IGC Pharma Reports Third Quarter 2026 Financial Results and Provides Business Update

CALMA enrollment exceeded its original target, while the quarterly net loss widened despite revenue growth and lower operating expenses.

Rhea-AI Summary

IGC Pharma (IGC) reported third-quarter 2026 revenue growth of 72% and completed enrollment in its Phase 2 CALMA Alzheimer's agitation trial. Revenue was approximately $328 thousand versus approximately $191 thousand a year earlier. Net loss attributable to common stockholders widened to approximately $2.046 million from $1.821 million. R&D expenses fell to approximately $1.0 million from approximately $1.6 million; SG&A expenses fell to approximately $979 thousand from approximately $1.4 million.

CALMA randomized 170 participants, above its original 146-participant target, and evaluates agitation at Week 6. IGC-AD1 received a Canadian patent on October 27, 2026. Cash was approximately $377 thousand at September 30, 2026. Nine-month net proceeds from equity and debt were approximately $4.1 million. An undrawn $12 million O-Bank revolving credit facility remains available subject to its terms.

8 points · 1 major

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1 major · 2 points

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Positive

• Major pointApproximately $4.1 million in net proceeds raised through equity and debt during the nine months ended September 30, 2026. 20% of market cap
• Moderate pointRevenue rose 72% to approximately $328 thousand in third-quarter 2026 from approximately $191 thousand a year earlier.
• Moderate pointCALMA enrollment completed with 170 participants randomized, above the original 146-participant target.
• Moderate pointR&D expenses decreased to approximately $1.0 million from approximately $1.6 million in the prior-year quarter.
• Moderate pointSG&A expenses decreased to approximately $979 thousand from approximately $1.4 million in the prior-year quarter.
• Moderate pointUndrawn $12 million revolving working capital credit facility provides access to funding from O-Bank, subject to its terms. 58% of market cap

2 minor points

• Minor pointCanadian patent granted October 27, 2026 covers IGC-AD1's composition and method of use.
• Minor pointPRISM monetization pathways are being explored by the company.

Negative

• Major pointEquity and debt financing contributed to nine-month proceeds, adding dilution and borrowing obligations.
• Moderate pointNet loss attributable to common stockholders widened to approximately $2.046 million from $1.821 million in the prior-year quarter.

News Explained

At September 30, 2026, cash and short-term investments equaled 26.8 days of third-quarter operating cash use, while CALMA still awaited final dosing and analysis.

In its third-quarter results, IGC Pharma reported cash and equivalents of $377,000 and short-term investments of $36,000 at September 30, 2026. At those balances, funds equaled 26.8 days of third-quarter operating cash use at the reported rate of $1.417 million.

CALMA enrollment is complete, but the study has not yet reached data lock or topline results: the company says final dosing is followed by AI-assisted data verification, database lock, unblinding, and external independent statistical analysis.

Sources and calculations

• IGC Pharma third-quarter 2026 results and business update (2026-11-09)
• IGC Pharma 2026Q3 fundamentals (2026Q3)

• Available liquidity against the last reported quarterly operating outflow, in days at that rate ($377,000 + $36,000) / ($1,417,000 / 92) = 26.8 days

Key Figures

CALMA enrollment: 170 participants; original target 146 Revenue: Approximately $328 thousand vs. approximately $191 thousand; increase of 72% R&D expenses: Approximately $1.0 million vs. approximately $1.6 million +5 more

CALMA enrollment

170 participants; original target 146

Enrollment completed

Revenue

Approximately $328 thousand vs. approximately $191 thousand; increase of 72%

Three months ended September 30, 2026, compared with prior-year period

R&D expenses

Approximately $1.0 million vs. approximately $1.6 million

Third quarter 2026 vs. prior-year period

SG&A expenses

Approximately $979 thousand vs. approximately $1.4 million

Third quarter 2026 vs. prior-year period

Net loss attributable to common stockholders

Approximately $2.046 million vs. $1.821 million

Three months ended September 30, 2026, compared with 2025

Cash and cash equivalents

Approximately $377 thousand

As of September 30, 2026

Net proceeds raised

Approximately $4.1 million

Nine months ended September 30, 2026; equity and debt

Revolving working capital credit facility

$12 million undrawn

Available subject to facility terms

Previous Earnings Reports

1 past event · Latest: Aug 17

Same Type 1 event

1. Aug 17

   Q2 earnings

   24h Move

   -6.0%

   Q2 revenue was $265 thousand and net loss was about $3.0 million.

