IGC Pharma Files 2024 Annual Report

TL;DR

IGC Pharma filed its 10-K for FY24 ending March 31. All systems go.

AI Summary

IGC Pharma, Inc. filed its annual report for the fiscal year ended March 31, 2024. The company, formerly known as India Globalization Capital, Inc., is incorporated in Maryland and operates in the Pharmaceutical Preparations sector. Its principal business address is 10224 Falls Road, Potomac, Maryland.

Why It Matters

This filing provides a comprehensive overview of IGC Pharma's financial health and operational status for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, IGC Pharma faces inherent risks related to drug development, regulatory approvals, and market competition, which are typical for the industry.

Key Players & Entities

• IGC Pharma, Inc. (company) — Registrant
• India Globalization Capital, Inc. (company) — Former company name
• March 31, 2024 (date) — Fiscal year end
• 10224 Falls Road, Potomac, Maryland (location) — Principal business address
• 001-32830 (other) — SEC file number

FAQ

Filing Documents

• igcpharma20240331_10k.htm (10-K) — 1842KB
• ex_691484.htm (EX-21.1) — 40KB
• ex_691485.htm (EX-23.1) — 3KB
• ex_691486.htm (EX-31.1) — 15KB
• ex_691487.htm (EX-31.2) — 14KB
• ex_691488.htm (EX-32.1) — 8KB
• ex_691489.htm (EX-32.2) — 7KB
• ex_691490.htm (EX-97.1) — 14KB
• igcpharma20240331_10kimg001.jpg (GRAPHIC) — 2KB
• igcpharma20240331_10kimg002.jpg (GRAPHIC) — 11KB
• igcpharma20240331_10kimg003.jpg (GRAPHIC) — 12KB
• igcpharma20240331_10kimg004.jpg (GRAPHIC) — 10KB
• igcpharma20240331_10kimg005.jpg (GRAPHIC) — 16KB
• igcpharma20240331_10kimg006.jpg (GRAPHIC) — 15KB
• igcpharma20240331_10kimg007.jpg (GRAPHIC) — 12KB
• igcpharma20240331_10kimg008.jpg (GRAPHIC) — 17KB
• igcpharma20240331_10kimg009.jpg (GRAPHIC) — 29KB
• igcpharma20240331_10kimg010.jpg (GRAPHIC) — 8KB
• igcpharma20240331_10kimg011.jpg (GRAPHIC) — 15KB
• 0001185185-24-000650.txt ( ) — 8573KB
• igc-20240331.xsd (EX-101.SCH) — 62KB
• igc-20240331_cal.xml (EX-101.CAL) — 49KB
• igc-20240331_def.xml (EX-101.DEF) — 278KB
• igc-20240331_lab.xml (EX-101.LAB) — 487KB
• igc-20240331_pre.xml (EX-101.PRE) — 279KB
• igcpharma20240331_10k_htm.xml (XML) — 1280KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 21 Item 1B. Unresolved Staff Comments 35 Item 1C. Cybersecurity 35 Item 2.

Properties

Properties 36 Item 3.

Legal Proceedings

Legal Proceedings 36 Item 4. Mine Safety Disclosures 36 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 37 Item 6. [Reserved] 38 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 45 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70 Item 9A.

Controls and Procedures

Controls and Procedures 70 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers, and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 76 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 78 Item 13. Certain Relationships and Related Transactions, and Director Independence 79 Item 14. Principal Accountant Fees and Services 79 PART IV Item 15. Exhibits and Financial Statement Schedules 82 Item 16. Form 10-K Summary 83

