IGC Pharma, Inc. · NYSE American: IGC · Potomac, Maryland
IGC Pharma says it is a clinical-stage biotechnology company, with a primary emphasis on Alzheimer’s disease.
In the company’s own words, IGC Pharma “is a clinical-stage biotechnology company focused on the development of novel therapeutic candidates for neuropsychiatric and neurodegenerative disorders, with a primary emphasis on Alzheimer’s disease.” Its lead candidate, IGC-AD1, is in CALMA, a Phase 2 trial for agitation in Alzheimer’s dementia. Company statement 10-KT
Read first: four things the filings say
- Cash. At June 30, 2026 the company had cash and cash equivalents of $331,000 and, in its words, “a working capital deficit of approximately $2.0 million.” Filed 10-Q The company estimates that its cash, investments, anticipated financing and amounts reasonably expected to be available under its $12 million O-Bank facility will support operations for at least twelve months following the issuance of the statements (the 10-Q was filed Aug 14, 2026), “although there can be no assurance.” The facility expires May 31, 2027, borrowings under it are limited to $1 million a month, and the estimate does not assume renewal. Company statement 10-Q
- Listing. The 10-KT says that under new NYSE American rules expected to take effect in October 2026 the exchange “may immediately commence delisting proceedings if the closing price of our common stock is $0.25 or less on any trading day.” The stock sales and settlement described under funding carry stated prices of $0.27 to $0.30 a share (the $0.27 shares had not been issued at June 30); this page states no price for the at-the-market sales and shows no market quote. Filed 10-KT 10-Q
- Dilution. Shares outstanding rose from 95,038,026 at December 31, 2025 to 102,417,178 at June 30, 2026 and 103,384,008 on Aug 5, 2026. Authorized common stock was raised from 150 million to 600 million shares in December 2025, and notes issued in 2026 can convert, if the company defaults, at 75% of the lowest recent trading price. The 10-Q also reports about 7.4 million restricted share units granted or vested but not yet issued and options on about 14 million shares. Filed 10-Q 8-K 8-K
- CALMA. No topline results have been reported. The 10-KT calls its interim observations on the first 26 patients “preliminary”; the company says topline results are expected in the fourth quarter of 2026. Filed 10-KT Company site Sep 28 release
Cut-off: the newest 10-Q or 8-K used here is the Form 10-Q filed Aug 14, 2026; EDGAR shows two later Forms 4 (Sep 29, 2026) and no later 10-Q or 8-K when last checked on October 19, 2026. The company releases cited here, of Aug 17, Sep 28 and Oct 13, 2026, are on igcpharma.com only and are tagged Company site. Read the trial
CALMA: six weeks of treatment, and what the filings say so far
The company describes agitation in Alzheimer’s dementia as “associated with accelerated disease progression, increased institutionalization, and significant caregiver burden.” CALMA tests IGC-AD1 against placebo for that symptom. Company statement 10-KT
- Two lanesIGC-AD1 and placeboeach taken twice daily; nothing plotted
- Week 0Baseline
- Week 2Secondary endpointtwo-week treatment period
- Week 6Primary endpointchange in agitation from baseline, CMAI
- After week 6Topline expected Q4 2026, per the companytopline results not yet reported
The design
- A multi-site, randomized, double-blind, placebo-controlled Phase 2 study at clinical sites in the United States and Canada.
- IGC-AD1 or placebo, taken twice daily.
- Primary endpoint: change from baseline in agitation, measured with validated components of the Cohen-Mansfield Agitation Inventory (CMAI), over a six-week treatment period.
- Secondary endpoint: evaluated over a two-week treatment period.
- Exploratory: other neuropsychiatric domains, caregiver distress, sleep disturbance and blood-based biomarkers.
- 146 patients completing the trial.
Filed 10-KT
Enrollment, as the company has stated it
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The 10-KT says “approximately two-thirds of the planned patient enrolment have been completed.”
Filed 10-KT -
The 10-Q says “As of June 30, 2026, the CALMA trial had reached its previously disclosed enrollment target of 146 randomized participants.” It adds that the company is conducting “limited over-enrollment” before database lock, site closeout and topline analysis.
