IntelGenx Technologies Corp.

For Q4 2023, total revenue was $426,000, up 146% from $173,000 in the same quarter last year. Operating costs and expenses were $2.4 million versus $2.7 million a year ago, operating loss was $2 million versus $2.5 million, adjusted EBITDA was negative $1.7 million versus negative $2.3 million, and net comprehensive loss was $1.7 million, or $0.01 per basic and diluted share, compared with $2.3 million, or $0.01 per share. For full-year 2023, revenue was $1.039 million versus $950,000 in 2022, operating costs were $10.5 million versus $10.4 million, operating loss was $9.5 million versus $9.4 million, and net comprehensive loss was $10.1 million, or $0.06 per share, versus $11.5 million, or $0.07 per share. Cash and short-term investments were $2.3 million at December 31, 2023. Management did not provide formal revenue guidance, but said the initial Tilray order of 400,000 films should generate roughly $200,000 to $300,000, and said RIZAFILM could produce several million dollars of revenue; the company also launched a Reg A offering of up to 2 million preferred shares at $10 per share, for up to $20 million, with a goal of raising $10 million to $20 million and potentially doing an initial closing at $2 million to $3 million.

Dwight Gorham framed the quarter around execution on previously stated shareholder priorities: launch RIZAFILM in the U.S., replace the stalled Exeltis partnership in Europe, advance Montelukast and DMT trials, and build out the CDMO and animal health businesses. His tone was constructive but cautious, especially around pending clinical data and partner-dependent timelines. He emphasized that the company is trying to create both near-term commercial revenue and a longer-term development/manufacturing base.

André Godin highlighted better quarterly profitability trends, with Q4 revenue up to $426,000 and the net comprehensive loss narrowing to $1.7 million from $2.3 million. For the full year, he noted revenue of $1.039 million and a net comprehensive loss improvement to $10.1 million from $11.5 million, while cash and short-term investments stood at $2.3 million. He also explained the Reg A preferred offering as a way to raise capital with less dilution, saying the company may do an initial closing at $2 million to $3 million and target completion by August or September; he added that facility expansion may be needed in 2025 or 2026 if manufacturing volumes ramp, but not necessarily through equity.

Analysts focused on RIZAFILM launch timing, international expansion, the Tilray and Belbuca programs, Montelukast data timing, and whether the company would need more capital. Management said pharmacy rollout for RIZAFILM could be in May, the Spanish Exeltis situation has no legal barrier to a new partner, and the Belbuca partner is still in discussion with the FDA with feedback expected in the next 3 to 5 weeks. On Montelukast, management said data should be available by the end of May and would guide next steps with health authorities and potentially partnerships; for Tilray, the products are for Canada and there may be repeat orders, but no added product discussions yet.