India Globalization Capital, Inc. (“IGC” or the “Company”) (NYSE
American: IGC) announces its financial results for the three months
ended June 30, 2022, which is the first quarter of the Company’s
2023 fiscal year.
The highlights for the quarter are:
- The Company has submitted a protocol to the U.S. Food and Drug
Administration (FDA) titled “A Phase 2, Multi-Center, Double-Blind,
Randomized, Placebo-controlled, trial of the safety and efficacy of
IGC-AD1 on agitation in participants with dementia due to
Alzheimer’s disease.” The protocol is powered at 146 Alzheimer’s
patients with half receiving placebo and is a superiority, parallel
group study. The primary end point is agitation in dementia due to
Alzheimer’s disease as rated by the Cohen-Mansfield Agitation
Inventory (CMAI) over a six-week period. The Company has signed
agreements with trial sites for conducting the trial, pending FDA
approval.
- On June 7, 2022, the USPTO issued a patent (#11,351,152) to the
Company titled “Method and Composition for Treating Seizure
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 the 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.
- On May 10, 2022, Hamsa Biopharma India Pvt. Ltd. (“Hamsa
Biopharma”), a directly owned subsidiary of the Company, completed
outstanding items in the agreement executed with the Jawaharlal
Nehru Centre for Advanced Scientific Research (“JNCASR”). The
agreement was signed on March 28, 2022, and the Company obtained
exclusive global rights to certain molecules, technology, patent,
and patent filings.
Revenue was approximately $212 thousand and $77 thousand for the
three months ended June 30, 2022, and June 30, 2021, respectively.
Revenue in both quarters was primarily derived from our Life
Sciences segment, which involved sales of products such as lotion,
gummies, and alcohol-based hand sanitizers, among others.
Selling, general, and administrative (“SG&A”) expenses were
approximately $1.5 million for the three months ended June 30,
2022, and approximately $1.8 million for the three months ended
June 30, 2021, a decrease of approximately $226 thousand or 13%
stemming mostly from a decrease in marketing and legal expenses.
SG&A expenses consist primarily of employee-related expenses,
sales and marketing, professional and legal fees, other corporate
expenses, allocated general overhead and provisions, depreciation
and write-offs relating to doubtful accounts and advances, if
any.
Research and Development (“R&D”) expenses were $1.4 million
during the three months ended June 30, 2022, and approximately $444
thousand for the three-month ended June 30, 2021. The increase of
approximately $950 thousand or 214% is primarily attributable to
the progression of Phase 2 trials on IGC-AD1 and pre-clinical
studies on TGR-63. We anticipate additional increases in R&D
expenses as the Phase 2 trials on IGC-AD1 commence.
Net loss for the three months ended June 30, 2022, was
approximately $2.8 million or ($0.05) per share, compared to
approximately $1.8 million or ($0.04) per share for the three
months ended June 30, 2021.
About IGC:
IGC has two segments: Life Sciences and Infrastructure. The
company is based in Maryland, U.S.A.
Forward-looking Statements: This press release contains
forward-looking statements. These forward-looking statements are
based largely on IGC’s expectations and are subject to several
risks and uncertainties, certain of which are beyond IGC’s control.
Actual results could differ materially from these forward-looking
statements as a result of, among other factors, the Company’s
failure or inability to commercialize one or more of the Company’s
products or technologies, including the products or formulations
described in this release, or failure to obtain regulatory approval
for the products or formulations, where required; general economic
conditions that are less favorable than expected, including as a
result of the ongoing COVID-19 pandemic; the FDA’s general position
regarding cannabis- and hemp-based products; and other factors,
many of which are discussed in IGC’s SEC filings. IGC incorporates
by reference the human trial disclosures and Risk Factors
identified in its Annual Report on Form 10-K filed with the SEC on
June 23, 2022, as if fully incorporated and restated herein. In
light of these risks and uncertainties, there can be no assurance
that the forward-looking information contained in this release will
occur.
< Financial Tables to Follow>
India Globalization Capital,
Inc.
CONSOLIDATED BALANCE
SHEETS
(in thousands, except share
data)
(Unaudited)
June 30, 2022
($)
March 31, 2022
($)
ASSETS
Current assets:
Cash and cash equivalents
8,053
10,460
Accounts receivable, net
147
125
Inventory
3,622
3,548
Deposits and advances
905
978
Total current assets
12,727
15,111
Intangible assets, net
937
917
Property, plant and equipment, net
9,161
9,419
Claims and advances
922
937
Operating lease asset
419
450
Total long-term assets
11,439
11,723
Total assets
24,166
26,834
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
456
981
Accrued liabilities and others
1,200
1,457
Short-term loans
3
3
Total current liabilities
1,659
2,441
Long-term loans
143
144
Other liabilities
16
16
Operating lease liability
308
341
Total non-current liabilities
467
501
Total liabilities
2,126
2,942
Commitments and Contingencies –
See Note 12
Stockholders’ equity:
Preferred stock, $0.0001 par value:
authorized 1,000,000 shares, no shares issued or outstanding as of
June 30, 2022, and March 31, 2022.
Common stock and additional paid-in
capital, $0.0001 par value: 150,000,000 shares authorized;
51,840,603 and 51,054,017 shares issued and outstanding as of June
30, 2022 and March 31, 2022, respectively.
117,171
116,019
Accumulated other comprehensive loss
(3,187
)
(2,968
)
Accumulated deficit
(91,944
)
(89,159
)
Total stockholders’ equity
22,040
23,892
Total liabilities and stockholders’
equity
24,166
26,834
These financial statements should be read in connection with the
accompanying notes on Form 10-Q for the quarter ended June 30,
2022, filed with the SEC on August 5, 2022.
India Globalization Capital,
Inc.
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except loss per
share and share data)
(Unaudited)
Three months ended June
30,
2022 ($)
2021 ($)
Revenue
212
77
Cost of revenue
(70
)
(51
)
Gross profit
142
26
Selling, general and administrative
expenses
(1,550
)
(1,776
)
Research and development expenses
(1,394
)
(444
)
Operating loss
(2,802
)
(2,194
)
Impairment of investment
-
(37
)
Other income, net
17
443
Loss before income taxes
(2,785
)
(1,788
)
Income tax expense/benefit
-
-
Net loss attributable to common
stockholders
(2,785
)
(1,788
)
Foreign currency translation
adjustments
(219
)
(86
)
Comprehensive loss
(3,004
)
(1,874
)
Loss per share attributable to common
stockholders:
Basic & diluted
$
(0.05
)
$
(0.04
)
Weighted-average number of shares used in
computing loss per share amounts:
51,616,598
47,910,866
These financial statements should be read in
connection with the accompanying notes on Form 10-Q for the quarter
ended June 30, 2022, filed with the SEC on August 05, 2022.
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Claudia Grimaldi 301-983-0998
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