IGC Pharma Reaches 80% Enrollment in Phase 2 CALMA Trial and Posts Q1 Results
IGC Pharma advanced its Phase 2 CALMA trial for IGC-AD1 to roughly 80% enrollment across 146 targeted patients, while expanding its clinical site network. The company recorded a Q1 net loss of $2.4 million on $317 thousand revenue and increased R&D spending to $1.3 million, driven by trial progression.
1. Q1 Financial Results
IGC Pharma reported $317 thousand in revenue and a $2.4 million net loss for Q1, versus $330 thousand revenue and $1.2 million loss a year earlier. R&D expenditures increased to $1.3 million and SG&A rose to $1.2 million, driven by trial progression and operational costs.
2. CALMA Phase 2 Progress
Enrollment in the CALMA Phase 2 trial of IGC-AD1 reached approximately 80% of its 146-patient target following additions of clinical sites including Dominion Medical Associates, Integrative Clinical Trials in Brooklyn and Visionary Investigators Network. The trial continues to assess IGC-AD1 for agitation in Alzheimer’s patients with completion targeted in coming quarters.
3. Intellectual Property Advances
IGC Pharma filed utility patents for its AI-based AHA data harmonization framework and secured a Canadian Notice of Allowance for the proprietary composition of IGC-AD1. These filings bolster the company’s IP portfolio supporting both its AI tools and its lead Alzheimer’s candidate.
4. Liquidity and Capital Resources
As of March 31, IGC held $917 thousand of outstanding debt, later adding $585 thousand, and maintained access to an undrawn $12 million credit facility. The company is evaluating additional equity and debt financing to support ongoing clinical and AI development programs.