Filed 10-Q -
A company release says CALMA “is now within six additional randomizations of expected enrollment closure.”
Company site Aug 17 release -
A company release says it “has completed enrollment”: “CALMA achieved target enrollment with 168 participants randomized, including planned over-enrollment designed to strengthen the evaluable dataset for end-of-treatment, secondary, and exploratory analyses.” Final participant dosing is “expected to complete in early November,” with topline results expected in the fourth quarter of 2026.
Company site Sep 28 release
The 10-KT’s 146 is patients completing the trial; the 10-Q’s 146 is the enrollment target of randomized participants, and the 10-Q says the company is conducting “limited over-enrollment” to “mitigate potential attrition.” The September 28 release gives 168 randomized, which is 22 more than 146, and calls it target enrollment including planned over-enrollment. This page does not reconcile them further; each statement is shown with its source. Computed
Results and safety, as stated
The 10-KT says the Phase 1 study showed IGC-AD1 “was generally well tolerated across evaluated dose levels, with no treatment-related serious adverse events reported.” It also says interim analyses on the first 26 CALMA patients “indicated that patients receiving IGC-AD1 experienced reductions in agitation compared to placebo,” and that “These interim findings are preliminary and subject to further analysis upon completion of the trial.” Elsewhere the 10-KT says interim data “have demonstrated a statistically significant improvement in agitation symptoms compared to placebo” and that the analysis on the first 26 patients “indicated a large effect size (Cohen’s d = 0.79)”; the 10-Q says interim and blinded observations “are preliminary, are not statistically powered to establish efficacy, and may not be predictive of topline or final results.” Company statement 10-KT 10-Q
The September 28 release says the Data Safety Monitoring Committee “has recommended that the trial continue without modification” at each review to date, that, in its words, “As of the Company’s most recent safety reporting, blinded safety monitoring had not identified any treatment-related serious adverse events as related to study treatment” (the release does not date that reporting), and that safety data remain subject to final review after database lock and unblinding. Company site Sep 28 release
The treatment setting
The 10-KT notes that in May 2023 the FDA approved brexpiprazole, “an atypical antipsychotic, with a boxed warning,” as the first medication for agitation associated with Alzheimer’s disease, following “a significantly larger 12-week Phase 3 trial.” CALMA is a six-week Phase 2 study. IGC-AD1 “has not been approved for commercial use” by the FDA “or any other regulatory authority.” Company statement 10-KT
One clinical programme, earlier candidates and a patent estate
Stage by stage, as the 10-KT describes each programme. The programmes other than IGC-AD1 are, in its words, “in preclinical or discovery stages.” Filed 10-KT
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IGC-AD1Lead candidatePreclinical Studies reportedPhase 1 CompletedPhase 2 Ongoing: CALMA
For agitation in Alzheimer’s dementia. The 10-KT says IGC-AD1 is “designed to modulate neural signaling pathways implicated in neuropsychiatric symptoms associated with Alzheimer’s disease.” In preclinical models it reports activity against beta-amyloid aggregation, tau phosphorylation and mitochondrial dysfunction, and adds that “no conclusions can be drawn at this stage regarding disease modification in humans.” Additional toxicology, such as “an ongoing 90-day rodent study,” may be required for longer dosing or later trials. Company statement 10-KT
The company’s home page calls it “a partial CB1 receptor agonist with anti-inflammatory action,” while its IGC-AD1 page says it is “designed to target neuroinflammation, potentially stabilize cannabinoid receptor type 1 (CB1R) activity, and address neurotransmitter imbalances.” Company site Home page IGC-AD1 page
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TGR-63Earlier candidatePreclinical
Under investigation for its potential effects on amyloid plaque formation. The 10-KT says preclinical studies “have demonstrated reductions in amyloid burden in laboratory models” and that TGR-63 “has not entered clinical testing.” Company statement 10-KT
