IntelGenx Reports First Quarter – GuruFocus.com
SAINT LAURENT, Quebec, May 12, 2022 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX:IGX) (IGXT, Financial) (the “Company” or “IntelGenx”) today released its financial results for the first quarter ended March 31, 2022. All dollar amounts are in U.S. currency unless otherwise noted, and results are presented in accordance with generally accepted standards in the United States. accounting principles, unless otherwise stated.
Financial summary for the first quarter of 2022:
- Revenue was $237,000, compared to $286,000 in the first quarter of 2021.
- Overall net loss was $3.0 million, compared to $2.3 million in Q1-2021.
- Adjusted EBITDA loss was $2.1 million, compared to $1.7 million in the first quarter of 2021.
- Cash and short-term investments totaled $10.2 million as at March 31, 2022 compared to $2.0 million as at March 31, 2021.
First quarter and recent developments:
- Presented at Bloom Burton & Co. Healthcare Investor Conference 2022.
- The Company’s wholly-owned subsidiary, IntelGenx Corp., has received a third term loan in the amount of $3.0 million under its Amended and Restated Secured Loan Agreement with atai Life Sciences (“ atai”).
- Resuming Patient Dosing in the Ongoing “BUENA” Phase 2a Clinical Trial in Patients with Mild to Moderate Alzheimer’s Disease Under a Previously Modified Protocol Using Higher Doses of Montelukast VersaFilm®.
“We continued to advance our pipeline of innovative film products and product candidates this quarter, and we are delighted to have reached an important milestone in this regard with the resumption of patient screening in our ongoing ‘BUENA’ Montelukast VersaFilm. .® Phase 2a clinical trial in patients with mild to moderate AD,” commented Dr. Horst G. Zerbe, CEO of IntelGenx.
Total revenues for the three-month period ended March 31, 2022 amounted to $237,000, a decrease of 17%, compared to $286,000 for the three-month period ended March 31, 2021. The variation is mainly attributable a decrease in product revenue of $160,000, partially offset by increases in research and development (“R&D”) revenue of $99,000 and royalties of $12,000.
Operating costs and expenses were $2.6 million for the first quarter of 2022, compared to $2.2 million for the corresponding three-month period of 2021. The increase for the three-month period ended March 31, 2022 is mainly attributable to increases of $327,000 in R&D expenses, $155,000 in selling, general and administrative expenses and $3,000 in depreciation of property, plant and equipment, partially offset by a decrease of $151,000 $ manufacturing expenses.
For the first quarter of 2022, the Company recorded an operating loss of $2.3 million, compared to an operating loss of $1.9 million for the comparable period of 2021.
Comprehensive net loss for the three-month period ended March 31, 2022 was $3.0 million, or $0.02 per basic and diluted share, compared to a comprehensive net loss of $2.3 million , or $0.02 per basic and diluted share, for the comparable period of 2021. The increase for the first quarter of 2022 is mainly due to higher R&D expenses and a reduction in the fair value of investments in short term.
As of March 31, 2022, the Company’s cash and short-term investments totaled $10.2 million.
Conference call details:
IntelGenx will host a conference call to discuss these first quarter 2022 financial results today at 4:30 p.m. ET. The dial-in number for the conference call is (888) 506-0062 (Canada and United States) and (973) 528-0011 (international), access code 546214. The call will also be broadcast live on the web and archived on the Company’s website. website at www.intelgenx.com under “Webcasts” in the Investors section.
IntelGenx is a leading drug delivery company specializing in the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®DisinteQ™VetaFilm™ and transdermal VevaDerm™, enable next-generation pharmaceuticals that address unmet medical needs. IntelGenx’s pipeline of innovative products provides significant benefits to patients and physicians for numerous therapeutic conditions.
IntelGenx’s highly skilled team provides comprehensive pharmaceutical services to pharma partners, including R&D, analytical method development, clinical oversight, intellectual property, and regulatory services. IntelGenx’s state-of-the-art manufacturing facility offers full service by providing lab scale, pilot scale and commercial scale production. For more information, visit www.intelgenx.com.
Forward-looking information and statements
This document may contain forward-looking information about IntelGenx’s operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx’s plans, goals, expectations, strategies, intentions, or other characterizations of future events or circumstances and are generally identified by the words “may”, “s ‘expects’, ‘anticipates’, ‘intends’, ‘projects’, ‘believes’, ‘seeks’, ‘estimates’, ‘could’, ‘would’ and similar expressions. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx’s actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under “Risk Factors” in IntelGenx’s Annual Report on Form 10-K, filed at near the United States Securities and Exchange Commission and available at www.sec.govand also filed with the Canadian securities authorities at www.sedar.com. IntelGenx undertakes no obligation to update these forward-looking statements.
Source: Intel Genx Technologies Corp.
For Intel Genx:
André Godin, CPA, CA
President and Chief Financial Officer
(514) 331-7440 ext. 203