IGC Pharma Reports First Quarter 2026 Financial Results with CALMA Phase 2 in the final stage, with 80% Enrollment

Rhea-AI Summary

IGC Pharma (NYSE American: IGC) reported Q1 2026 results and progress on its Alzheimer’s programs. The Phase 2 CALMA trial of IGC-AD1 for agitation in Alzheimer’s remains ongoing, with about 80% of the 146-patient target enrolled after March 2026 and additional U.S. trial sites activated.

IGC filed utility patent applications for its AHA AI-based data harmonization system and received a Canadian Notice of Allowance covering IGC-AD1’s composition. Q1 2026 revenue was $317,000, R&D $1.3 million, SG&A $1.2 million, and net loss attributable to shareholders $2.4 million. Debt totaled $917,000 at March 31, 2026, with an extra $585,000 debt raised afterward and access to an undrawn $12 million credit facility.

Positive

• CALMA Phase 2 trial around 80% enrolled toward 146-patient target
• New clinical sites added to support CALMA Phase 2 recruitment
• Utility patent applications filed for AHA AI data harmonization system
• Canadian Notice of Allowance granted for IGC-AD1 composition patent
• Access to an undrawn $12 million O-Bank credit facility

Negative

• Quarterly revenue declined to $317,000 from $330,000 year over year
• R&D expenses increased to about $1.3 million from $997,000
• SG&A expenses rose to about $1.2 million from $570,000
• Net loss widened to about $2.4 million from $1.2 million
• Additional post-quarter debt of approximately $585,000 incurred

News Market Reaction – IGC

-0.35%

1 alert

-0.35% Session close to close

+3.3% Peak Tracked

$28.23M Market Cap

0.0x Rel. Volume

In the May 20 session, IGC declined 0.35%, reflecting a mild negative market reaction. Argus tracked a peak move of +3.3% during that session.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement combines Q1 2026 results with CALMA Phase 2 progress, noting revenue of $317 thous...

Analysis

This announcement combines Q1 2026 results with CALMA Phase 2 progress, noting revenue of $317 thousand, a net loss of $2.4 million, and higher R&D spending of about $1.3 million as enrollment reached roughly 80%. The company added new trial sites, expanded AI-related intellectual property, and reported total debt of about $917 thousand plus new borrowings, while maintaining access to a $12 million credit facility. Investors may watch CALMA completion, financing choices, and operating cost trends.

Key Figures

CALMA target enrollment: 146 patients CALMA enrollment: approximately 80% Revenue: $317 thousand +5 more

8 metrics

CALMA target enrollment 146 patients Phase 2 CALMA trial for agitation in Alzheimer’s disease

CALMA enrollment approximately 80% Phase 2 CALMA trial enrollment subsequent to March 2026

Revenue $317 thousand Quarter ended March 31, 2026 (vs. $330 thousand in 2025)

R&D expenses approximately $1.3 million Quarter ended March 31, 2026 (vs. ~$997 thousand prior-year)

SG&A expenses approximately $1.2 million Quarter ended March 31, 2026 (vs. ~$570 thousand prior-year)

Net loss approximately $2.4 million Quarter ended March 31, 2026 (vs. $1.2 million prior-year)

Outstanding debt approximately $917 thousand Total debt as of March 31, 2026; +$585 thousand raised subsequently

Credit facility $12 million Undrawn O-Bank credit facility available, subject to terms

Previous Earnings,clinical trial Reports

2 past events · Latest: Aug 19 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	24h Move	Catalyst
Aug 19	Earnings & trial update	Positive	-2.3%	Q1 fiscal 2026 results with CALMA Phase 2 progress and improved losses.
Mar 12	Analyst coverage note	Positive	+9.6%	Analyst report after Q3 results highlighting 2025 clinical catalysts and higher target.

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

Pattern Detected

For prior earnings/clinical updates, IGC saw one positive and one negative price reaction, indicating inconsistent trading responses to similar catalysts.

Recent Company History

Over the past year, IGC has issued at least two earnings/clinical updates tying financial results to CALMA trial progress. On Aug 19, 2025, Q1 fiscal 2026 results with CALMA expansion and improved loss metrics were followed by a -2.26% move. On Mar 12, 2025, an analyst coverage report highlighting clinical catalysts and a price target of $4.25 saw a 9.59% gain. Today’s update similarly combines quarterly results with CALMA advancement and balance-sheet details.

