IGC Pharma, Inc.
IGCHealthcare|Biotechnology|US
$0.20
+0.01 (+5.82%)
Tangible Book / Share
$0.01
Cash / Share
$0.00
Financials
Financial Snapshot
Market Cap
$20.7M
Enterprise Value
$20.3M
Revenue (TTM)
$1.3M
Net Income (TTM)
-$8.1M
Cash & Investments
$377.0K
Net Cash
$377.0K
Free Cash Flow (TTM)
-$5.2M
Operating CF (TTM)
-$5.2M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$377.0K
Quarterly Burn
$1.3M
Monthly Burn
$434.4K
Est. Runway
~0.3 quarters
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.4M | $1.7M | $25.6M | $12.3M | $14.6M | $10.5M | $3.4M | $1.2M | $405.0K | $235.0K | $377.0K | |
| Operating Cash Flow | -$1.4M | -$1.9M | -$3.3M | -$8.7M | -$10.8M | -$7.5M | -$7.0M | -$5.2M | -$4.8M | -$5.9M | -$5.2M | |
| Free Cash Flow | -$1.5M | -$2.1M | -$3.4M | -$13.1M | -$12.4M | -$8.2M | -$7.7M | -$5.7M | -$5.3M | -$6.1M | -$5.2M | |
| Capital Expenditure | -$145.7K | -$200.6K | -$60.0K | -$4.5M | -$1.6M | -$771.0K | -$619.0K | -$515.0K | -$482.0K | -$164.0K | -$18.0K | |
| Financing Cash Flow | $707.6K | $3.7M | $27.6M | -$59.0K | $14.7M | $4.1M | $100.0K | $3.5M | $4.5M | $5.9M | $5.4M |
R&D Spending
R&D (TTM)
$5.2M
R&D Intensity
409.3%
R&D Growth vs Prior
-0.7%
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $580.4K | $2.2M | $5.1M | $4.1M | $898.0K | $397.0K | $911.0K | $1.3M | $1.3M | $1.2M | $1.3M | |
| R&D Expense | $114.0K | $137.0K | $1.3M | $1.0M | $929.0K | $2.3M | $3.5M | $3.8M | $3.7M | $5.2M | $5.2M | |
| R&D % of Revenue | 19.6% | 6.2% | 24.6% | 24.8% | 103.5% | 586.9% | 379.9% | 280.5% | 287.6% | 437.9% | 409.3% | |
| SG&A | $2.3M | $1.9M | $3.5M | $6.0M | $7.4M | $13.3M | $8.0M | $6.8M | $4.4M | $5.4M | $5.2M |
Income Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $580.4K | $2.2M | $5.1M | $4.1M | $898.0K | $397.0K | $911.0K | $1.3M | $1.3M | $1.2M | $1.3M | |
| Cost of Revenue | $362.1K | $2.1M | $5.0M | $4.0M | $1.2M | $203.0K | $1.1M | $612.0K | $652.0K | $834.0K | $1.1M | |
| Gross Profit | $218.2K | $81.5K | $132.0K | $115.0K | -$349.0K | $194.0K | -$158.0K | $733.0K | $619.0K | $352.0K | $208.0K | |
| R&D | $114.0K | $137.0K | $1.3M | $1.0M | $929.0K | $2.3M | $3.5M | $3.8M | $3.7M | $5.2M | $5.2M | |
| SG&A | $2.3M | $1.9M | $3.5M | $6.0M | $7.4M | $13.3M | $8.0M | $6.8M | $4.4M | $5.4M | $5.2M | |
| Operating Income | -$2.1M | -$1.8M | -$4.6M | -$6.9M | -$8.7M | -$15.4M | -$11.6M | -$9.8M | -$7.4M | -$10.2M | -$10.1M | |
| Interest Expense | $223.5K | $30.7K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$1.8M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | -$6.5M | -$8.1M | |
| Net Income | -$1.9M | -$1.8M | -$4.1M | -$7.3M | -$8.8M | -$15.0M | -$11.5M | -$13.0M | -$7.1M | -$6.5M | -$8.1M | |
