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Share Name | Share Symbol | Market | Type |
---|---|---|---|
IGC Pharma Inc | AMEX:IGC | AMEX | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
-0.0259 | -4.35% | 0.5699 | 0.62 | 0.53 | 0.61 | 823,260 | 01:00:00 |
IGC Pharma, Inc. (“IGC” or the “Company”) (NYSE American: IGC) today announced its financial results for the quarter ended June 30, 2023, which is the first quarter of the Company’s 2024 fiscal year.
First Fiscal Quarter 2024 Highlights
Ram Mukunda, Chief Executive Officer of IGC Pharma, commented, “Our first fiscal quarter of 2024 was highlighted by substantial progress in our efforts to advance our lead drug asset, IGC-AD1, through Phase 2 clinical trials on Alzheimer’s. We currently have ten trial sites in the United States and Canada. The potential success of IGC-AD1 in Alzheimer’s holds the promise of positioning the Company at the forefront of medical advancement, equipped with a first-mover advantage in delivering a solution tailored to a pressing medical need. By addressing the unmet challenges related to agitation in Alzheimer's patients, IGC-AD1 has the potential to redefine treatment approaches while presenting a unique opportunity to introduce a novel drug without associated black box warnings.”
Financial Highlights
During the three months ending on June 30, 2023, the Company achieved revenue of approximately $555,000, reflecting an increase of 161% compared to the revenue of $212,000 reported for the three months ended June 30, 2022. This increase in revenue was primarily driven by demand for the Company’s life science segment, which includes, among others, formulations for natural products targeting women with PMS, period pain and sleep disorders, and wellness.
Selling, general, and administrative (“SG&A”) expenses for the three months ended June 30, 2023, were approximately $1.6 million, a 6% increase compared to SG&A expenses of approximately $1.5 million for the same period in 2022. This increase of approximately $97,000 is predominantly attributed to increased operational expenses.
Research and Development (“R&D”) expenses for the three months ended June 30, 2023, totaled $747,000, a decrease of 46% from $1.4 million in the corresponding period in 2022. The decrease is primarily attributable to a one-time non-cash expense during the three months ended June 30, 2022. Excluding the impact of these exceptional non-cash expenses, the expenses for the two quarters remained relatively consistent. However, the Company expects R&D expenses to increase from the current levels as enrollment in the Phase 2 trial expands.
Net loss for the three months ended June 30, 2023, was approximately $2.1 million or ($0.04) per share, compared to approximately $2.8 million or ($0.05) per share for the three months ended June 30, 2022.
About IGC:
IGC Pharma, Inc. (dba IGC) develops advanced cannabinoid-based formulations for treating diseases and conditions, including, but not limited to, Alzheimer’s disease, period cramps (“dysmenorrhea”), premenstrual syndrome (“PMS”), and chronic pain. IGC has two investigational drug assets targeting Alzheimer’s disease, IGC-AD1 and TGR-63, which have demonstrated in Alzheimer’s cell lines the potential to be effective in suppressing or ameliorating key hallmarks of Alzheimer’s disease, such as plaques or tangles. IGC-AD1 is a low-dose tetrahydrocannabinol (“THC”) based formulation that is currently in a 146-person Phase 2 clinical trial for agitation in dementia due to Alzheimer’s (https://clinicaltrials.gov/ct2/show/NCT05543681). IGC also markets a wellness brand, Holief™, that targets women experiencing premenstrual syndrome and menstrual cramps.
Forward-looking Statements: This press release contains forward-looking statements. These forward-looking statements are based largely on IGC’s expectations and are subject to several risks and uncertainties, certain of which are beyond IGC’s control. Actual results could differ materially from these forward-looking statements as a result of, among other factors, the Company’s failure or inability to commercialize one or more of the Company’s products or technologies, including the products or formulations described in this release, or failure to obtain regulatory approval for the products or formulations, where required; general economic conditions that are less favorable than expected, including as a result of the ongoing COVID-19 pandemic; the FDA’s general position regarding cannabis- and hemp-based products; and other factors, many of which are discussed in IGC’s U.S. Securities and Exchange Commission (“SEC”) filings. IGC incorporates by reference the human trial disclosures and Risk Factors identified in its Annual Report on Form 10-K filed with the SEC on July 7, 2023, as if fully incorporated and restated herein. In light of these risks and uncertainties, there can be no assurance that the forward-looking information contained in this release will occur.
< Financial Tables to Follow>
IGC Pharma, Inc.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(Unaudited)
June 30, 2023 ($)
March 31,
2023 ($)
ASSETS
Current assets:
Cash and cash equivalents
1,723
3,196
Accounts receivable, net
225
107
Short term investments
227
154
Inventory
2,641
2,651
Deposits and advances
262
358
Total current assets
5,078
6,466
Non-current assets:
Intangible assets, net
1,179
1,170
Property, plant and equipment, net
8,104
8,213
Claims and advances
1,017
1,003
Operating lease asset
295
326
Total non-current assets
10,595
10,712
Total assets
15,673
17,178
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
672
530
Accrued liabilities and others
1,459
1,368
Total current liabilities
2,131
1,898
Long-term loans
140
141
Other liabilities
21
21
Operating lease liability
179
207
Total non-current liabilities
340
369
Total liabilities
2,471
2,267
Commitments and Contingencies – See Note 12
Stockholders’ equity:
Preferred stock, $0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of June 30, 2023, and March 31, 2023.
Common stock and additional paid-in capital, $0.0001 par value: 150,000,000 shares authorized; 53,077,436 shares issued and outstanding as of June 30, 2022, and March 31, 2022, respectively.
119,322
118,965
Accumulated other comprehensive loss
(3,380
)
(3,389
)
Accumulated deficit
(102,740
)
(100,665
)
Total stockholders’ equity
13,202
14,911
Total liabilities and stockholders’ equity
15,673
17,178
These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended June 30, 2023, filed with the SEC on August 10, 2023.
IGC Pharma, Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except loss per share and share data)
(Unaudited)
Three months ended June 30,
2023 ($)
2022 ($)
Revenue
555
212
Cost of revenue
(300
)
(70
)
Gross profit
255
142
Selling, general and administrative expenses
(1,647
)
(1,550
)
Research and development expenses
(747
)
(1,394
)
Operating loss
(2,139
)
(2,802
)
Other income, net
64
17
Loss before income taxes
(2,075
)
(2,785
)
Income tax expense/benefit
-
-
Net loss attributable to common stockholders
(2,075
)
(2,785
)
Foreign currency translation adjustments
9
(219
)
Comprehensive loss
(2,066
)
(3,004
)
Loss per share attributable to common stockholders:
Basic & diluted
$
(0.04
)
$
(0.05
)
Weighted-average number of shares used in computing loss per share amounts:
53,077,436
51,616598
These financial statements should be read in connection with the accompanying notes on Form 10-Q for the quarter ended June 30, 2023, and filed with the SEC on August 10, 2023.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814741620/en/
Walter Frank IMS Investor Relations (203) 972-9200 igc@imsinvestorrelations.com
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