IGC Pharma Reports Q2 2026 Results as CALMA Alzheimer's Trial Moves Within Six Randomizations of Enrollment Closure

Rhea-AI Summary

IGC Pharma (NYSE American: IGC) reported Q2 2026 revenue of approximately $265 thousand versus $328 thousand a year earlier, with a net loss of about $3.0 million, or $0.03 per share, compared with a $1.6 million loss, or $0.02 per share, in Q2 2025.

The Phase 2 CALMA trial of lead candidate IGC-AD1 for agitation in Alzheimer's dementia reached the 146-patient randomization target and is now within six additional randomizations of expected enrollment closure, with topline data anticipated in Q4 2026 after follow-up and database lock.

Management converted about $1.15 million owed into 4,274,853 common shares at $0.27, reducing obligations and preserving cash. IGC Pharma also obtained Colombian authorization to work with psilocybin, advanced its AI platforms AHA and MINT-AD, and highlighted access to a $12 million undrawn revolving credit facility.

Positive

• CALMA Phase 2 near enrollment completion within six randomizations, topline data expected Q4 2026
• Management debt-to-equity conversion about $1.15 million into 4,274,853 shares at $0.27, reducing obligations
• Increased R&D spending to approximately $1.4 million from $851 thousand, reflecting investment in CALMA and pipeline
• Psilocybin authorization in Colombia enabling regulated development activities for dementia-related neuropsychiatric symptoms
• Liquidity support via a $12 million undrawn revolving credit facility with O-Bank Co., Ltd.

Negative

• Revenue decline to approximately $265 thousand from $328 thousand year over year in Q2
• Net loss widened to about $3.0 million from $1.6 million in the prior-year quarter
• Higher operating expenses with SG&A rising to approximately $1.4 million from $1.2 million
• Low quarter-end cash of approximately $331 thousand as of June 30, 2026, despite new financings

News Explained

The agreed stock conversion is dilutive in structure, while recent ATM proceeds add cash; CALMA still awaits six randomizations before expected closure.

IGC Pharma reports that CALMA reached its 146-patient target during Q2 and, after quarter-end, remained open with six additional randomizations expected before enrollment closure. Management also agreed to convert approximately $1.15 million owed into 4,274,853 common shares rather than receive cash, reducing obligations and preserving cash while increasing the share count and potentially reducing existing holders’ percentage ownership.

After June 30, 2026, the company raised approximately $687 thousand under its at-the-market program, which allows an issuer to sell new shares gradually into the open market at prevailing prices. The Colombia psilocybin authorization covers synthesis, formulation, and development work, but the company says further approvals would be required before any related clinical trial.

The company also states that AHA and MINT-AD are not approved or cleared as diagnostic or therapeutic products. As of June 30, 2026, reported cash of $331 thousand equaled 22.1 days of the last reported quarterly operating cash use on the supplied historical basis.

Sources and calculations

• IGC Pharma Q2 2026 results and CALMA trial update (2026-08-17)
• Dilution (undated)
• At-the-market program (undated)
• IGC Pharma latest quarterly fundamentals (2026-06-30)

• Cash and equivalents vs quarterly operating cash outflow, in days of cash use $331,000 / ($1,350,000 / 90) = [object Object]

Market Context

The provided earnings history averaged -1.73%, giving this Q2 update a platform benchmark. CALMA enr...

Analysis

The provided earnings history averaged -1.73%, giving this Q2 update a platform benchmark. CALMA enrollment advanced, while revenue declined and net loss widened; cash resources and future financing access remain key watchpoints.

