IGC Pharma (IGC) Q3 2026 earnings summary

Executive summary

• CALMA Phase 2 enrollment completed with 168 participants randomized; treatment and data analysis remained in progress at quarter-end.

• Revenue rose YoY in Q3 and 9M, while 9M net loss widened; operations continue to depend on equity and debt financing.

Financial highlights

• Q3 revenue was $328K, up 72% YoY; gross profit was $61K versus $99K, and net loss was $2.046M versus $1.821M.

• 9M revenue was $910K, up 7% YoY; operating loss was $7.173M versus $6.217M, and net loss was $7.384M versus $4.618M.

• Q3 SG&A fell 31% to $979K and R&D fell 36% to $1.013M; 9M SG&A rose 15% to $3.662M and R&D rose 7% to $3.675M.

Outlook and guidance

• Final CALMA dosing was expected to conclude mid-November 2026, followed by database lock, unblinding, and topline analysis; results anticipated in December 2026/January 2027, subject to trial and data-management uncertainties.

• Management estimated available cash, investments, anticipated financing, and reasonably expected O-Bank facility availability would support operations for at least 12 months; access and financing remain conditional.

• Priorities include completing CALMA, developing AHA and MINT-AD, advancing IGC-AD1 tox studies and TGR-63, and pursuing non-dilutive grants.