IGC Pharma, Inc. reported its financial results for the three and six months ended September 30, 2024, highlighting significant developments in revenue, profitability, and strategic initiatives. The company, focused on developing treatments for Alzheimer’s disease, particularly targeting agitation in Alzheimer’s dementia, has made notable progress with its lead drug candidate, IGC-AD1, which is currently in a Phase 2 clinical trial.

For the three months ended September 30, 2024, IGC Pharma generated revenue of $412,000, a 42% increase from $291,000 in the same period of 2023. Gross profit also rose to $198,000, compared to $174,000 in the prior year. However, the company reported an operating loss of $(1,760) thousand, an improvement from $(2,491) thousand in the previous year. The net loss attributable to common stockholders decreased to $(1,717) thousand, down from $(2,451) thousand, resulting in a net loss per share of $(0.02), compared to $(0.05) in the prior year.

For the six months ended September 30, 2024, total revenue was $684,846 thousand, a decline of 19% from $846,000 thousand in the same period of 2023. Gross profit for this period was $361,429 thousand, down from $429,000 thousand. The operating loss improved to $(4,156) thousand from $(4,630) thousand, while the net loss attributable to common stockholders was $(4,095) thousand, compared to $(4,526) thousand in the previous year.

The company’s cash and cash equivalents increased to $1,546,000 as of September 30, 2024, up from $1,198,000 at the end of March 2024. This increase was supported by net cash provided by financing activities, which totaled $3,301,000 for the six months ended September 30, 2024, compared to $2,858,000 in the same period of 2023.

Strategically, IGC Pharma has been advancing its clinical pipeline, with IGC-AD1 showing promising results in reducing agitation in Alzheimer’s patients. The company is also leveraging artificial intelligence to enhance clinical trial design and data analysis. As of September 30, 2024, IGC Pharma has filed 26 patents, reflecting its commitment to innovation.

The company operates through two segments: Life Sciences and Infrastructure, with the Life Sciences segment contributing significantly to revenue growth. IGC Pharma continues to focus on FDA approval for its drug candidates while managing operational costs effectively, as evidenced by a reduction in selling, general, and administrative expenses by 25% year-over-year.