IntelGenx Technologies (IGXT) 10-Q 13 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	8-May-14
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Trading Symbol	'igxt	'
Entity Registrant Name	'IntelGenx Technologies Corp.	'
Entity Central Index Key	'0001098880	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Smaller Reporting Company	'
Entity Common Stock, Shares Outstanding	'	63,215,656
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
Current	'	'
Cash and cash equivalents	$5,166	$5,005
Accounts receivable	26	144
Prepaid expenses	92	133
Investment tax credits receivable	285	268
Total Current Assets	5,569	5,550
Leasehold Improvements and Equipment, net	664	588
Intangible Assets	70	79
Total Assets	6,303	6,217
Current	'	'
Accounts payable and accrued liabilities	283	593
Deferred license revenue	358	308
Total Current Liabilities	641	901
Deferred License Revenue, non-current portion	231	308
Total Liabilities	872	1,209
Shareholders' Equity	'	'
Capital Stock	1	1
Additional Paid-in-Capital	22,030	20,934
Accumulated Deficit	-16,544	-16,102
Accumulated Other Comprehensive Income	-56	175
Total Shareholders' Equity	5,431	5,008
Total Liabilities and Stockholders' Equity	$6,303	$6,217

Consolidated_Statement_of_Shar

Consolidated Statement of Shareholders' Equity (USD $)	Capital Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Accumulated Other Comprehensive Income [Member]	Total
Beginning Balance at Dec. 31, 2013	$1	$20,934	($16,102)	$175	$5,008
Beginning Balance (Shares) at Dec. 31, 2013	60,984,267	'	'	'	'
Foreign currency translation adjustment	'	'	'	-231	-231
Warrants exercised	'	1,064	'	'	1,064
Warrants exercised (Shares)	1,666,388	'	'	'	'
Stock-based compensation	'	32	'	'	32
Net loss for the period	'	'	-442	'	-442
Ending Balance at Mar. 31, 2014	$1	$22,030	($16,544)	($56)	$5,431
Ending Balance (Shares) at Mar. 31, 2014	62,650,655	'	'	'	'

Consolidated_Statements_of_Com

Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Revenues	'	'
Royalties	$97	$80
License and other revenue	125	77
Total Revenues	222	157
Expenses	'	'
Research and development expense	188	167
Selling, general and administrative expense	460	456
Depreciation of tangible assets	7	10
Amortization of intangible assets	9	10
Total Costs and Expenses	664	643
Net Loss	-442	-486
Other Comprehensive Loss	'	'
Foreign currency translation adjustment	-231	-36
Comprehensive Loss	($673)	($522)
Basic and Diluted Weighted Average Number of Shares Outstanding	62,064,139	50,236,255
Basic and Diluted Loss Per Common Share	($0.01)	($0.01)

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Funds Provided (Used) - Operating Activities	'	'
Net loss	($442)	($486)
Amortization and depreciation	16	20
Stock-based compensation	32	18
Total adjustments	-394	-448
Changes in assets and liabilities:	'	'
Accounts receivable	118	1,112
Prepaid expenses	41	13
Investment tax credits receivable	-17	-30
Accounts payable and accrued liabilities	-309	-560
Deferred revenue	-27	-77
Net change in assets and liabilities	-194	458
Net cash (used) / provided by operating activities	-588	10
Financing Activities	'	'
Proceeds from exercise of warrants	1,064	195
Net cash provided by financing activities	1,064	195
Investing Activities	'	'
Additions to property and equipment	-105	-69
Net cash used in investing activities	-105	-69
Increase in Cash and Cash Equivalents	371	136
Effect of Foreign Exchange on Cash and Cash Equivalents	-210	-27
Beginning of Period	5,005	2,059
End of Period	$5,166	$2,168

