IGC Pharma(IGC) - 2024 Q4 - Annual Report

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].