IGC Pharma (IGC)
Market Price (9/30/2026): $0.2754 | Market Cap: $27.6 MilSector: Health Care | Industry: Biotechnology
IGC Pharma (IGC)
Market Price (9/30/2026): $0.2754Market Cap: $27.6 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Cannabis & Phytopharmaceuticals. Themes include Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -103% | Penny stockMkt Price is 0.3 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -987% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -19% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 304% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -609% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% Key risksIGC key risks include [1] a significant bankruptcy risk, Show more. |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Cannabis & Phytopharmaceuticals. Themes include Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -56%, 3Y Excs Rtn is -103% |
| Penny stockMkt Price is 0.3 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -11 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -987% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -15%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.9%, Rev Chg QQuarterly Revenue Change % is -19% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 304% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -524%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -609% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% |
| Key risksIGC key risks include [1] a significant bankruptcy risk, Show more. |
Qualitative Assessment
AI Analysis | Feedback
IGC Pharma (IGC) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. IGC Pharma reported a significant decline in its fiscal Q2 2026 financial results, which ended on June 30, 2026. The company's revenue decreased to approximately $265 thousand compared to $328 thousand in the prior-year quarter. Additionally, the net loss widened to about $3.0 million, or $0.03 per share, from a $1.6 million loss, or $0.02 per share, in fiscal Q2 2025. This financial performance also included increased research and development expenses of approximately $1.4 million and selling, general, and administrative expenses of approximately $1.4 million.
2. The broader biotechnology sector faced persistent macroeconomic headwinds and financing uncertainties during the period. While the overall biotechnology market is projected for strong growth in the long term, the industry in 2026 continued to grapple with economic and geopolitical disruptions, tightened financing environments, and cost pressures. Despite some market recovery signals and increased M&A activity for de-risked assets, a general cautious sentiment prevailed, impacting investor confidence in smaller biotechnology companies like IGC Pharma.
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IGC Pharma (IGC) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. IGC Pharma reported a significant decline in its fiscal Q2 2026 financial results, which ended on June 30, 2026. The company's revenue decreased to approximately $265 thousand compared to $328 thousand in the prior-year quarter. Additionally, the net loss widened to about $3.0 million, or $0.03 per share, from a $1.6 million loss, or $0.02 per share, in fiscal Q2 2025. This financial performance also included increased research and development expenses of approximately $1.4 million and selling, general, and administrative expenses of approximately $1.4 million.
2. The broader biotechnology sector faced persistent macroeconomic headwinds and financing uncertainties during the period. While the overall biotechnology market is projected for strong growth in the long term, the industry in 2026 continued to grapple with economic and geopolitical disruptions, tightened financing environments, and cost pressures. Despite some market recovery signals and increased M&A activity for de-risked assets, a general cautious sentiment prevailed, impacting investor confidence in smaller biotechnology companies like IGC Pharma.
3. Investor sentiment was likely tempered by the anticipation of crucial clinical trial data, despite positive updates. Although IGC Pharma completed enrollment in its Phase 2 CALMA Alzheimer's Trial on September 28, 2026, with topline results expected in fiscal Q4 2026, the absence of actual clinical data may have led to investor hesitancy. While Ascendiant Capital Markets raised its price target for IGC Pharma to $6.00 on August 28, 2026, citing CALMA progress, the stock's movement suggests investors are awaiting the definitive trial results before making substantial commitments.
