IGC Pharma, Inc. reported its financial results for the three and nine months ended December 31, 2024, revealing a significant increase in revenue compared to the same period in the previous year. The company generated approximately $257,205 in revenue for the three months ending December 31, 2024, compared to $204,941 in the same quarter of 2023. For the nine-month period, revenue totaled $941,000, down from $1,050,000 in the prior year. The decrease in nine-month revenue is attributed to the completion of an infrastructure project in India, while the life sciences segment saw a slight increase in revenue.
The company's gross profit for the three months ended December 31, 2024, was approximately $104,133, resulting in a gross margin of 40%, down from 65% in the same quarter of 2023. The cost of revenue increased to $153,000 from $71,000 year-over-year. Selling, general, and administrative expenses decreased significantly by 49% to $1,130,000, primarily due to a one-time expense in the previous year and a focus on cost efficiency. Research and development expenses also saw a slight decrease of 6% to $852,000, reflecting ongoing clinical trials and studies.
Operationally, IGC Pharma is advancing its lead drug candidate, IGC-AD1, which is currently undergoing a Phase 2 clinical trial aimed at treating agitation in Alzheimer’s patients. The trial has shown promising early results, with the potential for IGC-AD1 to act faster than traditional medications. The company is also leveraging artificial intelligence to enhance its research capabilities and optimize clinical trial designs. As of December 31, 2024, IGC Pharma had a total of 30 patent filings, underscoring its commitment to innovation in the pharmaceutical sector.
In terms of liquidity, IGC Pharma reported cash and cash equivalents of $470,000 as of December 31, 2024, a decrease of 61% from $1,198,000 at the end of the previous fiscal year. The company utilized approximately $4.1 million in cash for operating activities during the nine months ended December 31, 2024, a reduction from $4.7 million in the same period of 2023. Financing activities provided approximately $3.6 million, primarily from the issuance of equity stock. Looking ahead, IGC Pharma plans to continue its focus on clinical trials and product development while exploring additional funding opportunities to support its operations and growth initiatives.
About IGC Pharma, Inc.
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.