IGC Pharma Reports Financial Results and Clinical Progress for the Period Ended December 31, 2025

Rhea-AI Summary

IGC Pharma (NYSE:IGC)/b) filed its Form 10-KT on March 19, 2026 for the nine months ended , reflecting a fiscal year change to December year-end.

Key points: Phase 2 CALMA enrollment surpassed 70%; net loss improved by $1.8M to $4.1M; $2.7M divestiture yielded ~$1.1M non-cash profit; R&D rose 48% to $4.0M; revenue was $869k. The company highlighted U.S. patents for IGC-AD1 formulation and a microdose cannabinoid, positive preclinical in-vitro data, AI awards, and plans to complete CALMA enrollment and pursue partnerships and AI monetization in FYE 2026.

Positive

• Phase 2 enrollment surpassed 70%
• Net loss improved by $1.8M to $4.1M
• Divestiture produced $1.1M non-cash profit
• R&D investment increased 48% to $4.0M

Negative

• Revenue only $869k during transition period
• Net loss remains $4.1M for nine months
• Higher R&D spend increases near-term cash burn

News Market Reaction – IGC

-1.27% 1.5x vol

2 alerts

-1.27% Session close to close

-5.9% Trough Tracked

$27.59M Market Cap

1.5x Rel. Volume

In the Mar 19 session, IGC declined 1.27%, reflecting a mild negative market reaction. Argus tracked a trough of -5.9% from its starting point during tracking. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details a nine-month transition period with CALMA Phase 2 enrollment above 70%, a ...

Analysis

This announcement details a nine-month transition period with CALMA Phase 2 enrollment above 70%, a reduced net loss of $4.1M, and R&D spending of $4.0M to advance Alzheimer’s programs. The divestiture of a non-core facility for $2.7M improved efficiency, while patents and AI recognition expanded the platform. Investors may watch final CALMA enrollment, future earnings updates, and any additional use of the existing resale shelf and direct offerings.

Key Figures

CALMA enrollment: 70% Net loss: $4.1 million Net loss improvement: $1.8 million +5 more

8 metrics

CALMA enrollment 70% Phase 2 CALMA trial enrollment completion

Net loss $4.1 million Nine months ended Dec 31, 2025

Net loss improvement $1.8 million Reduction vs prior-year period

Prior net loss $5.9 million Nine-month prior-year period

Facility divestiture $2.7 million Non-core manufacturing facility sale

Non-cash profit $1.1 million From facility divestiture

Operating expense reduction $600 thousand Annual savings after divestiture

R&D expenses $4.0 million Nine months ended Dec 31, 2025 (48% increase)

Previous Earnings Reports

5 past events · Latest: Jun 30 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 30	FY2025 results	Positive	-1.0%	FY2025 results with reduced net loss and advancing Alzheimer’s programs.
Feb 18	Q3 FY2025 results	Positive	-2.1%	Q3 FY2025 revenue growth and lower SG&A with CALMA progress.
Nov 14	Q2 FY2025 results	Positive	-2.6%	Q2 FY2025 revenue growth, lower net loss, multiple pipeline advances.
Aug 08	Q1 FY2025 results	Neutral	+4.6%	Q1 FY2025 mixed results with higher R&D and promising Alzheimer’s data.
Jun 24	FY2024 results	Neutral	-8.1%	FY2024 results with higher revenue, larger net loss and pipeline progress.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Earnings and financial updates have often highlighted pipeline and cost progress but were followed by predominantly negative next-day moves, suggesting a pattern of market skepticism around these catalysts.

Recent Company History

Over the past earnings cycles, IGC repeatedly paired Alzheimer’s pipeline milestones with efforts to streamline costs. FY2025 results on Jun 30 showed revenue of $1.2M and a narrowed net loss of $7.1M, while earlier FY2025 quarters highlighted growing revenue or reduced losses alongside advancing IGC-AD1 and related assets. Despite these developments, shares typically moved around -1% to -8% after earnings, framing today’s transition-period report within a history of cautious market reactions.