Signatures

Signatures 84 Table of Contents

FORWARD-LOOKING STATEMENTS AND IMPORTANT FACTORS

FORWARD-LOOKING STATEMENTS AND IMPORTANT FACTORS This Annual Report on Form 10-K and the documents incorporated in this report by reference contain "forward-looking statements" within the meaning of federal securities laws. Additionally, we or our representatives may, from time to time, make other written or verbal forward-looking statements. In this report and the documents incorporated by reference, we discuss plans, expectations, and objectives regarding our business, financial condition, and results of operations. Without limiting the foregoing, statements that are in the future tense, and all statements accompanied by terms such as "believe," "project," "expect," "trend," "estimate," "forecast," "assume," "intend," "plan," "target," "anticipate," "outlook," "preliminary," "will likely result," "will continue," and variations of them and similar terms are intended to be "forward-looking statements" as defined by federal securities laws. We caution you not to place undue reliance on forward-looking statements, which are based upon assumptions, expectations, plans, and projections. In addition, our goals and objectives are aspirational and are not guarantees or promises that such goals and objectives will be met. Forward-looking statements are subject to risks and uncertainties, including those identified in the "Risk Factors" included in this report and in the documents incorporated by reference that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. Forward-looking statements speak only as of the date when they are made. Except as required by law, we assume no obligation to update forward-looking statements to reflect events, circumstances, changes in expectations, or the occurrence of unanticipated events after the date of those statements.

Forward-looking statements are based upon, among other things, our assumptions with respect to

Forward-looking statements are based upon, among other things, our assumptions with respect to: the sufficiency of our existing cash and cash equivalents and marketable securities to fund our future operating and capital expenses; our ability to successfully deploy our artificial intelligence initiatives; our disposal of non-core Company assets; our ability to successfully register trademarks and patents, create and market new products and services, and achieve customer acceptance in the industries we serve; current and future economic and political conditions, including in Hong Kong, North America, Colombia, Europe, and India; our ability to accurately predict the future demand for our products and services; our ability to successfully market our products in countries and states where our products are legal; our ability to maintain a stock listing on a national securities exchange; our ability to obtain and maintain regulatory approval of our existing product candidates and any other product candidates we may develop, and the labeling under any approval we may obtain; our ability to timely complete regulatory filings; our ability to obtain the U.S. Food and Drug Administration ("FDA") approval for an Investigational New Drug Application ("INDA") and to successfully run medical trials, including a Phase 2 trial for IGC-AD1; our reliance on third parties to conduct clinical trials and for the manufacture of IGC-AD1 for clinical and non-clinical studies and clinical trials; our financial performance; the outcome of medical trials that are conducted on our Investigational Drug Candidates and products; our ability to fund the costs of clinical trials and other related expenses; our ability to maintain our intellectual property position and our ability to maintain and protect our intellectual property rights; competition and general acceptance of alternative, pharmaceutical, and nutraceutical therapies; our ability to effectively compete and our depende

BUSINESS

ITEM 1. BUSINESS Overview IGC Pharma, a clinical-stage company developing treatments for Alzheimer's disease, is committed to transforming patient care by offering faster-acting and more effective solutions. Our lead drug, IGC-AD1, embodies this vision by tackling a critical challenge – managing agitation in Alzheimer's dementia. Early results from our Phase 2 trial are promising: IGC-AD1 effectively reduced agitation in patients compared to a placebo, and crucially, it did so much faster than traditional medications. While existing anti-psychotics can take a long 6 to 12 weeks to show effects, IGC-AD1 has the potential to act within two weeks. This significantly faster onset of action could significantly improve patient care and represents a potential breakthrough in managing Alzheimer's-related agitation. IGC Pharma is on a mission to transform Alzheimer's treatment. We are building a robust pipeline of five drug candidates, each targeting different aspects of the disease. IGC-AD1 : Our lead investigational drug tackles agitation, a major burden for patients and caregivers. By addressing neuroinflammation, it offers a faster-acting solution compared to traditional medications. TGR-63 : Through pre-clinical studies, TGR-63 has demonstrated its potential to disrupt the progression of Alzheimer's by targeting A plaques, a key disease hallmark. IGC-1C : At the preclinical stage, IGC-1C represents a potential breakthrough by targeting tau protein and neurofibrillary tangles, aiming to modify the disease course. IGC-M3 : Also in preclinical development, IGC-M3 focuses on early intervention by inhibiting A plaque formation, potentially slowing cognitive decline. LMP : In preclinical development, LMP is designed to target multiple hallmarks of Alzheimer's disease, including A plaques and neurofibrillary tangles for a comprehensive therapeutic effect. We are also harnessing the power of Artificial Intelligence ("AI") to develop early detection models, optimize c

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View this 10-K filing on SEC EDGAR