Financial Performance - For the six months ended September 30, 2024, the Company recognized total revenue of $684 thousand, a decrease of 19.2% from $846 thousand for the same period in 2023[42]. - The Life Sciences segment generated revenue of $684 thousand for the six months ended September 30, 2024, with white labeling services contributing $617 thousand, up from $567 thousand in the prior year[42]. - Revenue for the three months ended September 30, 2024, was approximately $412 thousand, a 42% increase from $291 thousand in the same period of 2023[101]. - Gross profit for the three months ended September 30, 2024, was $198 thousand, reflecting a 14% increase from $174 thousand in the same period of 2023[101]. - Other net income for the six months ended September 30, 2024, decreased by approximately $43 thousand or 41% to $61 thousand[111]. - The company reported a net loss of approximately $4.1 million for the six months ended September 30, 2024, compared to a net loss of approximately $4.5 million in the same period of 2023[121][122]. - Net loss for the three months ended September 30, 2024, was $1,717 thousand, a 30% improvement from a net loss of $2,451 thousand in the same period of 2023[101]. Assets and Liabilities - The Company reported a total inventory of $1,510 thousand as of September 30, 2024, a slight decrease from $1,540 thousand as of March 31, 2024[44]. - Total accrued and other liabilities increased to $2,034 thousand as of September 30, 2024, from $1,567 thousand as of March 31, 2024, representing a 29.87% increase[56]. - The total intangible assets increased to $1,803 thousand as of September 30, 2024, compared to $1,616 thousand as of March 31, 2024[48]. - The total non-current assets as of September 30, 2024, were $6,119,000, a slight decrease from $6,197,000 as of March 31, 2024[81]. - Cash and cash equivalents increased by approximately $348 thousand to $1.5 million as of September 30, 2024, representing a 29% increase from $1.2 million as of March 31, 2024[119]. - Cash and cash equivalents at the end of the period were $1.546 million, a decrease of 49% from $3.026 million at the end of the same period in 2023[120]. Operating Expenses - Selling, general and administrative (SG&A) expenses decreased by approximately $356 thousand or 25% to $1 million for the three months ended September 30, 2024[103]. - Research and development (R&D) expenses decreased by approximately $351 thousand or 28% to $917 thousand for the three months ended September 30, 2024[104]. - The Company incurred an amortization expense of approximately $40 thousand for the six months ended September 30, 2024, compared to $36 thousand for the same period in 2023[48]. - Depreciation expense for the three months ended September 30, 2024, was approximately $145 thousand, compared to $140 thousand for the same period in 2023, indicating a 3.57% increase[52]. Cash Flow - Net cash used in operating activities for the six months ended September 30, 2024, was approximately $2.7 million, a decrease of 11% from $3.1 million in the same period of 2023[121][122]. - Cash provided by financing activities increased to approximately $3.3 million for the six months ended September 30, 2024, up 15% from $2.8 million in the prior year[125][126]. - Net cash used in investing activities for the six months ended September 30, 2024, was approximately $196 thousand, compared to a net cash provided of $67 thousand in the same period of 2023[123][124]. - The company experienced a net increase in cash and cash equivalents of $348 thousand for the six months ended September 30, 2024, compared to a net decrease of $170 thousand in the same period of 2023[120]. Clinical Development and Innovation - IGC-AD1, the primary drug candidate, is currently in Phase 2 clinical trials and has shown potential to reduce agitation in Alzheimer's patients within 2 weeks, significantly faster than traditional medications[91]. - IGC Pharma aims to leverage AI for early detection of Alzheimer's and to optimize clinical trial design, enhancing the efficiency of its drug development process[89]. - The company is focused on developing both symptom and disease-modifying agents for Alzheimer's, which could lead to significant growth if successful[96]. - IGC-1C, a novel small-molecule modulator, has demonstrated therapeutic potential in preclinical research, advancing the company's pipeline for Alzheimer's treatment[98]. - The company has a total of 26 patent filings, emphasizing its commitment to innovation and intellectual property protection[90]. Shareholder Information - The company has authorized the issuance of up to 150 million shares of common stock, with 76,636,419 shares issued and outstanding as of September 30, 2024[64]. - The company issued approximately 8.8 million shares of unregistered common stock at a price of $0.34 per share, resulting in gross proceeds of approximately $3 million[66]. - As of September 30, 2024, the company has approximately 9.1 million shares of common stock issued under incentive plans, with 7.6 million restricted share units valued at $4.6 million granted but not yet issued[69]. - The company expects to recognize a combined unrecognized expense of $2.34 million related to non-vested shares and share options over a life of up to 4 years[72].