Key Terms

phase 2, tau protein, amyloid aggregation, neuroinflammation

4 terms

phase 2 medical

"We have surpassed 70% enrollment in the Phase 2 CALMA clinical trial"

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

tau protein medical

"IGC-1C (targeting tau protein pathways) and IGC-M3 (targeting amyloid"

Tau protein helps maintain the internal scaffolding and transport “rails” inside nerve cells; when it becomes misshapen or clumps together, it disrupts cell structure and communication. Investors care because abnormal tau is a key marker and therapeutic target for several neurodegenerative diseases, so changes in tau test results, trial outcomes, or regulatory signals can directly affect the prospects and valuations of companies developing diagnostics and treatments.

amyloid aggregation medical

"IGC-M3 (targeting amyloid aggregation and neuroinflammation), significantly deepening"

Amyloid aggregation is the process where certain proteins misfold and stick together into persistent clumps or plaques in tissues, most commonly the brain. Investors should care because these clumps are central targets for diagnostics and therapies, and evidence that a drug reduces or prevents aggregation can drive regulatory approval, market adoption, and company valuation—think of it like a factory fixing a recurring machine jam that blocks production.

neuroinflammation medical

"IGC-M3 (targeting amyloid aggregation and neuroinflammation), significantly deepening"

Neuroinflammation is the brain or spinal cord’s immune reaction to injury, infection, or abnormalities, where cells and molecules become active to protect or repair nervous tissue. It matters to investors because it underlies many neurological diseases and is a common target for drugs and diagnostic tools; positive or negative trial results, safety signals, or new therapies can change a company’s value much like a major repair plan or recall would affect a carmaker’s prospects.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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- Strategic Pivot to Pure-Play Biotech -

POTOMAC, MD / ACCESS Newswire / March 19, 2026 / IGC Pharma, Inc. (NYSE American:IGC) ("IGC" or the "Company"), a clinical-stage biotechnology company developing therapeutics for Alzheimer's disease, today announced the filing of its Report on Form 10-KT with the U.S. Securities and Exchange Commission ("SEC") for the nine months ended December 31, 2025.

The Company recently changed its fiscal year-end from March 31 to December 31 to better align its reporting with clinical and industry cycles. The current report reflects a nine-month transition period defined by clinical acceleration, the successful divestiture of non-core assets, and international validation of the Company's proprietary AI diagnostic suite.

"We have surpassed 70% enrollment in the Phase 2 CALMA clinical trial, marking a significant acceleration as the program advances toward key development milestones," said Ram Mukunda, CEO of IGC Pharma. "CALMA is evaluating our lead candidate, IGC-AD1, for agitation in Alzheimer's dementia, a critical area of unmet medical need with a massive global footprint. As we move toward full enrollment and a defined clinical readout, our focus remains on disciplined execution and the creation of long-term value for our patients and shareholders."

Strategic & Operational Highlights (nine months ended December 31, 2025)

• Clinical Acceleration: Expanded the Phase 2 CALMA trial to key international and domestic sites, driving enrollment past the 70% threshold. IGC-AD1 remains one of the most advanced candidates targeting the neuroinflammation and agitation pathways in Alzheimer's.

• Bottom-Line Improvement: Net loss attributable to common stockholders improved by $1.8 million, dropping to $4.1 million for the nine-month period, compared to $5.9 million in the prior-year period.

• AI Leadership & Recognition: The Company's AI team received a prestigious award from the National Institute on Aging (NIA), and was picked as a semi-finalist by the Alzheimer's disease data initiative ("ADDI"), validating the technical clarity and clinical utility of our platforms.

• Intellectual Property Expansion:

  • U.S. Patent No. 12,491,200: Issued for a microdose-based cannabinoid treatment for stuttering and Tourette's Syndrome.

• U.S. Patent No. 12,465,589: Issued for the proprietary formulation used in IGC-AD1, providing robust protection for the Company's lead asset through its clinical evaluation.

• Portfolio Growth: Reported positive in-vitro findings for IGC-1C (targeting tau protein pathways) and IGC-M3 (targeting amyloid aggregation and neuroinflammation), significantly deepening the Company's long-term pipeline.

