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IntelGenx Reports Third Quarter 2022 Financial Results, Management Plans Psychedelics Trials in 2023 – Intelgenx Technologies (OTC:IGXT)

Intel Genx Technologies Corp. IGX IGXT announced Thursday evening its financial results for the third quarter ended September 30, 2022.

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

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

Third Quarter 2022 Financial Highlights

  • Revenue was $142,000, compared to $593,000 in the third quarter of 2021.
  • 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 third quarter of 2021.

Financial results

Total revenue 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. primarily due to lower sales milestone revenue of $320,000 and R&D revenue of $141,000, partially offset by increases in product revenue of $9,000 and product sales royalties of $1,000 $,” according to the statement.

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

Comprehensive net loss for the three-month period ended September 30, 2022 was $3.0 million, or $0.02 per basic and diluted share, compared to comprehensive net 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 shares were trading down 2.27% at C$0.22 per share at market close Thursday.

Sharon McCutcheon on Unsplash.