IntelGenx Reports Q3 2022 Financial Results, Management Anticipates Psychedelics Trials In 2023

IntelGenx Technologies Corp. IGX IGXT reported its financial results late Thursday for the third quarter that ended September 30, 2022.

Dr. Horst G. Zerbe, CEO of IntelGenx called the third quarter a “productive one” for IntelGenx, marked by the achievement of business milestones. “Our ongoing BUENA trial reached the halfway patient enrollment mark, while our partnership with Chemo resulted in the assignment of a GDUFA date during the second quarter of next year,” Dr. Zerbe said.

“Subsequent to quarter end, we achieved a significant milestone with Atai’s commencement of the first-ever in-human clinical study of a psychedelic administered via oral film. We are looking forward to the first half of 2023, when we expect the results of Atai’s Phase 1 trial and the FDA’s decision on the Buprenorphine Buccal Film ANDA,” Zerbe added.

2022 Third Quarter Financial Highlights

• Revenue was $142,000, compared to $593,000 in the 2021 third quarter.
• Net comprehensive loss was $3.0 million, compared to $2.2 million in Q3-2021.
• Adjusted EBITDA loss was $2.2 million, compared to $1.4 million in the 2021 third quarter.

Financial Results

Total revenues for the three-month period ended September 30, 2022 amounted to $142,000, a decrease of 76% compared to $593,000 for the three-month period ended September 30, 2021. "The change is mainly attributable to decreases in sales milestone revenues of $320,000 and R&D revenues of $141,000, partially offset by increases in product revenues of $9,000 and royalties on product sales of $1,000," per the release.

Operating costs and expenses were $2.5 million for the third quarter of 2022, versus $2.2 million for the corresponding three-month period of 2021. For the third quarter of 2022, the company had an operating loss of $2.4 million, compared to an operating loss of $1.6 million for the comparable period of 2021.

Net comprehensive loss for the three-month period ended September 30, 2022 was $3.0 million, or $0.02 per basic and diluted share, compared to a net comprehensive loss of $2.2 million, or $0.01 per basic and diluted share, for the comparable period of 2021. As of September 30, 2022, the company's cash and short-term investments totaled $4.7 million.

Price Action

IntelGenx's shares were trading 2.27% lower at C$ 0.22 per share at the time of market close on Thursday. 

Sharon Mccutcheon On Unsplash.