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Basis of Presentation [Text Block]	'
	1	Basis of Presentation
		The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete consolidated financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included. All such adjustments are of a normal and recurring nature.
		These financial statements should be read in conjunction with the audited consolidated financial statements at December 31, 2013. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The Company prepares its financial statements in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). This basis of accounting involves the application of accrual accounting and consequently, revenues and gains are recognized when earned, and expenses and losses are recognized when incurred.
		The consolidated financial statements include the accounts of the Company and its subsidiary companies. On consolidation, all inter-entity transactions and balances have been eliminated.
		The financial statements are expressed in U.S. funds.
		Management has performed an evaluation of the Company’s activities through the date and time these financial statements were issued and concluded that there are no additional significant events requiring recognition or disclosure.

Adoption_of_New_Accounting_Sta

Adoption of New Accounting Standards	3 Months Ended
	Mar. 31, 2014
Adoption of New Accounting Standards [Text Block]	'
	2	Adoption of New Accounting Standards
		The FASB issued Update No. 2013-04, “Liabilities (Topic 405)—Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation Is Fixed at the Reporting Date”. The amendments in this Update provide guidance for the recognition, measurement, and disclosure of obligations resulting from joint and several liability arrangements for which the total amount of the obligation within the scope of this Update is fixed at the reporting date, except for obligations addressed within existing guidance in U.S. GAAP. The guidance requires an entity to measure those obligations as the sum of the amount the reporting entity agreed to pay on the basis of its arrangement among its co-obligors and any additional amount the reporting entity expects to pay on behalf of its co-obligors. The guidance in this Update also requires an entity to disclose the nature and amount of the obligation as well as other information about those obligations. For public entities, the amendments in this ASU were applicable for fiscal years, and interim periods within those years, beginning after December 15, 2013. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.
		The FASB issued Update No. 2013-05, “Foreign Currency Matters (Topic 830)—Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity”. The amendments in this Update resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters— Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. In addition, the amendments in this Update resolve the diversity in practice for the treatment of business combinations achieved in stages (sometimes also referred to as step acquisitions) involving a foreign entity. For public entities, the amendments in this ASU were effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2013. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.
		The FASB issued Update No. 2013-07, “Presentation of Financial Statements – Liquidation Basis of Accounting”. The objective of this Update is to clarify when an entity should apply the liquidation basis of accounting and to provide principles for the measurement of assets and liabilities under the liquidation basis of accounting, as well as any required disclosures. These amendments were effective for entities that determine liquidation is imminent during annual reporting periods beginning after December 15, 2013, and interim reporting periods therein. Entitles should apply the requirements prospectively from the day that liquidation becomes imminent. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.
		The FASB issued Update No. 2013-11, “Income Taxes (Topic 740)—Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. The amendments in this ASU provide guidance on the financial statement presentation of an unrecognized tax benefit when a net operating loss carryforward, similar tax loss, or tax credit carryforward exists. The amendments were effective for fiscal years, and interim periods within those years, beginning after December 15, 2013 and should be applied prospectively to all unrecognized tax benefits that exist at the effective date. The adoption of this Statement did not have a material effect on the Company’s financial position or results of operations.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Significant Accounting Policies [Text Block]	'
	3	Significant Accounting Policies
		Recently Issued Accounting Pronouncements
		None of the new pronouncements issued by the FASB but not yet effective as of March 31, 2014 are applicable to the Company.

Intangible_Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2014
Intangible Assets [Text Block]	'
	4	Intangible Assets
		As of March 31, 2014 NDA acquisition costs of $70 thousand (December 31, 2013 - $79 thousand) were recorded as intangible assets on the Company’s balance sheet and represent the net book value of the final progress payment related to the acquisition of 100% ownership of Forfivo XL®. The asset is being amortized over its estimated useful life of 39 months. The Company commenced amortization upon commercial launch of the product in October 2012.

