Thursday, June 01, 2023
Gregory Aurand, Senior Vice President, Equity Research Analyst, Healthcare Services & Medical Devices, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Reported Full Year Fiscal 2023. Yesterday, ChitogenX reported a loss per share of $0.13 (currencies in Canadian $), versus our expected $0.12 loss per share. The difference was primarily due to a $768,000 charge on converting the $3 million non-convertible debt into a convertible debenture, taken during the fourth quarter. Operationally, fourth quarter expenses were lower at $1.09 million versus our estimate of $1.29 million, with lower than estimated R&D costs the biggest factor.
Subsequent News. At fiscal yearend, the Company reported $108,000 in cash and equivalents. Subsequent to the yearend, ChitogenX raised about $5.3 million giving the Company some runway to develop both orthopedic and non-orthopedic applications. As a reminder, ChitogenX also secured a $3.47 million 4-year grant in February 2023 for regenerative medicine development and to accelerate the commercial readiness of the ORTHO-R platform.
Get the Full Report
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.