IGC Pharma, Inc. IGC
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. Our core strategy is to address high-burden symptoms and underlying disease
mechanisms through differentiated pharmaceutical formulations, supported by targeted clinical development and data-driven research approaches.
IGC-AD1, is currently being evaluated in a Phase 2 clinical trial for the treatment of agitation in Alzheimer's dementia,
Last close
0.25
2026-10-23
Market cap
$25.4M
2026-06-30 share count
52-week range
0.23 - 0.45
Valuation FY2025 figures against the last close
P/S—
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS—
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $1.3M | $1.3M | $911.0K | $397.0K | $898.0K | $4.1M | $5.1M | $2.2M | $580.4K |
| Cost of revenue | — | $652.0K | $612.0K | $469.0K | $203.0K | $785.0K | $4.0M | $5.0M | $2.1M | $362.1K |
| Gross profit | — | $619.0K | $733.0K | $442.0K | $194.0K | $113.0K | $115.0K | $132.0K | $82.0K | $218.2K |
| R&D | — | $3.7M | $3.8M | $3.5M | $2.3M | $929.0K | $1.0M | $1.3M | $137.0K | — |
| SG&A | — | $4.4M | $6.8M | $8.6M | $13.3M | $7.9M | $6.0M | $3.5M | $1.7M | $2.3M |
| Operating income | — | -$7.4M | -$9.8M | -$11.6M | -$15.4M | -$8.7M | -$6.9M | -$4.6M | -$1.8M | -$2.1M |
| Interest expense | — | — | — | — | — | — | — | — | $30.7K | $223.5K |
| Pre-tax income | — | -$7.1M | -$13.0M | -$11.5M | -$15.0M | -$8.8M | -$7.3M | -$4.1M | -$1.8M | -$1.8M |
| Income tax | — | $0 | $0 | $0 | $0 | $0 | $0 | $2.0K | $0 | $14.4K |
| Net income | — | -$7.1M | -$13.0M | -$11.5M | -$15.0M | -$8.8M | -$7.3M | -$4.1M | -$1.8M | -$1.9M |
| EPS, basic | — | -0.09 | -0.22 | — | — | — | — | — | — | -0.07 |
| EPS, diluted | — | -0.09 | -0.22 | — | — | -0.21 | -0.19 | -0.13 | -0.06 | -0.07 |
| Shares, diluted (wtd. avg.) | — | 76.5M | 58.8M | 52.6M | 50.0M | 42.0M | 39.5M | 35.4M | 27.9M | 25.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $900.0K | $405.0K | $1.2M | $3.2M | $10.5M | $14.5M | $7.3M | $25.6M | $1.7M | $538.0K |
| Short-term investments | $38.0K | $0 | $0 | $154.0K | $0 | $80.0K | $0 | $0 | $148.0K | $1.9M |
| Receivables | $12.0K | $34.0K | $39.0K | $107.0K | $125.0K | $175.0K | $133.0K | $84.0K | $558.0K | $752.9K |
| Inventory | $640.0K | $1.4M | $1.5M | $2.7M | $3.5M | $5.5M | $4.2M | $248.0K | $486.0K | $0 |
| Total current assets | $1.8M | $2.9M | $3.7M | $6.5M | $15.1M | $23.5M | $17.8M | $26.7M | $3.2M | $3.6M |
| Property, plant and equipment | $2.1M | $3.2M | $3.7M | $8.2M | $9.4M | $10.8M | $9.8M | $5.9M | $6.2M | $953.9K |
| Goodwill | — | — | — | — | — | — | — | — | $0 | $198.2K |
| Other intangibles | $5.1M | $1.9M | $1.6M | $1.2M | $917.0K | $407.0K | $252.0K | $184.0K | $128.0K | $0 |
| Total assets | $9.7M | $8.7M | $9.9M | $17.2M | $26.8M | $35.9M | $29.0M | $34.5M | $10.9M | $11.3M |
| Accounts payable | $1.0M | $883.0K | $773.0K | $530.0K | $981.0K | $476.0K | $762.0K | $319.0K | $258.0K | — |
| Short-term debt | $3.0K | $3.0K | $3.0K | $3.0K | $3.0K | $304.0K | $50.0K | $50.0K | $0 | $0 |
| Total current liabilities | $2.2M | $2.3M | $2.3M | $1.9M | $2.4M | $2.4M | $1.9M | $878.0K | $2.3M | $1.3M |
| Long-term debt | $131.0K | $134.0K | $137.0K | $141.0K | $144.0K | $276.0K | $0 | — | — | $452.1K |
| Total liabilities | $2.3M | $2.4M | $2.6M | $2.3M | $2.9M | $3.1M | $2.4M | $893.0K | $2.8M | $3.9M |
| Retained earnings | -$124.9M | -$120.7M | -$113.7M | -$100.7M | -$89.2M | -$74.1M | -$65.4M | -$58.1M | -$53.8M | -$52.0M |
| Total equity | $7.4M | $6.3M | $7.3M | $14.9M | $23.9M | $32.8M | $26.5M | $33.6M | $8.1M | $7.3M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | — | -$4.8M | -$5.2M | -$7.0M | -$7.5M | -$10.8M | -$8.7M | -$3.3M | -$1.9M | -$1.4M |
| Depreciation and amortisation | — | $618.0K | $637.0K | $657.0K | $651.0K | $478.0K | $144.0K | $59.0K | $19.0K | $396.3K |
| Stock-based compensation | — | $4.3M | $4.6M | $5.5M | $7.0M | $703.0K | $521.0K | $515.0K | $576.3K | $250.6K |
| Capital expenditure | — | $112.0K | $138.0K | $310.0K | $236.0K | $1.5M | $4.4M | $15.0K | $136.0K | $145.7K |
| Investing cash flow | — | -$442.0K | -$317.0K | -$235.0K | -$742.0K | $3.4M | -$9.5M | -$260.0K | -$657.0K | -$241.4K |
| Financing cash flow | — | $4.5M | $3.5M | $100.0K | $4.1M | $14.7M | -$59.0K | $27.6M | $3.7M | $707.6K |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001185185-26-000941.
Plot the figures US dollars
Income statement
Revenue
Cost of revenue
Gross profit
R&D
SG&A
Total operating expenses
Operating income
Interest expense
Pre-tax income
Income tax
Net income
EPS, basic
EPS, diluted
Shares, diluted (wtd. avg.)
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $580.4K | $2.2M | $5.1M | $4.1M | $898.0K | $397.0K | $911.0K | $1.3M | $1.3M | — |
| Gross profit | $218.2K | $82.0K | $132.0K | $115.0K | $113.0K | $194.0K | $442.0K | $733.0K | $619.0K | — |
| Net income | -$1.9M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | — |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
- Unregistered share sale Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Material agreement signed Item 1.01
- New debt or obligation Item 2.03
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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