India Globalization Capital, Inc. (dba IGC, Inc.) IGC released its third fiscal quarter 2023 financial results, revealing revenue of $332,000, a 133% increase compared to $142,000 in the Q3 2022.
Q3 2023 Financial Highlights:
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Gross profit of $102,000 compared to $62,000 in Q3 2022.
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Research and development expenses were approximately $806,000 for the three months ended Dec. 31, 2022, compared to approximately $377,000 for the three months ended Dec. 31, 2021. The increase of approximately $429,000 was primarily attributable to the progression of phase 2 trials on IGC-AD1 and preclinical studies on TGR-63. The company anticipates increased R&D expenses as the development of TGR-63 and the phase 2 trial on Alzheimer’s pick up more momentum.
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Net loss for the three months ended Dec. 31, 2022, was approximately $2.2 million or ($0.04) per share, compared to approximately $2.4 million or ($0.05) per share for the three months ended Dec. 31, 2021.
Ram Mukunda, CEO of IGC, stated, “We are delighted with the progress made during this quarter, highlighted by the commencement of the phase 2 clinical trial for our drug candidate IGC-AD1 for the safety and efficacy of the drug on agitation in dementia due to Alzheimer’s disease. This represents a milestone in our progress towards gaining FDA approval for IGC-AD1, which we believe has the potential to revolutionize the treatment of Alzheimer’s disease as the first and only low-dose, natural, THC-based candidate currently undergoing FDA trials. Moreover, our sales of natural products, which include gummies and pain relief creams, are seeing increased traction in the market. We’re encouraged by our third quarter results and look forward to driving continued expansion through the balance of fiscal 2023.”
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