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

Key Terms

double-blind, placebo-controlled, biomarkers, unblind

4 terms

double-blind medical

"a randomized, double-blind, placebo-controlled trial"

A double-blind process means that neither the people conducting an activity nor the people involved know certain key details, such as who is receiving a treatment or a placebo. This approach helps prevent bias from influencing the results, making the outcome more trustworthy. For investors, it ensures that decisions or judgments are based on unbiased information rather than preconceived opinions or expectations.

placebo-controlled medical

"a randomized, double-blind, placebo-controlled trial"

"Placebo-controlled" describes a testing method where one group receives the actual treatment or intervention, while another group receives a harmless, inactive version called a placebo. This approach helps determine whether the real treatment has genuine effects beyond psychological expectations. For investors, understanding this ensures confidence that reported benefits are real and not influenced by bias or false perceptions.

biomarkers medical

"and various blood-based biomarkers"

Biomarkers are measurable indicators found in the body, such as substances in blood or tissues, that reveal information about health or disease. For investors, they can signal how well a medical treatment is working or whether a disease is developing, helping to assess the potential success or risks of healthcare companies or innovations. Think of biomarkers as biological signals that provide clues about a person’s health status.

unblind medical

"unblind the study"

To unblind is to reveal which treatment or placebo each participant in a blinded clinical trial actually received. Blinding keeps that information hidden during the study to prevent bias; unblinding can be done for the whole trial after the blind is broken at a pre‑specified time (for example after primary endpoint assessment or database lock) or selectively for individual participants for safety or medical care. Unblinding is typically performed according to the trial's protocol or by an independent committee, and once done it can change how subsequent data are interpreted because knowledge of assignments can affect behavior, reporting, and analysis.

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POTOMAC, MD / ACCESS Newswire / November 9, 2026 / IGC Pharma, Inc. (NYSE American:IGC) ("IGC Pharma" or the "Company"), a clinical-stage biotechnology company developing investigational therapies and AI-enabled tools for Alzheimer's disease, today reported financial results and business updates for the third quarter ended September 30, 2026.

"CALMA enrolled is complete." said Ram Mukunda, Chief Executive Officer of IGC Pharma. "Once the last participant receives the last dose, we will verify the data using AI, lock the database from further changes, unblind the study, and have external independent statisticians analyze the data to determine the topline results."

CALMA's primary topline objective is to evaluate agitation in Alzheimer's at Week 6. Other analysis include agitation in Alzheimer's at Week 2, the impact of IGC-AD1 on cognition, psychosis, sleep disturbance, caregiver burden, safety, and various blood-based biomarkers.

CALMA is a randomized, double-blind, placebo-controlled trial evaluating IGC-AD1, an investigational oral liquid medication, for agitation in Alzheimer's disease. Agitation is a serious neuropsychiatric condition that can substantially burden caregivers and contribute to earlier assisted-living or nursing-home placement. Agitation in Alzheimer's affects millions of Americans, and the International Psychogeriatric Association (IPA) framework recognizes agitation as a clinically significant syndrome involving emotional distress, excessive motor activity, verbal aggression, or physical aggression, with associated disability.

Third Quarter and Recent Highlights

Clinical:

• Enrollment complete. CALMA completed enrollment with 170 participants randomized, above the original 146-participant target.

Intellectual Property:

• Canadian patent granted. On October 27, 2026, the Canadian Intellectual Property Office granted Canadian Patent No. 3,095,729, "Method and Composition for Treating CNS Disorders," covering both the composition of IGC-AD1 and its method of use. IGC-AD1 is now protected by issued patents from the same family in the United States, Canada and Mexico. In total, 5 granted patents cover IGC-AD1, with 10 more applications pending worldwide.

AI Platforms:

• aha^™ private preview. A proprietary Agentic Harmonization Assistant deployed on the AD Workbench, validating its utility in solving complex data-integration bottlenecks for global neurological researchers. This platform targets the rapidly expanding global market for translational neuroscience and collaborative data harmonization, empowering researchers worldwide to tackle complex neurodegenerative data at an unprecedented scale.
• PRISM. On October 13, the Company introduced PRISM, an investigational application layer built on its MINT-AD platform, intended to connect Alzheimer's risk insights to structured brain-health monitoring and engagement. The Company is actively exploring high-value monetization pathways to capture opportunity within the multi-billion-dollar global markets for proactive cognitive health, decentralized clinical monitoring, and longevity care.