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IGC-M3Earlier candidateEarly preclinical
A small-molecule compound designed as a multifunctional modulator targeting multiple biological processes associated with Alzheimer’s disease. The 10-KT says it “remains in early preclinical development.” Company statement 10-KT
Patents, as the 10-KT counts them
14 granted patents and 31 pending applications worldwide, as of the date of the report (Mar 18, 2026). For IGC-AD1, 4 granted patents and 12 applications cover its formulation, dosing approaches and therapeutic use. Filed 10-KT
Where the company’s own documents differ
The patent graphic on the company’s website shows 29 pending applications and 10 US plus 4 foreign granted patents in its tiles, and its footnote says 28 active applications. The graphic’s granted counts (14) match the 10-KT. Its pending counts differ: 29 in its tiles and 28 in its footnote against 31 in the 10-KT, and its two IGC-AD1 rows add to 10 pending applications against the 10-KT’s 12 for IGC-AD1 Computed. This page uses the 10-KT counts. Company site Patents page
MINT-AD: an AI decision-support tool in development
The 10-KT describes MINT-AD as “a proprietary, artificial intelligence, enabled data platform designed to support risk stratification and longitudinal assessment in Alzheimer’s disease using multimodal datasets,” and says it “is not currently approved as a diagnostic device.” Company statement 10-KT
The 10-KT says the platform is designed to support the clinical workflow through three primary objectives. Company statement 10-KT
- Risk stratification. “Utilizing AI to analyze multimodal data and identify individuals at high risk of Alzheimer’s disease.”
- Predictive modeling. “Forecasting cognitive decline trajectories two to five years in advance.”
- Structured plan support. “Assisting the clinician in creating a structured intervention plan for the individual.”
Behind it, the company describes AHA as a research-layer framework that “is not intended for clinical use,” and says AHA “was selected as a semi-finalist” in the Alzheimer’s Disease Data Initiative USD $1 million Prize competition in 2025. Company statement 10-KT
On October 13, 2026 the company announced PRISM as “a new application layer” for MINT-AD and said it is “evaluating” business-to-business, business-to-business-to-consumer and online commercialization opportunities. Company site Oct 13 release
What the statements show
US dollars as filed; the filings print thousands. Columns are labelled by the period they end. Years before the year ended Mar 31, 2023, filed under the former name India Globalization Capital, are not shown.
| Period | Year ended Mar 31, 2023 | Year ended Mar 31, 2024 | Year ended Mar 31, 2025 | Nine months ended Dec 31, 2025 | Nine months ended Dec 31, 2024, unaudited |
|---|---|---|---|---|---|
| Revenue | $911,000 | $1,345,000 | $1,271,000 | $869,000 | $941,000 |
| Gross profit | $442,000 | $733,000 | $619,000 | $297,000 | $465,000 |
| Selling, general and administrative expenses | $8,552,000 | $6,758,000 | $4,410,000 | $4,121,000 | $3,841,000 |
| Research and development expenses | $3,461,000 | $3,773,000 | $3,655,000 | $3,921,000 | $2,658,000 |
| Operating loss | ($11,571,000) | ($9,798,000) | ($7,446,000) | ($7,745,000) | ($6,034,000) |
| Impairment loss on property, plant and equipment | none | ($3,345,000) | none | none | none |
| Other income, net | $65,000 | $143,000 | $325,000 | $3,599,000 | $110,000 |
| Net loss | ($11,506,000) | ($13,000,000) | ($7,121,000) | ($4,146,000) | ($5,924,000) |
| Net cash used in operating activities | ($7,047,000) | ($5,199,000) | ($4,795,000) | ($4,720,000) | ($4,065,000) |
The fiscal year changed. In December 2025 the board approved a change in fiscal year end from March 31 to December 31. The nine months ended Dec 31, 2025 are a transition period reported on Form 10-KT, and the nine months ended Dec 31, 2024 are the 10-KT’s unaudited comparative. Neither is a twelve-month period, so they are not like-for-like with the years ended March 31. Filed 10-KT 8-K
