IGC Pharma Files Q2 2024 Report

TL;DR

IGC Pharma dropped its Q2 2024 10-Q. Check financials.

AI Summary

IGC Pharma, Inc. filed its quarterly report for the period ending June 30, 2024. The company, formerly known as India Globalization Capital, Inc., is incorporated in Maryland and operates in the Pharmaceutical Preparations sector. Its principal executive offices are located at 10224 Falls Road, Potomac, Maryland.

Why It Matters

This filing provides investors with an update on IGC Pharma's financial performance and operational status for the second quarter of 2024.

Risk Assessment

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

Key Players & Entities

• IGC Pharma, Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period end date
• India Globalization Capital, Inc. (company) — Former company name
• Maryland (location) — State of incorporation
• 2834 (industry_code) — Standard Industrial Classification for Pharmaceutical Preparations
• 10224 Falls Road, Potomac, Maryland 20854 (address) — Principal executive offices
• 001-32830 (company_id) — SEC file number

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share IGC NYSE American LLC I

Filing Documents

• igc20240630_10q.htm (10-Q) — 939KB
• ex_709380.htm (EX-31.1) — 14KB
• ex_709381.htm (EX-31.2) — 14KB
• ex_709382.htm (EX-32.1) — 8KB
• igcpharma_001.jpg (GRAPHIC) — 2KB
• igcpharma_002.jpg (GRAPHIC) — 1KB
• 0001185185-24-000766.txt ( ) — 5647KB
• igc-20240630.xsd (EX-101.SCH) — 49KB
• igc-20240630_cal.xml (EX-101.CAL) — 40KB
• igc-20240630_def.xml (EX-101.DEF) — 211KB
• igc-20240630_lab.xml (EX-101.LAB) — 372KB
• igc-20240630_pre.xml (EX-101.PRE) — 213KB
• igc20240630_10q_htm.xml (XML) — 923KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations and Comprehensive Loss 5 Condensed Consolidated Statements of Changes in Shareholder's Equity 6 Condensed Consolidated Statements of Cash Flows 7 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 28 Item 3. Defaults Upon Senior Securities 28 Item 4. Mine Safety Disclosures 28 Item 5. Other Information 28 Item 6. Exhibits 29

SIGNATURES

SIGNATURES 30 | June 30, 2024, Form 10-Q

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q and the documents incorporated herein by reference contain " forward-looking statements. " Additionally, we, or our representatives, may, from time to time, make other written or verbal forward-looking statements and 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, " " hope, " " potential, " " 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. Such statements are based on currently available information, which management has assessed but which is dynamic and subject to rapid change due to risks and uncertainties that affect our business. For the next several years, we believe our success is highly correlated with the outcome of our clinical trials and secondarily with the sale of our products and services. The Company may not be able to complete human trials on our investigational drug candidates, or, once conducted, the results of human trials may not be favorable or as anticipated or may reflect a lack of efficacy in humans or animals. Precautions, including social distancing and travel restrictions, among others could lead to delays or expenses greater than anticipated or projected. Failure or delay with respect to any of the above factors could have a material adverse effect on our business, future results of operations, stock price, and financial condition. Our projections and investments anticipate certain regulatory changes and stable pricing, which may not hold out over the next several years. We may not be able to protect our

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements IGC Pharma, Inc. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except share data) (Unaudited) June 30, 2024 ($) March 31, 2024 ($) ASSETS Current assets: Cash and cash equivalents 1,824 1,198 Accounts receivable, net 28 39 Inventory 1,510 1,540 Asset held for sale 720 720 Deposits and advances 325 208 Total current assets 4,407 3,705 Non-current assets: Intangible assets, net 1,720 1,616 Property, plant, and equipment, net 3,586 3,695 Claims and advances 688 688 Operating lease asset 193 198 Total non-current assets 6,187 6,197 Total assets 10,594 9,902 LIABILITIES AND STOCKHOLDERS ' EQUITY Current liabilities: Accounts payable 771 773 Accrued liabilities and others 1,718 1,567 Total current liabilities 2,489 2,340 Non-current liabilities: Long-term loans 136 137 Other liabilities 20 20 Operating lease liability 69 84 Total non-current liabilities 225 241 Total liabilities 2,714 2,581 Commitments and Contingencies – See Note 12 Stockholders ' equity: Preferred stock, $ 0.0001 par value: authorized 1,000,000 shares, no shares issued or outstanding as of June 30, 2024, and March 31, 2024. Common stock and additional paid-in capital, $ 0.0001 par value: 150,000,000 shares authorized; 75,636,419 and 66,691,195 shares issued and outstanding as of June 30, 2024, and March 31, 2024, respectively. 127,349 124,409 Accumulated other comprehensive loss ( 3,426 ) ( 3,423 ) Accumulated deficit ( 116,043 ) ( 113,665 ) Total stockholders ' equity 7,880 7,321 Total liabilities and stockholders ' equity 10,594 9,902 The accompanying notes should be read in connection with these Condensed Consolidated Financial Statements. | June 30, 2024, Form 10-Q 4 Table of Contents IGC Pharma, Inc. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, e

View Full Filing

View this 10-Q filing on SEC EDGAR