Key Figures

Baseline randomization target: 146 patients Randomizations to closure: 6 additional randomizations Topline readout timing: Q4 2026 +5 more

8 metrics

Baseline randomization target 146 patients Phase 2 CALMA trial

Randomizations to closure 6 additional randomizations Expected CALMA enrollment closure

Topline readout timing Q4 2026 Phase 2 CALMA trial

Management debt conversion $1.15 million; 4,274,853 shares at $0.27 per share June 30, 2026 debt-for-equity transaction

Revenue $265 thousand Q2 2026 vs. $328 thousand prior-year quarter

Research and development expenses $1.4 million Q2 2026 vs. $851 thousand prior-year quarter

Net loss $3.0 million, or $0.03 per share Q2 2026 vs. $1.6 million, or $0.02 per share

Cash and cash equivalents $331 thousand As of June 30, 2026

Previous Earnings Reports

4 past events · Latest: Mar 19 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
Mar 19	Earnings and trial update	Positive	-1.3%	Enrollment surpassed 70% and net loss improved, followed by a negative 24-hour reaction.
Jun 30	Annual earnings report	Positive	-1.0%	Positive interim CALMA results and reduced annual loss were followed by a negative reaction.
Feb 18	Quarterly earnings report	Positive	-2.1%	Revenue growth and improved net loss were followed by a negative 24-hour reaction.
Nov 14	Quarterly earnings report	Positive	-2.6%	Revenue growth and pipeline progress were followed by a negative 24-hour reaction.

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

Pattern Detected

Tag-specific earnings events were consistently followed by negative 24-hour price reactions despite generally positive operational updates.

Key Terms

phase 2, database lock, unblinding, at-the-market equity program, +1 more

5 terms

phase 2 medical

"the Phase 2 CALMA trial of IGC-AD1 reached"

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.

database lock medical

"Patient follow-up, database lock, unblinding, and topline analysis"

A database lock is the point in a clinical trial when the collected study data are finalized and no further changes or corrections are allowed, so analysts can run the official statistical tests. For investors this matters because it usually precedes public results or regulatory filings—think of it like sealing and signing off an exam before grading: once locked, the timing and content of the readout become clearer and uncertainty about last-minute data edits is reduced.

unblinding medical

"database lock, unblinding, and topline analysis are expected"

Unblinding is the process of revealing which study participants received the active treatment and which received placebo or comparator in a clinical trial. Like opening the answer key after a test, it converts blinded data into labeled results so researchers, regulators and sponsors can interpret safety and efficacy findings. For investors, unblinding matters because it can change how trial outcomes are viewed, affect regulatory decisions and influence company valuation and timelines.

at-the-market equity program financial

"raised approximately $687 thousand in gross proceeds under its at-the-market equity program"

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

rule 144 regulatory

"subject to applicable holding-period and resale limitations under Rule 144"

Rule 144 is a U.S. securities regulation that sets conditions under which restricted or insider-held shares can be legally resold to the public, such as required holding periods, availability of public information, limits on how much can be sold at once, and certain filing requirements. For investors it matters because it determines when previously locked-up shares can enter the market — like a release valve that can increase supply, affect share price, and signal insider intent.

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

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Phase 2 topline readout expected in Q4 2026 following patient follow-up, database lock, and unblinding

POTOMAC, MD / ACCESS Newswire / August 17, 2026 / IGC Pharma, Inc. (NYSE American:IGC), a clinical-stage biotechnology company developing therapeutics and AI-enabled tools for Alzheimer's disease, today announced financial results for the second quarter ended June 30, 2026, and provided an update on the Company's lead Alzheimer's program, IGC-AD1.

During the second quarter, the Phase 2 CALMA trial of IGC-AD1 reached the Company's previously disclosed 146-patient baseline randomization target. Subsequent to quarter-end, CALMA has continued its final planned over-enrollment phase and is now within six additional randomizations of expected enrollment closure. Patient follow-up, database lock, unblinding, and topline analysis are expected to follow, with topline data anticipated in the fourth quarter of 2026.