Deferred_License_Revenue

Deferred License Revenue	3 Months Ended
	Mar. 31, 2014
Deferred License Revenue [Text Block]	'
	5	Deferred License Revenue
		Deferred license revenue represents upfront payments received for the granting of licenses to the Company’s patents, intellectual property, and proprietary technology, for commercialization. Deferred license revenue is recognized in income over the period where sales of the licensed products will occur.
		Upon entering into the licensing agreement with Edgemont Pharmaceuticals the Company received an upfront fee of $1 million, which the Company recognized as deferred license revenue. The deferred license revenue is being amortized in income over a period of 39 months, which is the minimum period where sales of Forfivo XL® are expected to be exclusive.
		In January, 2014 IntelGenx entered into a development and commercialization agreement with Par Pharmaceutical, Inc. for two products. The Company received $100 thousand upon execution of the agreement, of which $50 thousand has been recognized as deferred revenue until certain development milestones have been achieved.
		As a result of this policy, the Company has a deferred revenue balance of $589 thousand at March 31, 2014 (December 31, 2013 - $616 thousand) that has not been recognized as revenue.

Capital_Stock

Capital Stock	3 Months Ended
	Mar. 31, 2014
Capital Stock [Text Block]	'
	6	Capital Stock
			March 31,	December 31,
			2014	2013
		Authorized -
		100,000,000 common shares of $0.00001 par value
		20,000,000 preferred shares of $0.00001 par value
		Issued -
		62,650,655 (December 31, 2013 - 60,984,267) common shares	$627	$610

Additional_PaidIn_Capital

Additional Paid-In Capital	3 Months Ended
	Mar. 31, 2014
Additional Paid-In Capital [Text Block]	'
	7	Additional Paid-In Capital
		Stock options
		No stock options were exercised during the three month period ended March 31, 2014. During the three month period ended March 31, 2013 a total of 50,000 stock options were exercised for 50,000 common shares having a par value of $0 thousand in aggregate, for cash consideration of $23 thousand, resulting in an increase in additional paid-in capital of $23 thousand.
		Compensation expenses for stock-based compensation of $32 thousand and $18 thousand were recorded during the three-month periods ended March 31, 2014 and 2013 respectively. The entire amount expensed in 2014 relates to stock options granted to employees and directors. Of the amount expensed in 2013, $13 thousand relates to stock options granted to employees and directors and $5 thousand relates to options granted to independent third party consultants. As at March 31, 2014 the Company has $194 thousand (2013 - $50 thousand) of unrecognized stock-based compensation.
		Warrants
		During the three month period ended March 31, 2014 a total of 1,666,388 (2013 - 362,500) warrants were exercised for 1,666,388 (2013 - 362,500) common shares having a par value of $0 thousand in aggregate, for cash consideration of $1,064 thousand (2013 - $172 thousand), resulting in an increase in additional paid-in capital of $1,064 thousand (2013 - $171 thousand).

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2014
Related Party Transactions [Text Block]	'
	8	Related Party Transactions
		Included in management salaries are $15 thousand (2013 - $3 thousand) for options granted to the Chief Executive Officer and $11 thousand (2013 - $2 thousand) for options granted to the Chief Financial Officer under the 2006 Stock Option Plan and $3 thousand (2013 - $4 thousand) for options granted to non-employee directors. In addition, included in management salaries during the first three months of 2013 are $1 thousand for options granted to a director, who is also an employee of the Company.
		Also included in management salaries are director fees of $22 thousand (2013 - $22 thousand) for attendance to board meetings and audit committee meetings. In addition, during the first three months of 2013 the Company paid $54 thousand in fees to a director under a management consultancy agreement.
		The above related party transactions have been measured at the exchange amount which is the amount of the consideration established and agreed to by the related parties.

