Mon, Jun 24, 5:34 PM (75 days ago)
IGC Pharma, Inc. reported a net loss of $13 million for the fiscal year ending March 31, 2024, compared to a net loss of $11.5 million in the previous year. Revenue increased by 48% to $1.345 million, primarily driven by higher sales volumes in the Life Sciences segment. Operating expenses were reduced by 21% to $6.758 million due to lower non-cash expenses and employee-related costs. Research and development expenses rose by 9% to $3.773 million, reflecting ongoing Phase 2 trials for IGC-AD1 and preclinical studies for TGR-63. The company impaired land assets by $3.345 million to streamline operations. Cash and cash equivalents decreased by 63% to $1.2 million, largely due to operating activities. The company raised approximately $6 million through share purchase agreements and secured a $12 million credit facility to support its operations. Future outlook includes potential increases in R&D expenses and continued efforts to raise additional capital.