India Globalization Capital

What India Globalization Capital does

India Globalization Capital, operating as IGC Pharma, Inc., is a clinical-stage biotechnology company headquartered in Potomac, Maryland (NYSE American: IGC) developing cannabinoid-based therapeutics and AI platforms for Alzheimer's disease. Its lead therapeutic candidate, IGC-AD1, is a partial CB1 receptor agonist with anti-inflammatory action designed to address agitation associated with Alzheimer's dementia, currently being evaluated in the multicenter Phase 2 CALMA trial across 23+ sites in the US, Canada, and Colombia. The pipeline also includes TGR-63, a preclinical small molecule designed to break down amyloid plaques, and a newly authorized psilocybin program in Colombia targeting neuropsychiatric symptoms in dementia.

The company's AI platform layer comprises AHA (Agentic Harmonization Assistant), a beta-stage enterprise software product using a patent-pending multi-agent architecture to harmonize fragmented Alzheimer's and aging-related biomedical datasets (claimed 90% reduction in harmonization time on a 100-variable structured workflow, with planned expansion into MRI/PET/CT imaging and omics modalities), and MINT-AD, a predictive Alzheimer's risk-stratification engine. The company has harmonized 15 Alzheimer's-related datasets internally and collaborates with the Alzheimer's Disease Data Initiative (ADDI) on AD Workbench integration.

Commercially, IGC Pharma is generating revenue from a Life Sciences segment consisting of white-labeled manufactured formulations, with $317K reported in Q1 FY2026 versus $330K in Q1 FY2025, and 58% revenue concentration disclosed from a single customer. Net loss attributable to common stockholders was approximately $2.4M in Q1 FY2026 with a cash position of roughly $900K, a working capital deficit of about $366K, ~$917K of total debt, and access to an undrawn $12M O-Bank credit facility as of late 2025 / Q1 2026. A $2.7M divestiture of a non-core manufacturing facility was completed in March 2026, narrowing the commercial footprint while the AI and therapeutic pipeline initiatives are funded through a series of small registered direct offerings (notably $234K in January 2026 and $585K in March 2026) and analyst-covered equity raises.

Name

India Globalization Capital

Legal name

IGC Pharma, Inc.

Website

https://igcpharma.com

Company type

Public

Founded year

2005

Operating status

Operating

Headcount range

51–100 employees

Short description

IGC Pharma is a clinical-stage biotechnology company developing cannabinoid-based therapies (lead candidate IGC-AD1 in Phase 2 for Alzheimer's agitation) and AI platforms (AHA, MINT-AD) for Alzheimer's research, serving patients, caregivers, and biomedical research organizations.

Ownership category

akta.pro rank

Product category

Biopharmaceuticals

NAICS

Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical and Medicine Manufacturing (32541), Scientific Research and Development Services (5417)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Neurology & CNS Specialty Pharmaceuticals (HLAIACAC)

akta.pro secondary industries

Neurology & Psychiatry (CNS) Pharmaceuticals (HLAIAAAF), Translational Medicine & Biomarkers (HLAIALAF)

Keywords

• Alzheimer's therapeutics
• Cannabinoid drug development
• AI drug discovery
• Clinical-stage biotechnology
• Biopharmaceutical formulations

Headquarters

HQ city

Bethesda

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Technology or R&D, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Life Sciences Product Sales: Revenue is primarily derived from the Life Sciences segment, encompassing the sale of white-labeled manufactured products and formulations. For Q1 FY2026, revenue was $317 thousand, compared to $330 thousand in the prior-year period. The company faces 58% revenue concentration from a single customer, representing a significant business risk.
2. AI Platform Licensing / Future Software: The company plans future monetization of its AHA platform through software licensing, cloud-infrastructure partnerships, and disease-specific deployments targeting pharmaceutical, academic, government, and healthcare data sectors. These revenue streams are planned but not yet generating revenue.
3. Cannabinoid Pharmaceutical Development: Development of cannabinoid-based pharmaceutical products (IGC-AD1, TGR-63) for Alzheimer's disease. Revenue would materialize upon successful clinical development and regulatory approval. The company is also weighing a $50 million fundraising round for its mid-stage low-dose THC drug targeting Alzheimer's agitation.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels8 records

Core offering

India Globalization Capital (now operating as IGC Pharma) is a clinical-stage biopharmaceutical company developing cannabinoid-based therapeutic candidates for Alzheimer's disease, led by IGC-AD1 (currently in Phase 2 trials via the CALMA trial) and preclinical candidate TGR-63. The company also develops proprietary AI platforms, including the Agentic Harmonization Assistant (AHA) for biomedical data harmonization and MINT-AD for Alzheimer's risk prediction, and currently generates limited revenue from white-labeled Life Sciences product manufacturing.