| EPS (Diluted) | -0.07 | -0.06 | -0.12 | -0.19 | -0.21 | -0.30 | -0.22 | -0.22 | -0.09 | -0.07 | -0.08 | |
| EBITDA | -$1.2M | -$1.7M | -$4.6M | -$6.7M | -$8.3M | -$14.4M | -$10.8M | -$12.4M | -$6.5M | -$6.5M | -$7.7M | |
| Shares Out. (M) | 25.66 | 27.94 | 35.39 | 39.49 | 41.96 | 49.99 | 52.58 | 58.84 | 76.52 | 95.04 | 109.49 |
Balance Sheet
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $538.0K | $1.7M | $25.6M | $7.3M | $14.5M | $10.5M | $3.2M | $1.2M | $405.0K | $207.0K | $377.0K | |
| Short-Term Investments | $1.9M | $0.00 | $0.00 | $5.1M | $80.0K | $0.00 | $154.0K | $0.00 | $0.00 | $28.0K | $0.00 | |
| Total Current Assets | $3.6M | $3.2M | $26.7M | $17.8M | $23.5M | $15.1M | $6.5M | $3.7M | $2.9M | $1.1M | $1.3M | |
| Total Assets | $11.3M | $10.9M | $34.5M | $29.0M | $35.9M | $26.8M | $17.2M | $9.9M | $8.7M | $9.2M | $9.7M | |
| Total Current Liabilities | $1.3M | $2.3M | $878.0K | $1.9M | $2.4M | $2.4M | $1.9M | $2.3M | $2.3M | $2.9M | $3.1M | |
| Long-Term Debt | $2.6M | $427.0K | $0.00 | $0.00 | $276.0K | $144.0K | $141.0K | $137.0K | $134.0K | $191.0K | $0.00 | |
| Total Liabilities | $3.9M | $2.8M | $893.0K | $2.4M | $3.1M | $2.9M | $2.3M | $2.6M | $2.4M | $3.1M | $3.2M | |
| Stockholders' Equity | $7.4M | $8.1M | $33.6M | $26.5M | $32.8M | $23.9M | $14.9M | $7.3M | $6.3M | $6.1M | $6.5M | |
| Retained Earnings | -$52.0M | -$53.8M | -$58.1M | -$65.4M | -$74.1M | -$89.2M | -$100.7M | -$113.7M | -$120.7M | -$127.3M | -$132.3M |
Cash Flow Statement
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$1.4M | -$1.9M | -$3.3M | -$8.7M | -$10.8M | -$7.5M | -$7.0M | -$5.2M | -$4.8M | -$5.9M | -$5.2M | |
| Capital Expenditure | -$145.7K | -$200.6K | -$60.0K | -$4.5M | -$1.6M | -$771.0K | -$619.0K | -$515.0K | -$482.0K | -$164.0K | -$18.0K | |
| Free Cash Flow | -$1.5M | -$2.1M | -$3.4M | -$13.1M | -$12.4M | -$8.2M | -$7.7M | -$5.7M | -$5.3M | -$6.1M | -$5.2M | |
| Investing Cash Flow | -$241.4K | -$657.1K | -$260.0K | -$9.5M | $3.4M | -$742.0K | -$235.0K | -$317.0K | -$442.0K | -$192.0K | -$845.0K | |
| Financing Cash Flow | $707.6K | $3.7M | $27.6M | -$59.0K | $14.7M | $4.1M | $100.0K | $3.5M | $4.5M | $5.9M | $5.4M | |
| Issuance of Stock | $642.2K | $3.5M | $29.5M | $0.00 | $14.2M | $4.1M | $103.0K | $3.5M | $4.5M | $5.3M | $4.4M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | -$59.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $202.7K | $35.0K | -$1.9M | $0.00 | $530.0K | -$3.0K | -$3.0K | -$3.0K | -$3.0K | $620.0K | $1.3M | |
| Stock Based Comp. | $203.2K | $576.3K | $610.0K | $770.0K | $658.0K | $2.2M | $2.8M | $1.8M | $1.6M | $452.0K | $3.1M | |
