IGC Pharma, Inc.
IGC evidence brief
What we can confirm
- BioSniper Score:
- 6.6 / 10
- Market Cap:
- $27.7M
- Next Catalyst:
- Phase2_Topline · Dec 31, 2026
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 IGC-AD1, a Phase 2 candidate for agitation in Alzheimer's dementia, and deploying AI platforms AHA and MINT-AD to support Alzheimer's research and clinical workflows.
Key risk: Low cash runway
BioSniper Score
Based on 2 of 6 signals
Limited data coverage
Financial data as of Jun 30, 2026.
Tracking 1 clinical trial · 1 catalyst for IGC Pharma, Inc..
IGC Pharma, Inc. is a clinical-stage biotechnology company developing IGC-AD1, a Phase 2 candidate for agitation in Alzheimer's dementia, and deploying AI platforms AHA and MINT-AD to support Alzheimer's research and clinical workflows.
- Lead product candidate IGC-AD1 is in a Phase 2 CALMA trial for agitation in Alzheimer's dementia, with 146 participants randomized as of June 2026 [sec_mda · as of 2026-08-14].
- Cash & equivalents were $0.3M as of 2026-06-30, with total revenue of $0.3M and net income of -$2.9M [sec].
- Shareholders' equity was $6.1M as of 2026-06-30 [sec].
- The company announced the beta version of its Agentic Harmonization Assistant (AHA) AI platform on June 23, 2026 [sec_mda · as of 2026-08-14].
- Phase 2 topline readout for the CALMA trial is expected in Q4 2026 [catalyst].
What works
- The CALMA Phase 2 trial has reached its target enrollment of 146 patients, indicating operational execution on a key clinical milestone [sec_mda · as of 2026-08-14].
- The company is developing AI platforms (AHA and MINT-AD) that could differentiate its approach and support clinical workflow and data harmonization [sec_mda · as of 2026-08-14].
- The company believes a first-in-class advantage for IGC-AD1 could result in significant growth if approved [sec_mda · as of 2026-08-14].
What to weigh
- Cash & equivalents are very low at $0.3M as of 2026-06-30, which may limit operational runway without additional financing [sec].
- The company reported a net loss of $2.9M for the period ending 2026-06-30, with minimal revenue of $0.3M [sec].
- The company is exposed to regulatory uncertainties around cannabinoid research and broader economic cycles [sec_mda · as of 2026-08-14].
- There is no assurance of obtaining a first-in-class advantage, and expensive multi-year trials remain a 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
CALMA trial reached target enrollment of 146 patients
“the Company announced that its Phase 2 CALMA trial evaluating IGC-AD1 for agitation associated with Alzheimer's dementia has reached the Company's previously disclosed target enrollment of 146 patients, with 146 participants randomized at baseline”
SEC MD&A · August 14, 2026
Beta version of AHA announced
“On June 23, 2026, the Company announced the beta version of its proprietary Agentic Harmonization Assistant ("AHA")”
SEC MD&A · August 14, 2026
Catalyst timeline
- 2026-12-31 · Phase2_Topline — Phase 2 topline readout for the CALMA Alzheimer's trial is expected in Q4 2026, which will provide efficacy and safety data for IGC-AD1.
Risks & what to watch (4)›
Key risks
- Low cash runway — Cash & equivalents of $0.3M as of 2026-06-30 may be insufficient to fund operations without additional capital [sec].
- No revenue from product sales — Total revenue was only $0.3M with a net loss of $2.9M as of 2026-06-30, indicating no approved product revenue [sec].
- Regulatory and economic exposure — The company is subject to regulations around cannabinoid research and global economic cycles [sec_mda · as of 2026-08-14].
- Clinical trial uncertainty — No assurance of first-in-class advantage; expensive multi-year trials are required [sec_mda · as of 2026-08-14].
What to watch
- Phase 2 topline readout for the CALMA trial expected in Q4 2026 [catalyst].
- Cash position and any new financing or partnership announcements given low cash reserves [sec].
- Progress of AI platforms AHA and MINT-AD, including potential partnerships or adoption [sec_mda · as of 2026-08-14].
- Any regulatory updates regarding cannabinoid-based drug development [sec_mda · as of 2026-08-14].
Sources: Catalysts · News · SEC MD&A · Generated October 7, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 2 of 6 signals · derived from public data
Pipeline inputs are unavailable for this score. It uses only the available signals shown below.
Cash runway data unavailable
D/E 0.55 · 0% dilution
No tracked pipeline phase
No tracked pipeline candidates
1 upcoming, next in ~78d
No insider transactions in the last 180 days
Catalysts
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
35
Total value held
$1.1M
| Holder | Shares | Value |
|---|---|---|
| geode capital management, llc | 1,043,384 | $274K |
| vanguard capital management llc | 718,436 | $189K |
| 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 IGC-AD1, a Phase 2 candidate for agitation in Alzheimer's dementia, and deploying AI platforms AHA and MINT-AD to support Alzheimer's research and clinical workflows.
What is IGC Pharma, Inc.'s next catalyst?
IGC Pharma, Inc.'s next tracked catalyst is a Phase2_Topline event — "Phase2_Topline: IGC Pharma Reports Q2 2026 Results as CALMA Alzheimer's Trial Moves Within Six Randomizations of Enrollment Closure" — 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.
What therapeutic areas does IGC Pharma, Inc. focus on?
IGC Pharma, Inc. develops therapies across Neurology.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.