Product overview

IGC Pharma is a clinical-stage biotechnology company with a dual-focus portfolio combining AI-enabled healthcare technology with a therapeutic pipeline for Alzheimer's disease. The core therapeutic product is IGC-AD1, a partial CB1 receptor agonist in Phase 2 trials for Alzheimer's agitation. Supporting the therapeutic development are two AI platforms: AHA (Agentic Harmonization Assistant), an enterprise data harmonization tool, and MINT-AD, a predictive risk-stratification engine. The pipeline also includes TGR-63 targeting amyloid plaques. The company integrates AI to accelerate drug discovery, optimize clinical trials, and enhance patient targeting.

Differentiator

Problem solved

Functional benefit

Brands

• AHA (Agentic Harmonization Assistant): Enterprise AI platform designed to accelerate harmonization of fragmented Alzheimer's and aging-related biomedical datasets
• MINT-AD
• TGR-63
• IGC-AD1

Products and services

• IGC-AD1
• TGR-63
• AHA (Agentic Harmonization Assistant)
• MINT-AD
• Life Sciences White-Labeled Formulations

Quantifiable outcome

• 90% reduction in Alzheimer's data harmonization time (from 28 hours to 2.5 hours for 100-variable workflow)
• +3 more outcomes

Named customers1 record

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability5 records

Feature3 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Icahn School of Medicine at Mount SinaicoreImplementation/ SI/ Consulting Partner · 2 June 2026Addition of Mount Sinai in New York as a clinical site for the Phase 2 CALMA trial. Led by Dr. Rachel Fremont, MD, PhD (Assistant Professor of Psychiatry, board certified in Adult and Geriatric Psychiatry). Located at 1468 Madison Avenue, New York, NY 10029. Expands access to a diverse metropolitan patient population and CNS research expertise.
• Alzheimer's Disease Neuroimaging Initiative (ADNI)coreStrategic or Co-development Partner · 20 May 2026IGC Pharma utilized F-AV-1451 Tau-PET imaging data from 931 participants and 1,570 scans obtained through the ADNI database for its Shannon entropy biomarker research presented at the 2026 Global Tau Conference, supporting tau heterogeneity analysis and patient stratification research.
• Kerwin Medical Center (Dallas, Texas)minorImplementation/ SI/ Consulting Partner · 22 April 2026Addition of Kerwin Medical Center in Dallas, Texas as a clinical site for the CALMA trial. Principal Investigator is Dr. Alka Khera, M.D., a behavioral neurologist with experience in Alzheimer's clinical trials. Part of Pinnacle Network with community-based engagement in dementia-related clinical trials. Strengthens behavioral neurology expertise in a major U.S. metropolitan area.
• Fondo Nacional de Estupefacientes (FNE) — ColombiacoreOthers · 9 April 2026Authorization from Colombia's Fondo Nacional de Estupefacientes (FNE) granted April 9, 2026, enabling IGC Pharma to synthesize, formulate, and conduct development activities involving psilocybin at its R&D facility in Bogotá. The company believes it is among a limited number of organizations in Colombia with this type of authorization, enabling evaluation of psilocybin applications for neuropsychiatric symptoms in dementia.
• Tandem Clinical Research (Metairie, Louisiana)minorImplementation/ SI/ Consulting Partner · 7 April 2026Activation of new clinical trial site at Tandem Clinical Research in Metairie, Louisiana for the CALMA trial. Aims to strengthen geographic reach and patient access for the Phase 2 study evaluating IGC-AD1 for agitation in Alzheimer's dementia.
• Alzheimer's Disease Data Initiative (ADDI)coreStrategic or Co-development Partner · 18 March 2026IGC Pharma announced collaboration with ADDI to showcase its AHA AI platform at the Alzheimer's & Parkinson's Diseases Conference (ADPD) 2026. The company plans to demonstrate AHA in connection with ADDI's AD Workbench ecosystem, supporting rapid cohort generation, cross-study analysis, and accelerated open-science collaboration in Alzheimer's research.
• Visionary Investigators Network (VIN)minorImplementation/ SI/ Consulting Partner · 23 February 2026Addition of VIN as a clinical research site with a practice-integrated model embedded within private neurology practices. The Coconut Grove location in Miami, Florida is led by Dr. Andrew Lerman with over ten years of CNS disorder experience. Expected to support enrollment completion and patient engagement.
• Grupo de Neurociencias de Antioquia (GNA)coreStrategic or Co-development Partner · 9 February 2026Expansion of Phase 2 CALMA trial into Colombia through a partnership with GNA, a world-renowned research center recognized for its work on genetically linked Alzheimer's disease. GNA was founded by Dr. Francisco Lopera (late). The partnership broadens genetic diversity in the study and adds Colombia's premier Alzheimer's research institution to the clinical network, bringing total active sites to 23 across 26 locations.
• Integrative Clinical Trials (Brooklyn, New York)minorImplementation/ SI/ Consulting Partner · 22 January 2026Addition of Integrative Clinical Trials in Brooklyn, New York as a new site for the Phase 2 CALMA trial. Strengthens trial's clinical network by providing access to a diverse metropolitan patient population and CNS research expertise for IGC-AD1 evaluation.
• Dominion Medical Associates / Lightship Site NetworkminorImplementation/ SI/ Consulting Partner · 1 January 2026Addition of Dominion Medical Associates, Inc. within Lightship's site network as a clinical research site for the CALMA trial, expanding site capacity and operational network for the Phase 2 Alzheimer's agitation study.

