IGC Pharma continues to make significant strides in its Alzheimer's disease research program, marked by promising developments in its Phase 2 CALMA trial and strategic expansion of its therapeutic approach during the third quarter of fiscal 2025.
Clinical Progress and Strategic Expansion
The company's lead candidate, IGC-AD1, achieved several important milestones in the ongoing CALMA trial, which focuses on treating agitation in Alzheimer's patients. A significant advancement came with the enrollment of patients at the Baycrest Academy for Research and Education in Toronto, Ontario, expanding the trial's reach. Interim data released on November 14, 2024, revealed encouraging cognitive benefits in Alzheimer's patients treated with IGC-AD1.
In a strategic move to broaden its therapeutic potential, IGC Pharma announced plans to investigate IGC-AD1 as a disease-modifying treatment for Alzheimer's. This expansion, announced on December 2, 2024, aims to address both cognitive impairment and the underlying disease pathology by targeting the reduction of plaques and tangles in the brain.
Research Recognition and Innovation
The company's commitment to innovative research received validation through two awards in the NIH's PREPARE Challenge, recognizing their work with the Mexican Health and Aging Study database. This achievement underscores IGC Pharma's growing position in AI-driven Alzheimer's research and development.
Financial Performance and Operational Efficiency
Q3 fiscal 2025 showed marked improvement in financial metrics, with revenue reaching $257,000, representing a 26% increase compared to the same period in the previous year. This growth was primarily driven by white-label sales of over-the-counter formulations.
The company demonstrated strong cost management, with Selling, general and administrative (SG&A) expenses decreasing by 49% to $1.0 million, down from $2.2 million in the comparable quarter. Research and Development expenses saw a modest 6% reduction to $852,000, reflecting efficient resource allocation in the CALMA Phase 2 trials and preclinical studies.
The net loss for the quarter decreased significantly to $1.8 million ($0.02 per share), compared to $5.8 million ($0.08 per share) in the same period of fiscal 2024, indicating improved operational efficiency.
Pipeline and Future Outlook
IGC Pharma maintains a robust development pipeline, including the TGR family of compounds, with TGR-63 specifically targeting amyloid plaques. The company's IGC-C and IGC-M platforms continue advancing in preclinical studies, focusing on metabolic disorders and multiple Alzheimer's disease hallmarks.
With 32 patent filings and an untapped $12 million credit facility with O-Bank, IGC Pharma appears well-positioned to continue its research and development initiatives in Alzheimer's disease treatment and related conditions.