"CALMA is now approaching enrollment closure, and our focus is on execution, patient follow-up, data quality, and readiness for topline analysis," said Ram Mukunda, Chief Executive Officer of IGC Pharma. "During the quarter, we reached the original 146-patient randomization target, and subsequent progress has moved the trial within six randomizations of expected enrollment closure. This is an important execution phase for IGC-AD1 as we prepare the CALMA dataset for scientific, regulatory, and strategic evaluation following completion of the Phase 2 trial."

IGC-AD1 is the Company's lead investigational therapeutic candidate for agitation associated with Alzheimer's dementia, a condition that creates significant burden for patients, caregivers, clinicians, and healthcare systems. CALMA is a randomized, double-blind, placebo-controlled Phase 2 trial designed to evaluate IGC-AD1 in this population.

Second Quarter and Recent Highlights

• CALMA Phase 2 progress: CALMA reached the Company's original 146-patient baseline randomization target during the second quarter and is now within 6 additional randomizations of expected enrollment closure.

• Expected Q4 topline readout: Following enrollment closure, the Company expects to complete patient follow-up, database lock, unblinding, and topline analysis, with Phase 2 topline data anticipated in the fourth quarter of 2026.

• Management elected equity over cash repayment: On June 30, 2026, IGC Pharma's CEO and Principal Financial Officer agreed to convert approximately $1.15 million of amounts owed by the Company to them, including funds previously loaned to the Company, into 4,274,853 shares of common stock at $0.27 per share, rather than receive cash repayment. The shares issued or issuable in the transaction are expected to be restricted securities subject to applicable holding-period and resale limitations under Rule 144, further aligning management with shareholders as CALMA approaches expected enrollment closure and Q4 2026 topline data. The transaction reduced outstanding obligations, preserved cash, and increased stockholders' equity.

• Psilocybin authorization: IGC Pharma received authorization in Colombia to synthesize, formulate, and conduct development activities involving psilocybin at its Bogotá research and development facility. The authorization provides the Company with a regulated capability to evaluate potential applications of psilocybin in neuropsychiatric symptoms associated with dementia, including depression and anxiety. Further regulatory approvals would be required before initiating any clinical trials involving psilocybin.

• Regulatory and data-readiness activities: IGC Pharma continues strengthening regulatory, biostatistical, AI-enabled data science, and strategic pharmaceutical development capabilities to support clinical data review, data quality activities, regulatory preparedness, and potential strategic evaluation following completion of CALMA.

• AI-enabled platforms: The Company continued development of AHA, its Agentic Harmonization Assistant for Alzheimer's and aging-related data harmonization, and MINT-AD, its platform for Alzheimer's risk stratification and longitudinal assessment. AHA and MINT-AD are not approved or cleared as diagnostic or therapeutic products.

Q2 2026 Financial Summary

For the three months ended June 30, 2026, revenue was approximately $265 thousand, compared with approximately $328 thousand for the prior-year quarter. Research and development expenses were approximately $1.4 million, compared with approximately $851 thousand in the prior-year quarter, primarily reflecting continued investment in CALMA and the Company's pharmaceutical development programs. Selling, general and administrative expenses were approximately $1.4 million, compared with approximately $1.2 million in the prior-year quarter. Net loss attributable to common stockholders was approximately $3.0 million, or $0.03 per basic and diluted share, for the three months ended June 30, 2026, compared with approximately $1.6 million, or $0.02 per basic and diluted share, for the prior-year quarter.

Cash and cash equivalents were approximately $331 thousand as of June 30, 2026. During the six months ended June 30, 2026, the Company received approximately $1.1 million of net proceeds from equity issuances and approximately $1.3 million of net proceeds from debt financings. Subsequent to quarter-end, the Company raised approximately $687 thousand in gross proceeds under its at-the-market equity program. The Company's liquidity sources include a $12 million revolving working capital credit facility with O-Bank Co., Ltd., with no outstanding amounts as of June 30, 2026. Management believes existing cash, available financing sources, and the Company's ability to access additional debt and equity financing are sufficient to support operations for at least twelve months from the filing date of the Company's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026.