Scale indicators10 records

Recent moves7 records

Expansion highlights7 records

Direct peers

• Anavex Life Sciences: Clinical-stage biopharmaceutical company developing blarcamesine and other sigma-1 receptor agonists for Alzheimer's disease and other CNS indications. Comparable as a small-cap CNS biotech focused on neurodegeneration with similar clinical-stage development profile.
• Sage Therapeutics: Biopharmaceutical company developing CNS therapeutics including Zurzuvae (zuranolone) for postpartum depression. Comparable as a CNS-focused biotech with multiple programs targeting neuropsychiatric indications, though at a more advanced commercial stage.
• Acadia Pharmaceuticals: Commercial-stage CNS specialty pharma with Nuplazid (pimavanserin) approved for Parkinson's disease psychosis and actively pursuing Alzheimer's disease psychosis and agitation indications. Comparable as a CNS-focused player addressing dementia-related neuropsychiatric symptoms.
• BioXcel Therapeutics: Clinical-stage biopharmaceutical company developing BXCL501 (sublingual dexmedetomidine) for agitation in Alzheimer's and other dementia-related conditions. Most directly comparable peer given overlapping lead indication of Alzheimer's agitation and similar CNS-focused approach.
• Compass Pathways: Mental health care company developing psilocybin therapy (COMP360) for treatment-resistant depression and other psychiatric conditions. Directly comparable for IGC's emerging psilocybin program in dementia-related neuropsychiatric symptoms.
• Cassava Sciences: Clinical-stage biotechnology company developing simufilam for Alzheimer's disease. Similar size and structure to IGC Pharma with small-molecule CNS approach, Phase 2/3 programs, and micro-cap public company profile addressing Alzheimer's.

Broad incumbents

• Axsome Therapeutics: Commercial-stage CNS biopharmaceutical company with Auvelity (dextromethorphan/bupropion) for major depressive disorder and other CNS pipeline assets. Comparable as a broader CNS-focused player with adjacent neuropsychiatric targets and similar regulatory pathway experience.
• Biogen: Major biopharmaceutical company with leading Alzheimer's franchise including Leqembi (lecanemab) anti-amyloid therapy and active CNS pipeline. Comparable as a broader Alzheimer's therapeutics incumbent against which IGC-AD1's agitation-focused approach must compete.
• Recursion Pharmaceuticals: AI-driven drug discovery company combining high-throughput biology with machine learning for pharmaceutical R&D. Comparable to IGC's AHA/MINT-AD platforms as an AI-enabled pharma player, though with broader therapeutic focus and larger scale.

Emerging players

• MindMed: Clinical-stage neuroscience company developing psychedelic-inspired therapies for mental health conditions including anxiety and depression. Comparable for IGC's psilocybin program as another emerging psychedelic therapeutics player, though focused on different indications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/IGCIR
• Facebookfacebook.com/IGCIR
• LinkedInlinkedin.com/company/igcpharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds9 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about India Globalization Capital