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Stock Movement Drivers
Fundamental Drivers
The -7.4% change in IGC stock from 5/31/2026 to 9/29/2026 was primarily driven by a -5.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.29 | 0.27 | -7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -5.3% |
| P/S Multiple | 23.9 | 23.9 | -0.1% |
| Shares Outstanding (Mil) | 98 | 100 | -2.2% |
| Cumulative Contribution | -7.4% |
Market Drivers
5/31/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| IGC | -7.4% | |
| Market (SPY) | 1.3% | 26.7% |
| Sector (XLV) | 14.7% | 0.1% |
Fundamental Drivers
The -3.5% change in IGC stock from 2/28/2026 to 9/29/2026 was primarily driven by a -9.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282026 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.28 | 0.27 | -3.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 1.5% |
| P/S Multiple | 22.7 | 23.9 | 5.4% |
| Shares Outstanding (Mil) | 90 | 100 | -9.8% |
| Cumulative Contribution | -3.5% |
Market Drivers
2/28/2026 to 9/29/2026| Return | Correlation | |
|---|---|---|
| IGC | -3.5% | |
| Market (SPY) | 12.0% | 30.2% |
| Sector (XLV) | 7.5% | 10.2% |
Fundamental Drivers
The -37.9% change in IGC stock from 8/31/2025 to 9/29/2026 was primarily driven by a -17.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.43 | 0.27 | -37.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -15.4% |
| P/S Multiple | 27.0 | 23.9 | -11.4% |
| Shares Outstanding (Mil) | 83 | 100 | -17.2% |
| Cumulative Contribution | -37.9% |
Market Drivers
8/31/2025 to 9/29/2026| Return | Correlation | |
|---|---|---|
| IGC | -37.9% | |
| Market (SPY) | 19.8% | 28.8% |
| Sector (XLV) | 26.4% | 8.4% |
Fundamental Drivers
The -22.6% change in IGC stock from 8/31/2023 to 9/29/2026 was primarily driven by a -47.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312023 | 9292026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.35 | 0.27 | -22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | -10.5% |
| P/S Multiple | 14.6 | 23.9 | 63.4% |
| Shares Outstanding (Mil) | 53 | 100 | -47.1% |
| Cumulative Contribution | -22.6% |
Market Drivers
8/31/2023 to 9/29/2026| Return | Correlation | |
|---|---|---|
| IGC | -22.6% | |
| Market (SPY) | 76.1% | 14.4% |
| Sector (XLV) | 34.8% | 9.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IGC Return | -37% | -67% | -12% | 20% | -16% | -3% | -82% |
| Peers Return | 35% | 14% | 1% | 1% | 27% | 23% | 145% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| IGC Win Rate | 42% | 33% | 58% | 50% | 33% | 33% | |
| Peers Win Rate | 63% | 57% | 42% | 43% | 60% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| IGC Max Drawdown | -68% | -72% | -39% | -52% | -40% | -32% | |
| Peers Max Drawdown | -21% | -20% | -26% | -24% | -22% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BIIB, LLY, ABBV, JNJ, PFE.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/29/2026 (YTD)
How Low Can It Go
| Event | IGC | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.1% | -9.5% |
| % Gain to Breakeven | 17.8% | 10.5% |
| Time to Breakeven | 123 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.2% | -6.7% |
| % Gain to Breakeven | 37.4% | 7.1% |
| Time to Breakeven | 37 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 8 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -53.4% | -3.7% |
| % Gain to Breakeven | 114.5% | 3.9% |
| Time to Breakeven | 107 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.7% | -12.2% |
| % Gain to Breakeven | 91.3% | 13.9% |
| Time to Breakeven | 33 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -85.4% | -6.8% |
| % Gain to Breakeven | 585.2% | 7.3% |
| Time to Breakeven | 783 days | 15 days |
In The Past
IGC Pharma's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | IGC | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.2% | -6.7% |
| % Gain to Breakeven | 37.4% | 7.1% |
| Time to Breakeven | 37 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -46.5% | -33.7% |
| % Gain to Breakeven | 86.9% | 50.9% |
| Time to Breakeven | 8 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -53.4% | -3.7% |
| % Gain to Breakeven | 114.5% | 3.9% |
| Time to Breakeven | 107 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -47.7% | -12.2% |
| % Gain to Breakeven | 91.3% | 13.9% |
| Time to Breakeven | 33 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -85.4% | -6.8% |
| % Gain to Breakeven | 585.2% | 7.3% |
| Time to Breakeven | 783 days | 15 days |
| 2013 Taper Tantrum | ||
| % Loss | -68.5% | -0.2% |
| % Gain to Breakeven | 217.1% | 0.2% |
| Time to Breakeven | 1619 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -54.3% | -17.9% |
| % Gain to Breakeven | 118.7% | 21.8% |
| Time to Breakeven | 27 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -30.6% | -15.4% |
| % Gain to Breakeven | 44.1% | 18.2% |
| Time to Breakeven | 2986 days | 125 days |
In The Past
IGC Pharma's stock fell -8.4% during the 2025 US Tariff Shock. Such a loss loss requires a 9.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About IGC Pharma (IGC)
IGC Pharma, Inc. (IGC) is a clinical-stage biotechnology company focused on developing cannabinoid-based formulations for various medical conditions. The company's primary therapeutic areas include neurological disorders such as Alzheimer's disease, women's health issues like dysmenorrhea and premenstrual syndrome, and the management of chronic pain.
