Andre Godin: No, they cannot.
Dwight Gorham: They cannot. And in general, exports to the U.S. are still problematic on cannabis.
Unidentified Analyst: Okay. I thought perhaps because it was a medical that might be a little lesser. So other than that, it’s high finance. It’s always my concern that you guys won’t get to the finish line. You’re getting so close. What other revenue borrowing, financing, do you have in line, if any?
Dwight Gorham: Andre, can you take that one?
Andre Godin: Yes. We’re looking at multiple options. There is another $750,000 coming in on November 28 upon shareholders approval. And based on what we know or see at this point, we will get that money. There’s also other revenue that might come in 2023 that we cannot really be specific on, but that are most likely to happen. But having said that, there is always options that we’re looking at to fund or, well, capitalize the company. But we are always been and always will be very concerned about dilution. So we’re trying to find ways so that the dilution is not too dramatic. But there’s – I wouldn’t be worried. I think that we have money and we’ll find the money like we always did to make sure that all our programs are launched as expected and that we’re getting new programs in and new programs approved in order to generate revenue.
Unidentified Analyst: All right, thanks. Congratulations. To me, it looked like the Tilray’s settlement was a good settlement. It took a long time and moving along and I’m a longtime shareholder and I’m waiting for the price to reflect all these great things going on. So thank you.
Andre Godin: Thank you.
Operator: Thank you. The next question is coming from Brent Geikie [ph]. Brent is a private investor. Brent, your line is live.
Unidentified Analyst: Yes. Good afternoon, guys. So the first CDMO contract that you’ll have – that’s just a term sheet signed right now or do you all have – is that a contract signed and ready to go or when do you expect that to be done revenue to come in on that?
Andre Godin: That is a binding term sheet that is signed. The definitive agreement, as I told Hugh, is expected to be in the first quarter of 2024. There’s some registration work to be done and it should be late 2024, early 2025 revenue.
Unidentified Analyst: Okay. And what about – I think on the last call you all had mentioned a second deal would be coming soon. Is that still the case and if so, when do you expect that?
Dwight Gorham: I don’t recall what was said in the last meeting. So I’m sorry. My age is getting to me, I guess. However, at this point, I don’t see another CDMO customer on the horizon. I see FDA approvals for RIZA and I see a lot of volume coming with RIZA and I see Buprenorphine going to come out of the FDA. And those are the major events I see in the next six to nine months.
Unidentified Analyst: Okay. And as far as atai, I believe the press release had indicated that their shares would be at $0.18. Is that going to be the case? Even if, when this gets approved, if we’re at $0.11 or $0.12 or $0.13, is it still going to be $0.18?
Andre Godin: Yes, it’s going to be $0.185 for – that’s the conversion price on their convertible note. And the warrant that is attached to it is US$0.26 and that won’t change.
Unidentified Analyst: Okay, thank you guys.
Andre Godin: Thank you.
Dwight Gorham: Operator?
Operator: Yes. Apologies, I lost my line for a moment. The next question is coming from Bobby Zanetti [ph], who’s a private investor.
Unidentified Analyst: Yes, hi. Good afternoon, gentlemen. First of all, I’d like to congratulate you on all the accomplishments for this quarter. It’s really nice to see that IntelGenx is moving forward at a very fast pace. So congrats on that. My first question is in regards to the atai Life Sciences announcing the filing of an early warning report on October 10. Could you shed some light on that with them owning 66% shares in the company?
Andre Godin: Dwight, you want me to answer this one?
Dwight Gorham: Yes, please do.
Andre Godin: Yes. This is the – it’s kind of unfortunate, but this number is wrong to start with. But atai owns 21% of the company, and that’s a fact. And they could potentially at some point own more than 50%. So anywhere between 50% and 60%. But to get there, they would have to invest about $30 million, $35 million. So the reality is they own 21%. And as long as they don’t invest any further money into IntelGenx, it will remain at 21%.
Unidentified Analyst: Okay. Okay. And the other question that I have is, in regards to the settlement with Tilray, a lot of investors were anticipating a payout for you guys. Was there a payout on the table or a partnership deal? Or was it only a partnership deal with amendment of the other part of the deal concerning exclusivity?
Tommy Kenny: Do you want me to take that, Dwight?
Dwight Gorham: Yes.
Tommy Kenny: Hi, it’s Tommy here. Unfortunately, settlement discussions are confidential and it’s not something that we can bring up. I can just tell you that the outcome is probably the best thing both company could have expected. We’re moving forward as partners and we’re hoping that the future will bring additional product. But at least right now there are three products and we’re hoping that this will be a continuing product. They have told us that their patients are expecting those products. So there is some expectation there.
Unidentified Analyst: Okay. And just to clarify, Andre, you had mentioned that their atai’s with rapid dose, there is no manufacturing by rapid dose for Tilray as far as the film goes.
Andre Godin: Yes.
Tommy Kenny: As far as we’re informed, that’s the case. But again, the agreement is non-exclusive. We believe they will get the film from us, but it’s the same thing with us. If we want to sell to someone else, we’re authorized right now.
Unidentified Analyst: Okay. And are there any other companies like from the big players that have approached you in regards to the CBD or THC products?
Tommy Kenny: At this point, we haven’t shopped anything around because we were in litigation. The game has significantly changed. Now that this is open to us to market if we see an opportunity. So at this point, we were not entertaining any discussion with the current partner in Canada.
Dwight Gorham: Yes. This agreement was just signed. And we’ve activated our sales department and marketing department to take a look at other potential targets for these products.
