Detailed financial statements for IGC Pharma, Inc. (IGC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
IGC Pharma, Inc. operates as a pharmaceutical firm, currently in the clinical development phase, dedicated to pioneering novel treatments for Alzheimer's, a debilitating condition. The company's pipeline includes two experimental drug candidates aimed at this disease: IGC-AD1, which is presently undergoing a Phase 2 clinical study for addressing agitation associated with Alzheimer's-related dementia, and TGR-63, which is still in its preclinical stage.
Analysis Summary
IGC Pharma, Inc. reported revenue of $1.2M in the most recent fiscal year, growing at a 5-year CAGR of 5.7%.
Trailing-twelve-month margins: gross margin 21.9%, operating margin -9.9%, net margin -7.0%.
At the current price of $0.27, IGC has negative trailing earnings (P/E not meaningful) and an ROE of -113.58%. Market capitalisation stands at $27M.
Balance sheet quality for IGC: current ratio of 0.4, net debt of $691000. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $580372 | $2.2M | $5.1M | $4.1M | $898000 | $397000 | $911000 | $1.3M | $1.3M | $1.2M |
| Cost of Revenue | $362135 | $2.1M | $5.0M | $4.0M | $1.2M | $203000 | $1.1M | $612000 | $652000 | $834000 |
| Gross Profit | $218237 | $81524 | $132000 | $115000 | -$349000 | $194000 | -$158000 | $733000 | $619000 | $352000 |
| Research & Development | $114000 | $137000 | $1.3M | $1.0M | $929000 | $2.3M | $3.5M | $3.8M | $3.7M | $5.2M |
| Selling, General & Admin | $2.3M | $1.9M | $3.5M | $6.0M | $7.4M | $13.3M | $8.0M | $6.8M | $4.4M | $5.4M |
| Operating Expenses | $2.3M | $1.9M | $4.8M | $7.0M | $8.4M | $15.6M | $11.4M | $10.5M | $8.1M | $10.6M |
| Operating Income | -$2.1M | -$1.8M | -$4.6M | -$6.9M | -$8.7M | -$15.4M | -$11.6M | -$9.8M | -$7.4M | -$10.2M |
| EBITDA | -$1.2M | -$1.7M | -$4.6M | -$6.7M | -$8.3M | -$14.4M | -$10.8M | -$12.4M | -$6.7M | -$6.2M |
| Interest Expense | $223464 | $30742 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pre-tax Income | -$1.8M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | -$6.5M |
| Income Tax | $14431 | $464 | $2000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Income | -$1.9M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | -$6.5M |
| EPS | $-0.07 | $-0.06 | $-0.12 | $-0.19 | $-0.21 | $-0.30 | $-0.22 | $-0.22 | $-0.09 | $-0.07 |
| EPS (Diluted) | $-0.07 | $-0.06 | $-0.12 | $-0.19 | $-0.21 | $-0.30 | $-0.22 | $-0.22 | $-0.09 | $-0.07 |
| Shares Outstanding (Diluted) | $25.7M | $27.9M | $35.4M | $39.5M | $42.0M | $50.0M | $52.6M | $58.8M | $76.5M | $95.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $191000 | $350000 | $317000 | $265000 |
| Gross Profit | $99000 | $44000 | $55000 | $48000 |
| Operating Income | -$2.9M | -$2.9M | -$2.5M | -$2.8M |
| EBITDA | -$1.7M | -$662000 | -$2.3M | -$2.7M |
| Net Income | -$1.8M | -$726000 | -$2.4M | -$2.9M |
| EPS | $-0.02 | $-0.01 | $-0.03 | $-0.03 |