Basic_and_Diluted_Loss_Per_Com

Basic and Diluted Loss Per Common Share	3 Months Ended
	Mar. 31, 2014
Basic and Diluted Loss Per Common Share [Text Block]	'
	9	Basic and Diluted Loss Per Common Share
		Basic and diluted loss per common share is calculated based on the weighted average number of shares outstanding during the period. The warrants, share-based compensation and convertible notes have been excluded from the calculation of diluted loss per share since they are anti-dilutive.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Text Block]	'
	10	Subsequent Events
		Subsequent to the end of the quarter 565,000 warrants were exercised for 565,000 common shares having a par value of $0 thousand for cash consideration of approximately $370 thousand, resulting in an increase in additional paid-in capital of approximately $370 thousand.

Summary_of_Significant_Account

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Recently Issued Accounting Pronouncements [Policy Text Block]	'
		Recently Issued Accounting Pronouncements
		None of the new pronouncements issued by the FASB but not yet effective as of March 31, 2014 are applicable to the Company.

Capital_Stock_Tables

Capital Stock (Tables)	3 Months Ended
	Mar. 31, 2014
Schedule of Stock by Class [Table Text Block]	'
			March 31,	December 31,
			2014	2013
		Authorized -
		100,000,000 common shares of $0.00001 par value
		20,000,000 preferred shares of $0.00001 par value
		Issued -
		62,650,655 (December 31, 2013 - 60,984,267) common shares	$627	$610

Intangible_Assets_Narrative_De

Intangible Assets (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	M
Intangible Assets 1	$70
Intangible Assets 2	$79
Intangible Assets 3	100.00%
Intangible Assets 4	39

Deferred_License_Revenue_Narra

Deferred License Revenue (Narrative) (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
	M
Deferred License Revenue 1	$1,000,000
Deferred License Revenue 2	39
Deferred License Revenue 3	100,000
Deferred License Revenue 4	50,000
Deferred License Revenue 5	589,000
Deferred License Revenue 6	$616,000

Additional_PaidIn_Capital_Narr

Additional Paid-In Capital (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Additional Paid-in Capital 1	50,000
Additional Paid-in Capital 2	50,000
Additional Paid-in Capital 3	$0
Additional Paid-in Capital 4	23
Additional Paid-in Capital 5	23
Additional Paid-in Capital 6	32
Additional Paid-in Capital 7	18
Additional Paid-in Capital 8	13
Additional Paid-in Capital 9	5
Additional Paid-in Capital 10	194
Additional Paid-in Capital 11	50
Additional Paid-in Capital 12	1,666,388
Additional Paid-in Capital 13	362,500
Additional Paid-in Capital 14	1,666,388
Additional Paid-in Capital 15	362,500
Additional Paid-in Capital 16	0
Additional Paid-in Capital 17	1,064
Additional Paid-in Capital 18	172
Additional Paid-in Capital 19	1,064
Additional Paid-in Capital 20	$171

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Related Party Transactions 1	$15
Related Party Transactions 2	3
Related Party Transactions 3	11
Related Party Transactions 4	2
Related Party Transactions 5	3
Related Party Transactions 6	4
Related Party Transactions 7	1
Related Party Transactions 8	22
Related Party Transactions 9	22
Related Party Transactions 10	$54

Subsequent_Events_Narrative_De

Subsequent Events (Narrative) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014
Subsequent Events 1	565,000
Subsequent Events 2	565,000
Subsequent Events 3	$0
Subsequent Events 4	370
Subsequent Events 5	$370

Schedule_of_Stock_by_Class_Det

Schedule of Stock by Class (Details) (USD $)	3 Months Ended
	Mar. 31, 2014
Capital Stock Schedule Of Stock By Class 1	100,000,000
Capital Stock Schedule Of Stock By Class 2	$0.00
Capital Stock Schedule Of Stock By Class 3	20,000,000
Capital Stock Schedule Of Stock By Class 4	0.00001
Capital Stock Schedule Of Stock By Class 5	62,650,655
Capital Stock Schedule Of Stock By Class 6	60,984,267
Capital Stock Schedule Of Stock By Class 7	627
Capital Stock Schedule Of Stock By Class 8	$610