IGC Pharma, Inc. (“IGC” or the “Company”) (NYSE American: IGC)
today announced its financial results for the first fiscal quarter
of 2025 ended June 30, 2024.
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.
- 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.
- The Company and O-Bank, Co. Ltd. extended the Master Loan and
Security Agreement for $12 Million, by one year. The Extension is
effective July 8, 2024. The Company paid a facility fee of $84,000
for the facility as set out in Form 8-K filed on July 29,
2024.
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 $272 thousand in revenue, representing a
decrease of 51% compared to the approximately $555 thousand
generated during the three months ended June 30, 2023. The decrease
in revenue is attributed to the completion of our legacy
Infrastructure project in India as well as some white-label project
in the U.S., both of which comprised approximately 50% of the June
2023 revenue. The Company is committed to its current strategy of
driving sales in formulations in the Life Science segment.
The Company reported Selling, General, and Administrative
(“SG&A”) expenses during the three months ended June 30, 2024,
of approximately $1.7 million, representing an increase of
approximately $23 thousand, or 1%, compared to the three months
ended June 30, 2023.
During the three months ended June 30, 2024, the Company
reported Research and Development (“R&D”) expenses of
approximately $889 thousand, representing an increase of
approximately $142 thousand or 19% compared to the three months
ended June 30, 2023. The increase is primarily attributable to the
progression of Phase 2 trials on IGC-AD1 and pre-clinical studies
on the other small molecule assets. We anticipate increased R&D
expenses as the development of our other small molecule assets
targeting Alzheimer’s and the Phase 2 trial on Alzheimer’s
expand.
The net loss for the three months ended June 30, 2024, was
approximately $2.4 million or $0.03 per share, compared to
approximately $2.1 million or $0.04 per share for three months
ended June 30, 2023.
As of June 30, 2024, the Company has not used any of the $12
million available under the Credit Agreement with O-Bank.
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 U.S. Securities and
Exchange Commission (“SEC”) filings. IGC incorporates by reference
its Annual Report on Form 10-K filed with the SEC on June 24, 2024,
and on Form 10-Q filed with the SEC on August 07, 2024, as if fully
incorporated and restated herein. Considering these risks and
uncertainties, there can be no assurance that the forward-looking
information contained in this release will occur.
IGC Pharma, Inc.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
data)
(Unaudited)
June 30, 2024
($)
March 31, 2024 ($)
ASSETS
Current assets:
Cash and cash equivalents
1,824
1,198
Accounts receivable, net
28
39
Inventory
1,510
1,540
Asset held for sale
720
720
Deposits and advances
325
208
Total current assets
4,407
3,705
Non-current assets:
Intangible assets, net
1,720
1,616
Property, plant, and equipment, net
3,586
3,695
Claims and advances
688
688
Operating lease asset
193
198
Total non-current assets
6,187
6,197
Total assets
10,594
9,902
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
771
773
Accrued liabilities and others
1,718
1,567
Total current liabilities
2,489
2,340
Non-current liabilities:
Long-term loans
136
137
Other liabilities
20
20
Operating lease liability
69
84
Total non-current liabilities
225
241
Total liabilities
2,714
2,581
Commitments and Contingencies –
See Note 12
Stockholders’ equity:
Preferred stock, $0.0001 par value:
authorized 1,000,000 shares, no shares issued or outstanding as of
June 30, 2024, and March 31, 2024.
Common stock and additional paid-in
capital, $0.0001 par value: 150,000,000 shares authorized;
75,636,419 and 66,691,195 shares issued and outstanding as of June
30, 2024, and March 31, 2024, respectively.
127,349
124,409
Accumulated other comprehensive loss
(3,426
)
(3,423
)
Accumulated deficit
(116,043
)
(113,665
)
Total stockholders’
equity
7,880
7,321
Total liabilities and stockholders’
equity
10,594
9,902
These financial statements should be read in
connection with the accompanying notes on Form 10-Q for the quarter
ended June 30, 2024, filed with the SEC on August 07, 2024.
IGC Pharma, Inc.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except loss per
share and share data)
(Unaudited)
Three months ended June
30,
2024
($)
2023
($)
Revenue
272
555
Cost of revenue
(109
)
(300
)
Gross profit
163
255
Selling, general and administrative
expenses
(1,670
)
(1,647
)
Research and development expenses
(889
)
(747
)
Operating loss
(2,396
)
(2,139
)
Other income, net
18
64
Loss before income taxes
(2,378
)
(2,075
)
Income tax expense/benefit
-
-
Net loss attributable to common
stockholders
(2,378
)
(2,075
)
Foreign currency translation
adjustments
(3
)
9
Comprehensive loss
(2,381
)
(2,066
)
Loss per share attributable to common
stockholders:
Basic and diluted
$
(0.03
)
$
(0.04
)
Weighted-average number of shares used in
computing loss per share amounts:
72,813,538
53,077,436
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20240808215193/en/
Rosalyn Christian IMS Investor Relations (203) 972-9200
igc@imsinvestorrelations.com
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