• Asset Optimization: Successfully executed the $2.7 million divestiture of a non-core manufacturing facility, resulting in an approximately $1.1 million non-cash profit and reducing annual operating expenses by approximately $600 thousand.

Financial Summary: Reinvesting for Clinical Success (nine months ended December 31, 2025)

• Accelerated R&D Investment: R&D expenses increased 48% to $4.0 million, driven by the expansion of the Phase 2 CALMA trial and the advancement of the IGC-M3 preclinical program.

• Significant Bottom-Line Improvement: Net loss attributable to common stockholders improved by $1.8 million, dropping to $4.1 million for the nine-month period, compared to $5.9 million in the prior year.

• Operational Efficiency: Despite an increase in non-cash share-based compensation, the Company successfully offset these costs through reductions in depreciation, insurance, and legacy operating expenses following the manufacturing divestiture.

• Revenue Transition: Revenue stood at $869 thousand, reflecting a planned transition period as the Company shifted its focus from white-label manufacturing to its core pharmaceutical and AI assets.

FYE 2026 Strategic Catalysts:
As IGC Pharma enters the new fiscal year, management is focused on the following value-driving catalysts:

• Finalizing CALMA Enrollment: Completing the final phase of recruitment for the IGC-AD1 trial and preparing for the subsequent clinical readout.

• Indication Expansion: Advancing IGC-AD1 to other indications, such as Sleep disturbance in Alzheimer's disease.

• Strategic Partnerships: Actively seeking and evaluating collaborations with large biopharmaceutical partners to scale IGC-AD1 and its supporting AI technology.

• AI Monetization: Actively planning the commercialization and monetization strategies for the MINT-AD and AHA AI platforms.

Investors and stakeholders may access the filing on www.sec.gov or through the Investor Relations section of IGC Pharma's website at www.investor.igcpharma.com.

About IGC Pharma (dba IGC):
IGC Pharma (NYSE American:IGC) is a clinical-stage biotechnology company leveraging AI to develop innovative treatments for Alzheimer's and metabolic disorders. Our lead asset, IGC-AD1, is a cannabinoid-based therapy currently in a Phase 2 trial (CALMA) for agitation in Alzheimer's dementia. Our pipeline includes TGR-63, targeting amyloid plaques, and early-stage programs focused on neurodegeneration, tau proteins, and metabolic dysfunctions. We integrate AI to accelerate drug discovery, optimize clinical trials, and enhance patient targeting. With a complete patent portfolio and a commitment to innovation, IGC Pharma is advancing breakthrough therapies.

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 27, 2025, and on Forms 10-Q filed with the SEC on August 14, 2025, and on November 14, 2025, 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. assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments.

Contact Information:
Walter Frank / John Nesbett
IMS Investor Relations
igc@imsinvestorrelations.com
(203) 972-9200

SOURCE: IGC Pharma, Inc.

View the original press release on ACCESS Newswire

FAQ

How far along is IGC's Phase 2 CALMA trial (IGC) as of March 19, 2026?

The CALMA trial is over 70% enrolled, approaching full enrollment. According to the company, expansion to international and domestic sites drove this acceleration toward a planned clinical readout.

What were IGC Pharma's reported losses for the nine months ended December 31, 2025 (IGC)?

Net loss attributable to common stockholders was $4.1 million for the nine months ended December 31, 2025. According to the company, this represents a $1.8 million improvement versus the prior-year period.

What material transaction did IGC (IGC) complete in the nine months ended December 31, 2025?

IGC completed a $2.7 million divestiture of a non-core manufacturing facility. According to the company, the sale generated an ~$1.1 million non-cash profit and cut annual operating expenses by ~$600k.

How did IGC's R&D spending change for the nine months ended December 31, 2025 (IGC)?

R&D expenses rose 48% to $4.0 million, driven by CALMA expansion and preclinical advances. According to the company, the increase funded Phase 2 acceleration and development of IGC-M3.

What near-term catalysts did IGC list for fiscal year ending 2026 (IGC)?

Management cited completing CALMA enrollment, preparing for the clinical readout, and seeking strategic partnerships. According to the company, plans also include indication expansion and AI commercialization for MINT-AD and AHA platforms.