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) Piotroski F-score
Adherex Technologies Inc.'s Piotroski F-score for fiscal 2025 is 1 out of 9: 1 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 1 | (5.00) |
| FY2024 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | (16.87%) | (1.21%) | Fail | 0 |
| Positive operating cash flow | (12.47m) | 26.98m | Fail | 0 |
| Rising return on assets | (16.87%) | (1.21%) | Fail | 0 |
| Cash flow above net income | (2.73m) | 27.42m | Fail | 0 |
| Falling long-term leverage | 0.00 | 0.50 | Pass | 1 |
| Rising current ratio | 6.37 | 6.38 | Fail | 0 |
| No new shares issued | 28,577,000 | 27,294,000 | Fail | 0 |
| Rising gross margin | 91.57% | 93.30% | Fail | 0 |
| Rising asset turnover | 0.77 | 1.32 | Fail | 0 |
| Piotroski F-score | Weak — most fundamentals deteriorated | 1 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| OBIO Orchestra BioMed Holdings, Inc. compare | 6 |
| CCCC C4 Therapeutics, Inc. compare | 4 |
| EDIT Editas Medicine, Inc. compare | 2 |
| FENC Adherex Technologies Inc. | 1 |
| TTRX Turn Therapeutics Inc. compare | — |
| KYTX Kyverna Therapeutics, Inc. compare | — |
| AVIR Atea Pharmaceuticals, Inc. compare | — |
| RZLT Rezolute, Inc. compare | — |
| GALT Galectin Therapeutics Inc. compare | — |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover