IGC Revenue Drops 55.8% In Fiscal 2022, What About Gross Profit?

India Globalization Capital, Inc. IGC revenue in fiscal 2022 was $397,000, a 55.8% decrease compared to $898,000 in fiscal 2021.

Fiscal 2022 Financial Highlights

• Gross margin increased from 12% in fiscal 2021 to 48% in fiscal 2022.

• Gross profit was $194,000, an increase of 71.68% compared to $113,000 in fiscal 2021.

• Net loss was approximately $15 million, compared to approximately $8.8 million or in fiscal 2021.

• Selling, general, and administrative expenses consist increased by approximately $5.3 million or 68% to $13.2 million for fiscal 2022, from approximately $7.9 million for fiscal 2021.

• Research and development expenses increased by approximately $1.4 million or 151% to $2.3 million in fiscal 2022, from approximately $929,000 for fiscal 2021. The increase is attributed to the now completed Phase 1 clinical trial on Alzheimer’s. The company expects R&D expenses to increase with progression in Phase 2 trials on IGC-AD1 and pre-clinical trials on TGR-63.

Fiscal 2022 Other Highlights

• IGC completed the first-in-human safety and tolerability trial on its THC based investigational new drug IGC-AD1. During the trial, the company discovered positive signals for improving several neuropsychiatric symptoms including agitation in dementia associated with Alzheimer’s. Based on these signals, the company is initiating a larger efficacy trial to test IGC-AD1 as a symptom modifying agent, specifically on agitation in dementia due to Alzheimer’s disease.

• The company recently acquired rights to a family of naphthalene monoimide (“NMI”) molecules. TGR-63, a lead NMI molecule, is an enzyme inhibitor that has been shown in pre-clinical trials to reduce neurotoxicity in Alzheimer’s cell lines and improve memory in an Alzheimer’s mouse model. Subject to further study, research, and development, TGR-63 could give the company a potential disease modifying agent and help expand the company’s pursuit of a drug that can potentially treat or modify Alzheimer’s.

• The company licensed a patent filing from the University of South Florida titled “Ultra-Low dose THC as a potential therapeutic and prophylactic agent for Alzheimer’s Disease.” The U.S. Patent and Trademark Office (“USPTO”) issued a patent (#11,065,225) for this filing on July 20, 2021. The granted patent relates to IGC’s proprietary formulation, IGC-AD1, intended to assist in the treatment of individuals living with Alzheimer’s disease.

• On June 7, 2022, the USPTO issued a patent (#11,351,152) to the company titled “Method and composition for treating seizures disorders.” The patent relates to compositions and methods for treating multiple types of seizure disorders and epilepsy in humans and animals using a combination of CBD with other compounds. Subject to further research and study, the combination is intended to reduce side effects caused by hydantoin anticonvulsant drugs such as phenobarbital, by reducing the dosing of anticonvulsant drugs in humans, dogs, and cats.

Photo by Ryan Lange on Unsplash

Related News

IGC Acquires Exclusive Rights For A Potential Alzheimer's Drug Development Candidate

IGC Receives U.S. Patent For Method And Composition For Treating Seizure Disorders, Utilizing CBD

India Globalization Capital Posts Net Loss Of $2.38M For The Third Quarter