About IGC Pharma

IGC Pharma, Inc. (NYSE American:IGC) is a clinical-stage biotechnology company developing novel investigational therapies for Alzheimer's disease, supported by AI-enabled platforms for data harmonization and risk stratification. The Company's lead asset, IGC-AD1, is a cannabinoid-based investigational therapy being evaluated in the Phase 2 CALMA trial for agitation associated with Alzheimer's dementia. The Company's pipeline also includes TGR-63 and earlier-stage neurodegeneration programs. More information is available at www.igcpharma.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Phase 2 CALMA trial, anticipated enrollment closure, patient follow-up, database lock, site closeout, unblinding, and the timing and outcome of topline analysis; the clinical and regulatory development strategy for IGC-AD1; the development, capabilities, potential utility, and commercialization of AHA and MINT-AD; the Company's preclinical programs, including TGR-63; the Company's liquidity, capital resources, and financing plans, including equity, debt, non-dilutive funding, and availability under its credit facility; and the future issuance of shares in connection with the management conversion arrangements described above. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including risks related to clinical trial timelines and outcomes, patient follow-up, data quality and evaluability, regulatory considerations, software development, validation, third-party and ecosystem adoption, data access and rights, intellectual property protection, commercialization, financing needs, and other factors discussed in the Company's filings with the U.S. Securities and Exchange Commission, including its most recent Annual Report on Form 10-KT and its Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2026. The Company undertakes no obligation to update these statements except as required by law.

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 Q2 2026?

IGC Pharma reported Q2 2026 revenue of about $265 thousand and a net loss of approximately $3.0 million. According to IGC Pharma, this compares with $328 thousand in revenue and a $1.6 million net loss in the prior-year quarter, reflecting higher R&D and SG&A expenses.

What is the status of IGC Pharma's CALMA Phase 2 Alzheimer's trial as of August 2026?

The CALMA Phase 2 trial reached the 146-patient randomization target and is within six randomizations of expected enrollment closure. According to IGC Pharma, patient follow-up, database lock, unblinding, and topline analysis are planned, with topline data anticipated in the fourth quarter of 2026.

What does the Q2 2026 management equity conversion mean for IGC (NYSE American: IGC) shareholders?

On June 30, 2026, IGC Pharma’s CEO and Principal Financial Officer converted about $1.15 million owed into 4,274,853 common shares at $0.27. According to IGC Pharma, this reduced outstanding obligations, preserved cash, increased stockholders’ equity, and is expected to further align management with shareholders.

What cash and liquidity position did IGC Pharma report as of June 30, 2026?

IGC Pharma reported cash and cash equivalents of approximately $331 thousand at quarter-end. According to IGC Pharma, liquidity sources included about $1.1 million of equity proceeds, $1.3 million of debt proceeds in the first half of 2026, and an undrawn $12 million revolving credit facility with O-Bank Co., Ltd.

When is IGC Pharma expecting topline data from the CALMA Phase 2 trial of IGC-AD1?

IGC Pharma expects topline data from the CALMA Phase 2 trial in the fourth quarter of 2026. According to IGC Pharma, this will follow enrollment closure, patient follow-up, database lock, unblinding, and topline analysis for agitation associated with Alzheimer’s dementia.

What new psilocybin-related authorization did IGC Pharma (IGC) receive in 2026?

IGC Pharma received authorization in Colombia to synthesize, formulate, and conduct development activities involving psilocybin at its Bogotá facility. According to IGC Pharma, this enables evaluation of psilocybin for dementia-related neuropsychiatric symptoms, with further regulatory approvals required before any clinical trials.

What AI-enabled platforms is IGC Pharma developing for Alzheimer’s disease and aging?

IGC Pharma is developing AHA, an Agentic Harmonization Assistant for data harmonization, and MINT-AD for Alzheimer’s risk stratification and longitudinal assessment. According to IGC Pharma, these platforms support data analysis but are not approved or cleared as diagnostic or therapeutic products.