Inside the transition-period net loss. Operating loss was $7,745,000 against $6,034,000 in the comparative nine months, while the net loss fell to $4,146,000 from $5,924,000 because other income was $3,599,000 against $110,000. The 10-KT attributes about $1.1M of that other income to profit from the disposition of assets and about $2.1M to a non-cash benefit from reclassifying accumulated foreign currency translation adjustments on the disposal of a subsidiary, and it notes a tax credit of about $262,000. The year ended Mar 31, 2024 includes an impairment loss on property, plant and equipment of $3,345,000. Filed 10-KT 10-K 2025
| Period | Six months ended Jun 30, 2026 | Six months ended Jun 30, 2025 |
|---|---|---|
| Revenue | $582,000 | $658,000 |
| Gross profit | $103,000 | $308,000 |
| Selling, general and administrative expenses | $2,683,000 | $1,778,000 |
| Research and development expenses | $2,662,000 | $1,848,000 |
| Operating loss | ($5,242,000) | ($3,318,000) |
| Other (expense) income, net | ($96,000) | $521,000 |
| Net loss | ($5,338,000) | ($2,797,000) |
| Net cash used in operating activities | ($2,573,000) | ($2,137,000) |
Revenue is not the programme. The 10-Q says revenue “was primarily derived from our Life Sciences segment, encompassing the sale of our formulations as white-labeled manufactured products, among others,” and attributes the decline to the company’s focus on IGC-AD1, the Phase 2 trial and MINT-AD, and the company says it expects margins to “remain lower than historical levels” as supply moves to third-party manufacturers. For the nine months ended Dec 31, 2025, the 10-KT says one customer “individually accounted for more than 50% of the total revenue.” Company statement 10-Q 10-KT Gross margin was 18% for the six months ended Jun 30, 2026 against 47% a year earlier. Filed 10-Q In November 2025 the company closed the sale of equipment, inventory and related assets of its Vancouver, Washington facility. The 8-K values the consideration at about $2.7M fair value and says no cash consideration was exchanged; the company received contractual rights to manufacture its products at preferential pricing through December 31, 2030, and a contingent right to 10% of net proceeds if the buyer sells the business within five years. Filed 8-K
Cash flow against the loss. In the six months ended Jun 30, 2026 the company used $2,573,000 in operating activities against a net loss of $5,338,000; stock-based compensation and expenses of $1,756,000 are among the non-cash items. It raised $1,126,000 net from issuing common stock and $1,314,000 net from loans. Filed 10-Q
| Item | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|
| Cash and cash equivalents | $331,000 | $900,000 |
| Total current assets | $1,264,000 | $1,790,000 |
| Total current liabilities | $3,215,000 | $2,156,000 |
| Working capital (current assets less current liabilities, computed) | ($1,951,000) | ($366,000) |
| Loans, current plus non-current (computed) | $1,082,000 | $311,000 |
| Total stockholders’ equity | $6,132,000 | $7,423,000 |
| Accumulated deficit | ($130,228,000) | ($124,890,000) |
| Common shares issued and outstanding | 102,417,178 | 95,038,026 |
The company itself states a working capital deficit of approximately $2.0 million and total outstanding debt of approximately $1.1 million at Jun 30, 2026; the computed rows above are the same figures from the balance sheet lines. Filed 10-Q
Funding, dilution and the listing rule
The company’s own statement on funding comes first, then what each number in it is, then every 2026 raise with its terms.
Management’s statement
“The Company estimates that its current cash and cash equivalents, investments, anticipated financing activities, and amounts reasonably expected to be available under its $12 million revolving working capital credit facility with O-Bank will be sufficient to support operations for at least twelve months following the issuance of these condensed consolidated financial statements, although there can be no assurance. This assessment reflects the facility’s monthly draw limitation, applicable borrowing conditions, and May 31, 2027, expiration date and does not assume immediate access to the full facility amount or renewal beyond its current term.”
“These estimates are based on assumptions that may prove incorrect, and the Company may use its available capital resources sooner than currently anticipated.”