| EPS (Diluted) | $-0.02 | $-0.01 | $-0.03 | $-0.03 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $538029 | $1.7M | $25.6M | $7.3M | $14.5M | $10.5M | $3.2M | $1.2M | $405000 | $207000 |
| Short-term Investments | $1.9M | 0 | 0 | $5.1M | $80000 | 0 | $154000 | 0 | 0 | $28000 |
| Receivables | $752926 | $557813 | $84000 | $133000 | $175000 | $597000 | $131000 | $91000 | $77000 | $37000 |
| Inventory | 0 | $486497 | $248000 | $4.2M | $7.2M | $3.5M | $2.7M | $1.5M | $1.4M | $638000 |
| Total Current Assets | $3.6M | $3.2M | $26.7M | $17.8M | $23.5M | $15.1M | $6.5M | $3.7M | $2.9M | $1.1M |
| Property, Plant & Equipment | $953936 | $6.2M | $5.9M | $10.4M | $11.3M | $9.9M | $8.5M | $3.9M | $3.3M | $2.1M |
| Goodwill | $198169 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $127826 | $184000 | $252000 | $407000 | $917000 | $1.2M | $1.6M | $1.9M | $5.3M |
| Total Assets | $11.3M | $10.9M | $34.5M | $29.0M | $35.9M | $26.8M | $17.2M | $9.9M | $8.7M | $9.2M |
| Accounts Payable | $416532 | $52270 | $319000 | $762000 | $476000 | $981000 | $530000 | $773000 | $883000 | $1.3M |
| Short-term Debt | 0 | $1.8M | $50000 | $50000 | $304000 | $3000 | 0 | 0 | $97000 | $726000 |
| Total Current Liabilities | $1.3M | $2.3M | $878000 | $1.9M | $2.4M | $2.4M | $1.9M | $2.3M | $2.3M | $2.9M |
| Long-term Debt | $2.6M | $427000 | 0 | 0 | $276000 | $144000 | $141000 | $137000 | $134000 | $191000 |
| Total Liabilities | $3.9M | $2.8M | $893000 | $2.4M | $3.1M | $2.9M | $2.3M | $2.6M | $2.4M | $3.1M |
| Retained Earnings | -$52.0M | -$53.8M | -$58.1M | -$65.4M | -$74.1M | -$89.2M | -$100.7M | -$113.7M | -$120.7M | -$127.3M |
| Total Equity | $7.4M | $8.1M | $33.6M | $26.5M | $32.8M | $23.9M | $14.9M | $7.3M | $6.3M | $6.1M |
| Total Debt | $2.6M | $2.2M | $50000 | $624000 | $1.1M | $611000 | $481000 | $345000 | $241000 | $926000 |
| Net Debt | $226277 | $569004 | -$25.6M | -$11.7M | -$13.6M | -$9.8M | -$2.9M | -$853000 | -$164000 | $691000 |
| Working Capital | $2.3M | $858993 | $25.8M | $15.8M | $21.1M | $12.7M | $4.6M | $1.4M | $639000 | -$1.7M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $1.1M | $900000 | $207000 | $331000 |
| Total Assets | $9.7M | $9.7M | $9.2M | $9.5M |
| Total Liabilities | $1.7M | $2.3M | $3.1M | $3.4M |
| Total Equity | $8.1M | $7.4M | $6.1M | $6.1M |
| Total Debt | $150000 | $142000 | $933000 | $1.1M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$1.9M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | -$6.5M |
| Depreciation & Amortization | $396346 | $19414 | $59000 | $144000 | $478000 | $651000 | $657000 | $637000 | $618000 | $382000 |
| Stock-based Compensation | $203200 | $576251 | $610000 | $770000 | $658000 | $2.2M | $2.8M | $1.8M | $1.6M | $452000 |
| Change in Working Capital | $10251 | -$754575 | $380000 | -$3.1M | -$3.3M | $2.5M | $794000 | $1.9M | -$72000 | $320000 |
| Operating Cash Flow | -$1.4M | -$1.9M | -$3.3M | -$8.7M | -$10.8M | -$7.5M | -$7.0M | -$5.2M | -$4.8M | -$5.9M |
| Capital Expenditure | -$145677 | -$200557 | -$60000 | -$4.5M | -$1.6M | -$771000 | -$619000 | -$515000 | -$482000 | -$164000 |
