IntelGenx Reports Fourth Quarter and Full-Year 2021 Financial Results
IntelGenx Technologies Corp. (TSX:IGX)(OTCQB:IGXT) reported its financial results for 2021, highlighting significant corporate milestones, including graduation to the TSX and partnerships in the psychedelic space. Q4 revenue totaled $494,000, a decrease of 37% from Q4 2020, leading to a net comprehensive loss of $2.9 million. For the full year, revenue remained unchanged at $1.5 million, with a net comprehensive loss of $9.8 million. Recent developments include a $3 million term loan from atai and resumption of its Phase 2a clinical trial. The annual report will be filed today.
- IntelGenx transitioned to a commercial-stage company with its first shipment of CBD Filmstrips.
- Partnerships established with atai for psychedelic development and other pharmaceutical collaborations.
- Graduation to the Toronto Stock Exchange, enhancing visibility.
- Q4 revenue decreased by 37% to $494,000, primarily due to a decline in licensing agreement revenues.
- Net comprehensive loss increased to $2.9 million in Q4 from $1.3 million in Q4 2020.
- Full year net comprehensive loss rose to $9.8 million from $7.1 million in 2020.
SAINT LAURENT, Quebec, March 24, 2022 (GLOBE NEWSWIRE) -- IntelGenx Technologies Corp. (TSX:IGX)(OTCQB:IGXT) (the "Company" or "IntelGenx") today reported financial results for the three- and twelve-month periods ended December 31, 2021. 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.
"2021 was a transformational year for IntelGenx, during which we achieved multiple corporate milestones, entered into important strategic partnerships and made significant progress across our various development programs,” commented Dr. Horst G. Zerbe, CEO of IntelGenx. “We transitioned from a development-stage to a commercial-stage leader in pharmaceutical films with our first shipment of CBD Filmstrips to Heritage Cannabis; and graduated to the TSX, Canada’s most senior exchange. We entered into a strategic partnership and signed a second feasibility agreement with atai, solidifying our position in the burgeoning psychedelics space; established a commercial partnership for Tadalafil oral films in the U.S.; and partnered with an animal healthcare company to evaluate our VetaFilmTM platform. Further, our commercialization partner, Exeltis Healthcare S.L., launched our migraine treatment, RIZAPORT® in Spain. On the heels of all of that, we were pleased to start 2022 with the resumption of our Phase 2a ‘BUENA’ clinical trial. I am thrilled with our team’s progress, which positions us for continued success this year and beyond.”
2021 Fourth Quarter Financial Highlights:
- Revenue was
$494,000 , compared to$790,000 in the 2020 fourth quarter. - Net comprehensive loss was
$2.9 million , compared to$1.3 million in the 2020 fourth quarter. - Adjusted EBITDA loss was
$2.3 million , compared to$0.8 million in Q4-2020.
2021 Full-Year Financial Highlights:
- Revenue was
$1.5 million , essentially unchanged from 2020. - Net comprehensive loss was
$9.8 million , compared to$7.1 million in 2020. - Adjusted EBITDA loss was
$7.1 million , compared to$5.3 million in 2020.
Recent Developments:
- 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®.
- Initiated an arbitration proceeding against Tilray, Inc. related to an alleged breach of the parties’ 2018 license, development and supply agreement, as amended, for the co-development and commercialization of cannabis-infused VersaFilm® products.
- Graduated to the Toronto Stock Exchange.
Financial Results:
Total revenues for the three-month period ended December 31, 2021 amounted to
Total revenues for the twelve-month period ended December 31, 2021 amounted to
As at December 31, 2021, the Company's cash and short-term investments totalled
Annual Filings:
The Company's annual report on Form 10-K and financial statements for the year ended December 31, 2021, as well as the 2022 Proxy Statement, will be filed with the United States Securities and Exchange Commission and the Canadian Securities regulatory authorities today, March 24, 2022.
Conference Call Details:
IntelGenx will host a conference call to discuss these 2021 fourth quarter and full year financial results today at 4:30 p.m. ET. The dial-in number for the conference call is (888) 506-0058 (Canada and the United States) or (973) 528-0135 (International); access code 503612. The call will be also be webcast live and archived on the Company's website at www.intelgenx.com under "Webcasts" in the Investors section.
About IntelGenx
IntelGenx is a leading drug delivery company focused on the development and manufacturing of pharmaceutical films.
IntelGenx’s superior film technologies, including VersaFilm®, DisinteQ™, VetaFilm™ and transdermal VevaDerm™, allow for next generation pharmaceutical products that address unmet medical needs. IntelGenx’s innovative product pipeline offers significant benefits to patients and physicians for many therapeutic conditions.
IntelGenx's highly skilled team provides comprehensive pharmaceuticals services to pharmaceutical partners, including R&D, analytical method development, clinical monitoring, IP and regulatory services. IntelGenx's state-of-the-art manufacturing facility offers full service by providing lab-scale to pilot- and commercial-scale production. For more information, visit www.intelgenx.com.
Forward Looking Statements:
This document may contain forward-looking information about IntelGenx's operating results and business prospects that involve substantial risks and uncertainties. Statements that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. These statements include, but are not limited to, statements about IntelGenx's plans, objectives, expectations, strategies, intentions or other characterizations of future events or circumstances and are generally identified by the words "may," "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "could," "would," and similar expressions. All forward looking statements are expressly qualified in their entirety by this cautionary statement. Because these forward-looking statements are subject to a number of risks and uncertainties, IntelGenx's actual results could differ materially from those expressed or implied by these forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, those discussed under the heading "Risk Factors" in IntelGenx's annual report on Form 10-K, filed with the United States Securities and Exchange Commission and available at www.sec.gov, and also filed with Canadian securities regulatory authorities at www.sedar.com. IntelGenx assumes no obligation to update any such forward-looking statements.
Source: IntelGenx Technologies Corp.
For IntelGenx:
Stephen Kilmer
Investor Relations
(647) 872-4849
stephen@kilmerlucas.com
Or
Andre Godin, CPA, CA
President and CFO
IntelGenx Corp.
(514) 331-7440 ext 203
andre@intelgenx.com
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