Company statement 10-Q, filed Aug 14, 2026
- Cash and cash equivalents, Jun 30, 2026$0.33M
- Cash used in operations, six months to Jun 30, 2026$2.57M
- Net proceeds from stock issued, same six months$1.13M
- Net proceeds from loans, same six months$1.31M
- O-Bank facility limit, undrawn at Jun 30, 2026: a ceiling, not cash; draws limited to $1 million a month$12.0M
| When | What | Terms as filed | Source |
|---|---|---|---|
| Registered direct offering of common stock | 779,997 shares at $0.30 a share, gross proceeds of about $234,000 | 8-K, Jan 6 | |
| 2026 | Securities purchase agreements with investors | 205,747 shares at $0.29 a share, about $60,000 in total | 10-Q |
| Ongoing | At-the-market program (agreement of Oct 27, 2023) | Up to $60M of stock; about $7.7M raised in total since the agreement, through Jun 30, 2026; offerings limited to one-third of the public float in any 12 months under the Form S-3 rule | 10-Q |
| OnDeck loan to subsidiary HH Processors, LLC | Net proceeds of about $214,000; annual percentage rate 31.9%; matures August 2027. The 10-Q lists this loan agreement as Exhibit 10.3 of the Mar 12 8-K; that 8-K describes Exhibit 10.3 as a loan agreement dated Mar 9, 2026 with One Deck Capital, Inc. and reports approximately $219,000 in financing | 10-Q 8-K, Mar 12 | |
| Promissory note to Vanquish Funding Group (VFG) | Principal $353,050 for a purchase price of $307,000; matures Feb 28, 2027 | 8-K, Mar 12 | |
| Apr 2026 | Second promissory note to VFG | Principal $238,050 for a purchase price of $207,000; matures Mar 30, 2027 | 8-K, Apr 20 |
| Promissory note to FirstFire Global Opportunities Fund | Principal $346,910 for a purchase price of $307,000. The 8-K of Apr 20 says it matures Apr 10, 2027; the 10-Q says Amendment #1 of Jun 18, 2026 deemed the issue date Apr 14, 2026 and extended the maturity by six calendar days, to Apr 16, 2027 | 8-K, Apr 20 10-Q | |
| Stock purchase agreements with the chief executive officer and the principal financial officer | $1,154,210 of outstanding amounts owed to them settled for 4,274,853 shares at $0.27 a share; the 8-K of Jul 6 says the company issued the shares, while the 10-Q says that at June 30, 2026 they had been approved for future issuance but not issued or counted as outstanding | 8-K, Jul 6 10-Q |
The 8-Ks of Mar 12 and Apr 20 say the three notes, two to VFG and one to FirstFire, can convert into common stock only on an event of default. The conversion price is 75% of the lowest trading price of the ten trading days before conversion, with a 4.99% ownership cap for each holder and a cap of 19.99% of the shares outstanding at signing unless shareholders approve more; the Apr 20 8-K gives the VFG and FirstFire notes a 12% interest rate. Filed 8-K, Mar 12 8-K, Apr 20
The 10-Q’s subsequent-event note says that after June 30, 2026 the company raised approximately $687 thousand in gross proceeds through sales of its common stock under its at-the-market offering program; the Aug 17 release repeats this. Filed 10-Q Company site Aug 17 release
The 10-Q cover gives 103,384,008 shares outstanding on Aug 5, 2026, 966,830 more than the 102,417,178 on the June 30 balance sheet. That is fewer than the 4,274,853 shares in the officers’ settlements, so the cover count does not appear to include them. Computed
The O-Bank facility
A revolving working capital credit facility with O-Bank Co., Ltd., a bank incorporated in Taiwan, with a maximum aggregate limit of $12,000,000; the 10-Q says borrowings are limited to $1 million per month and the facility expires on May 31, 2027. On June 5, 2026 the company extended the loan agreement; the facility fee rose from $48,000 to $60,000 and the other material terms “remain substantially unchanged.” At Jun 30, 2026 no amounts were outstanding, and the 10-Q says there is no assurance the facility will be renewed. Filed 8-K, Jun 8 10-Q
Shares, and the listing rule
The share counts above are from the 10-Q (balance sheet and cover) and, for the authorized shares, the Dec 15, 2025 8-K. Filed 10-Q 8-K, Dec 15
The 10-KT adds that under new NYSE American rules expected to take effect in October 2026 the exchange “may immediately commence delisting proceedings if the closing price of our common stock is $0.25 or less on any trading day,” and that the company “may be required to implement a reverse stock split to increase the per-share market price of our common stock.” The 10-Q and the later 8-Ks used here do not repeat or update this description, and none of them reports a continued-listing notice. Filed 10-KT
The 13 filings this page cites
Newest first. Other filings, including the Form 10-Q for the quarter ended March 31, 2026, the proxy statement and the Forms 4, are on EDGAR. The newest 10-Q or 8-K is the Form 10-Q filed Aug 14, 2026; two Forms 4 follow on Sep 29, 2026.