The company's main product pipeline includes two investigational drug assets targeting Alzheimer's disease. IGC-AD1 is currently undergoing a Phase 2B clinical trial as a treatment for agitation in dementia due to Alzheimer's, while TGR-63 is in pre-clinical development. Complementing its pharmaceutical efforts, IGC Pharma also operates Holief, a wellness brand that offers products specifically for women experiencing premenstrual syndrome and menstrual cramps, serving both patients with neurological conditions and women seeking relief for menstrual-related discomfort.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe IGC Pharma:
- A smaller, clinical-stage version of GW Pharmaceuticals, but focused on Alzheimer's disease and women's health with cannabinoid-based drugs.
- 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.
- 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.
AI Analysis | Feedback
- 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.
AI Analysis | Feedback
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:
- Women experiencing premenstrual syndrome (PMS)
- Women experiencing menstrual cramps
AI Analysis | Feedback
AI Analysis | Feedback
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.
AI Analysis | Feedback
Here are the key risks to IGC Pharma's business:
- 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.
- 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.
- 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.
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AI Analysis | Feedback
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.
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IGC Pharma (NYSE American: IGC) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:
- 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.
- 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.
- 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.
- 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.
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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.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.3% | 44.8% | 91.5% | CAH 400% · MCK 344% · COR 172% |
| Health Care Services | 20 | 18.5% | 36.2% | 5.7% | HIMS 281% · RDNT 141% · DGX 76% |
| Managed Health Care | 8 | 32.0% | -7.4% | 4.7% | OSCR 71% · HQY 35% · ELV 13% |
| Health Care Facilities | 24 | 2.4% | 7.6% | -3.3% | THC 288% · NHC 263% · ENSG 137% |
| Health Care Equipment | 50 | -2.4% | -1.0% | -15.1% | POCI 10575% · UFPT 382% · GKOS 229% |
| Pharmaceuticals | 62 | -7.7% | -0.5% | -28.8% | LQDA 2461% · INDV 1157% · ETON 1074% |
| Health Care Supplies | 12 | 27.5% | -7.6% | -37.1% | LNTH 288% · HAE 50% · MMSI 22% |
| Life Sciences Tools & Services | 109 | -1.0% | -16.8% | -66.5% | SNWV 1835% · NTRA 272% · MEDP 229% |
| Health Care Technology | 21 | -33.1% | -53.9% | -76.9% | SPOK 69% · HSTM 6% · VEEV -3% |
| Biotechnology ← | 363 | -10.5% | -24.8% | -78.3% | CELZ 1279% · DNTH 1097% · ELVN 1040% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold IGC Pharma Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 246.85 |
| Mkt Cap | 317.6 |
| Rev LTM | 64,040 |
| Op Inc LTM | 19,434 |
| FCF LTM | 12,272 |
| FCF 3Y Avg | 6,352 |
| CFO LTM | 16,454 |
| CFO 3Y Avg | 13,354 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | 2.5% |
| Rev Chg Q | 5.0% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 11.8% |
| Op Inc Chg 3Y Avg | 8.9% |
| Op Mgn LTM | 26.8% |
| Op Mgn 3Y Avg | 23.6% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 28.4% |