Core Insights - Nokia has deployed a high-performance Dense Wavelength Division Multiplexing (DWDM) network for International Gateway Company Limited (IGC) to enhance its existing infrastructure and manage growing capacity demands [1][2] - The upgraded network, powered by Nokia's latest Photonic Service Engine (PSE) chipset, can transmit 400G per wavelength, improving data center connectivity for IGC's customers [2][3] - The new DWDM solution is designed to be cost-effective and energy-efficient, allowing IGC to meet the surging consumer data demand while enhancing network resilience [4][6] Company Overview - International Gateway Company Limited (IGC) is a subsidiary of ALT Telecom Plc., established in 2017 to provide wholesale bandwidth for domestic and international traffic [7] - IGC operates a nationwide optical fiber network of approximately 12,000 km and connects with 42 operators in surrounding countries, facilitating extensive data center connectivity [7] - The company holds an Open Access License that includes five strategically located Cable Landing Stations for submarine cable business, positioning IGC to play a significant role in the Eastern Economic Corridor Project [7]

Clinical Trials and Research - IGC Pharma launched a Phase 2 clinical trial for IGC-AD1, targeting 146 Alzheimer's patients, with no dose-limiting adverse events observed to date[20] - IGC-AD1, the company's lead drug candidate, is currently in Phase 2 clinical trials and has shown potential to reduce agitation in Alzheimer's patients faster than traditional medications[72] - Interim data from the Phase 2 clinical trial of IGC-AD1 showed a clinically significant reduction in agitation in Alzheimer's patients at week two compared to placebo[79] - Research and development expenses increased by 19% to approximately $889 thousand in Q2 2024, driven by the progression of Phase 2 trials on IGC-AD1 and preclinical studies on other small molecule assets[83] - IGC Pharma is leveraging AI and machine learning to optimize clinical trial protocols and predict drug outcomes, potentially reducing costs and time[22] - IGC Pharma is integrating AI into its clinical trial software to enhance decision-making and reduce costs associated with clinical trials[76] - The company aims to leverage its proprietary software for data management in clinical trials, which is designed to improve operational efficiency[76] - The company shared positive pre-clinical results for TGR-63 on June 25, 2024, indicating its potential in combating Alzheimer's disease[78] Financial Performance - Revenue for the three months ended June 30, 2024, was $272 thousand, a decrease of 51% compared to $555 thousand for the same period in 2023[36] - The Life Sciences segment generated $272 thousand in total revenue, with $21 thousand from wellness and lifestyle products and $251 thousand from white labeling services[36] - Gross profit for the same period was $163 thousand, down 36% from $255 thousand in the prior year, resulting in gross margins of 60% in 2024 compared to 46% in 2023[81] - The company reported a net loss of approximately $2.4 million for the three months ended June 30, 2024, which is a 15% increase from a net loss of $2.1 million in the same period of 2023[80] - Cash and cash equivalents increased by approximately 52% to $1.8 million as of June 30, 2024, up from $1.2 million as of March 31, 2024[88] - Net cash provided by financing activities was approximately $2.5 million for the three months ended June 30, 2024, compared to a net cash used of approximately $1 thousand in the same period of 2023[92] Assets and Liabilities - As of June 30, 2024, the company reported $1.51 million in total inventory, a slight decrease from $1.54 million as of March 31, 2024[37] - Total liabilities increased to $1,718,000 as of June 30, 2024, from $1,567,000 as of March 31, 2024, representing a growth of 9.6%[49] - The company has approximately $392 thousand in clinical trial-related inventory as of June 30, 2024[38] - Non-current assets as of June 30, 2024, total $6,187,000, with $5,815,000 located in the U.S.[68] - Claims receivable remained stable at $686,000 as of June 30, 2024, unchanged from March 31, 2024[48] Shareholder Information - The weighted average number of shares outstanding for the three months ended June 30, 2024, was 72,813,538, compared to 53,077,436 for the same period in 2023[31] - The company issued approximately 8.8 million shares of common stock at a price of $0.34 per share during the quarter, raising approximately $3 million in gross proceeds[54] - The company has a combined unrecognized expense of $2.7 million related to non-vested shares and share options expected to be recognized over the next four years[59] Intangible Assets and Expenses - Total intangible assets increased to $1,720,000 as of June 30, 2024, from $1,616,000 as of March 31, 2024, reflecting a growth of 6.4%[42] - The amortization expense for patents was approximately $20,000 for the three months ended June 30, 2024, compared to $18,000 for the same period in 2023, representing an increase of 11.1%[43] - The estimated annual amortization expense is projected to rise from $88,000 in 2026 to $129,000 in 2030, indicating a 46.6% increase over the five-year period[44] - Depreciation expense for the three months ended June 30, 2024, was approximately $142,000, compared to $137,000 for the same period in 2023, reflecting a 3.6% increase[46] Cybersecurity and Compliance - The company has a cybersecurity policy in place, with no impactful breaches reported during the three months ended June 30, 2024[32] - The company considers the applicability and impact of all newly issued Accounting Standards Updates (ASUs) from the Financial Accounting Standards Board (FASB)[95] - Newly issued ASUs not listed are expected to have no impact on the company's consolidated financial position and results of operations[95] - Recent accounting pronouncements that may apply to the company are detailed in Note 2, "Significant Accounting Policies"[95] Company Strategy and Operations - IGC Pharma expects to continue incurring significant operating and net losses in the near future as it remains in the clinical trial stage[29] - The company operates in two segments: Life Sciences and Infrastructure, with the latter including construction contracts and heavy equipment rental[75] - The company successfully renewed a working capital credit facility totaling $12 million for one year to support ongoing liquidity requirements[70] - The company plans to leverage investments in clinical trials, AI, R&D, and acquisitions to drive growth in its Life Sciences segment[78] - The company impaired land in Nagpur, India, reducing its value from $4.1 million to $720,000, a decrease of approximately 82.4%[47]