| Net Change in Cash | -$952.7K | $1.1M | $24.0M | -$18.4M | $7.3M | -$4.1M | -$7.3M | -$2.0M | -$793.0K | -$198.0K | -$728.0K |
Dilution Tracker
Shares outstanding grew 126.5% over 5 years — significant dilution
Shares Outstanding
103M
5-Year Share Growth
+126.5%
Stock Issuance (TTM)
$4.4M
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 25.66 | 27.94 | 35.39 | 39.49 | 41.96 | 49.99 | 52.58 | 58.84 | 76.52 | 95.04 | 109.49 | |
| Change vs Prior % | — | 8.9% | 26.7% | 11.6% | 6.3% | 19.1% | 5.2% | 11.9% | 30.0% | 24.2% | 15.2% | |
| Stock Issuance | $642.2K | $3.5M | $29.5M | $0.00 | $14.2M | $4.1M | $103.0K | $3.5M | $4.5M | $5.3M | $4.4M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | -$59.0K | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $203.2K | $576.3K | $610.0K | $770.0K | $658.0K | $2.2M | $2.8M | $1.8M | $1.6M | $452.0K | $3.1M |
Margins & Profitability
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 37.6% | 3.7% | 2.6% | 2.8% | -38.9% | 48.9% | -17.3% | 54.5% | 48.7% | 29.7% | 16.5% | |
| Operating Margin % | -353.9% | -81.6% | -90.8% | -168.6% | -971.5% | -3886.1% | -1270.1% | -728.5% | -585.8% | -860.3% | -802.7% | |
| Net Margin % | -321.7% | -81.4% | -80.1% | -179.6% | -981.2% | -3782.4% | -1263.0% | -966.5% | -560.3% | -552.1% | -643.7% | |
| EBITDA Margin % | -210.0% | -79.2% | -89.6% | -165.0% | -928.0% | -3618.4% | -1190.9% | -919.2% | -511.6% | -547.2% | -608.3% | |
| FCF Margin % | -264.8% | -97.2% | -66.3% | -322.8% | -1380.0% | -2073.8% | -841.5% | -424.8% | -415.2% | -514.9% | -415.2% | |
| ROE % | -25.4% | -22.1% | -12.2% | -27.6% | -26.9% | -62.8% | -77.2% | -177.6% | -112.5% | -107.0% | -123.9% | |
| ROA % | -16.5% | -16.5% | -11.9% | -25.2% | -24.6% | -56.0% | -67.0% | -131.3% | -81.4% | -71.3% | -83.4% | |
| ROIC % | -20.6% | -17.4% | -13.8% | -25.3% | -25.7% | -62.9% | -75.1% | -127.5% | -113.0% | -144.8% | -152.6% | |
| R&D / Revenue % | 19.6% | 6.2% | 24.6% | 24.8% | 103.5% | 586.9% | 379.9% | 280.5% | 287.6% | 437.9% | 409.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -90.9% | 277.9% | 133.3% | -20.4% | -77.9% | -55.8% | 129.5% | 47.6% | -5.5% | -6.7% | |
| Gross Profit | -74.1% | -62.6% | 61.9% | -12.9% | -403.5% | 155.6% | -181.4% | 563.9% | -15.6% | -43.1% | |
| Operating Income | 29.3% | 12.9% | -159.5% | -47.8% | -27.1% | -76.8% | 25.0% | 15.3% | 24.0% | -37.0% | |
| Net Income | 33.5% | 4.3% | -129.4% | -78.5% | -20.5% | -70.4% | 23.4% | -13.0% | 45.2% | 8.0% | |
| EPS (Diluted) | 58.8% | 14.3% | -100.0% | -58.3% | -10.5% | -42.9% | 26.7% | 0.0% | 57.7% | 22.3% | |
