IntelGenx Reports Third Quarter 2021 Financial Results

IntelGenx Technologies Corp. IGX IGXT, a leading drug delivery company focused on the development and manufacturing of pharmaceutical films, reported financial results on Thursday afternoon for the third quarter ended September 30, 2021.

2021 Third Quarter Financial Summary

• Revenue was $593,000, compared to $510,000 in the 2020 third quarter. The change is mainly attributable to increases in sales milestone revenues of $320,000, product revenues of $70,000, partially offset by a $308,000 decrease in revenues from licensing agreements.
• Adjusted EBITDA loss was $1.4 million, compared to $1.2 million in the 2020 third quarter.
• Operating costs and expenses were $2.2 million for the third quarter of 2021, versus $1.9 million for the corresponding three-month period of 2020. The increase is mainly attributable to increases of $26,000 in R&D expense, $255,000 in manufacturing expenses, $37,000 in selling, general and administrative expenses, and $17,000 in depreciation of tangible assets.
• For the third quarter of 2021, the Company had an operating loss of $1.6 million, compared to an operating loss of $1.4 million for the comparable period of 2020.
• Net comprehensive loss for the three-month period ended September 30, 2021, was $2.2 million, or $0.01 per basic and diluted share, compared to a net comprehensive loss of $1.6 million, or $0.01 per basic and diluted share, for the comparable period of 2020.
• As of September 30, 2021, the company's cash and short-term investments totaled $12.0 million.

"The past few months have been a very productive and exciting period for IntelGenx, marked by the achievement of five major milestones,” commented Dr. Horst G. Zerbe, CEO of IntelGenx.

“Our graduation to the TSX, Canada’s most senior exchange, came on the heels of our successful transition from a development stage to a commercial-stage leader in pharmaceutical films as well as our transformational partnership with ATAI,” added the CEO.

In 2020, IntelGenx Corp. partnered with Canadian medical cannabis producer Heritage Cannabis Holdings Corp. to produce filmstrip products containing CBD. Using IntelGenx's proprietary VersaFilm, the strips are placed underneath the tongue where the CBD is released and rapidly absorbed into the bloodstream. The filmstrips, about the size of a postage stamp and containing 10 milligrams of CBD, will be distributed to the Canadian and Australian markets.
“We were also pleased to resume patient screening in our ongoing ‘BUENA’ Montelukast VersaFilm Phase 2a clinical trial in patients with mild to moderate AD. Having executed on many elements of our growth strategy this quarter, we look forward to continuing to advance our portfolio of innovative film products and product candidates,” concluded Dr. Zerbe.

Price Action:

IGXT stocks traded lower 0.88%, at $0.55 per share, at the time of writing, Thursday night. 

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