Key Terms

Form 10-Q, Phase 2, clinical trial, utility patent, +4 more

8 terms

Form 10-Q regulatory

"announced the filing of its Quarterly Report on Form 10-Q with the U.S. Securities"

A Form 10-Q is a detailed report that publicly traded companies are required to file with regulators three times a year, providing an update on their financial health and business activities. It is important for investors because it offers timely insights into a company's performance, helping them make informed decisions about buying or selling stocks. Think of it as a regular check-up report that shows how well a company is doing.

Phase 2 medical

"CALMA Clinical Progress: Continued advancement of 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.

clinical trial medical

"advancement of the Phase 2 CALMA clinical trial evaluating IGC-AD1 for the treatment"

A clinical trial is a carefully controlled study in which a new medicine, medical device, or treatment is tested on people to see if it is safe and effective. For investors it matters because trial results determine whether a product can win regulatory approval and reach patients, much like a road test decides if a new car can be sold; positive or negative results can sharply change a company’s prospects and stock value.

utility patent regulatory

"AHA Intellectual Property: Filed utility patent applications covering the architectural"

A utility patent is a government-granted exclusive right to make, use, sell and import a functional invention—such as a machine, process, chemical composition or an improvement—typically lasting about 20 years. Think of it like locking in a unique recipe or tool that prevents rivals from copying the core technology. For investors, utility patents can protect future revenue, enable licensing deals and raise competitors’ costs, but their value depends on how broadly the patent is written and how easily it can be enforced.

Notice of Allowance regulatory

"CIPO issued a Notice of Allowance covering the proprietary composition underlying"

A notice of allowance is an official confirmation from a patent office that a patent application has met all necessary requirements and is approved for granting. It signals that the invention is likely to receive legal protection soon, which can be important for investors considering the value and exclusivity of a new product or technology. Think of it as a green light indicating that the invention is on track to become legally protected.

intellectual property technical

"strengthening the AI and intellectual property components of our Alzheimer's strategy"

Intellectual property are legal rights that protect creations of the mind—such as inventions, brand names, designs, software, or secret formulas—giving the owner control over who can use, copy or sell them. For investors, IP is like owning a blueprint or recipe: it can generate steady income through exclusive sales or licensing, boost a company’s competitive edge and valuation, and also create costs or risks if rights must be defended or challenged in court.

R&D financial

"Accelerated Research and Development ("R&D"): R&D expenses were approximately $1.3"

Research and development (R&D) is the work a company does to discover new products, improve existing ones, or develop better ways of making things — like a kitchen testing recipes to create a hit dish. For investors it matters because R&D is where future sales and competitive advantages are born, but it also uses cash and carries risk, so R&D spending and outcomes signal a company’s growth potential and uncertainty.

Alzheimer's disease medical

"developing therapeutics and artificial intelligence ("AI-enabled") tools for Alzheimer's disease"

A progressive brain disorder that slowly erodes memory, thinking and the ability to carry out daily tasks as nerve cells are damaged and lost; symptoms typically worsen over years and can lead to severe impairment. Investors care because it drives a large, growing market for diagnostics, treatments and care services, but also carries high scientific, regulatory and commercial risk—similar to developing a complex new product that must pass difficult safety tests before it can reach patients.

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

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- Continued Advancement of CALMA Phase 2 Trial -

POTOMAC, MD / ACCESS Newswire / May 19, 2026 / IGC Pharma, Inc. (NYSE American:IGC) ("IGC" or the "Company"), a clinical-stage biotechnology company developing therapeutics and artificial intelligence ("AI-enabled") tools for Alzheimer's disease ("AD"), today announced the filing of its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission ("SEC") for the quarter ended March 31, 2026.

"During the first quarter, we continued to execute against our core priorities by advancing CALMA, expanding our clinical site network, and strengthening the AI and intellectual property components of our Alzheimer's strategy with disciplined capital allocation," said Ram Mukunda, CEO of IGC Pharma. "Our near-term focus remains on completing CALMA and deploying capital toward programs that we believe may support long-term value creation for patients and shareholders. As with all clinical-stage programs, there can be no assurance regarding trial timing, clinical outcomes, regulatory approval, or commercialization."

Clinical & Strategic Highlights (three months ended March 31, 2026)

• CALMA Clinical Progress: Continued advancement of the Phase 2 CALMA clinical trial evaluating IGC-AD1 for the treatment of agitation associated with Alzheimer's disease. The CALMA trial remains ongoing, with a target enrollment of 146 patients. Subsequent to March 2026, the Company reported approximately 80% patient enrollment in the Phase 2 CALMA clinical trial.

• Clinical Site Expansion: Added clinical research sites to the CALMA trial, including Dominion Medical Associates, Inc. within Lightship's site network, Integrative Clinical Trials, LLC in Brooklyn, New York, and Visionary Investigators Network ("VIN").

