IGC Pharma Reports First Quarter Fiscal 2025 Results
Q1 FY2025 Company’s Highlights
- On April 9, 2024, the Company welcomed Pablo Arbelaez, Ph.D., a renowned AI expert and researcher, to support the development of the Phase 2 clinical trial of IGC-AD1, the lead therapeutic candidate addressing agitation in Alzheimer’s disease.
- On April 16, 2024, the Company announced that interim data from its Phase 2 clinical trial demonstrates a clinically significant reduction, approaching statistical significance, in agitation in Alzheimer’s at week two compared to placebo.
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On May 28, 2024, the Company announced patient enrollment at Neurostudies, Inc. in
Port Charlotte, Florida , for its ongoing Phase 2 clinical trial investigating IGC-AD1, the lead investigational drug, as a potential treatment for agitation in Alzheimer’s disease. - On June 25, 2024, the Company shared positive pre-clinical results for TGR-63, showing its potential in combating Alzheimer’s disease in an Alzheimer’s mouse model.
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The Company and O-Bank, Co. Ltd. extended the Master Loan and Security Agreement for
, by one year. The Extension is effective July 8, 2024. The Company paid a facility fee of$12 Million for the facility as set out in Form 8-K filed on July 29, 2024.$84,000
Ram Mukunda, CEO of IGC Pharma, commented, “The first quarter of fiscal 2025 was marked by significant milestones in our Alzheimer’s research portfolio, underscoring our strategic focus on our innovations. The progress in our Phase 2 clinical trial for IGC-AD1, highlighted by interim data demonstrating a clinically significant reduction in agitation, validates the immense potential of our lead investigational drug. Additionally, the positive pre-clinical outcomes for TGR-63 underscore its promise as a transformative therapy for Alzheimer’s, advancing us closer to delivering a novel solution for this critical unmet need. We are strategically positioned to continue expanding our clinical trial footprint and patient enrollment throughout fiscal 2025 as we continue to drive toward commercialization while maximizing operational efficiency and leveraging our unique vertically integrated model.”
Financial Summary
During the three months ended June 30, 3024, the Company generated approximately
The Company reported Selling, General, and Administrative (“SG&A”) expenses during the three months ended June 30, 2024, of approximately
During the three months ended June 30, 2024, the Company reported Research and Development (“R&D”) expenses of approximately
The net loss for the three months ended June 30, 2024, was approximately
As of June 30, 2024, the Company has not used any of the
About IGC Pharma (dba IGC):
IGC Pharma is an AI-powered, clinical-stage biotechnology company focused on developing innovative treatments for Alzheimer's disease with the mission to transform patient care with fast-acting, safe, and effective solutions. Our portfolio includes the TGR family, including TGR-63, which targets amyloid plaques, a hallmark of Alzheimer's. The IGC-C and IGC-M platforms are advancing in preclinical stages, focusing on tau proteins, early plaque formation, and multiple disease hallmarks. Our lead therapeutic candidate, IGC-AD1, is a cannabinoid-based treatment currently in a Phase 2 trial for agitation in dementia associated with Alzheimer’s (clinicaltrials.gov, NCT05543681). Interim data for IGC-AD1 demonstrated that it has the potential to transform patient care by offering faster-acting and more effective relief compared to traditional medications. Additionally, our AI models are designed to predict potential biomarkers for the early detection of Alzheimer's, optimize clinical trials, and predict affinity to other neurological disorders, GLP-1, GIP, CB1 receptors, among others. With 28 patent filings and a commitment to innovation, IGC Pharma is dedicated to advancing pharmaceutical treatments and improving the lives of those affected by Alzheimer’s and related conditions.
Forward-looking Statements
This press release contains forward-looking statements. These forward-looking statements are based largely on IGC Pharma’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC Pharma’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company’s failure or inability to commercialize one or more of the Company’s products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required, or government regulations affecting AI or the AI algorithms not working as intended or producing accurate predictions; general economic conditions that are less favorable than expected; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC Pharma’s
IGC Pharma, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) |
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June 30, 2024 ($) |
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March 31, 2024
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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1,824 |
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1,198 |
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Accounts receivable, net |
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28 |
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39 |
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Inventory |
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1,510 |
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1,540 |
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Asset held for sale |
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720 |
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720 |
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Deposits and advances |
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325 |
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208 |
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Total current assets |
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4,407 |
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3,705 |
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Non-current assets: |
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Intangible assets, net |
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1,720 |
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1,616 |
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Property, plant, and equipment, net |
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3,586 |
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3,695 |
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Claims and advances |
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688 |
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688 |
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Operating lease asset |
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193 |
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198 |
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Total non-current assets |
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6,187 |
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6,197 |
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Total assets |
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10,594 |
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9,902 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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771 |
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773 |
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Accrued liabilities and others |
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1,718 |
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1,567 |
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Total current liabilities |
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2,489 |
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2,340 |
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Non-current liabilities: |
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Long-term loans |
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136 |
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137 |
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Other liabilities |
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20 |
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20 |
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Operating lease liability |
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69 |
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84 |
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Total non-current liabilities |
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225 |
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241 |
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Total liabilities |
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2,714 |
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2,581 |
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Commitments and Contingencies – See Note 12 |
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Stockholders’ equity: |
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Preferred stock, |
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Common stock and additional paid-in capital, |
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127,349 |
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124,409 |
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Accumulated other comprehensive loss |
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(3,426 |
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(3,423 |
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Accumulated deficit |
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(116,043 |
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(113,665 |
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Total stockholders’ equity |
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7,880 |
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7,321 |
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Total liabilities and stockholders’ equity |
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10,594 |
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9,902 |
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These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended June 30, 2024, filed with the SEC on August 07, 2024.
IGC Pharma, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except loss per share and share data) (Unaudited) |
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Three months ended June 30, |
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2024 ($) |
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2023 ($) |
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Revenue |
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272 |
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555 |
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Cost of revenue |
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(109 |
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(300 |
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Gross profit |
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163 |
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255 |
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Selling, general and administrative expenses |
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(1,670 |
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(1,647 |
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Research and development expenses |
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(889 |
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(747 |
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Operating loss |
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(2,396 |
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(2,139 |
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Other income, net |
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18 |
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64 |
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Loss before income taxes |
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(2,378 |
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(2,075 |
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Income tax expense/benefit |
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- |
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- |
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Net loss attributable to common stockholders |
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(2,378 |
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(2,075 |
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Foreign currency translation adjustments |
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(3 |
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9 |
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Comprehensive loss |
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(2,381 |
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(2,066 |
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Loss per share attributable to common stockholders: |
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Basic and diluted |
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$ |
(0.03 |
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$ |
(0.04 |
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Weighted-average number of shares used in computing loss per share amounts: |
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72,813,538 |
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53,077,436 |
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These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended June 30, 2024, and was filed with the SEC on August 07, 2024.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240808215193/en/
Rosalyn Christian
IMS Investor Relations
(203) 972-9200
igc@imsinvestorrelations.com
Source: IGC Pharma, Inc.