Here are 1-3 brief analogies to describe IGC Pharma:

1. A smaller, clinical-stage version of GW Pharmaceuticals, but focused on Alzheimer's disease and women's health with cannabinoid-based drugs.
2. A biotech company pursuing novel Alzheimer's treatments, akin to an early-stage Biogen or Eli Lilly, but with a unique focus on cannabinoid-derived medicines.
3. Think of it as a micro-version of Johnson & Johnson, with a core pharmaceutical research division focused on Alzheimer's, alongside a growing consumer wellness brand for women's health.

• IGC-AD1: An investigational cannabinoid-based drug asset currently in Phase 2B clinical trials for treating agitation in dementia due to Alzheimer's disease.
• TGR-63: An investigational cannabinoid-based drug asset in pre-clinical development targeting Alzheimer's disease.
• Holief: A wellness brand offering products aimed at women experiencing premenstrual syndrome and menstrual cramps.

IGC Pharma (IGC) primarily sells to individuals through its Holief wellness brand. As a clinical-stage biotechnology company, its investigational drug assets (IGC-AD1 and TGR-63) are currently in development and not yet commercially available, therefore they do not have customers for these specific products at this time.

For its Holief brand, IGC Pharma serves the following categories of individual customers:

1. Women experiencing premenstrual syndrome (PMS)
2. Women experiencing menstrual cramps

Ram Mukunda, Chief Executive Officer

Ram Mukunda has served as CEO of IGC Pharma since April 2005. He is also the founder of IGC Pharma. With over two decades of leadership experience across public companies and emerging technologies, he leads the company's mission in developing cannabinoid-based formulations for Alzheimer's disease, including guiding the Phase 2 clinical trial for IGC-AD1. Previously, Mr. Mukunda founded and served as CEO of Startec Global Communications from 1991 to 2003, a company he took public on NASDAQ in 1997. He also worked as a Strategic Planning Advisor at Intelsat and started his career as an Analyst at Caine Gressel Midgley Slater, Inc., focusing on mortgage-backed securities and municipal bonds. Mr. Mukunda holds bachelor's degrees in electrical engineering and mathematics, and a master's degree in engineering from the University of Maryland.

Claudia Grimaldi, Vice President, Principal Financial Officer, and Chief Compliance Officer

Claudia Grimaldi is Vice President, Principal Financial Officer (PFO), and Chief Compliance Officer (CCO) at IGC Pharma. She is responsible for overseeing international teams involved in preclinical research, regulatory compliance, and trial operations, and plays a key role in managing IGC's FDA-registered Alzheimer's trials. Ms. Grimaldi has been with the company for nearly 12 years, taking on increasing responsibilities including managing SEC and NYSE filings, regulatory compliance, and disclosures. She also serves as the Managing Director of IGC Pharma Columbia and as a director for the company's subsidiary in India, as well as a director on the board of IGC. She earned her MBA with highest honors from Meredith College and holds a bachelor's degree in psychology with highest honors from Javeriana University in Colombia.

Rohit Goel, Senior Director of Accounting & Principal Accounting Officer

Rohit Goel is the Senior Director of Accounting & Principal Accounting Officer at IGC Pharma. He brings expertise in financial reporting, regulatory compliance, and operational efficiency, holding both Certified Public Accounting (CPA) credentials and a Master of Business Administration (MBA).

Benysh Qureshi, Director of Operations

Benysh Qureshi serves as the Director of Operations at IGC Pharma, Inc. His background includes legal expertise and an MBA, and he is responsible for overseeing various operational functions, including supply chain management, manufacturing oversight, process optimization, and quality assurance.

Dr. Jagadeesh Rao, Principal Scientist

Dr. Jagadeesh Rao is the Principal Scientist at IGC Pharma. His career spans two decades in the public sector and in product research and development for Johnson & Johnson. Dr. Rao leads IGC's scientists in developing pharmaceutical and over-the-counter products, and previously worked for the federal National Institutes of Health and the National Institute on Drug Abuse. He holds a Ph.D. in Neurochemistry from the National Institute of Mental Health & Neurosciences in India and completed postdoctoral training at the University of Illinois-Chicago.

Here are the key risks to IGC Pharma's business:

1. Clinical Trial Failure and Regulatory Approval: As a clinical-stage biotechnology company, IGC Pharma's success heavily depends on the successful completion of clinical trials for its investigational drug assets, such as IGC-AD1, which is in a Phase 2B clinical trial. There is a significant risk that their drug candidates may not demonstrate adequate safety or efficacy, or may fail to obtain the necessary regulatory approvals (e.g., from the FDA) required to commercialize them.
2. Funding and Liquidity: IGC Pharma faces substantial risks related to cash sufficiency, balance sheet issues, and liquidity. The company requires significant capital to fund ongoing and future clinical development programs, research, and general operations. Failure to secure adequate funding could impede the progress of its drug candidates and its ability to continue operations.
3. Commercialization Challenges and Regulatory Landscape for Cannabinoids: Even if IGC Pharma's drug candidates receive regulatory approval, there is a risk of failure to successfully commercialize them. This includes challenges related to the competitive landscape, market acceptance, and the FDA's evolving position and specific regulations regarding cannabis- and hemp-based products, which are central to IGC Pharma's formulations.

