IGC Pharma's Alzheimer's trial hits 80% enrollment; cash drops 77% to $207K amid R&D push

Filed May 15, 2026 · Period ending March 31, 2026 · ~2 min read

Key Changes

• high

  CALMA Phase 2 trial for IGC-AD1 (Alzheimer's agitation) reached 80% of 146-patient enrollment target, with expansion into Colombia's genetically-linked population. Trial completion is core near-term catalyst.

  MD&A: CALMA trial progress verify on EDGAR →
• high

  Cash plunged 77% to $207K (from $900K) on $1.2M operating burn; working capital deficit widened to $1.7M. Company raised $730K via debt/equity but holds $353K in convertible notes with 75%-of-market conversion floors that risk severe dilution.

  MD&A: Liquidity; Risk Factors: Convertible debt verify on EDGAR →
• high

  Net loss doubled to $2.4M (from $1.2M YoY) as R&D spending rose $275K for CALMA trial and SG&A jumped $671K. Revenue fell 4% to $317K; gross margin compressed to 17% (from 47%) as manufacturing shifts to third parties post-facility sale.

  MD&A: Financial results verify on EDGAR →