| Acquisitions | 0 | 0 | 0 | 0 | $122000 | 0 | $538000 | 0 | 0 | -$21000 |
| Stock Repurchased | 0 | 0 | 0 | -$59000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$1.5M | -$2.1M | -$3.4M | -$13.1M | -$12.4M | -$8.2M | -$7.7M | -$5.7M | -$5.3M | -$6.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$2.1M | -$1.2M | -$1.2M | -$1.4M |
| Capital Expenditure | -$29000 | -$12000 | -$170000 | -$5000 |
| Free Cash Flow | -$2.1M | -$1.2M | -$1.4M | -$1.4M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $926000 | $1.0M | 0 |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +277.9% | +133.3% | -20.4% | -77.9% | -55.8% | +129.5% | +47.6% | -5.5% | -6.7% | |
| Net Income Growth (YoY) | +4.3% | -129.4% | -78.5% | -20.5% | -70.4% | +23.4% | -13.0% | +45.2% | +8.0% | |
| EPS Growth (YoY) | +14.3% | -100.0% | -58.3% | -10.5% | -42.9% | +26.7% | +0.0% | +57.7% | +22.3% | |
| Shares Change (YoY) | +8.9% | +26.7% | +11.6% | +6.3% | +19.1% | +5.2% | +11.9% | +30.0% | +24.2% | |
| FCF Growth (YoY) | -38.7% | -59.0% | -287.7% | +5.7% | +33.6% | +6.9% | +25.5% | +7.6% | -15.7% | |
| Gross Margin | 37.6% | 3.7% | 2.6% | 2.8% | -38.9% | 48.9% | -17.3% | 54.5% | 48.7% | 29.7% |
| Operating Margin | -353.9% | -81.6% | -90.8% | -168.6% | -971.5% | -3886.1% | -1270.1% | -728.5% | -585.8% | -860.3% |
| EBITDA Margin | -210.0% | -79.2% | -89.6% | -165.0% | -928.0% | -3618.4% | -1190.9% | -919.2% | -523.8% | -524.8% |
| Net Margin | -321.7% | -81.4% | -80.1% | -179.6% | -981.2% | -3782.4% | -1263.0% | -966.5% | -560.3% | -552.1% |
| FCF Margin | -264.8% | -97.2% | -66.3% | -322.8% | -1380.0% | -2073.8% | -841.5% | -424.8% | -415.2% | -514.9% |
| Effective Tax Rate | -0.8% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.06 | $-0.08 | $-0.10 | $-0.33 | $-0.30 | $-0.16 | $-0.15 | $-0.10 | $-0.07 | $-0.06 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $25.7M | $27.9M | $35.4M | $39.5M | $42.0M | $50.0M | $52.6M | $58.8M | $76.5M | $95.0M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -113.58% |
| Return on Invested Capital | -153.62% |
| Return on Assets | -83.03% |
| Gross Margin | 21.91% |
| Operating Margin | -986.82% |
| Net Margin | -702.14% |
Financial Health
| Debt / Equity | 0.18 |
| Current Ratio | 0.39 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -6.71 | -9.33 | -16.83 | -2.58 | -8.52 | -3.16 | -1.54 | -2.16 | -3.06 | -3.64 |
| P/B | 1.64 | 1.94 | 2.13 | 0.73 | 2.29 | 1.99 | 1.20 | 3.83 | 3.45 | 4.08 |
| P/S | 20.78 | 7.13 | 13.97 | 4.75 | 83.65 | 119.49 | 19.59 | 20.82 | 17.16 | 21.08 |
| Gross Margin | 37.6% | 3.7% | 2.6% | 2.8% | -38.9% | 48.9% | -17.3% | 54.5% | 48.7% | 29.7% |
| Operating Margin | -353.9% | -81.6% | -90.8% | -168.6% | -971.5% | -3886.1% | -1270.1% | -728.5% | -585.8% | -860.3% |
| Net Margin | -321.7% | -81.4% | -80.1% | -179.6% | -981.2% | -3782.4% | -1263.0% | -966.5% | -560.3% | -552.1% |
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