Financial Performance - The company reported a net loss of $13 million for the fiscal year ending March 31, 2024, with total stockholders' equity decreasing to $7.321 million[695]. - As of March 31, 2024, the company had 66,691,000 common shares outstanding, with an accumulated deficit of $113.665 million[695]. - The total lease costs for the year ended March 31, 2024, were $241 thousand, down from $326 thousand for the year ended March 31, 2023, reflecting a decrease of approximately 26%[760]. - The total short-term lease expense for Fiscal 2024 was approximately $100 thousand, compared to $178 thousand for Fiscal 2023, indicating a decrease of about 44%[759]. - The income tax recovery for the year ended March 31, 2024, is $2,730 thousand, compared to $2,416 thousand for the previous year[774]. - The Company has established a full valuation allowance against its deferred tax assets due to a history of losses, resulting in no income tax expense recorded except for refundable Federal AMT credits[771][772]. Capital and Funding - The company raised approximately $6 million in gross proceeds through Share Purchase Agreements and secured a $12 million credit line from O Bank during the fiscal year ended March 31, 2024[589]. - The Company entered into a Sales Agreement on October 27, 2023, to offer and sell shares of its common stock with an aggregate offering price of up to $60 million[733]. - The Company entered into a Share Purchase Agreement on March 22, 2024, resulting in approximately $3 million in gross proceeds from the issuance of 8.8 million shares at $0.34 per share[783]. - The Company expects to recognize a combined unrecognized expense of $3.21 million related to non-vested shares and share options over a life of up to 5 years[768]. Research and Development - Positive interim results from the ongoing Phase 2 trial of IGC-AD1 showed promising outcomes in reducing Alzheimer's agitation, a significant challenge for patients and caregivers[589]. - The company is developing five assets targeting different aspects of Alzheimer's disease, including TGR-63 and IGC-AD1, which focus on amyloid-beta plaques and agitation, respectively[584][700]. - The company is leveraging Artificial Intelligence to enhance early detection of Alzheimer's and optimize clinical trial designs[587]. - The Company has capitalized inventory costs related to its investigational drug, indicating potential future use in research and development projects[724]. Intellectual Property and Collaborations - The company has made significant advancements in intellectual property, including patents granted in Mexico and Europe for treatments related to Alzheimer's and pain management[590]. - The company signed a Master Cooperation Agreement with the University of Los Andes to conduct innovative research in AI applied to the pharmaceutical industry[590]. Shareholder Information - The weighted average number of shares outstanding for fiscal years 2024 and 2023 was 58,839,868 and 52,576,258, respectively[706]. - The Company has a total of 66,691,195 shares of common stock issued and outstanding as of March 31, 2024, with an authorization to issue up to 150,000,000 shares[763]. - As of March 31, 2024, the Company has issued approximately 9.1 million shares of common stock under its incentive plans, with an additional 7.6 million restricted share units valued at $4.6 million[784]. - The share-based expense for fiscal 2024 was $1.7 million, with an additional $59 thousand for option-based expenses[786]. - As of March 31, 2024, the Company has 3,710 thousand options outstanding with a weighted average exercise price of $0.29[787]. Assets and Liabilities - As of March 31, 2024, the total fair value of the Company's marketable securities is $1,198 thousand, with cash and cash equivalents amounting to $1,198 thousand[770]. - The total deferred tax assets are projected to be realized over the next several years, with a total of $69,101 thousand expected by 2044[776]. - The Company has no impairment charges recorded for intangible assets as of March 31, 2024[726]. - The Company has initiated collection proceedings for claims receivable, but believes that receiving the amount in the next 12 months will be challenging[728].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 IGC PHARMA, INC. (Exact name of registrant as specified in its charter) Maryland (State or other jurisdiction of incorporation or organization) Washington, D.C. 20549 FORM 10-Q 10224 Falls Road, Poto ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Maryland (State or other jurisdiction of incorporation or organization) 20-2760393 (I.R.S. Employer Identification No.) 10224 Falls Road, Potomac, Maryland (Address of principal executive offices) (Z ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 Maryland (State or other jurisdiction of incorporation or organization) 20-2760393 (I.R.S. Employer Identification No.) 10224 Falls Road, Potomac, Maryland (Address of pr ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K Commission file number: 001-32830 IGC PHARMA, INC. (Exact Name of Registrant as Specified in Its Charter) Maryland (State or other jurisdiction of incorporation or organization) 20-2760393 (I.R.S. Employer Identification No.) 10224 Falls Road, Potomac, Maryland (Address of Principal Executive Offices) 20854 (Zip Code) (301) 983-0998 (Registrant's telephone number, including area code) Securities registered pursuant to Section ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended December 31, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Maryland 20-2760393 (I.R.S. Employer Identification No.) (State or other juri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Commission file number: 001-32830 INDIA GLOBALIZATION CAPITAL, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant: (1) has filed all reports req ...