IGC Pharma Files Q3 2024 10-Q

TL;DR

IGC Pharma filed its 10-Q for Q3 2024. Check financials.

AI Summary

IGC Pharma, Inc. filed its quarterly report for the period ended December 31, 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 business operations for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing standard financial and business information.

Key Players & Entities

• IGC Pharma, Inc. (company) — Registrant
• India Globalization Capital, Inc. (company) — Former company name
• December 31, 2024 (date) — Quarterly period end date
• 20250214 (date) — Filing date
• 10224 Falls Road, Potomac, Maryland (location) — Principal executive offices

FAQ

Key Financial Figures

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

Filing Documents

• igc10q123124.htm (10-Q) — 754KB
• igcex31-1.htm (EX-31.1) — 14KB
• igcex31-2.htm (EX-31.2) — 15KB
• igcex32-1.htm (EX-32.1) — 8KB
• image_001.jpg (GRAPHIC) — 5KB
• image_002.jpg (GRAPHIC) — 5KB
• 0001185185-25-000137.txt ( ) — 4807KB
• igc-20241231.xsd (EX-101.SCH) — 46KB
• igc-20241231_cal.xml (EX-101.CAL) — 41KB
• igc-20241231_def.xml (EX-101.DEF) — 203KB
• igc-20241231_lab.xml (EX-101.LAB) — 402KB
• igc-20241231_pre.xml (EX-101.PRE) — 237KB
• igc10q123124_htm.xml (XML) — 612KB

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 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 31 Item 5. Other Information 31 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 | December 31, 2024, Form 10-Q Table of Contents FORWARD-LOOKING 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, " 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 ho

Business

Business Organization As of December 31, 2024, the Company had the following operating subsidiaries: IGCare LLC, HH Processors, LLC, IGC Pharma, LLC, IGC Pharma IP, LLC, SAN Holdings, LLC, Sunday Seltzer, LLC, Hamsa Biopharma India Pvt. Ltd., Techni Bharathi Private Limited (TBL), and Colombia-based beneficially-owned subsidiary IGC Pharma SAS. The Company's fiscal year is the 52- or 53-week period that ends on March 31. IGC has two business segments: Life Sciences Segment and Infrastructure Segment. For more information on the business segments, please refer to Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations". The Company's principal office is in Maryland, established in 2005. Additionally, the Company has offices in Washington state, Colombia, South America, and India. The Company's filings are available on www.sec.gov . | December 31, 2024, Form 10-Q 9 Table of Contents NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation The accompanying condensed consolidated balance sheet as of December 31, 2024, and March 31, 2024, condensed consolidated statements of operations for the three months and nine months ended December 31, 2024, and 2023, and condensed consolidated statements of cash flows for the nine months ended December 31, 2024, and 2023, are unaudited. The consolidated balance sheet as of March 31, 2024, has been derived from audited financial statements, and the accompanying as of December 31, 2024 unaudited condensed consolidated financial statements ("interim GAAP") as determined by the Financial Accounting Standards Board (the "FASB") within its Accounting Standards Codification ("ASC") and under the rules and regulations of the SEC. Accordingly, they do not include all the information and footnotes required by U.S. GAAP for complete financial statem

View Full Filing

View this 10-Q filing on SEC EDGAR