IGC Pharma focuses on developing cannabinoid-based formulations for treating Alzheimer's disease, dysmenorrhea, premenstrual syndrome, and chronic pain. The addressable markets for their main products and services are as follows:

Alzheimer's Disease (IGC-AD1 and TGR-63)

The global Alzheimer's therapeutics market size was valued at approximately USD 6.49 billion in 2025 and is projected to reach approximately USD 33.62 billion by 2034, growing at a compound annual growth rate (CAGR) of 20.06% from 2025 to 2034. North America is a dominant region in this market, holding a 46.10% share in 2024. The U.S. Alzheimer's drugs market alone was valued at USD 1.62 billion in 2022.

For agitation in Alzheimer's disease, which IGC-AD1 targets, it is estimated that up to 50% of Alzheimer's patients experience symptoms of agitation at some point during their illness. While a specific market size for agitation in Alzheimer's is not distinctively quantified as a separate numerical value from the broader Alzheimer's therapeutics market in the provided information, the market for agitation in Alzheimer's disease is projected to experience consistent growth.

Dysmenorrhea and Premenstrual Syndrome (Holief)

Holief, IGC Pharma's wellness brand for premenstrual syndrome and menstrual cramps, targets two significant markets:

• Dysmenorrhea Treatment Market: The global dysmenorrhea treatment market is forecasted to attain USD 7.17 billion by 2025 and is projected to reach USD 14.19 billion by 2035, growing at a CAGR of 7.1%. The U.S. dysmenorrhea treatment market size is valued at USD 1.74 billion in 2025 and is projected to reach USD 3.08 billion by 2033.
• Premenstrual Syndrome (PMS) Treatment Market: The global premenstrual syndrome treatment market size was valued at USD 1.44 billion in 2024 and is poised to grow to USD 1.95 billion by 2033, with a CAGR of 3.42% in the forecast period (2026–2033). North America is expected to hold a significant share in this market. Additionally, the global PMS and menstrual health supplements market, which may also be relevant for a wellness brand, was valued at USD 22.6 billion in 2022 and is projected to reach USD 35.0 billion by 2030.

IGC Pharma (NYSE American: IGC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Advancement and Potential Commercialization of IGC-AD1 for Alzheimer's Disease: IGC Pharma's lead asset, IGC-AD1, is currently in a Phase 2 CALMA clinical trial for the treatment of agitation associated with Alzheimer's disease. The company reported approximately 70% patient enrollment by February 2026, with full enrollment expected by mid-2026. Positive interim data has shown a statistically significant reduction in agitation. Furthermore, IGC-AD1 is also being advanced as a potential disease-modifying therapy for Alzheimer's, with plans to initiate a new Phase 2 clinical trial in 2025. The market for Alzheimer's treatments, particularly for agitation, represents a significant unmet medical need and a multi-billion-dollar opportunity. The company has secured North American composition protection for IGC-AD1, enhancing its long-term commercial positioning.
2. Expansion and Growth of the Holief/Holiby Wellness Brand: IGC Pharma is strategically expanding its presence in the wellness market through its Holief brand, which targets women experiencing premenstrual syndrome and menstrual cramps. The company launched Holiby in February 2025, a wellness brand offering products like Immunity Gummies and Energy Gummies, generating near-term revenue. This was further expanded in February 2025 with "Longevity" and "Renew" product lines, targeting the anti-aging market, which is projected to exceed $182 billion by 2028. The growth strategy includes direct-to-consumer e-commerce, white-label, and private-label partnerships, along with targeted marketing.
3. Progression of Other Investigational Drug Assets: Beyond IGC-AD1, IGC Pharma has a pipeline of other investigational drugs. TGR-63 is in preclinical development for Alzheimer's, demonstrating the ability to cross the blood-brain barrier and suppress tau fibril formation while disrupting amyloid-beta plaques. IGC-1C has shown promising preclinical results for targeting tau protein phase separation in Alzheimer's. Additionally, IGC-1A has been identified through AI modeling as a potential GLP-1 agonist, opening new avenues in metabolic and neurological treatment. These pipeline assets could provide future revenue streams upon successful clinical development and regulatory approval.
4. Monetization of AI-Driven Diagnostic Tools: IGC Pharma leverages Artificial Intelligence in its drug discovery and development processes. A direct revenue driver stemming from this is the development of MINT-AD, an AI diagnostic platform for early Alzheimer's detection, which has received recognition from the National Institute on Aging (NIH). The company plans to launch the beta version of its MINT-AD platform, which could potentially expand its reach into the metabolic disorder market, creating a new avenue for revenue generation through diagnostic services.

Share Issuance

• IGC Pharma increased its authorized common stock from 150,000,000 to 600,000,000 shares, effective December 12, 2025.
• The company raised approximately $4.64 million in fiscal year 2025 through a combination of private equity placements and an at-the-market (ATM) offering program.
• Common stock issued by the company totaled approximately $16.22 million for the fiscal year ending September 2025.

Inbound Investments

• In fiscal year 2025, IGC Pharma raised about $4.64 million through private equity placements.

Outbound Investments

• IGC Pharma's Holi Hemp LLC subsidiary completed the sale of certain equipment, inventory, and operating assets from its Vancouver, Washington facility, delivering approximately $2.7 million in consideration.

Capital Expenditures

• Capital expenditures amounted to approximately $82,000 in the last 12 months.
• For the fiscal year ending September 2025, capital expenditures were approximately $318,000, primarily supporting research and development activities and clinical trial infrastructure.