| Filed | Form | What it is | Open |
|---|---|---|---|
| 10-Q | Quarterly report for the quarter ended June 30, 2026 | Document Index | |
| 8-K | Stock purchase agreements with the chief executive officer and the principal financial officer (Items 1.01, 3.02, 9.01) | Document Index | |
| 8-K | O-Bank loan agreement extension (Items 1.01, 2.03, 9.01) | Document Index | |
| 8-K | Promissory notes to FirstFire and VFG (Items 1.01, 2.03, 3.02, 9.01) | Document Index | |
| 8-K | Press release on a media partnership, furnished not filed (Items 8.01, 9.01) | Document Index | |
| 10-KT | Transition report for the nine months ended December 31, 2025 | Document Index | |
| 8-K | Promissory note to VFG and a loan agreement with One Deck Capital (Items 1.01, 2.03, 3.02, 9.01) | Document Index | |
| 8-K | Registered direct offering of common stock (Items 1.01, 9.01) | Document Index | |
| 8-K | Change in fiscal year end from March 31 to December 31 (Item 5.03) | Document Index | |
| 8-K | Articles of amendment raising authorized common stock to 600,000,000 shares (Items 5.03, 9.01) | Document Index | |
| 8-K | Completion of the sale of the Vancouver, Washington assets (Items 2.01, 9.01) | Document Index | |
| 10-K | Annual report for the year ended March 31, 2025 | Document Index | |
| 10-K | Annual report for the year ended March 31, 2024 | Document Index |
Also disclosed in the filings
- The 10-KT lists one pending legal matter: a contractual dispute with Engineering and Consulting Group SAS in Colombia, in which the company filed a complaint in 2022 against four individuals alleging fraud, falsification of a private document and conspiracy. It also says “There are currently no legal proceedings against the Company’s directors or officers.” Filed 10-KT
- On March 30, 2026 the company furnished an 8-K announcing a media partnership with FMW Media Works LLC (New to The Street) “as part of the Company’s investor relations and corporate communications initiatives.” The attached press release calls it “a strategic 12-part national media partnership” and says the company will be featured on the platform’s “sponsored programming.” Company statement 8-K, furnished
Company releases cited on this page
At the cut-off these three were on the company’s website and had not been furnished on Form 8-K. The list is not exhaustive: the company’s news page carries other releases. Company site
- IGC Pharma Unveils PRISM™ AI Platform to Move Alzheimer’s Risk Prediction to Brain-Health Action and Commercial Deployment
- IGC Pharma Completes Enrollment in Phase 2 CALMA Alzheimer’s Trial; Topline Results Expected Q4 2026
- IGC Pharma Reports Q2 2026 Results as CALMA Alzheimer’s Trial Moves Within Six Randomizations of Enrollment Closure
Where the official record lives
This page is an independent concept. Questions about the company belong with the sources below.
Official investor relations
The company’s own investor site carries its news, filings and an email newsletter sign-up. This concept page has no sign-up form.
investor.igcpharma.comThe company
IGC Pharma, Inc., 10224 Falls Road, Potomac, Maryland 20854. Telephone (301) 983-0998, as on the cover of the 10-KT. The company’s releases give info@igcpharma.com for investor relations.
igcpharma.comSEC filings
Every filing, as the company filed it, including anything after the Form 10-Q of Aug 14, 2026.
EDGAR, CIK 0001326205