IGC Pharma Inc (NYSE American: IGC) is a clinical-stage pharmaceutical company focused on developing cannabinoid-based therapies for Alzheimer's disease. The company does not generate material product revenue. It is funded through capital raises and spends its cash on clinical development, recording a net loss of approximately $7.1 million and net cash used in operating activities of approximately $4.8 million in Fiscal 2025. Its lead asset, IGC-AD1, is a phytocannabinoid-based investigational drug currently in a multicenter, randomized, double-blind, placebo-controlled Phase 2 clinical trial named CALMA, targeting agitation in Alzheimer's patients. As of the 10-K filed June 27, 2025, IGC-AD1 has completed Phase 1 safety evaluation and is enrolling patients across multiple research sites, including Miami Jewish Health and Butler Hospital's Memory and Aging Program. The company also holds 31 patent applications filed with the USPTO and internationally, with 12 patents issued as of the filing date, covering phytocannabinoid combination therapies across Alzheimer's, pain, epilepsy, eating disorders, and Tourette syndrome.

Revenue model

IGC Pharma does not report material product revenue. The company operates at a loss, funding development through equity. Non-cash charges including stock-based compensation of approximately $1.6 million and depreciation and amortization of approximately $618 thousand comprised the bulk of non-cash expenses in Fiscal 2025.

Products and services

IGC-AD1: lead investigational phytocannabinoid-based drug candidate in Phase 2 CALMA trial for agitation in Alzheimer's disease. Early-stage pipeline of investigational therapies covering pain, medical refractory epilepsy, eating disorders, and Tourette syndrome. AI-powered models in development to identify early markers of Alzheimer's disease. Internal contract research organization supporting clinical trial operations, with a reported cost per patient enrolled of approximately $70 thousand in the IGC-AD1 Phase 2 trial (Fiscal 2025 10-K).

Customers and end markets

End market is Alzheimer's disease treatment, specifically targeting agitation and sleep disturbance symptoms in dementia patients. Patients and caregivers are the ultimate beneficiaries. Clinical trial sites include academic and hospital-based memory and aging programs.

Value-chain role

Clinical-stage drug developer. IGC Pharma conducts its own clinical trials through an internal contract research organization, manages intellectual property through patents and trade secrets, and has not yet reached commercialization or product sales.

Geographic exposure

Primary operations in the United States. Patent applications filed with the USPTO and in other countries. The 10-K filed June 27, 2025 references exposure to global economic and regulatory factors but does not specify non-U.S. revenue.

Source: SEC 10-K, filed 2025-06-27

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