| CFO/Rev 3Y Avg | 22.6% |
| FCF/Rev LTM | 20.0% |
| FCF/Rev 3Y Avg | 17.3% |
Price Behavior
| Market Price | $0.27 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 05/24/2006 | |
| Distance from 52W High | -36.9% | |
| 50 Days | 200 Days | |
| DMA Price | $0.28 | $0.29 |
| DMA Trend | down | up |
| Distance from DMA | -4.0% | -6.4% |
| 3M | 1YR | |
| Volatility | 51.2% | 50.3% |
| Downside Capture | 149.32 | 157.65 |
| Upside Capture | 121.73 | 77.89 |
| Correlation (SPY) | 27.6% | 30.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.06 | 2.00 | 1.26 | 1.22 | 1.21 | 0.65 |
| Up Beta | -1.43 | 0.47 | 0.51 | 0.94 | 1.34 | 0.37 |
| Down Beta | 4.11 | 3.87 | 1.46 | 0.70 | 1.02 | 0.81 |
| Up Capture | 494% | 244% | 158% | 156% | 80% | 35% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 14 | 23 | 33 | 61 | 110 | 343 |
| Down Capture | 254% | 193% | 137% | 147% | 136% | 97% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 7 | 19 | 31 | 65 | 138 | 399 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IGC | |
|---|---|---|---|---|
| IGC | -32.8% | 50.5% | -0.62 | - |
| Sector ETF (XLV) | 27.7% | 16.0% | 1.33 | 9.2% |
| Equity (SPY) | 16.5% | 13.0% | 0.90 | 30.2% |
| Gold (GLD) | 10.5% | 29.6% | 0.34 | 14.1% |
| Commodities (DBC) | 40.5% | 20.8% | 1.52 | -9.1% |
| Real Estate (VNQ) | 3.2% | 13.6% | -0.02 | -1.9% |
| Bitcoin (BTCUSD) | -24.6% | 44.7% | -0.50 | 23.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IGC | |
|---|---|---|---|---|
| IGC | -29.6% | 79.3% | -0.14 | - |
| Sector ETF (XLV) | 7.0% | 15.2% | 0.27 | 10.1% |
| Equity (SPY) | 13.5% | 17.2% | 0.60 | 17.1% |
| Gold (GLD) | 18.2% | 18.9% | 0.78 | 5.3% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 5.0% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 6.3% |
| Bitcoin (BTCUSD) | 15.3% | 52.4% | 0.46 | 7.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with IGC | |
|---|---|---|---|---|
| IGC | -5.6% | 154.3% | 0.45 | - |
| Sector ETF (XLV) | 10.9% | 16.7% | 0.53 | 10.8% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 13.3% |
| Gold (GLD) | 11.8% | 16.4% | 0.59 | 3.2% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 7.7% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 7.8% |
| Bitcoin (BTCUSD) | 63.5% | 66.2% | 1.03 | 7.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/18/2026 | 10-KT |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 06/27/2025 | 10-K |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 06/24/2024 | 10-K |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 07/07/2023 | 10-K |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/15/2026 | 10-Q |
| 12/31/2025 | 03/18/2026 | 10-KT |
| 09/30/2025 | 11/14/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 06/27/2025 | 10-K |
| 12/31/2024 | 02/14/2025 | 10-Q |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 06/24/2024 | 10-K |
| 12/31/2023 | 02/14/2024 | 10-Q |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/10/2023 | 10-Q |
| 03/31/2023 | 07/07/2023 | 10-K |
| 12/31/2022 | 02/14/2023 | 10-Q |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 06/23/2022 | 10-K |
| 12/31/2021 | 02/10/2022 | 10-Q |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 08/11/2021 | 10-Q |
| 03/31/2021 | 06/14/2021 | 10-K |
| 12/31/2020 | 02/16/2021 | 10-Q |
| 09/30/2020 | 11/20/2020 | 10-Q |
| 06/30/2020 | 08/19/2020 | 10-Q |
| 03/31/2020 | 07/13/2020 | 10-K |
| 12/31/2019 | 02/10/2020 | 10-Q |
| 09/30/2019 | 11/06/2019 | 10-Q |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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