IGC Pharma(US:IGC)2025-11-14 21:11Revenue and Profit - Revenue for the three months ended September 30, 2025, was approximately $191 thousand, a decrease of 54% compared to $412 thousand for the same period in 2024[130] - Gross profit for the three months ended September 30, 2025, was $99 thousand, down 50% from $198 thousand in the prior year[130] - Revenue for the six months ended September 30, 2025, was approximately $519 thousand, a decrease of 24% from $684 thousand in the same period in 2024[135] - Cost of revenue for the six months ended September 30, 2025, was approximately $266 thousand, resulting in gross margins of 49%, down from 53% in the same period of 2024[136] Expenses - Research and development expenses increased by 73% to approximately $1.6 million for the three months ended September 30, 2025, compared to $917 thousand in the same period in 2024[133] - Selling, general, and administrative expenses for the three months ended September 30, 2025, increased by 35% to approximately $1.4 million[132] - SG&A expenses decreased by approximately $93 thousand or 3% to approximately $2.6 million for the six months ended September 30, 2025, due to operational efficiency efforts[137] - R&D expenses increased by approximately $633 thousand or 35% to approximately $2.4 million during the six months ended September 30, 2025, primarily due to Phase 2 trials on IGC-AD1[138] Other Income - Other net income surged by 2,407% to approximately $1.1 million for the three months ended September 30, 2025, compared to $43 thousand in the prior year[134] - Other net income increased by approximately $1.3 million or 2,170% to approximately $1.4 million for the six months ended September 30, 2025, attributed to a tax credit and asset disposition profits[139] Cash Flow and Assets - Cash and cash equivalents increased by approximately $700 thousand to $1.1 million, representing a 173% increase from $405 thousand as of March 31, 2025[149] - Net cash used in operating activities was approximately $3.5 million for the six months ended September 30, 2025, compared to $2.7 million in the same period of 2024[151] - Net cash provided by financing activities was approximately $3.9 million for the six months ended September 30, 2025, an increase from $3.3 million in the same period of 2024[156] - The Company sold assets associated with its Vancouver facility for approximately $2.7 million, eliminating a recurring cash loss of approximately $600 thousand annually[144] Clinical Trials and Development - The company successfully enrolled over 50% of patients in the ongoing Phase 2 CALMA clinical trial for IGC-AD1, targeting agitation in Alzheimer's disease[127] - IGC-AD1 is expected to potentially act within two weeks, significantly faster than traditional medications that can take 6 to 12 weeks[118] - The company is developing MINT-AD, a diagnostic tool aimed at reducing false negatives and delayed diagnoses of Alzheimer's disease[119] Investments - The Company invested approximately $25 thousand in a U.S.-listed digital asset through an ETP during the three-month quarter ended September 30, 2025[145] Working Capital - Working capital decreased by approximately $149 thousand or 23% to $490 thousand as of September 30, 2025, from $639 thousand as of March 31, 2025[148]