| Operating Cash Flow | -782.1% | -38.8% | -72.4% | -160.6% | -24.5% | 30.9% | 5.6% | 26.2% | 7.8% | -23.9% | |
| Free Cash Flow | -449.1% | -38.7% | -59.0% | -287.7% | 5.7% | 33.6% | 6.9% | 25.5% | 7.6% | -15.7% | |
| R&D Expense | 0.0% | 20.2% | 816.8% | -19.5% | -8.1% | 150.8% | 48.5% | 9.0% | -3.1% | 42.1% | |
| SG&A Expense | -15.9% | -17.7% | 88.2% | 69.6% | 24.8% | 78.5% | -40.2% | -15.0% | -34.7% | 21.6% | |
| Total Assets | -40.2% | -3.8% | 217.6% | -15.9% | 23.7% | -25.2% | -36.0% | -42.4% | -11.7% | 5.0% | |
| Book Value / Share | -66.3% | 0.8% | 228.6% | -29.2% | 16.3% | -38.9% | -40.7% | -56.1% | -33.5% | -22.1% | |
| Debt | -6.2% | -15.8% | -97.8% | 1148.0% | 72.3% | -43.2% | -21.3% | -28.3% | -30.1% | 284.2% | |
| Diluted Shares | 56.6% | 8.9% | 26.7% | 11.6% | 6.3% | 19.1% | 5.2% | 11.9% | 30.0% | 24.2% |
Valuation
P/E (TTM)At Loss
P/S16.41
10Y Low / Med / High4.75 / 20.78 / 119.49
P/B3.37
10Y Low / Med / High0.73 / 2.13 / 4.08
EV/EBITDAAt Loss
EV/Revenue16.11
10Y Low / Med / High3.12 / 20.19 / 94.68
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.01
Cash / Share
$0.00
| Metric | Trend | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -6.71 | -9.33 | -16.83 | -2.58 | -8.52 | -3.16 | -1.54 | -2.16 | -3.06 | -3.64 | -2.43 | |
| P/S Ratio | 20.78 | 7.13 | 13.97 | 4.75 | 83.65 | 119.49 | 19.59 | 20.82 | 17.16 | 21.08 | 16.41 | |
| P/B Ratio | 1.64 | 1.94 | 2.13 | 0.73 | 2.29 | 1.99 | 1.20 | 3.83 | 3.45 | 4.08 | 3.37 | |
| EV/EBITDA | -11.62 | -9.34 | -10.02 | -1.89 | -7.40 | -2.62 | -1.40 | -2.20 | -3.33 | -3.96 | -2.65 | |
| EV/Revenue | 24.41 | 7.39 | 8.98 | 3.12 | 68.64 | 94.68 | 16.61 | 20.19 | 17.03 | 21.68 | 16.11 |
Analyst Estimates & Quality
Altman Z-Score
-17.94
Distress
Piotroski F-Score
3
Weak
Forward Estimates (consensus)
| Metric | FY2027 | FY2028 |
|---|---|---|
| Revenue | $857.0K | $857.0K |
| Net Income | -$8.6M | -$7.6M |
| EPS | $-0.09 | $-0.08 |
| # Analysts (EPS) | 1 | 1 |
Revenue Segments
By Product
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| LegacyInfrastructureMember | $3.7M | $175.0K | $1.2M | — | — | — |
| PlantAndCannabinoidMember | $411.0K | $723.0K | — | — | — | — |
| Construction | — | — | — | $76.0K | $146.0K | — |
| Rental | — | — | — | — | — | — |
| WellnessAndLifestyleMember | — | — | — | — | — | — |
| Tolling White Labeling Service Member | — | — | — | — | — | $1.2M |
By Geography
| Segment | 2019 | 2020 | 2021 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| North America | $25.0K | $411.0K | $723.0K | — | — | — |
| COLOMBIA | — | — | — | $21.0K | $2.0K | $2.0K |
| INDIA | — | — | — | $113.0K | $164.0K | — |
| UNITED STATES | — | — | — | $777.0K | $1.2M | $1.3M |