IntelGenx Reports Fourth Quarter and Full-Year 2021 Financial Results
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.
- 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.
Total revenues for the three-month period ended December 31, 2021 amounted to $494,000, a decrease of $296,000, or 37%, compared to $790,000 for the three-month period ended December 31, 2020. The change is mainly attributable to a $425,000 decrease in revenues from licensing agreements, partially offset by increases in and R&D revenues of $94,000 and product revenues of $35,000. Operating costs and expenses were $3.0 million for the fourth quarter of 2021, versus $1.8 million for the corresponding three-month period of 2020. For Q4-2021, the Company had an operating loss of $2.5 million, compared to operating loss of $1.0 million for the comparable period of 2020. Net comprehensive loss was $2.9 million, or $0.02 per basic and diluted share, for the fourth quarter of 2021, compared to net comprehensive loss of $1.3 million, or $0.01 per basic and diluted share, for the comparable period of 2020.
Total revenues for the twelve-month period ended December 31, 2021 amounted to $1.5 million, essentially unchanged from the year ended December 31, 2020. Operating costs and expenses were $9.5 million for the full year 2021, versus $7.8 million for the corresponding twelve-month period of 2020. For the twelve-month period of 2021, the Company had an operating loss of $8.0 million, compared to an operating loss of $6.3 million for the comparable period of 2020. Net comprehensive loss was $9.9 million, or $0.07 per basic and diluted share, for the twelve-month period of 2021, compared to net comprehensive loss of $7.1 million, or $0.07 per basic and diluted share, for the comparable period of 2020.
As at December 31, 2021, the Company’s cash and short-term investments totalled $9.9 million, which did not include the $3.0 million secured loan granted to IntelGenx Corp. by atai in February 2022.
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.
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.
Andre Godin, CPA, CA
President and CFO
(514) 331-7440 ext 203