On May 12, 2022 IntelGenx Technologies Corp. (TSX:IGX) (OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the first quarter ended March 31, 2022 (Press release, IntelGenx, MAY 12, 2022, View Source [SID1234614531]). All dollar amounts are expressed in U.S. currency, unless otherwise indicated, and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.
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2022 First Quarter Financial Summary:
Revenue was $237,000, compared to $286,000 in the 2021 first quarter.
Net comprehensive loss was $3.0 million, compared to $2.3 million in Q1-2021.
Adjusted EBITDA loss was $2.1 million, compared to $1.7million in the 2021 first quarter.
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 the 2022 Bloom Burton & Co. Healthcare Investor Conference.
The Company’s wholly owned subsidiary, IntelGenx Corp., received a third term loan in the amount of $3.0 million pursuant to its amended and restated secured loan agreement with atai Life Sciences ("atai").
Resumed patient dosing in the ongoing Phase 2a ‘BUENA’ clinical trial in patients with mild to moderate Alzheimer’s Disease under a previously amended protocol using higher doses of Montelukast VersaFilm.
"We continued to advance our portfolio of innovative film products and product candidates this quarter, and were pleased to have achieved a significant milestone in that 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.
Financial Results:
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 change is mainly attributable to a decrease in product revenues of $160,000, partially offset by increases in Research and Development ("R&D") revenues of $99,000 and royalties of $12,000.
Operating costs and expenses were $2.6 million for the first quarter of 2022, versus $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 expense, $155,000 in selling, general and administrative expenses, and $3,000 in depreciation of tangible assets, offset partially by a $151,000 decrease in manufacturing expenses.
For the first quarter of 2022, the Company had an operating loss of $2.3 million, compared to an operating loss of $1.9 million for the comparable period of 2021.
Net comprehensive loss for the three-month period ended March 31, 2022 was $3.0 million, or $0.02 per basic and diluted share, compared to net comprehensive loss of $2.3 million, or $0.02 per basic and diluted share, for the comparable period of 2021. The increase for the 2022 first quarter was primarily attributable to higher R&D expenses and a reduction in fair value of short-term investments.
As at March 31, 2022, the Company’s cash and short-term investments totalled $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 the United States) and (973) 528-0011 (International), access code 546214. The call will also be webcast live and archived on the Company’s website at www.intelgenx.com under "Webcasts" in the Investors section.