IntelGenx Technologies Corp. IGXT reported on Thursday, a 32% decline in total revenue for the first quarter of 2023 to $162,000 compared to $237,000 for the same period last year.
The company’s overall net loss was $2.9 million, slightly below the loss of $3.0 million in the first quarter of 2022.
Adjusted EBITDA loss increased to $2.4 million from $2.1 million in the prior year first quarter.
IntelGenx is a leading drug delivery company focused on developing and manufacturing pharmaceutical films.
“IntelGenx had a busy quarter with the FDA approval of RIZAFILM® for acute migraine and partnerships for global expansion,” said Andre Godin, President and CFO of IntelGenx. “Our goal is to offer convenient treatments migraine And Parkinson’s Illness.”
In addition, the company secured an exclusive supply agreement and extended warranties.
Financial Snapshot
- Total revenue for Q1 2023: $162,000, down 32% from Q1 2022.
- Operating costs and expenses for the first quarter of 2023: $2.8 million.
- Operating loss for Q1 2023: $2.6 million.
- Total Net Loss for Q1 2023: $2.9 million ($0.02 per share).
- Cash and short-term investments as of March 31, 2023: $3.8 million.
Continue reading: GH Research: Financials and operations for Q1 2023 for a European developer of 5-MeO-DMT depression treatments
Photo: Peggy and Marco Lachmann-Anke above Pixabay.
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