IGC Pharma | 10-Q: FY2026 Q2 Revenue Misses Estimate at USD 191 K

Revenue: As of FY2026 Q2, the actual value is USD 191 K, missing the estimate of USD 383 K.

EPS: As of FY2026 Q2, the actual value is USD -0.02.

EBIT: As of FY2026 Q2, the actual value is USD -2.899 M.

Life Sciences Segment

Revenue

• Revenue for the three months ended September 30, 2025, was $191 thousand, a decrease from $412 thousand for the same period in 2024.
• Revenue for the six months ended September 30, 2025, was $519 thousand, down from $684 thousand for the same period in 2024.

Operational Metrics

• Gross profit for the three months ended September 30, 2025, was $99 thousand, compared to $198 thousand in 2024, with gross margins of 52% and 48%, respectively.
• Operating loss for the three months ended September 30, 2025, was -$2,899 thousand, compared to -$1,760 thousand in 2024.
• Net loss for the three months ended September 30, 2025, was -$1,821 thousand, compared to -$1,717 thousand in 2024.
• Gross profit for the six months ended September 30, 2025, was $253 thousand, compared to $361 thousand in 2024, with gross margins of 49% and 53%, respectively.
• Operating loss for the six months ended September 30, 2025, was -$4,804 thousand, compared to -$4,156 thousand in 2024.
• Net loss for the six months ended September 30, 2025, was -$3,420 thousand, compared to -$4,095 thousand in 2024.

Cash Flow

• Net cash used in operating activities for the six months ended September 30, 2025, was -$3,497 thousand, compared to -$2,748 thousand in 2024.
• Net cash from investing activities for the six months ended September 30, 2025, was $206 thousand, compared to -$196 thousand in 2024.
• Net cash provided by financing activities for the six months ended September 30, 2025, was $3,961 thousand, compared to $3,301 thousand in 2024.

Unique Metrics

• Other income, net for the three months ended September 30, 2025, was $1,078 thousand, compared to $43 thousand in 2024, attributed to profit from the disposition of assets.
• Other income, net for the six months ended September 30, 2025, was $1,384 thousand, compared to $61 thousand in 2024, attributed to tax credit and profit from the disposition of assets.

Future Outlook and Strategy

• The company plans to complete the Phase ²⁄₃ CALMA trial, advance tox studies for disease-modifying trials with IGC-AD1, apply for non-dilutive grants, and advance TGR-63 as a potential therapeutic for AD.
• The company aims to strengthen clinical credibility and visibility, and believes that additional investment in clinical trials, AI, R&D, facilities, marketing, advertising, and acquisition of complementary products and businesses will be critical to ongoing growth.