The following is a summary of the IntelGenx Technologies Corp. (IGXT) Q4 2023 Earnings Call Transcript:
Financial Performance:
IntelGenx reported Q4 total revenue of $426,000, a 146% increase compared to Q4 of 2022.
Operating costs and expenses were $2.4 million for Q4 2023, down from $2.7 million for the same period in 2022.
Operating loss was $2 million for Q4 2023, down from $2.5 million in the Q4 2022.
The net comprehensive loss for the full year 2023 was $10.1 million or $0.06 per share for 2023, compared to $11.5 million or $0.07 per share for 2022.
As of December 31, 2023, the company's cash and short-term investments totaled $2.3 million.
Revenue projection between $200,000 and $300,000 from initial order of 400,000 films from Tilray is anticipated.
Despite no specific guidance, several million dollars in revenue is expected from RIZAFILM.
The company is currently raising between $10 to $20 million, with the first round planned to close upon reaching $2 or $3 million.
Business Progress:
IntelGenx commenced production of RIZAFILM in December 2023 and expects to ship the product to Gensco in Q2 2024 for immediate market launch.
A new commercial partner for RIZAPORT is being sought to maximize its success in the European market.
Completion of updated formulation work for CBD20, THC10, and a combined CBD-THC is expected between May and June.
Business deals were secured, evident in the development and licensing agreements with a subsidiary of Covenant Animal Health.
RIZAFILM in the USA and a new partner for RIZAPORT in Europe are planned to be launched in 2024.
Dosing has started in the Montelukast VersaFilm IIa clinical trial. Initial results for a Phase II clinical trial in patients with Parkinson's disease is expected by the current quarter's end.
A Reg A offering of up to 2 million shares of non-traded Series A convertible cumulative preferred stock at $10 per share is planned for launch.
The company's main short-term focus points are the launches of RIZAFILM and buprenorphine.
Business strategies include pursuing contracts for its CDMO, which will oversee initial development work for specific molecules while retaining manufacturing rights.
Looking ahead, IntelGenx anticipates a facility expansion within '25 or '26, with funding options including bank loans, government support, or partnering support being considered.
More details: Intelgenx Technologies Corp. IR
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