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IGC Pharma Inc. (IGC-0.37%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing revenue of $257,000, an increase from $204,000 in the same quarter the previous year. The increase is attributed to a white-label project in the U.S.
Cost of revenue for the quarter was $153,000, representing 60% of sales, compared to 35% in the same quarter of the previous year. This increase is due to higher costs of raw materials and labor.
The company reported a gross profit of $104,000 for the quarter, compared to $133,000 in the previous year, with the decline attributed to increased costs.
Selling, general, and administrative expenses decreased to $1,130,000 from $2,228,000, primarily due to a one-time expense in the previous year and cost efficiency measures.
Research and development expenses were $852,000, down from $903,000, attributed to the progression of Phase 2 trials on IGC-AD1.
Net loss for the quarter was $1,829,000, down from $5,589,000 in the previous year. The decrease is primarily due to the absence of an impairment loss on property, plant, and equipment.
Cash used in operating activities was $4,065,000, while cash used in investing and financing activities was $300,000 and $3,646,000, respectively.
IGC had a working capital of $394,000 as of December 31, 2024. The company acknowledges its dependence on raising additional capital to fund research and development initiatives.
The filing also details the company's clinical trials, including the ongoing Phase 2 trial of IGC-AD1 for Alzheimer's-related agitation.
IGC Pharma continues to focus on its Life Sciences segment, with efforts to drive revenue from in-house OTC brands and formulations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the IGC Pharma Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.