FDA Gives Nod To IntelGenx's Migraine Solution As Revenues Plunge 32%; Q1 Results Report

IntelGenx Technologies Corp. IGXT reported on Thursday a 32% decrease in total revenues for the first quarter of 2023, amounting to $162,000 as compared to $237,000 in the same period last year. 

The company's net comprehensive loss was $2.9 million, slightly lower than the $3.0 million loss in the first quarter of 2022.

Adjusted EBITDA loss increased to $2.4 million from $2.1 million in the previous year's first quarter.

IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.

"IntelGenx had an eventful quarter with FDA approval of RIZAFILM® for acute migraine and partnerships for global expansion," said Andre Godin, IntelGenx's president and CFO. "We aim to provide convenient treatments for migraine and Parkinson's disease."

The company additionally secured an exclusive supply agreement and extended warrants.

Financial Snapshot

• Total revenues for Q1 2023: $162,000, a 32% decrease from Q1 2022.
• Operating costs and expenses for Q1 2023: $2.8 million.
• Operating loss for Q1 2023: $2.6 million.
• Net comprehensive loss for Q1 2023: $2.9 million ($0.02 per share).
• Cash and short-term investments as of March 31, 2023: $3.8 million.

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Photo: Peggy und Marco Lachmann-Anke via Pixabay.