× |
| CCCC C4 Therapeutics, Inc. compare | −2.2× |
| OBIO Orchestra BioMed Holdings, Inc. compare | −2.7× |
| EDIT Editas Medicine, Inc. compare | −13.4× |
| TTRX Turn Therapeutics Inc. compare | — |
| KYTX Kyverna Therapeutics, Inc. compare | — |
| RZLT Rezolute, Inc. compare | — |
| GALT Galectin Therapeutics Inc. compare | — |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets