News

ChitogenX Inc. (CHNXF) – FQ3 2023 Reported; Advancing The Opportunities

Health
0 min read


Friday, December 30, 2022

Gregory Aurand, Senior Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

FQ3 2023 reported for the period ending October 31, 2022.  As expected, no revenues were reported by the Company yesterday.  Overall, expenses were higher than expectations, with lower than expected G&A and R&D expenses reported. Fair value adjustments in embedded derivatives, higher share based compensation and financing costs accounted for the difference in reported loss per share of $0.04 vs. our expected $0.03 loss per share. Our full fiscal year 2023 loss per share moves to $0.11 from prior $0.10.

ORTHO-R Phase I trial for rotator cuff completed. The initial portion was completed in early November.  There were no safety issues reported, opening up Phase II enrollment at all 10 clinical sites.  Phase II enrollment is now expected to be completed by end of calendar second quarter 2023, although this is a slight slippage from our earlier expectations.  Patient assessment and scoring will occur after 12-month follow-up.


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