IGC Pharma completed the sale of its Vancouver‑based non‑core manufacturing facility on September 29 2025, a transaction that generated $2.7 million in fair‑value proceeds and a $1.1 million non‑cash profit. The divestiture also eliminated $600,000 in annual operating expenses, a cost‑saving that is expected to extend the company’s cash runway and free capital for its clinical pipeline.
For the quarter ended September 30 2025, IGC reported revenue of $191,000, a 54 % decline from $412,000 in the same quarter of 2024. Net loss widened slightly to $1.8 million from $1.72 million year‑ago, but the margin remained stable as the company’s research and development expense surged 73 % to $1.6 million. The loss reflects the ongoing investment in the company’s core Alzheimer’s assets and the transition costs associated with the facility divestiture.
The company’s lead Alzheimer’s program, IGC‑AD1, reached a 50 % enrollment milestone in the CALMA Phase 2 trial on September 22 2025, a key step toward regulatory submission. In addition, the National Institute on Aging honored IGC for excellence in code clarity, reproducibility, and usability in its MINT‑AD platform on September 9 2025, underscoring the company’s leadership in AI‑driven early detection.
IGC’s dual strategy—accelerating clinical development while expanding its AI platform—has been highlighted by CEO Ram Mukunda, who said the quarter “reflects the disciplined execution of our dual strategy in clinical trials and artificial intelligence, positioning IGC to create meaningful shareholder value.” The company’s AI platform is being leveraged to speed trial design and patient recruitment, while the clinical pipeline focuses on cannabinoid‑based therapy for agitation in Alzheimer’s dementia.
Capital‑structure discipline remains a priority. IGC maintains a $12 million line of credit with O‑Bank that has not yet been drawn, and the company is pursuing selective capital raises and grant applications to avoid dilution. While recent hemp‑industry legislation could pose regulatory headwinds, IGC does not anticipate immediate impacts on its trials.
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