IntelGenx's Q4 And Full-Year 2022 Financials, 'On The Cusp' Of Rapid Growth?

Drug delivery company IntelGenx Technologies Corp. IGXT’s financial results for the three and twelve months ended December 31, 2022 show: 

• Total cash and short-term investments of $2.5 million by Dec. 31, 2022, not including the $3.0 million loan by atai Life Sciences ATAI nor the gross proceeds from a March private placement totaling $760,000. 

• Total revenue of $173,000 and $1.0 million for the fourth quarter and full year of 2022, as compared to $494,000 and $1.5 million in 2021 respectively.

• Operating costs and expenses totaled $2.7 million and $10.4 million for the three and twelve months ended Dec. 31, 2022, compared to $3.0 million and $9.5 million for the same periods in 2021.

• Net comprehensive loss was $2.3 million and $11.6 million for the fourth quarter and full year of 2022, compared to $2.9 million and $9.8 million in the same periods in 2021.

• Adjusted EBITDA loss was $2.3 million and $8.5 million for the three and twelve months of 2022, compared to the same number and $7.1 million in the same respective periods in 2021.

The Company’s Pipeline

IntelGenx CEO Dr. Horst G. Zerbe stated: "The progress we made throughout 2022 has led us to now being potentially on the cusp of a stage of anticipated rapid growth.” 

Dr. Zerbe added the company expects the FDA’s decisions on its buccal films Buprenorphine Abbreviated New Drug Application (ANDA) and RIZAFILM’s New Drug Application (NDA) around April 17 and looks forward to topline results from atai’s Phase 1 trial on buccal VLS-01, “the first ever in-human clinical study evaluating an all thin film psychedelic drug candidate.”

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

Other updates include: 

• USPTO granted a Notice of Allowance for a patent application covering a proprietary loxapine film oral dosage form.

• New research collaborations with Dr. Per Svenningsson of the Karolinska Institute to conduct a multicenter clinical trial on Montelukast VersaFilm to treat Parkinson’s, and with the University of Prince Edward Island to assess palatability, owner-perceived acceptability, and ease of administration of platform VetaFilm in healthy dogs and cats.

• New exclusive supply agreement for RIZAPORT with ARWAN Pharmaceuticals Industries Lebanon in various countries in the Middle East and North Africa region.

Benzinga’s PCC

Benzinga’s Psychedelics Capital Conference is almost here! 

April 13th at the Fontainebleau Miami Beach Hotel will be THE place to set up deals, raise money, meet investors and key partners and learn from the industry’s greatest.

Get your tickets now!

Photo courtesy of Pexels.