IGC Pharma, Inc.
IGC evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for IGC—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · IGC
IGC Pharma, Inc. is a clinical-stage biotechnology company developing novel therapeutics for neuropsychiatric and neurodegenerative disorders, primarily Alzheimer's disease, with its lead candidate IGC-AD1 currently in a Phase 2 trial for agitation in Alzheimer's dementia.
Key risk: Cash runway uncertainty
BioSniper Score
Based on 5 of 6 signals
Market Cap
$32.0M
Cash Runway
1.4 moLead Asset
igc-ad1 (Phase 2)
Next Catalyst
Phase2_Topline · Dec 31, 2026Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 clinical trial · 1 catalyst for IGC Pharma, Inc..
IGC Pharma, Inc. is a clinical-stage biotechnology company developing novel therapeutics for neuropsychiatric and neurodegenerative disorders, primarily Alzheimer's disease, with its lead candidate IGC-AD1 currently in a Phase 2 trial for agitation in Alzheimer's dementia.
- Lead candidate IGC-AD1 is in a randomized, double-blind, placebo-controlled Phase 2 trial (CALMA) for agitation in Alzheimer's dementia [sec_mda · as of 2026-08-14].
- Cash and equivalents were $0.3M as of 2026-06-30, with total revenue of $0.3M and a net loss of -$2.9M for the same period [sec].
- The company is also advancing TGR-63 as a potential therapeutic for Alzheimer's disease [sec_mda · as of 2025-08-14].
- R&D expenses were approximately $3.7 million in Fiscal 2025, primarily driven by the Phase 2 trial on IGC-AD1 and pre-clinical studies on TGR-63 [sec_mda · as of 2025-06-27].
- The company intends to raise additional funds through private placements and ATM offerings, subject to market conditions, and is also applying to non-dilutive funding opportunities [sec_mda · as of 2026-08-14].
What works
- IGC-AD1 targets agitation in Alzheimer's dementia, a high-burden neuropsychiatric condition affecting a substantial proportion of patients [sec_mda · as of 2026-08-14].
- The company believes developing a drug for both symptom and disease-modifying effects has less risk compared to expensive multi-year trials [sec_mda · as of 2026-08-14].
- The company is leveraging AI and data-driven research approaches to support its clinical development [sec_mda · as of 2026-08-14].
What to weigh
- The company has a limited cash position of $0.3M as of 2026-06-30, which may constrain operations without additional financing [sec].
- The company has a history of net losses, with a net loss of -$2.9M for the three months ended 2026-06-30 [sec].
- There is no assurance that the company will be successful in raising additional funds, and any equity financing may be dilutive to existing stockholders [sec_mda · as of 2026-08-14].
- The company is a clinical-stage entity with no approved products, and its lead candidate is still in Phase 2 trials, carrying inherent development risk [sec_mda · as of 2026-08-14].
From the filings
Quoted directly from source documents.
IGC-AD1 is in a Phase 2 trial for agitation in Alzheimer's dementia.
“Our lead product candidate, IGC-AD1 , is currently being evaluated in the CALMA, a randomized, double-blind, placebo-controlled Phase 2 clinical trial for the treatment of agitation in Alzheimer's dementia”
SEC MD&A · August 14, 2026
The company is applying for non-dilutive funding.
“we are applying to non-dilutive funding opportunities such as Small Business Research and Development programs.”
SEC MD&A · August 14, 2026
R&D expenses were $3.7 million in Fiscal 2025.
“the Company reported R&D expenses of approximately $3.7 million”
SEC MD&A · June 27, 2025
Catalyst timeline
- 2026-12-31 · Phase2_Topline · calma — Phase 2 Readout: calma — Top-line results from the Phase 2 CALMA trial for IGC-AD1 in agitation in Alzheimer's dementia are expected.
Risks & what to watch (4)›
Key risks
- Cash runway uncertainty — With only $0.3M cash as of 2026-06-30, the company may need to raise capital soon to continue operations [sec].
- Clinical trial failure risk — IGC-AD1 is in Phase 2; there is no guarantee of successful completion or FDA approval [sec_mda · as of 2026-08-14].
- Dilution from equity financing — Future capital raises through equity offerings may dilute existing shareholders [sec_mda · as of 2026-08-14].
- No approved products — The company has no marketed products and relies entirely on pipeline success [sec_mda · as of 2026-08-14].
What to watch
- Top-line data from the Phase 2 CALMA trial for IGC-AD1, expected by 2026-12-31 [catalyst].
- Ability to secure additional financing through private placements, ATM offerings, or non-dilutive grants [sec_mda · as of 2026-08-14].
- Progress in pre-clinical studies for TGR-63 as a potential Alzheimer's therapeutic [sec_mda · as of 2025-08-14].
- Changes in R&D spending as the company advances its pipeline [sec_mda · as of 2025-06-27].
Sources: SEC MD&A · Generated August 27, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 5 of 6 signals · derived from public data
1.4 months
D/E 0.55 · 0% dilution
Lead: Phase 2
1 candidate
1 upcoming, next in ~123d
No insider transactions in the last 180 days
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
35
Total value held
$1.3M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 1,436,872 | $378K |
| geode capital management, llc | 1,043,384 | $274K |
| blackrock, inc. | 703,798 | $185K |
| renaissance technologies llc | 483,975 | $127K |
| vanguard fiduciary trust co | 415,888 | $109K |
| state street corp | 200,799 | $53K |
| susquehanna international group, llp | 122,595 | $32K |
| northern trust corp | 113,407 | $30K |
| lawood & co | 75,000 | $20K |
| goldman sachs group inc | 65,541 | $17K |
Showing top 10 of 35 institutional holders of IGC Pharma, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 21, 2026- % of float
- 2.1%
- Days to cover
- 0.5
- Shares short
- 1,160,287
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
IGC short interestGovernance
Frequently asked questions
What is the AI investment thesis for IGC Pharma, Inc.?
IGC Pharma, Inc. is a clinical-stage biotechnology company developing novel therapeutics for neuropsychiatric and neurodegenerative disorders, primarily Alzheimer's disease, with its lead candidate IGC-AD1 currently in a Phase 2 trial for agitation in Alzheimer's dementia.
What is IGC Pharma, Inc.'s lead drug candidate?
IGC Pharma, Inc.'s most advanced tracked candidate is igc-ad1 (Phase 2) for Alzheimer Disease.
What is IGC Pharma, Inc.'s next catalyst?
IGC Pharma, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: calma" — expected December 31, 2026.
Who is the CEO of IGC Pharma, Inc.?
Mr. Ram Mukunda is the chief executive officer of IGC Pharma, Inc. (IGC).
Where is IGC Pharma, Inc. headquartered?
IGC Pharma, Inc. (IGC) is headquartered in Potomac, MD, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.