• AHA Intellectual Property: Filed utility patent applications covering the architectural framework of AHA, the Company's internally developed AI-based data harmonization system.

• IGC-AD1 Intellectual Property: Announced that the Canadian Intellectual Property Office ("CIPO") issued a Notice of Allowance covering the proprietary composition underlying IGC-AD1, the Company's Phase 2 clinical-stage program for agitation associated with AD.

Financial Summary: Focused Investment in Clinical and AI Execution (three months ended March 31, 2026)

• Accelerated Research and Development ("R&D"): R&D expenses were approximately $1.3 million, compared to approximately $997 thousand in the prior-year period. The increase was primarily attributable to the progression of the CALMA trial for IGC-AD1.

• Revenue: Revenue was $317 thousand for the three months ended March 31, 2026, compared to $330 thousand for the three months ended March 31, 2025. Revenue in both quarters was primarily derived from the Company's Life Sciences segment, encompassing the sale of our formulations as white-labeled manufactured products, among others.

• Selling, General and Administrative Expenses ("SG&A"): SG&A expenses were approximately $1.2 million, compared to approximately $570 thousand in the prior-year period. The increase was primarily attributable to the absence of a $700 thousand credit recognized in the prior-year period related to the conversion of accrued cash bonuses into performance-based compensation by the Board of Directors, partially offset by decreases in certain operating expenses.

• Net Loss: Net loss attributable to common stockholders was approximately $2.4 million for the three months ended March 31, 2026, compared to $1.2 million for the three months ended March 31, 2025. Basic and diluted net loss per share was $0.02 for both periods.

• Liquidity and Capital Resources: As of March 31, 2026, the Company had total outstanding debt of approximately $917 thousand. Subsequent to the quarter, the Company raised additional debt of approximately $585 thousand. The Company also maintained access to an undrawn $12 million O-Bank credit facility, subject to its terms and conditions. The Company continues to evaluate financing alternatives, including potential equity and debt transactions, to support its clinical development programs and operations.

Investors and stakeholders may access the filing at 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 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 within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including risks related to the Company's ability to complete enrollment in its Phase 2 CALMA trial within anticipated timeframes, demonstrate safety and efficacy, the timing of data readouts, regulatory approvals, and other factors discussed in the Company's filings with the U.S. Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-KT. The Company undertakes no obligation to update these statements.

Contact Information:

Andres Sanchez
Investor Relations
info@igcpharma.com
+1 301-983-0998 / +1 (202) 569-2566

SOURCE: IGC Pharma, Inc.

View the original press release on ACCESS Newswire

FAQ

How did IGC Pharma (IGC) perform financially in Q1 2026?

IGC Pharma reported Q1 2026 revenue of $317,000 and a net loss of about $2.4 million. According to IGC Pharma, R&D expenses were roughly $1.3 million and SG&A about $1.2 million, reflecting investment in the CALMA trial and corporate costs.

What progress did IGC Pharma report on the CALMA Phase 2 trial in May 2026?

IGC Pharma reported that the Phase 2 CALMA trial for IGC-AD1 remains ongoing, with around 80% of the 146-patient target enrolled. According to IGC Pharma, the company also expanded its clinical site network to help support recruitment and trial execution.

What patents and intellectual property updates did IGC Pharma (IGC) announce with Q1 2026 results?

IGC Pharma filed utility patent applications for its AHA AI-based data harmonization system and advanced IP for IGC-AD1. According to IGC Pharma, Canada’s intellectual property office issued a Notice of Allowance covering the proprietary composition underlying the Phase 2 IGC-AD1 program.

How much debt and liquidity does IGC Pharma report following Q1 2026?

IGC Pharma had about $917,000 of debt as of March 31, 2026, and raised an additional $585,000 afterward. According to IGC Pharma, it also has access to an undrawn $12 million O-Bank credit facility and is evaluating further financing options.

How did IGC Pharma’s R&D and SG&A expenses change year over year in Q1 2026?

IGC Pharma’s Q1 2026 R&D expenses were about $1.3 million versus $997,000 a year earlier, while SG&A rose to $1.2 million from $570,000. According to IGC Pharma, the SG&A increase reflects the absence of a prior $700,000 compensation-related credit.

What does the CALMA Phase 2 trial focus on for IGC Pharma’s IGC-AD1?

The CALMA Phase 2 trial evaluates IGC-AD1 for treating agitation associated with Alzheimer’s disease. According to IGC Pharma, the study targets enrollment of 146 patients and is a key clinical-stage program within its Alzheimer’s strategy.