Third Quarter 2026 Financial Results:

• Revenue: Revenue was approximately $328 thousand for the three months ended September 30, 2026, compared to approximately $191 thousand in the prior-year period, an increase of 72%.
• Research and Development ("R&D") Expenses: R&D expenses were approximately $1.0 million, compared to approximately $1.6 million in the prior-year period. The decrease primarily reflects the completion of most CALMA site activation in the first half of 2026.
• Selling, General and Administrative ("SG&A") Expenses: SG&A expenses were approximately $979 thousand, compared to approximately $1.4 million in the prior-year period. The decrease primarily reflects lower depreciation and manufacturing costs following the 2025 sale of the Company's Vancouver, Washington manufacturing operations.
• Net Loss: Net loss attributable to common stockholders was approximately $2.046 million for the three months ended September 30, 2026, compared to $1.821 million for the three months ended September 30, 2025. Basic and diluted net loss per share was $0.02 and $ 0.02, respectively.
• Liquidity and Capital Resources: As of September 30, 2026, the Company had cash and cash equivalents of approximately $377 thousand. During the nine months ended September 30, 2026, the Company raised approximately $4.1 million in net proceeds from a combination of equity and debt. The Company has access to an undrawn $12 million revolving working capital credit facility with O-Bank Co., Ltd., subject to its terms.

Full financial statements and management's discussion are available in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, filed with the SEC.

About IGC Pharma, Inc. (dba IGC):

IGC Pharma, Inc. (NYSE American:IGC) is a clinical-stage biotechnology company developing investigational therapies for Alzheimer's disease and AI-enabled technologies supporting drug discovery, clinical research, cognitive risk assessment, and brain-health monitoring. Its lead therapeutic candidate, IGC-AD1, is being evaluated in the Phase 2 CALMA clinical trial for agitation in Alzheimer's dementia. The Company's AI portfolio includes MINT-AD^TM, PRISM by IGC Pharma^TM, and aha^TM, its Agentic Harmonization Assistant, which are all being developed to support clinical-decision-making, patient monitoring, and commercial healthcare applications.

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 evaluating IGC-AD1 for agitation in Alzheimer's dementia; the timing of database lock, unblinding, topline analysis, and reporting of results; potential further clinical development and regulatory submissions; PRISM, MINT-AD, and aha; the Company's patent protection and partnering plans; and the Company's financial position and liquidity. These statements are based on current expectations and involve risks and uncertainties that could cause actual results to differ materially, including delays in data collection, verification, and analysis; uncertainties regarding the safety and efficacy of IGC-AD1 and whether CALMA will meet its endpoints; the need for additional clinical trials and regulatory review; financing needs and the availability of capital; risks that issued patents may be challenged, narrowed, or circumvented; 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 Quarterly Reports on Form 10-Q. There can be no assurance regarding the timing or outcome of the CALMA trial, regulatory approval, commercialization, or any pharmaceutical partnership. IGC-AD1 is investigational and has not been approved by the U.S. Food and Drug Administration or any other regulatory authority. MINT-AD, PRISM, and aha are investigational AI-enabled platforms and are not approved or cleared as diagnostic products. The Company undertakes no obligation to update forward-looking statements except as required by law.

Contacts:

General: Andres Sanchez, info@igcpharma.com, +1 301-983-0998

Media: Kiran Mukunda, kmukunda@igcpharma.com

SOURCE: IGC Pharma, Inc.

View the original press release on ACCESS Newswire

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were IGC Pharma's third-quarter 2026 revenue and net loss?

IGC Pharma reported revenue of approximately $328 thousand and a net loss attributable to common stockholders of approximately $2.046 million for the three months ended September 30, 2026. Revenue increased 72% from approximately $191 thousand, while the loss widened from $1.821 million in the prior-year period.

What happens next after IGC Pharma completed CALMA enrollment?

IGC Pharma plans to verify the data using AI, lock the database, unblind CALMA and have external independent statisticians analyze the data after the last participant receives the last dose. The randomized, double-blind, placebo-controlled trial evaluates IGC-AD1, an investigational oral liquid medication for agitation in Alzheimer's disease.

What does IGC Pharma's CALMA trial assess beyond agitation at Week 6?

Additional CALMA analyses include agitation at Week 2, cognition, psychosis, sleep disturbance, caregiver burden, safety and various blood-based biomarkers.